Digital Social Hour
From Anxiety to Success: Raising Unshakeable Kids | Scott Donnell DSH #934
Fri, 29 Nov 2024
From Anxiety to Success: Learn powerful strategies for raising unshakeable kids in today's challenging world! 🌟 Scott Donnell shares game-changing insights on building lasting family legacy and preventing anxiety in children. Discover why heritage matters more than inheritance and how to raise confident, capable children who will surpass your achievements. Scott reveals why traditional allowances and chores might be holding your kids back, and shares a revolutionary approach to teaching financial competency and life skills. Learn why technology and screen time are reshaping childhood, and get practical solutions for protecting your children's mental health. Scott shares his proven "Family Economy System" that cuts child-raising costs in half while building unshakeable confidence and real-world capabilities. Get ready to transform your parenting approach with powerful insights on: - Building lasting family legacy - Teaching real financial competency - Preventing anxiety and entitlement - Creating value-driven children - Developing unshakeable confidence - Protecting kids from technology addiction Join us for this eye-opening conversation that will revolutionize how you think about raising successful, confident, and capable children. Perfect for parents who want their kids to thrive in today's challenging world. #ParentingTips #RaisingKids #FamilyLegacy #ChildDevelopment #ParentingAdvice #FamilyValues #FinancialLiteracy #Parenting #parentingjourney #financialeducation #financialeducationservices #resilientchild #financialwellbeing CHAPTERS: 00:00 - Intro 01:48 - Heritage vs Inheritance 07:01 - Chores vs Life Skills 08:01 - Day Trading: Entitlement and Victimhood 16:42 - Impact of Phones on Family Dynamics 20:10 - Screen Time Effects on Children 23:52 - Understanding Family Economy System 25:07 - Children's Business Fairs 27:18 - Mental Health Industry Insights 32:50 - Encouraging Emotional Openness in Kids 34:40 - Respect Between Kids and Parents 42:00 - Cultural Perspectives: Asian Parents 44:14 - Parenting Discipline Strategies 45:31 - Where to Find Scott 45:50 - Getting Involved in Parenting Program 46:02 - Outro APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [email protected] GUEST: Scott Donnell https://www.linkedin.com/in/donnell-scott/ https://www.tiktok.com/@imscottdonnell www.youtube.com/@Scottdonnell https://community.dinnertable.com/optin-9706-9096 LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ Learn more about your ad choices. Visit podcastchoices.com/adchoices
Chapter 1: What is the importance of heritage over inheritance?
All right, guys, we got Scott here from Gravy Stack revolutionizing the game, right?
Yeah, man.
Love it, man.
It's been fun.
What you're doing is really important, I think, so I really appreciate someone like you doing. Could you explain, actually, for people that don't know you?
Yeah, yeah. Financial literacy. Actually, I call it financial competency because you can't read money like a book. Literacy is a game that you shouldn't even play because that's why everyone's mad at schools. They think the education, why aren't they teaching our kids critical thinking and practical skills and financial literacy? And I'm like, because you can't homework money. You got to do it.
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Chapter 2: How can parents teach financial competency to their children?
You have to do it in the real world. And you actually got to earn to learn something. So GravyStack was the app that we built to teach kids and adults really how to be financially competent. And now it's evolved into what we call Dinner Table.
so we changed the name so now it's dinner table and basically it's like coaching for families on how to raise kids to blow by you nice like financial skills family values mindsets the value they create in the world and the depth of relationship in the family right so now it's this whole coaching program and licensing and the app and it's been crazy man that's cool that should be the goal for every parent though the kids should surpass you you know
That's the key. One of the things we teach is heritage over inheritance. This is fascinating because I've spent most of my career studying the best families in the world. Many of these families you'll never know. There's some billionaire families. There's like 100 million, but there's a ton of families that just... They raise kids, grandkids, and great-grandkids to blow by them in every way.
And if you do that three or four generations in a row, you have what I call legacy. See, legacy is not like the Vanderbilts and the Rothschilds and all that kind of stuff. There's crazy in those families. Legacy is raising kids to blow by you and all the values and skills and mindsets and beliefs. That's what we all want. Do it with kids. That's what you want.
Absolutely, because if you can do that three generations straight, I mean, they're going to be deca millionaires. They're going to be super knowledgeable.
And so heritage over inheritance, like if you just die with millions of dollars to give to your kids and you didn't prepare them for the wealth, you didn't prepare them with the mindsets and the ways to create value in the world, you just ruined them. Wow. See, 90% of generational wealth is gone by the grandkids.
And really the next generation spends a lot, then the rest spends what's left and it creates entitlement, victimhood, anxiety. It's like lottery ticket syndrome, right? Like participation trophies, you get something you didn't earn. And every time you give your kids something they didn't earn, you're robbing them of something in the future. That's the point.
So heritage before inheritance to us is one of the main things we coach on. It's like building a last name that means something. The relationships with your kids, the values you instill, the mindsets, like the skills to go crush it, right? Then the inheritance is like as a sidebar, right? Because you've basically carried on a legacy that matters. So that's really what we try to teach families.
And we have tools and processes for the home to actually prepare the kids.
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Chapter 3: What are the effects of technology on children's mental health?
Right.
