Create Generational Wealth- Scott Donnell

Summary

• God’s strategy vs. man’s strategy in overcoming setbacks. 6:42

  • David was anointed by Samuel but not appointed king until later, demonstrating the importance of growing in faith and leadership before being appointed to a position of authority.

  • Speaker 2 encourages listeners to trust in God’s timing, even in the face of setbacks and challenges.

  • Speaker 2 shares personal experiences of facing attacks and challenges while following God’s plan, emphasizing that the arrows of opposition are a normal part of the journey.

  • Tony Robbins invests in speaker’s financial literacy app after unexpected Zoom meeting.

• Family legacy and passing on values to future generations. 13:43

  • Speaker 3 emphasizes the importance of family legacy and mentoring, encouraging listeners to write down their setbacks (which they should reframe as setups) and pray over them for transformation.

  • Speaker 3 shares their personal struggles with family legacy, including fear, guilt, and insecurity, and encourages listeners to mentor and grow younger individuals in their lives.

  • Speaker discusses the importance of creating a lasting legacy for their children and grandchildren, and provides a recipe for doing so.

  • Speaker shares their top three strategies for passing on faith, values, skills, and financial competencies to the next generations.

  • Speaker 2 discusses their company, Apex, which became the largest school fundraising franchise in America, and their new app, Gravy Stack, which teaches kids financial skills through a game-like interface.

  • Speaker 2 emphasizes the importance of teaching kids to create value first, not just focusing on money, and how churches and schools often miss this crucial aspect of financial education.

• Raising kids to create value and build confidence. 22:50

  • Speaker 2 emphasizes the importance of teaching children to create value first, not just money, and highlights the three types of value: material, emotional, and spiritual.

  • Kids who learn to become entrepreneurial thinkers and problem solvers are better equipped to succeed in various aspects of life, including parenting, employment, and leadership.

  • Speaker 2 emphasizes the importance of healthy struggles for children to grow and thrive, rather than shielding them from challenges or providing excessive praise.

  • The speaker creates a matrix to illustrate how a child’s capability and confidence can impact their value creation, with high capability and high confidence leading to inner confidence and value creation, while high capability and low confidence can result in anxious self-doubt.

• Teaching children financial literacy and responsibility. 28:33

  • Speaker 2 criticizes entitled kids who expect special treatment and lack financial literacy, advocating for a home economy system that teaches kids to earn and manage money.

  • Sharon Lechter, a financial literacy expert, emphasizes the importance of teaching kids to create value for others and not rely solely on free stuff or money given by parents.

  • Speaker 2 argues that the traditional allowance system is ineffective and encourages parents to adopt a “home economy system” that teaches children the value of money and how to manage it.

  • The home economy system involves setting expectations for free work around the house, giving children expenses to cover, and paying them for extra tasks or “gigs” they complete.

  • By implementing this system, parents can teach their children the value of money and help them develop good financial habits for the future.

  • Speaker 2 explains how gravy stack teaches kids money skills by adding fun gigs to chores, such as reading books or selling items online.

  • Kids learn budgeting, saving, and spending through the app’s printout for the fridge, which auto-splits earnings into jars.

  • By making expenses a motive to earn, kids learn goal setting, delayed gratification, and the price of goods.

• Passing down values and heritage to future generations. 38:36

  • Speaker 2 discusses the importance of passing on heritage, values, and skills to future generations, rather than just inheritance.

  • The Green family and Bill Hyde reinforce this idea, emphasizing the need for storytelling and passing on values from one generation to the next.

  • The speaker emphasizes the importance of family culture and heritage, encouraging parents to prioritize God, family, and values in their upbringing of children.

  • The speaker provides a recipe for family success, including setting aside time for God, spouse, and children, and teaching kids about money to ensure they are not “screwed up” and the family can stay close for a long time.

  • Nicholas provides practical strategies for creating a strong family legacy, including 23 specific actions to take with kids of all ages.

  • He offers a free gift of the 23 strategies and a chance for a 1-on-1 coaching call with his team, and promotes his main course on family money skills.

• Parenting and financial legacy for families. 46:54

  • Speaker 2 shares a personal story about planting trees in their yard, highlighting the importance of proper care and support for family legacy.

  • Speaker 2 emphasizes the value of investing in family legacy, citing the potential for long-term kingdom return and ripple effects in the world.

  • Speaker 2 explains the “quarter system” for teaching children ages 2-5 about money management by giving them a quarter every time they display good behavior, and eventually letting them use their quarters to buy small treats at dollar stores.

  • Speaker 2 emphasizes the importance of discipline and reinforcement in this system, using the “Ah, oh, and buddy” phrase to gently remind children of their mistakes and encourage them to give up a quarter as a consequence.

  • Speaker 2 suggests giving children age 6-12 age-appropriate responsibilities and paying them market rate for gigs around the house to teach them earning and value creation.

  • Speaker 2 recommends using the “gigs model” for children in competitive travel sports, paying them 10% of the $25k annual cost and giving them expenses to cover.

• Using Gravy Stack for financial management. 55:13

  • Speaker 2 discusses Gravy Stack, an app for kids’ allowance and chores, with an open beta and plans for a freemium model by February.

  • Speaker 1 asks questions and provides feedback on Gravy Stack, with some users expressing interest in affiliate programs and wanting to help promote the app.

  • Speaker 1 expresses gratitude to Scott Donnell for sharing his expertise in power hour, and appreciates the opportunity to learn from him.

  • Speaker 1 shares takeaways from the conversation, including the importance of solving problems by spoiling kids and the value of indirectly building deeper conversations through sharing experiences and takeaways with other guys.

  • Speaker 1 shared personal stories and experiences with the group, highlighting the value of their business and the support they receive.

  • The speaker emphasized the importance of teaching and providing value to others, citing their own success as an example.