Ever wondered about the significance of teaching kids about money? In this week's episode, we are looking into the vital aspects of financial education for children.

As parents, educators, or anyone involved in shaping young minds in today's world, it's a responsibility we can't afford to overlook.

Join us as we explore...

• Teaching children the art of money management and delayed gratification
• The secret to turning financial literacy into learning fun
• What innovative tools are available to engage kids in financial lessons?

Uncover the wisdom of leaving a legacy of financial knowledge for generations to come.

This episode will inspire you to think deeply about the importance of financial education for your kids and give you the tools and motivation to make a positive impact in their world for years to come.

Meet Scott Donnell

Scott Donnell is a serial entrepreneur with many businesses and projects. Currently, these range from Hapbee, which creates and sells a device that uses magnetic fields to improve a person’s mood; to GravyStack, an app that helps educate kids on finances; to HeroMaker Studios, a decentralized comic’s universe. And just recently, Scott sold off Apex Education, a company that helps kids develop leadership skills and have fun with fitness, all while fundraising for their schools.

Connect with Scott Donnell:

Website: https://gravystack.com

Twitter: https://twitter.com/GravyStack

LinkedIn: https://www.linkedin.com/in/scott-donnell

Podcast: Smart Money Parenting

Meet Loral Langemeier:

Loral Langemeier is a money expert, sought-after speaker, entrepreneurial thought leader, and best-selling author of five books.

Her goal: to change the conversations people have about money worldwide and empower people to become millionaires.

The CEO and Founder of Live Out Loud, Inc. – a multinational organization — Loral relentlessly and candidly shares her best advice without hesitation or apology. What sets her apart from other wealth experts is her innate ability to recognize and acknowledge the skills & talents of people, inspiring them to generate wealth.

She has created, nurtured, and perfected a 3-5 year strategy to make millions for the “Average Jill and Joe.” To date, she and her team have served thousands of individuals worldwide and created hundreds of millionaires through wealth-building education keynotes, workshops, products, events, programs, and coaching services.

Loral is truly dedicated to helping men and women, from all walks of life, to become millionaires AND be able to enjoy time with their families.

She is living proof that anyone can have the life of their dreams through hard work, persistence, and getting things done in the face of opposition. As a single mother of two children, she is redefining the possibility for women to have it all and raise their children in an entrepreneurial and financially literate environment.

Links and Resources:

Ask Loral App: https://apple.co/3eIgGcX

Loral on Facebook: https://www.facebook.com/askloral/

Loral on YouTube: https://www.youtube.com/user/lorallive/videos

Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/

Money Rules: https://integratedwealthsystems.com/money-rules/

Millionaire Maker Store: https://millionairemakerstore.com/

Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/

Integrated Wealth Systems: https://integratedwealthsystems.com/

Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates

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How many of you have kids stand up? How many of you have grand kids stand up? How many? No Keep standing, we're going to get them. How many of grandkids set up? How many of nieces and nephews? How many of you have some influence of other children? Well, there you go, Scott. There's our room. All right. So again, gonna have a seat. So I met Scott through another table woman who is just beautiful her and her husband doing amazing organic vet, they actually won like, like this huge vet award of the year, they consistently do it out Oakland, California. So Lee, and I've been great friends, she's hired me privately. They're skyrocketing in business, doing cool stuff. Her daughter was the first eight year old whoever wrote a book in my old cash machine the three days to cash and became a best seller. And then they met Scott. And she became a big part. She was the CEO for a month. So she calls me and said, I have to interview as CEO. So her daughter interviewed me for like another great CEO. And then we kept talking and he said, You have got to be part of this next thing that I'm in and I said, What are you and she said, I'm, we're doing a kid's bank. It was called My for sale originally. And then we changed the name. And I said, Well, of course, because I knew I had the kids book, you know, coming out. So I got involved. So I'm an investor, partner, Scott analysis started this, he is not just a smart and amazing father, and smart financially, we are so aligned on how we think. And we didn't even know each other. And it's like, oh, my gosh, that's like my books. And there's another gentleman, Chad, who contributes a lot of his work to it, it was so fun to put it together. Because now we have the education work through several books, we've got the platform, that's gamifies, banking. And then I flipped to put your money to work, and Roth IRAs and the kids account, so we got the whole thing. But he's also exited six ever sweat seven, eight and nine figures. So he's not just, you know, this is his one project. He just did a massive exit over 6 million kids that is affected in his world. He's amazing. Put your hands together, stand up, give Scott Dunn up.

Let's do it. Let's give her a hand. Thank you. It's a great businessman and father. So some of the men listen up.

Awesome. Thanks for all this is great to be here guys. Don't have a ton of time. So I'm just gonna go right into this. Are you a business man with a family? Or a family man with a business? Are you a business woman with a family or a family woman with a business? Think about that for just a second, let that sit? I think a lot of people want that. But when they look at their bank statements in their calendars, it doesn't actually align. Are you a family man with a business or business man with a family? That's the point. So I think today, what I want to help you guys with is what we've learned from 6 million families served. Okay, I want to give you the best strategies and the best tools. And then we'll talk about gravy stack because I know folks here in the room are a part of it. And would love for the rest of you guys. If you want to see how we can impact 50 million families. Come talk to us. We're about to close our rounds. So I'll talk to you training for the first half, and then kind of updates on gravy stack and where we're headed in the next half. Does that sound good to everybody? All right. So I'll start with this story. My daughter a few years back, young at the time, we took him to dinner. Busy in school and sports. Anybody here with kids or grandkids knows what I'm talking about? Busy day. My wife and I we have four kiddos. We live in Phoenix. And we're going to we're taking them out to dinner at Tru foods in Phoenix and we get to the mall. And you have to walk through the stores to get there. Okay. You guys know where I'm going with this? They're greedy. gimmies come out. Oh my gosh, Legos. Dad, TV. We gotta go in here. Look at these clothes. Oh my gosh. My daughter sweet rag and she goes, Daddy, can we please get ice cream? Please? She's like four and a half five. Well, sweetheart, we haven't even had dinner yet. Why are we going for ice cream? We can't get ice cream right now even eaten dinner. She's like, No, No dad, you understand? Just reach in your pocket. Grab that plastic card. Give it to the guy right there and we can get ice cream. I was shocked. I was I was horrified actually. Are we spoiling? These kids are We entitling them, they don't have any concept of money. Kids today don't deal with real cash. Right? They don't see their parents deal with real cash. They see their parents deal in cards, credit cards, kids don't see the flow of money. Who here remembers the pinch of having to pay the cash? You feel that pinch when you hand it over? Right? There's there's about 1000 of these things that are changing with the next generation. How do you teach delayed gratification to a kid who gets Amazon Prime social media at their fingertips, and anything they want around the world in about three seconds. But let me teach you something about kids real quick. Kids do not have short attention spans. What we care about is interest, not attention. If you capture a kid's interest, they will be flooded with attention. You ever seen a kid play a game and do something for 510 hours straight. It's not a lack of attention span, its interest span. And when it comes to money, this was the number one thing I saw. So I when I saw this with my daughter, we've been seeing this in schools for the last 15 years, I started one of the largest school fundraising companies in America called Apex leadership Co. I started to help my wife raise money for her first grade class and it exploded 600 employees later, millions and millions of families, we've raised over half a billion dollars for schools. It's an incredible program, it's we just sold it a year and a half ago is incredible exit, and they're growing at 25% a year, never sell a company that's not thriving. And so in that business, we were in 1000s, and 1000s of schools teaching kids character and leadership and fitness and money skills. And the number one thing I saw was they're not learning money. They're not learning critical thinking, practical skills. How does geometry help you with taxes? I'm asking a real question here. How does algebra help me with my monthly budget? It doesn't. It doesn't. And here's what I realized. With 6 million families, you can't homework money. You cannot give a kid a piece of paper with debits and credits and expect them to know how to handle money for the rest of their life. How do you teach a 10 year old or at 14 year old investing, going home to a single mom trying to make ends meet? It does not work. And I advised jumpstart and NiFi and a lot of these regulatory groups that are trying to create the standards for the education system for 70 million kids. Most of whom are our Poli Sci majors. Raise your hand if you're a political science major in the room. Congrats. I won't say anything bad about him. So we got an issue. And we've got 41% of Gen Z thinks they'll never own a home. 67% think they'll never retire? They're the least invested generation in history by a wide margin. What do you do with that information? Well, I think we solved it with gravy stack, which I'll talk about in a few minutes. But I want to teach you some things about families real quick. So here's what's happened with me over the last five years, throughout all the business and the family and all these things going on. I searched the world to find the best 100 families as I measure it. These aren't the wealthiest families in the world. These are the families who have each generation below by the previous in their values, their beliefs, their skills, their traits, their financial competency, and they're deeply connected as a family. If you can do that with your kids and grandkids and great grandkids, I want to meet you. Does that make sense? Guys? Yeah, billionaires are great. But 90% of generational wealth is gone by the grandkids. Think about that. If 90% of the generational wealth that's transferred is gone by the grandkids. What's the point? We have an entire industry of people that are trying to secure and protect and grow wealth for what? It's more about what you leave in your kids than to them. That's what I'm gonna talk about today.

