How do we raise children that have more than we did, but don’t become spoiled rotten along the way? In this episode, Scott and Chad discuss their philosophies on raising children, and also making sure children stay grounded, smart, and grateful for what they have, with a foundation of personal finance before they graduate high school.
- The overlap of Scott’s and Chad’s books create the foundation for Gravystack.
- The audience of the podcast is made up of parents from across the financial spectrum, and they all want the same for their children. They care about their children’s success and financial wellbeing.
- If kids can learn how to create value, they are going to grow up with a mindset of abundance and empowerment that will help them their whole lives.
- There are so many competing identities vying for our kid’s attention. All education should be based on the value that it creates in the world.
- There are three types of value: material, emotional, and spiritual. Every kid can create a lens to view the world on how to create those kinds of values from every situation.
- The confidence you get from a value creation mindset is unlike any other. This is what entrepreneurs do, and if kids can adopt this mindset, it can change the world.
- Not wanting your kids to struggle comes from a point of love, but not having to overcome struggles is what turns kids into spoiled, entitled adults.
- You have to put in the work to earn the trophy for your accomplishments.
- Parents have a tendency to shelter their kids, but children need to struggle through certain things in order to learn their own value.
- Healthy struggles create capability in kids. Capabilities create confidence. Confidence and capability together creates value in the world.
- Going through tough things is the antidote to entitlement, victimhood, and laziness.
- There is so much pressure on the younger generations right now. The value creation cycle allows them to take off that pressure and find ways to create value in the world and feel good about the efforts they put in.
- The frameworks in the book remove the bribery and coercion that most parents have to resort to in order to get their kids to take action.
- If, as a parent, you always intervene in your kid’s life, you prevent them from ever developing the capabilities they need to succeed.
Mentioned in This Episode:
gravystack.com/smart
smartmoneyparenting.com
Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson
Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell
