Smart Money Parenting

Latest Episodes:

Why We Need to Nurture Entrepreneurship in Young Girls Mar 31, 2023

Show notes

What are the benefits of teaching your daughters about entrepreneurship? In today's episode, hosts Chad Willardson and Scott Donnell discuss daughters, women, and money. They talk about the responsibility we have as parents to teach our daughters about money and entrepreneurship.

We all have the responsibility to teach our daughters to become business owners and investors rather than shoppers and consumers.
Scott starts the conversation by revealing the role parents play in teaching their daughters about money.
Scott explains the benefits of raising daughters to be motivated value creators.
Chad reveals the problem with only talking to your sons about business and entrepreneurship - and ignoring your daughters.
According to Chad, your kids don't have to become entrepreneurs - but they need to learn how to solve other people's needs and create value in the world.
25% of teenage girls have mental health issues. Scott breaks down the driving factors behind this unfortunate statistic.
Scott reveals that in all the years he's been in business, the best leaders he's worked with were mostly women.
Scott and Chad discuss how the nurturing tendencies in women are now driving business success.
Chad describes the benefits of cultivating an entrepreneurial mindset in young girls.
For Chad, teaching girls business and presentation skills can help them become confident and self-reliant.
Chad is convinced that families would function better if husbands included their wives in making key financial decisions around the home.
Chad and Scott agree that couples with unique individual attributes and strong financial skills build the most successful marriages.
Scott explains how teaching your daughters business skills means they never have to depend on anyone for anything.
Chad shares why he believes parents should complement their daughters on more than just their looks.

Mentioned in This Episode:

gravystack.com/smart

smartmoneyparenting.com

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

Do Your Kids Know What Stuff Costs? Mar 28, 2023

Show notes

How much do your kids know about what things cost? In today's episode, hosts Chad Willardson and Scott Donnell discuss how to teach kids about money and the true cost of things. They talk about the benefits of involving kids in financial decisions at home, a smart way to save $547 annually, and what it takes to raise financially literate kids.

Do your kids know how much it costs to fund their lifestyle?
Scott starts the conversation by describing why you need to start involving your kids in making financial decisions in the house.
Scott believes your kids will struggle if they leave the nest without understanding the true cost of things.
According to Chad, the easiest way to make your child appreciate money is for them to earn it and spend it.
For Scott, the more a child can learn how much things cost, the better they become at differentiating between wants and needs.
If your kids are not asking questions about money, Scott believes you're in trouble because you're essentially raising them in a bubble - and the bubble will burst.
Involving your kids when unsubscribing from unnecessary programs is a great way to teach them the difference between wants and needs.
Scott reveals the one game in GravyStack that can save you $547 annually.
Learn how to uncover the motivation behind your child's wants and presumed needs.
Scott explains why you don't have to say no every time your kid wants you to buy them something - make them earn money, and they'll learn how to spend it.
According to Scott, it's essential that you don't assume your kids know the price of everything in the home.
Chad reveals that kids don't like talking about money because it's the source of most arguments at home.
Chad explains how money-related issues can strain parent-child relationships.
Did you know that over 90% of generational wealth is lost or wasted by the second generation?
Chad describes a great way to pass on generational wealth successfully.
Remember, you're not a parent for 18 years. You're a parent for the rest of your life - it's a blessing when you do it right.

Mentioned in This Episode:

gravystack.com/smart

smartmoneyparenting.com

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

Nobody Wants a Booger Sandwich Mar 24, 2023

Show notes

Should all kids become entrepreneurs? In today's episode, hosts Chad Willardson and Scott Donnell discuss how kids can learn to think, act, and live like entrepreneurs.

They cover fun and engaging ways children can learn about entrepreneurship, lucrative businesses to start, and the skills needed for future career success.