Okay, so I have three strategies that I'm going to share with you guys of what these 100 families that we narrowed this down to did. We have 23 strategies and tools in our workshops and our programs for gravy stack gravy stack is now launching higher ticket groups, workshops, courses, to help families because they're all asking for more. You solve the home economy system. You did these things for us at home and gravy stack, we need more training. So now we're launching these higher groups and within 45 days that will cover all will have the depth of the entire business and our growth model. It's a brilliant pivot, and it's covering it and de risking all of the investment for gravy stack. So that's why we're launching it's called dinner table. Okay. So here's my sweet daughter. Oh, yeah, there's that we did get ice cream that wasn't the same day. But that's Regan. And this is what my wife said, that led us down this path, there has to be a better way. So that's why we found these 100 families we sit with them we learn with we learn from them. I believe that every family can create a lasting legacy for their kids and grandkids. So this is my quick history. Live in Phoenix. I wrote value creation kid, the healthy struggles your children need to succeed. It's one of the top books on Wall Street Journal bestseller list already. And people are buying it left and right. And it's been a really fun ride. We also have the smart money parenting show. It's a top 1% show. And we had apex and now we're launching gravy stack over the last few years out to the whole world. And our dinner table program, which is our higher ticket. All right. This is gravy stack, teaching kids how to save, earn, spend, share, and invest through games. Write this down. If you guys have kids or grandkids, I want you to write this down. This is really important. Kids learn in two ways. Through fun, and real life experience. Fun makes it intrinsically motivating for them. And real life experience gives them practical skills that give them long term capability to succeed. Fun and real life experience. And that's what we combined to teach money skills through games as a real bank. First one in history, 30 patents, we've built this out for millions of dollars. And now we're going out to millions and millions of families, there's their first several 1000 1000s and 1000s of families are using it right now. And having incredible transformation. So all right, you ready for these three strategies, you guys want to hear him. Here's our three of the 23 strategies for the best families in the world. All these families did the same things. All 100 of these families, we found out do the same things, and almost nobody else did it. So I'll give you the first three today. First one, create value first, not money.

