140. Roots and Wings: Creating Strong Family Connections for Lasting Legacies

In the latest Family Brand Podcast episode, Chris chats with his buddy and guest, Scott Donald. Scott and his wife, Amy, were among the first to check out Family Brand before it was even fully launched. They were definitely ahead of the curve!

Scott is a loving husband, a committed father, and a successful entrepreneur. He's also the author of the popular book "Value Creation Kid: The Healthy Struggles Your Children Need to Succeed." This book has reached and helped an impressive 6 million families! Scott really knows his stuff when it comes to teaching kids about money.

Not only does Scott make an impact that way, but he also hosts the well-received podcast for families, Smart Money Parenting. He's done a lot to help families, and it's pretty inspiring!

Scott's newest project is Gravy Stack, a top-notch educational app for kids and teens. It was created to help young folks understand money before they strike out on their own, something that can have a big impact on their lives. Gravy Stack offers a cool 100 games to teach kids all about money management. Scott's goal is to help 50 million kids become financially smart, getting them ready to handle the real world with confidence.

And here's something interesting: Scott recently talked to 100 wealthy families to figure out what makes them successful in keeping their wealth over generations. He discovered that most families don't manage to keep their wealth beyond the third generation. From this research, he gathered some practical lessons that can apply to anyone, no matter their financial situation.

Hit play to listen to Chris and Scott explore these important lessons! You'll learn how to guide your kids to become confident and responsible people who are driven by values. You really should catch this episode. It's full of insights that might just make a big difference for you and your family's future!

 

LINKS:

Website:

familybrand.com

Social:

Instagram: www.instagram.com/ourfamilybrand

Facebook: www.facebook.com/FamilyBrandOfficial

YouTube: www.youtube.com/channel/UCGu-7odB6gkPbyXpUIQLkrg

Twitter: https://twitter.com/OurFamilyBrand

 

NEW: What Culture are You Creating In Your Family?

Take the Quiz Now! https://familybrand.com/quiz

 

Link to GravyStack: https://www.gjk9ytrk.com/3J67C1/GTSC3/ 

 

WORKSHOP!! GravyStack + Family Brand: Workshop Details

 

Episode Minute By Minute:

00:46 Join special guest, Scott Donnell 

01:45 Scott is an entrepreneur and best selling author of “Value Creation Kid”

01:51 Scott is the leading voice in helping parents teach their kids good money skills 

02:18 Scott also runs Gravy Stack, the world’s first banking app for kids and teens that plays like a game

03:02 90% of all families who pass along any kind of wealth, by the third generation all of the money's gone

04:01 Scott shares the principles needed to build a family legacy 

08:27 The key is not to keep children from struggle, but to set them up for healthy struggles

08:53 Money is not the goal, value creation is 

10:02 Kids need to learn the mindset of value creation 

11:31 Emotional value is how you think, encouraging them, lifting them up 

12:32 Value can be created in every situation, and money follows value 

13:49 Parents need to let their children go through the struggle and be their guide through it 

14:32 Scott shares about the “value creation cycle” 

15:12 Healthy struggles prepare our kids to be confident and prepare them for wealth 

16:25 Parents should pass on heritage as the goal, not inheritance

17:42 If you have the money, you will not create value as a lifestyle if you're handed that money

18:19 Scott shares that it's way more about what you leave in them, than to them

19:08 Scott says to stop working for your kids, but do stuff with them 

23:20 Scott challenges not to outsource your parenting, being with them will last longer than what you leave for them 

25:26 Family experiences should be planned and prioritized 

26:45 Scott shares the priorities that he lives by and recommends for any family 

27:31 Money is a powerful tool, not the goal. It can buy freedom and enable generosity

34:25 Kids take on responsibilities in the home for free. They cover expenses like toys, gifts, outings, etc.

37:01 Parents save money by passing off expenses to kids

39:15 Extra pay system with 55 home gigs allows kids to earn money and learn financial responsibility

42:00 The goal is roots and wings. Parents want their kids to be interdependent, connected, and capable in the real world

42:58 Scott's family values: Faith, Family, and Fish (Fun, Adventurous, Integrity, Service, Hard Work)