#44: Scott Donnell

The BetterLife Podcast: Wealth | Real Estate Investing | Life

Brandon Turner and Cam Cathcart

House Flipping, Multifamily, Real Estate, Wealth, Investing, Business, Real Estate Investing, Self-development, Entrepreneurship, Rental Properties, Health

4.8 • 767 Ratings

🗓️ 8 January 2024

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Scott Donnell is a financial literacy expert and serial entrepreneur who has helped more than 6 million families learn how to earn, spend, save and invest.

In this episode, Scott shares the exact steps you can take to instill healthy, wealthy money habits in your kids and family.

He also talks about:
- Why Gen Z is pessimistic about their economic future and skeptical about investing
- The dangers of “first-generation wealth”
- How he gets his kids to clean up after themselves and help out around the house
- The “quarter system” he uses to reward and discipline his kids without anyone losing their cool
- Leaving your kids “heritage, not inheritance”
- His thoughts on Dave Ramsey and Grant Cardone
- How he founded, bootstrapped and sold a fast-growing school fundraising company
- What kids learn by participating in business fares
- How the GravyStack system replaces chores with paid “gigs” and puts them in charge of expenses
- His religious faith and how it’s intertwined with family
- A hack for keeping rebellious teenagers out of trouble

Books mentioned:
- Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell
- Habits of the Household: Practicing the Story of God in Everyday Family Rhythms by Justin Whitmel Earley
- Tiny Habits by BJ Fogg
- The Road Less Stupid
- Rich Dad, Poor Dad

Connect with Scott:
- Instagram
- TikTok
- GravyStack (Use code DINNER30 when you download the app for 30 days free)

Scott’s Charitable Cause:

Gravystack's giving fund providing scholarships for inner-city kids who can't afford the membership.

Transcript

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0:00.0	We teach families.
0:03.0	This is one of the number one things you need to teach kids.
0:06.0	Money is not good or bad.
0:08.0	Money is a tool.
0:09.0	In fact, money is a store of value.
0:11.0	That's all it is.
0:13.0	You can use it for incredible things.
0:15.0	You can also use it for terrible things.
0:17.0	So money, you know, I think the big poverty mindset is money's bad.
0:24.3	Profit is bad. I got to blow it now because it'll be gone tomorrow.
0:34.2	Welcome to A Better Life with Brandon Turner. That is me, where world-class guests share their wisdom on building a better life.
0:37.7	Join me as we explore the habits, the actions, and the beliefs that have guided their journey with the aim of helping you apply those lessons to your own.
0:59.0	Scott Donald, welcome to the podcast.
0:59.7	Good to be here.
1:01.1	Man, I'm excited about this.
1:05.5	You and I first connected at an event, what was it maybe, not quite a year ago.
1:07.0	And we had great dinner.
1:08.0	We had a hell Elrod there.
1:09.5	And we just sitting outside chatting for hours. And I was like, dude, this guy's cool. And then fate would have it. We ended up in the same place here in Jacksonville. And so let's dig into it. So I know you as like the world expert on like kids literacy, financial literacy specifically. I know you're the guys taught what six million kids, something like that crazy. And counting. That's right. Yeah, and counting like financial stuff.
1:30.7	This is crazy. We're digging into all that in your story. I know you're a tech guy. I know you
1:34.1	understand more about tech than I will ever know. But tell me like that's who you are.
1:39.5	Who was Scott Donald before all that. Man, yeah.
	...

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