Like that's something you got to be really careful about.
Yeah.
Chapter 4: What is the Family Economy System?
Chapter 5: How should parents approach chores and life skills?
so we changed the name so now it's dinner table and basically it's like coaching for families on how to raise kids to blow by you nice like financial skills family values mindsets the value they create in the world and the depth of relationship in the family right so now it's this whole coaching program and licensing and the app and it's been crazy man that's cool that should be the goal for every parent though the kids should surpass you you know
That's the key. One of the things we teach is heritage over inheritance. This is fascinating because I've spent most of my career studying the best families in the world. Many of these families you'll never know. There's some billionaire families. There's like 100 million, but there's a ton of families that just... They raise kids, grandkids, and great-grandkids to blow by them in every way.
And if you do that three or four generations in a row, you have what I call legacy. See, legacy is not like the Vanderbilts and the Rothschilds and all that kind of stuff. There's crazy in those families. Legacy is raising kids to blow by you and all the values and skills and mindsets and beliefs. That's what we all want. Do it with kids. That's what you want.
Absolutely, because if you can do that three generations straight, I mean, they're going to be deca millionaires. They're going to be super knowledgeable.
And so heritage over inheritance, like if you just die with millions of dollars to give to your kids and you didn't prepare them for the wealth, you didn't prepare them with the mindsets and the ways to create value in the world, you just ruined them. Wow. See, 90% of generational wealth is gone by the grandkids.
And really the next generation spends a lot, then the rest spends what's left and it creates entitlement, victimhood, anxiety. It's like lottery ticket syndrome, right? Like participation trophies, you get something you didn't earn. And every time you give your kids something they didn't earn, you're robbing them of something in the future. That's the point.
So heritage before inheritance to us is one of the main things we coach on. It's like building a last name that means something. The relationships with your kids, the values you instill, the mindsets, like the skills to go crush it, right? Then the inheritance is like as a sidebar, right? Because you've basically carried on a legacy that matters. So that's really what we try to teach families.
And we have tools and processes for the home to actually prepare the kids.
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Chapter 6: What is the impact of screen time on families?
Yeah, it's pretty ironic because when you pass away, you think you're doing a service by leaving money to your kids, right? Yeah. But like you said, 90% of them by the grandkids' generation lose it all.
Yeah. And the more you leave them, the more destruction you cause. So divorce, estrangement, addiction, anxiety and mental health, depression. Because the kids know and earn that stuff.
Right.
And they have all the resources but not the skills to back it up.
Right.
Like that's something you got to be really careful about.
Yeah.
So that's, you know, to us, heritage is take the inheritance of your kids and put it into heritage experiences and coaching and learning and like building an incredible family. Then it doesn't matter what you leave them. Right. They'll be fine.
Yeah.
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Chapter 7: How can parents encourage emotional openness in their kids?
I think a lot of parents want to save time and they take the easy road.
We outsource parenting.
Right. Yeah.
You know, in business, you and I have tons of business. Automate, eliminate, delegate, create a self-managing company.
That's how we think, yeah.
That's how we think. Dan Sullivan's one of my closest mentors in the world with Strategic Coach. Self-managing company, self-multiplying company. That's unbelievable. It's a freeing thing. It frees you up. It's an incredible thing to do in any business. It's the holy grail. You can't do that in your family. You can't outsource parenting.
You can put the tools in place to automate, eliminate, and delegate things that don't fit for that, but you can't outsource your parenting.
What do you think about nannies, though?
Oh, I think that's fine. What I'm talking about is the values. Here's a good example. We don't do chores in our house.
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Chapter 8: Why is it critical for children to earn their way?
That's true.
Identity politics. Entitlement. It's always someone else's fault. If you complain about stuff... People say, yeah, me too. That's what kids day trade. Amazon Prime. All the families in America have Amazon Prime. One click, anything you want to your doorstep. How does that teach a child delayed gratification? Social media, you get anything you want. Chat apps, gaming, you get whatever you want.
Entertainment, dopamine hit.
Instant. Instant.
How does that prepare them for a life of going through healthy struggles to create value for others? Building good businesses, building great families, those are decades, not seconds. That's why we have to be really, really strategic about how we raise our kids and really buck these crazy cultural trends out there that they breed entitlement and victimhood.
And my definition of entitlement is a little bit different because we've helped all these millions of families. I see it. Entitlement is basically solving your kids' problems for them their whole life. That's what creates entitlement. So parents that pay for everything, buy everything for their kids without the kids earning anything.
fixing their homework the night before school so they never get a bad grade fighting the teacher for better grades fighting the coach for more playing time bringing them anything that they forget whenever they do like making their lunch making their lunch doing all the laundry getting everything they need giving them a comfortable bubble wrapped childhood anytime you uh you will do everything for your kids until they learn to do it themselves
So much of this is like, we need to move as families, those with kids, we need to move from caretaker to coach much earlier. So many families are the caretaker for their kids until they're 18. And then they go off into the world, hit the real world, immediately go into debt, immediately get angry about it, feel like a victim, blame everybody else.
But if you moved a coach earlier and you don't solve all your kids' problems for them, then they start to learn all these capabilities and they get confidence, inner confidence. And that helps them create value everywhere they go.
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