How to Prepare Your Kids for Wealth & Financial Literacy With Scott Donnell

Episode Highlights With Scott How he came face to face with a bear and a shark and survived Understanding financial literacy and teaching this to our kids at a young age Passing on a generational legacy to kids Steps for building financial literacy with kids and preparing them for wealth at a young age The three “E”s of wealth with kids How to use the Gravy Stack app for teaching kids wealth Expectations, Expenses, and Extra Pay as Teachers of finances with Kids The things that differentiate families that create generational wealth Mindset keys to raising value creators Common pitfalls in parenting and how to avoid them Are you passing on money trauma to your kids without knowing it? The number one thing he learned from legacy families: kids need heritage not inheritance Why he doesn’t recommend an allowance and what to do instead 4 stages of earning for kids: Earning, asset appreciation, community gigs, service or product business Then save, invest, share, and spend His thoughts on college and higher education and why skills beat degrees 56% of college students get debt but not the degree Less than 1 in 4 22-year-olds are financially independent Resources We Mention GravyStack Smart Money Parenting Podcast Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson The Road Less Stupid by Keith J. Cunningham Tiny Habits by BJ Fogg PhD