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:
- 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.
- The Mood Vibes - They have to buy something to feel worthy or good about themselves.
- The Saver - They crave stable and secure environments. They rarely overspend but often put off buying things that they need.
- 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:
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