Value Creation Kid – Episode 521  

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[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers, on this episode of the podcast, we’re going to be talking about an amazing, we’ll call it future for children, that’s going to help them learn and shape the way that they handle their finances because we’ll say there’s not a lot of direction right now. And this is a North Star to start guiding. How about that for an intro? Wow, future for children with a North Star. Amazing. And what’s so cool is I know that we can deliver on that promise right now today in the next few minutes. Perfect. Well, I think this conversation will shape of family writing in the car and they’re going to say, okay, well, how can this prosperity thinking and the money that my

[00:51] kids are saving up and finance and all of that blend together? You have drank from a fire hose recently about this. So don’t blow us away. But like, let’s let’s take the garden hose approach. We’ll take that. Awesome. I love it. Maybe we’ll even get out the little drip system. Okay, let’s handle that one. Because this will absolutely be an ongoing discussion. And I want to start it with the fact that I have been searching for this space. Spencer, you and I have talked on the podcast in the past about allowance and like neither one of us really had a super solid answer for it. And you and I’ve talked in the past about educating your kids. And while we, you and I, in terms of content creators have some material that we’re coming

[01:41] out with as well. We know that our children and grandchildren and great-grandchildren, so no matter who you are, you’ve got kids in your space. So kids get results with fun and interaction. And when we write a book, that’s a start, but so many kids won’t read. When we do a podcast, that’s awesome. But if you listen to an idea and you don’t have a way to implement it in your life, it falls flat. And so now, as you’ve said, not only do we have the North star, but we have an app for kids that I was introduced to from Scott Donald, who is a strategic coach buddy that I did not know well, that has interestingly enough been the impetus for something that you and I’ve done a podcast with in the future.

[02:36] And I didn’t put all the connections until this past weekend when I was at an event and Scott was there. And that is my first sale.com. We’ve done a podcast in the past about my first sale. And it’s an awesome thing for kids that are very entrepreneurial, yet therein lies the challenge really only about 5% of families in our North American environment are entrepreneurial. And so Scott and his research felt that that was leaving out a lot of families. And so, and again, think children, grandchildren, kids at your church. I was so excited about this. I was in the public, like at a farmer’s market, and I wished I’d had a business card to hand out to people. I’m the most introvert person in the world.

[03:27] And I wanted to hand out a business card to people about what I’m going to share with you now. So there’s a book that you can grab on Amazon called value creation kid. And there’s an app that we will provide a link to in the show notes called gravy stack. And what this does is create that learning environment for the home around the area of personal finance for every single family, no matter what the income level is. And truly, almost no matter what the age of the child is now, clearly, you know, the zeros and the ones maybe cannot be value creation kids at that age. But it’s interesting. You know, I often ask people to read my first 300 babies book because it’s so important that you start a child

[04:30] out on day one with a method to live in this world. And that method in this space is called value creation. And this is a Dan Sullivan thing. In fact, Scott Donald is a Dan Sullivan disciple and many, many strategic coach people were involved in the creation of this app called gravy stack. So I’ll just pause there for a minute, Spencer, and let you ask questions or guide accordingly, because I know you’ve taken a peek at it as well. I have. So what’s unique about this is that it can hit any age range. And I think too often we have something that is either at too low of a level. So the older kids aren’t engaged. And you get something that’s maybe a little too complex. And then the little kids can’t quite

[05:20] get it. And so this is not only we’ll call it extracting the entrepreneurial spirit, but it’s starting to create that roadmap and guide. And so for you, you mentioned you’re at the farmer’s market and you wanted to mention this to others and being an introvert, that’s huge. So you’re saying like, okay, this is really something I found. So help us just tease us. What are a couple of those things that would have you cross that line? So I think the biggest is that it takes a step beyond financial literacy. So Scott has this in his book and it is the idea of financial competency. So we all are hearing and the banks are even providing and the schools are trying to weigh in on the idea of financial