Scott starts the conversation by explaining why kids should be taught how to dream, act, and live like entrepreneurs.
Chad and Scott believe that not all kids can become entrepreneurs - but thinking like one is probably one of the best skills you can teach a child.
Scott reveals the ideal starting point when teaching kids how to become entrepreneurs.
According to Scott, all kids have to learn the art of value creation and how to put something into the world that is useful to others.
Scott reveals the tremendous impact The Children's Business Fair has had on kids worldwide.
Scott breaks down the three foundational steps of a great pitch.
Chad explains ways kids can learn how to develop viable business ideas.
For Scott, the best way to find meaning in life is to solve problems for yourself and those around you.
Scott describes why profit is not a bad thing - it's the lifeblood of every business and the reward for putting your capital at risk.
Scott believes kids are far more likely to overcome laziness and negative self-doubt when they feel valued and of service to others.
Chad explains how learning to pitch can help your kid overcome being introverted and socially awkward.
Chad and Scott define price testing and how kids can learn to do it correctly.
Chad talks about business opportunities for kids that are way better than lemonade stands.

Mentioned in This Episode:

The Compound Effect: Jumpstart Your Income, Your Life, Your Success by Darren Hardy

gravystack.com/smart

smartmoneyparenting.com

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

Everything Parents Need to Know About Taxes Mar 21, 2023

Show notes

What lessons should you teach your kids about taxes? In today's episode, hosts Chad Willardson and Scott Donnell discuss everything parents need to know about taxes and the hands-on strategies they can use to teach their kids about taxes. They cover when to start teaching kids about taxes, how to pay less taxes legally, and a brilliant way business owner parents can save on taxes.

Scott starts the conversation by highlighting why we must teach our kids about taxes and tax codes.
According to Chad, most people are clueless about taxes, so automatically, their kids struggle with taxes too.
Chad shares an interesting story of an NBA player who couldn't believe that 50% of his earnings would go to the IRS.
Scott and Chad agree that paying taxes is important because it keeps the country running.
Chad explains what parents need to know about taxes before teaching it to their kids.
Scott shares the history of taxes from the days of the Revolutionary War to where we are today.
Chad believes an ideal step to teaching a child about taxes is making them understand that they have a say in how their taxes get spent.
Chad talks about the benefits of showing your kids how to pay fewer taxes legally.
For Scott, kids should not leave the house for college or work before understanding basic principles in the tax code - the earlier you start the better.
Scott goes through a great game in GravyStack that shows kids ways to avoid the potential tax pitfalls that most people face once they start earning money.
Chad shares a brilliant way business owners can save on taxes - employ your kids.
Chad explains why you should never celebrate tax refunds and how you can work to eliminate them forever.
Scott reveals an ingenious way your teenage kids can earn extra money during tax season.
Scott shares a shocking static - 80% of all the money in circulation was printed in the last 2 ½ years.
Chad and Scott agree that when the government is printing and spending money, you should be investing.

Mentioned in This Episode:

gravystack.com/smart

smartmoneyparenting.com

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

Use Investing to Teach Your Kids How to Succeed by Thinking Long Term Mar 17, 2023

Show notes

Do your kids have the mindset of delayed gratification? In today's episode, hosts Chad Willardson and Scott Donnell discuss all things investing and thinking long-term with your kids.

They cover value creation and how learning delayed gratification will make your kids more successful in life.

Scott starts the conversation by revealing that Gen Z is the least invested generation in history.
Chad reveals why Stanford's Marshmallow Experiment is a great way to test a child's sense of delayed gratification.
Chad shares ways to help your kids understand that long-term fulfillment is greater than short-term gratification.
According to Scott, it's way easier to delay gratification when you don't have the expected outcomes at the top of your mind.
Chad is convinced that willpower doesn't work - if you rely on willpower alone, you will eventually fall into temptation.
Teaching kids to delay gratification and think long-term is difficult because even adults struggle with it.
Chad shares how you can teach your kids to focus on the controllable.
For Chad, the most important investment principle is to invest early and often.
If you say your expenses cannot allow you to invest anything, Scott feels you need to find a way to earn more money or cut down on your expenses.
Chad and Scott agree that the most significant advantage an investor will ever have is time - the earlier you start, the better your outcomes.
Chad and Scott discuss the benefits of mastering the art of delayed gratification and how it can improve every aspect of your kid's life.
Unfortunately, we are in a generation where kids have the attention span of a gnat - understand that teaching them instant gratification will be difficult.
According to Chad, your kids will gravitate toward instant gratification if you don't stop them.
Teach your kids that get-rich-quick schemes never work. Patience is key when it comes to creating wealth and value.

