125. Are Your Kids "Money Smart"? GravyStack & Leading The Largest Financial Literacy Movement for Kids with Scott Donnell

Hello Rainmakers! In this episode, we delve into a topic that's a must-listen for parents with kids and an interest in finances. If you're someone who's got both these aspects in your life, or even if you're planning to have kids someday, this episode has some valuable insights in store for you.

Chatting with Scott, a leading figure in the realm of financial education for children, we get the scoop on when and how parents should start discussing money matters with their little ones. It turns out, the right time to introduce money concepts to kids is much earlier than most people might think—around three or four years old. Scott illustrates this with a heartwarming example of his own five-year-old daughter, who successfully ran her own business selling flower vases and made an impressive $280!

Scott raises the point about the absence of comprehensive money education in schools. While they might touch on it occasionally, they rarely provide the in-depth financial skills necessary for kids to navigate the real world. This is where parents need to step in and fill the gap, transforming the home environment into a hub for learning essential money skills.

Coming from a background spanning four generations of wealthy entrepreneurs, Scott highlights the importance of passing down heritage rather than mere inheritance. This heritage encompasses not just monetary value, but also emotional and spiritual dimensions, along with stories and life lessons. The focus shifts from creating wealth to creating value—value that is broad and meaningful in all aspects of life.

But here's the really exciting part of the conversation: Scott introduces the Gravy Stack app—a game-changer in the world of teaching kids about money. This app transforms the learning process into an interactive game, allowing kids to take on challenges while discovering key concepts about money, banking, and investing. An ingenious family economy system is part of the app, enabling relatives to assign tasks and share their own wisdom with the young ones.

The Gravy Stack app isn't just beneficial for kids; it's a game-changer for parents as well. It provides parents with a clear roadmap for fostering positive money conversations with their children. With the Gravy Stack app, Scott has simplified the process of teaching kids about money, making it an engaging and dynamic experience.

Hit play to join us in uncovering the secrets to raising financially savvy and responsible kids. Get ready to reshape your child's financial future with insights that go beyond dollars and cents!

 

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Episode Links:

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Episode: minute by minute 

• 00:39 Introduction to Scott Donnell and the subject about money skills for kids 

• 02:23 Scott talks about money and how it is not being taught to kids in school 

• 02:43 Scott’s goal is to give parents strategies on how to teach their kids good money skills 

• 03:49 Scott’s passion for money skills comes from four generations of wealth and not being handed anything in life 

• 05:44 Apex Leadership Co, their first business, is the number one fundraiser in America for students 

• 06:26 Scott helped grow business fairs for schools across the country to give students the opportunity to create and sell products 

• 06:48 Scott shares his new venture in the banking and gaming space, called Gravy Stack 

• 08:18 Gravy Stack combines banking and gaming to teach kids money skills all within one app 

• 11:43 Scott says that most generational wealth is gone by the grandkids 

• 12:43 Create a system where children can go through healthy struggles to create value 

• 13:11 Teach kids to create value, not money, because money is a store of value

• 13:44 There are three types of value to create: material, emotional, and spiritual 

• 15:31 Show kids how to create a heritage, not an inheritance 

• 16:17 Heritage is more about what you leave in them than to them and it's more about what you do with them than for them.

• 18:17 Gravy Stack gives kids the motivation they need to complete chores and learn money skills

• 19:41 Giving kids allowance is basically like giving them free money 

• 20:17 Chores and basic things around the house should be done for free

• 21:15 Scott breaks down the 5 E’s of the home economy system 

• 23:35 The home economy system within the app teaches kids how to budget and save 

• 27:37 The money machine within the app allows kids to see money flow in and out 

• 29:27 Learning good money skills teaches kids to earn things that they want, not beg for things 

• 30:43 Gravy Stack lays out 4 steps to earning money 

• 34:00 Ultimately, learning to create value will set you up for life, in whatever career you choose 

• 37:13 Scott offers Family Legacy workshops for families: visit familylegacyworkshop.com