Use Investing to Teach Your Kids How to Succeed by Thinking Long Term

Do your kids have the mindset of delayed gratification? In today's episode, hosts Chad Willardson and Scott Donnell discuss all things investing and thinking long-term with your kids. They cover value creation and how learning delayed gratification will make your kids more successful in life. Scott starts the conversation by revealing that Gen Z is the least invested generation in history. Chad reveals why Stanford's Marshmallow Experiment is a great way to test a child's sense of delayed gratification. Chad shares ways to help your kids understand that long-term fulfillment is greater than short-term gratification. According to Scott, it's way easier to delay gratification when you don't have the expected outcomes at the top of your mind. Chad is convinced that willpower doesn't work - if you rely on willpower alone, you will eventually fall into temptation. Teaching kids to delay gratification and think long-term is difficult because even adults struggle with it. Chad shares how you can teach your kids to focus on the controllable. For Chad, the most important investment principle is to invest early and often. If you say your expenses cannot allow you to invest anything, Scott feels you need to find a way to earn more money or cut down on your expenses. Chad and Scott agree that the most significant advantage an investor will ever have is time - the earlier you start, the better your outcomes. Chad and Scott discuss the benefits of mastering the art of delayed gratification and how it can improve every aspect of your kid's life. Unfortunately, we are in a generation where kids have the attention span of a gnat - understand that teaching them instant gratification will be difficult. According to Chad, your kids will gravitate toward instant gratification if you don't stop them. Teach your kids that get-rich-quick schemes never work. Patience is key when it comes to creating wealth and value.      Mentioned in This Episode: The Compound Effect: Jumpstart Your Income, Your Life, Your Success by Darren Hardy gravystack.com/smart smartmoneyparenting.com 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