Mentioned in This Episode:

The Compound Effect: Jumpstart Your Income, Your Life, Your Success by Darren Hardy

gravystack.com/smart

smartmoneyparenting.com

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

How to Set a Great Example With Money For Your Kids to Follow Mar 14, 2023

Show notes

Are you a good financial role model to your kids? In today's episode, hosts Chad Willardson and Scott Donnell discuss how parents can become positive financial role models for their kids. They cover ways kids learn about money, the benefits of teaching your kids about the real cost of life, and why you should be as transparent as possible about money with your kids.

Scott starts the conversation by describing how parents can become financial role models to their kids.
According to Chad, kids learn a lot by watching and listening - how you talk and spend money will influence how they think about money.
Scott and Chad believe that you're setting up your kids for failure if you don't talk about money in front of them.
For Chad, being a role model is not just what you do but what you say and how you say it.
Chad shares an interesting Disneyland story about how his youngest daughter thought about money and ATMs.
Scott goes through the money conversations you should have with your kids.
Scott explains why you should be as transparent as possible about money with your kids, but that doesn't mean you must tell them everything.
Chad believes there's no downside to teaching your kids about the real cost of living.
Scott and Chad agree on the benefits of talking to your kids about your investments.
Scott highlights why it's not a good idea to outsource parenting to coaches and teachers.
Kids need to start making financial decisions at home using money they've earned. This way, Scott believes they get to make mistakes and learn about money in a safe environment.
Scott reveals the easiest way you can learn to talk to your kids about money and become a trusted role model.
Chad highlights the benefits of talking about the value of different jobs and skills to your kids.
Kids need mentors. If you don't know where to start, find a parent in your circle who is already successful at this and emulate what they do.

Mentioned in This Episode:

gravystack.com/smart

smartmoneyparenting.com

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

Teaching Your Kids About Taking Initiative to Drive Success Mar 10, 2023

Show notes

Is there a way to teach your kids about taking initiative and doing things without being asked? In today's episode, hosts Chad Willardson and Scott Donnell discuss customer service and the benefits of going the extra mile.

They talk about ways parents can teach their kids to go above and beyond in everything they do and why going the extra mile is essential for long-term success.

Scott and Chad start the conversation by describing why going the extra mile is a skill every kid should master.
Chad explains what it really means to go the extra mile for someone.
According to Scott, going above and beyond will make you price insensitive - people are more than happy to pay extra for a better customer experience.
Scott and Chad agree that there's no better industry to work in as a kid than the service industry.
Smart Money parents teach their kids how businesses interact with customers.
Scott shares a crazy customer service experience at a local ice cream shop that left him and his kids disappointed.
Chad talks about the foundations of a great customer experience.
Scott believes that customers are not always right, but they deserve to be treated with respect.
For Chad, the worst thing you can do as a parent is to raise entitled kids.
Teaching your kids to go the extra mile will serve them in any career they choose to pursue.
Scott shares ways you can teach your kids to be proactive and take initiative.
Chad shares a great customer experience where a teenage waitress went above and beyond to ensure customers were having a good time.
According to Chad, the thing that separates successful companies from average companies is great customer experience.
Scott explains how teaching your kids to go the extra mile starts with little tasks at home.
Your kids will be successful if they grow into the type of people that take the initiative and go the extra mile.

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

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

Navigating the 4 Emotions and Feelings Your Kids Have About Money Mar 07, 2023

Show notes

In today's episode, hosts Chad Willardson and Scott Donnell break down the 4 primary emotions and feelings your kids have about money.

They share how kids with different personalities spend their money and what you can do to ensure they don't make dire financial mistakes in the future.

Chad starts the conversation by describing money emotions and how the money ideas you grew up with will stick with you for life.
After interviewing over a thousand families, Scott and his team found that most parents don't know how to talk to their kids about money.
They also found that kids dislike talking about money because they see it as the biggest source of conflict in the home.
Chad and Scott dissect the four different money personalities in kids:
1. The Brainy Kid - This kid is super information-based and knows a lot of things about money. However, they often suffer analysis paralysis, which leaves them stuck.
2. The Mood Vibes - They have to buy something to feel worthy or good about themselves.
3. The Saver - They crave stable and secure environments. They rarely overspend but often put off buying things that they need.
4. The Bling - This kid buys things to be seen and noticed. All their money goes into purchasing status symbols like a cool bike or nice shoes.
According to Chad, once you understand your child's money personality, you can know where to start with the money conversation.
Scott believes parents should be careful about how they have money conversations with their kids and around their kids.
Scott shares the benefits of having unique values about money as a family.
Scott and Chad agree that giving your kids money they did not earn is the very definition of financial incompetence.
Chad and Scott explain why kids can only learn to appreciate money if they work hard to earn it.
Chad highlights the benefits of talking to your kids about the grave financial mistakes you made early in life.
Scott reveals that kids at every age can have money conversations - you don't have to wait till they're 18 to start teaching them about money.

