Scott is a financial literacy expert who instills life values into your kids how to do that when they are little practically and then as they continue to grow. He dives deep into value creation and how kids aren’t learning to create spiritual, material, and emotional value.

 

Scott’s Story

Scott Donnell is the Best best-selling author of Value Creation Kid, The Healthy Struggles Your Children Need to Succeed. With over 6 million families served, Scott is the leading voice in helping parents teach their kids good money skills. He is also the host of Smart Money Parenting, a worldwide top podcast for families. And now he has launched the world’s first bank account for kids & teens that plays like a game called Dinner Table.

Teaching kids financial literacy

Giving your kids allowance, that’s codependency. It’s linked to a lack of motivation. Allowance for chores- half those chores are expectations, that’s your role as part of a family. The other half of chores is gigs, you can pay your kids for gigs. They have to connect the value created for the financial reward. You no longer use money has bribery or coercion. This mindset protects your relationship with your children. 

At what age do you feel is the best to start? 

From birth. We have a quarter system for ages 2-5. Teaches them the basics of what money is. There are little incentive systems and it saves so much discipline. It helps them understand simple pieces and then they can have their first account when they turn 6 years old. Six to eighteen is where those gigs start in the economic system. Parents need coaching and community for this. Dinner Table is the best parent community to help raise your kids to be value creators. 

 

Save, spend, and share

Money is not good or bad it is a value. If kids can learn that money is just a value and not everything is so important. Focusing on adding value and being of service irradicates so many issues of self-confidence that your kids might go through. Kids only learn in two ways: having fun and real-life experience. The rest of it is regurgitating information. This is why you can’t homework money, it has to be done in the real world. 

We need to stop asking our kids what they want to do when they grow up and ask them what lights them up. 

 

Financial literacy is behavior. It’s good behavior reinforcement. It’s also helping you give a simple quick answer for bad behavior. Are you an owner of everything you have or a steward? We need to make money matter. It would help if you had the tools to create value then it wouldn’t be in charge of you. 

Share: is the best one, if you are generous with the money you earn, you have an abundance mindset built in. 

Save: something for your future yourself. 

Spend: spending is last

Money is never talked about but I think it’s the most long-lasting trauma. It’s the only thing you have to wake up and work for. It doesn’t leave until you set up the system and fix the mindset. 

 

What is your favorite book you’ve read recently?

Habits of the Household by Justin Whitmel Earley 

The Road Less Stupid by Keith Cunningham 

 

Show notes

Determine Your Why Freebie: www.theheartunviersity.com/why

 

Contracts: www.theheartcontracts.com

 

Course: www.theheartuniversity.com/courses

 

Follow along with Scott: 

www.dinnertable.com

Value Creation Kid: https://amzn.to/3yDqj99

 

Watch on YouTube: https://youtube.com/@theheartuniversitychannel?si=33lzxpBA9UxKlgTE

 

If you want to connect with us and other listeners in the Heart and Hustle community join our Facebook group here.

 

PODCAST10 for 10% off anything from The Shop!

www.theheartuniversity.com/shop

 

Follow along:

www.instagram.com/mrslindseyroman

www.instagram.com/evierupp

www.instagram.com/theheartuniversity