Money is a store of what value these families realized, okay, we're not going to just try and teach our kids to go make a bunch of money that actually doesn't connect with kids, because most of their needs are covered at home. 90 90% of the kids that we interviewed 1000s, the 1000 kids and we started gravy staff, guess what they said, We don't want to talk about money in the home. It's the number one source of conflict, intimacy and money. Those are the two that are tough on families and marriages, but their kids don't see intimacy that's in the bedroom. Money is what they hear all the time. We can't afford this. Man doesn't grow on trees. Do you know how much this costs? Do you know how hard I work to get you this? And you just took it for granted? I know people in this room feel the same way I do. Because I've said those things too. I know I'm not alone. People kids hear that. So they say okay, I don't want to talk about money. Only 5% of kids come out of the womb with that entrepreneurial DNA. Where are we going to make money dad where we're gonna make money mom 95% of kids don't. So how do you teach them these money skills and pass it on? Well, it starts with value. There's three types of value if you want to write this down. If you teach a kid to create these three types of value a completely transforms their entire life, material value, emotional value and spiritual value. material value is what a kid or an adult can create and produce in the world. These are the problem solvers, finding wants and needs learning empathy and customer service. helping create material value all around them. Kids can do this. In our in our workshops, we'll talk about this in a minute, we give like 100 ways for kids or grandkids to go make $1,000 on a Saturday, incredible way for them to create value, value first material value and get a return. What an incredible education for a kid. Okay? The second type is emotional value. Arguably the rarest of all, but emotional value is how you think and feel and help other people think and feel. Okay, this is how you can become a great friend. This is how do you become captain of a team. Kids need to have a lens to look around them at all times to see how can I create value for this person that I'm with right now. It's a value creator in their head. It's a lens to see the world. And then the third type of value is spiritual value. spiritual value is how you connect to something greater. Something above yourself to God to a higher mission. I love Jesus. I don't pull any punches. But you know what? was was incredible spiritual value. We're going to put a man on the moon and bring him home safely by the end of the decade. You guys remember that? Some of you grandparents in here, arguably the last time that our country was so unified. Kids need to see opportunities around them at all times for these three types of value. So we create this cycle. Forget all the parenting strategies out there. Hover parenting, helicopter parenting, gentle parenting, I don't know there's a million of them. This is the best one out there. Help your kids go through healthy struggles to gain capability to gain confidence to create value. The more that your kids, teenagers, adult kids grandkids, the more that they can go through this cycle, the greater and greater value that they'll create in the world.

So what's a healthy struggle? Healthy struggle is not trauma. It's not tough love, neglect, abuse. But what it is, is healthy things that let kids grow. These are emotional skills, relationship skills, athletic skills, sports skills, practical skills, business skills. We have 90 of them in our book that we walk through in our workshops. You want your kids to be constantly put into situations for them to be able to grow. And that's the cycle. That's like the best thing you can do. Laura Laurel knows Sharon Lechter very well. You guys know Rich Dad Poor Dad cashflow game. Sharon Lechter is like the the godmother of financial literacy. She worked with Bush Obama, everybody trying to fight this war for 30 years. She passed the baton to me. And she said that the best thing she was ever asked by her dad when she was a kid every night before bed. He would ask her this one question. What value did you create for others today? What an unbelievable lens to see the world. This is how kids think. Alright, I'm gonna move a little faster for time but we have created a matrix if your high capability and high confidence your value creation kid. If you have low low confidence but high capability that's an anxious kid. An anxious This is a lot of teenage girls are in this bucket right now. They have capability that far outstrips their confidence in the world. And so they feel like they self doubt everything. They're anxious about everything. On the other side of it, if you're high, confident, bottom right hand corner, if you're highly confident, but not capable. That's an entitled taker. That kid thinks they deserve special treatment front of the line everything. And if you're neither, you're a lazy victim. Nothing's worse than a kid that doesn't go through healthy struggle cycles, grows up fails and blames everybody else around them. I can only do so much in 35 minutes with you all. If you give me a workshop, and you join our deal. I'll change your life. This is what our 23 strategies do. Okay. All right. Number two home economy system. This one is the winner. Allowance is socialism. 85% of Americans give out allowance to their kids. It breeds codependency. Huge, huge article just came out. It's tied to a lack of motivation and aversion to work and kids. You give them money for free kids do not need to learn how to spend your money. You cannot give your kid 10 bucks and tell them to put that in the offering plate. That is not teaching them generosity. The worst is when parents don't give any money. They say my kids are the good kids that do all the chores. When I tell them to Congratulations, you have compliant children, but they're learning nothing about money. You're paying for everything. They're not making a managing their own money, they have to do that in your home. Or they'll make massive mistakes when they leave. And the Bank of mum and dad is going to cover them until they're 30 or 40 years old. So here's what we created. We patented this in gravy stack guys. This is the best solution to teach kids financial competency in your house or with your grandkids expectations, expenses and extra pay. We created a revolving system inside the app. It's just as easy as allowance but it teaches kids everything about money. Number one expectations here's what you don't pay for. This is your role in the home. Make your bed clean your room, brush your teeth, do your homework dishes trashed don't pay for those things. If they want to that's their rent, guys. Number two is expenses. Toys, trinkets games, social outings with friends, birthday presents for friends. How many times raise your hand don't lie. How many of you have bought all those presents when your kids were young wrapped them all they signed them and chucked it on the table. What if they made the 15 bucks? Help them wrap it now they're gonna go in. Open this. I got this for you. I want to see your face. That's a generous kiss. Fit for Life. All right. And then obviously gas and insurance we have a whole system of what you pay for to a point all the way up so that you're not spoiling and entitling but showing love and connection.