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

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

What Kids Need to Know About Loans and Debts Mar 03, 2023

Show notes

Is debt good or bad? In today's episode, hosts Chad Willardson and Scott Donnell discuss loans and why parents must teach their kids about debt.

They share some practical tips for teaching kids about debt in a way that highlights its negative impacts as well as ways they can use it to secure their financial future.

Is debt good or bad? Chad and Scott agree that debt can be both good and bad, depending on a person's circumstances and use of the money.
Scott and Chad discuss the basics of borrowing and why parents must teach their kids about debt.
Chad believes parents have a duty to teach their kids the consequences of bad debt from a young age.
Scott explains how shrewd lenders make money out of people's ignorance.
According to Scott, credit cards, although beneficial, have the potential to ruin a person's life if handled without care.
Chad describes how bad debt not only has a financial burden but carries an emotional and mental burden as well.
Chad highlights why kids need to be taught the real-life consequences of being in debt.
For Scott, it doesn't make sense to borrow money to fund your lifestyle or keep up with the Joneses.
Scott and Chad discuss the reasoning behind pro-debt versus anti-debt mindsets.
If you have a credit card, the stats show you're automatically spending more without even thinking about it.
Scott describes the joys of living debt-free and how it opens doors to more investment opportunities.
Scott and Chad go through the practical games available on GravyStack that you can use to teach your kids about loans.
Chad believes that families that take on banking and financial literacy at home are families whose kids enter the real world confident and capable of making smart financial decisions.
Scott and Chad agree that you should only consider taking on debt if you're investing in financially appreciating assets.
Chad explains the benefits of a good credit score and why you need to teach your kids about good and bad credit.
Scott shares a plan for getting out of debt that actually works.
Teach your kids that debt is not black and white. Sometimes it makes sense to take on debt, and sometimes it won't - but always have a second opinion before taking on debt.

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

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

Teach Your Kids The Money Stuff That The Schools Won't Teach Them Feb 28, 2023

Show notes

Should personal finance be taught in schools? In today's episode, hosts Chad Willardson and Scott Donnell discuss why teaching financial education in schools is great, but parents shouldn't wait for the government to teach their kids about money. They share some shocking stats about financial literacy among millennials and why personal finance education should start early, both at home and school.

Scott reveals that 22 states passed laws for personal financial education in schools - it's great to see the education system is finally realizing that kids need financial literacy.
A recent study found 76% of 25-year-old adults lack basic financial literacy - Scott believes we cannot sit back and expect the school system to solve this scary situation.
Scott and Chad agree that it doesn't make sense to entrust teachers with teaching our kids financial literacy when they themselves struggle with money.
For Chad, it's frustrating to see kids graduate high school knowing how to dissect a frog but cannot calculate interest rates or define terms like inflation.
Why teachers don't like talking about money and nutrition in schools.
Chad believes it's absurd that some states still don't see financial literacy as an essential part of the school curriculum.
According to Chad, you cannot teach kids budgeting when they don't make or spend money.
Chad and Scott discuss the type of accounts available on GravyStack and how you can create a digitally animated flow of money for your kids.
Scott explains why it's critical to teach your kids how to save, spend, and share money.
According to Scott, GravyStack is unique because it teaches money management without the heavy financial jargon.
Chad and Scott agree that you cannot homework your kids into financial literacy - the fastest way to teach them about money is to make it fun and practical, with a real-life application.
Scott explains why he's against giving kids an allowance.
Personal finance is about teaching kids ownership and accountability, two traits the school system will probably overlook when teaching kids about money.
Scott and Chad reveal that GravyStack will be openly available for schools looking to solve the financial illiteracy epidemic in a fun and practical way.
Financial education starts at home. The topic is way too crucial to leave to the school system.