Number three is extra pay gigs around the house. We don't say chores we say gigs because chores is tied to homework. Work. gigs are fun. gigs are like sweep the garage for a couple of bucks, wash windows, make a meal, clean a bathroom, organize a closet yard work. Watch this TED talk. Read this book, no sugar for a week. You see how it's gamified in the kid's brain. Kids need to learn how to make money with their brain, guys. That's why we have brain gigs to not just action gigs. All this is set up in gravy stack. And our families are on fire right now. 1000s of families, the average kids doing five gigs a week, making $140 a month. And they're auto splitting it into their save, spend and share accounts. Unbelievable. This is how you teach a kid to budget. This is how you teach a kid to plan ahead. This is how you teach them trade offs and the price of goods. This is how they do it. If you if you have a kid right now, that doesn't want to try lazy, they just want to play video games. Give them expenses that they're in charge of. It's as simple as that, and ways to earn it around the house. This is how kids earn freedom and responsibility. Trust for mom and dad. They all want it. And that's what the printout looks like for the fridge from the app, all their expectations, they expenses and things they can do it all throughout the week that they can make a few extra bucks. And that goes right in the app once a week. Click the boxes they did. That's their paycheck. Okay, we'll give you all these things. Come see us. Okay, I gotta move faster. Here's the app. You can see it. We want you guys all to be a part of this thing, obviously. Okay, all right. I have to go that fast. I'm getting the 10 Minute clicker here over here. Okay. So yeah, we'll give you guys just type in family 23, you'll get a free month of gravy stack, send this to your grandkids as well. Okay, so last one, and then I'm going to move on to the gravy stack investment. So

kids need heritage, not inheritance. What happens is first generation successful entrepreneurs are successful parents, they say things like, I just want my kids to have all the things I never had. I want that. And I don't want them to have to deal with all the things I had to deal with coming up. I want to have them all the opportunities I never had. Well, what made you you guys, you don't want to pass on trauma. But you want to give your kids a heritage. Last name. That means something again, it's more about what you leave in your kids than to them. That's the point of this. And so a lot of times kids grow up with successful parents or even grandparents and they live in their shadow. Okay, they won't go through the value creation cycle when they know that things they're providing for them and inheritance is coming. And the worst is when they're waiting for mom or dad to die. Okay. That's never the best. So it's all about stories. We train in our workshop, how you create values in the home that stick through stories, principle based stories, stories of your ancestors, your marriage, your family, how you came to be who you are promoting things within your kids that showcase the values of the family, my family, faith, family and fish my three year old can say it every night at dinner. Fish stands for fun and adventurous Integrity, service and hard work. And we're looking for ways around the house where they're doing this at all times and celebrating it with them. It's an incredible way to build strong heritage. So what stories are you telling in your family? If you want to kill a culture, get rid of the chief storyteller? Is a great family. I won't go into them very much but that's Hobby Lobby. They're giving away a billion dollars this year. As a family 47 Kids grandkids great grandkids altogether. Unbelievable family. Incredible ministry family incredible business. I'm really good friends with Derek their grandson. This is family legacy to the tee. Guys, you don't want to have independent kids. Sorry to burst your bubble. You want interdependent kids. Nobody wants their kid to turn 18 and leave forever and never call never come back. Never facetime when something good or bad happens. You want interconnection your kids need roots and wings. All right, that's the point of a heritage. All right, and you only have so much time with them. Those of you that kids that left the house, you saw how fast it went 90% of the time with your kids your entire life happens before 18 Okay, you only have a certain amount of time you need a plan to get this right.

We could go on forever because you can tell we are in love with this content and it is such a necessary need in the nation. So if you don't know a kid, have a kid, I always say you should get some of their tax deductible. So yeah, All right make some adopt some I don't know there's something going on here families

so people using the gigs to write off to yeah for their for their family business if you have your own LLC that's the way to go