[06:17] literacy. But we know that just learning something is not where we’re going to get results. Competency implies that you’ve learned it, internalized it, used it, and are using it. And as I’ve said so often, money isn’t everything, but money affects everything in our lives. The statistics around divorce, I mean, the highest reason is often money and relationships and families are destroyed because of lack of money or sometimes because of too much money. And what’s so interesting about this approach with Gravy Stack is that it enables the competency to be applied literally on a daily weekly basis from that time the child is. I actually think they say age eight, but even a six year old in a family that was

[07:09] really with it could absolutely weigh in and all the way up into 18. But here’s the other amazing thing for the young adults out there, the twenties and the 30 year olds that don’t feel like they got good financial training at home. And we know that there’s massive numbers of those reading this book and playing with the app, even though the app is designed for kids, obviously the book for anybody would give them the financial literacy and the financial competency that they are seeking. And so inside the app are literally over a hundred ideas in the home that could be applied to learn money about. And so what Scott suggests is that allowance should not be the way. And as I said earlier, you know, you and I bantered

[08:06] about this. I wasn’t even really sure what was that North star. And now I am. And that is that there is a certain amount of chores and activities in the home that every child, age appropriate, of course, should be involved in because they live in the home. Then there’s the next level of activities. Some of them are physical, like take out the trash. And that’s actually probably not a good example. That’s probably one in the first category. Let’s add like cleaning the porch in an extra way, like the extra scrub that the porch needs a couple times a year, not the weekly sweep, or maybe it’s a mental game. So maybe it’s something that you want your kids to do, like watch a Prager U video or a YouTube video on how to

[08:57] deep clean a porch or something like that. And those things can have some dollars associated with it. And in the app, then, as I said, there are hundreds of ideas around this action and brain gigs, they’re called. So this area of home gig is where you as a parent can train. So Scott also reframes the idea of discipline into training. He said a lot of kids, they’re not undisciplined. They’re untrained. They haven’t been trained how to act appropriately in public. They haven’t been trained how to express their feelings when they’re sad. They haven’t been trained to clean the porch deeply. So they go out there and sweep and you get mad at them because they didn’t do a deep clean. Well, maybe you didn’t train them

[09:52] how to do it. And so all of this is going on inside this app where the parents can even be emailed a list of ideas on a weekly basis to start to work with, because we all know this is not a Saturday thing, right? This is a daily, weekly, monthly thing for the 18 years that you have that child in your home. And so they have made the space and the examples and the guidance for how to give financial competency to your children, how to train your children so that they’re young adults that you enjoy hanging out with and how to interact as a family so that the family is harmonious, not only just in life, but also around money and the opportunities and the challenges that money brings. In fact, one of the other lists that they have are emergency

[10:57] items that need to be saved up for a whole long list so that children understand these are things that may happen and we want to save money so that we can solve that emergency when that emergency comes. And then, of course, there’s opportunities as well. And we know that I love those two terms together as it relates to money. I love that. What I find really fascinating, because we just dealt with this as a family over the past weekend. So we’re out visiting grandpa and grandma. And so we’re visiting where we used to live in the same city. And so my oldest son was hanging out with his friend. And I heard them talking and he had a curb painting number kit to go and paint the numbers on a curb. Yeah. And so I said, Hey, you guys should really do that. Like,

[11:50] it was just like, very gentle. And then days later, it’s like, I think we’re going to do that. It’s like, I think that’s a great idea. So they go and do it. Come back a few hours later. And they’re like, we’ve already had some sales. I think they’d made like 50 or $70. Not much. Yes. And so here’s the piece that was so fascinating to me. And this fits in perfect with gravy stack is that my youngest Ellie, she goes, Well, I want to make some money too. So it was the momentum. And my oldest had already left. And she goes, Well, what can I do? Like, you know, can I go do dog walking or babysitting? I’m like, Well, you know, you don’t know the people right here. I go, you can probably do a lemonade stand. And she knows the little girl next door that they play with. So they do a

[12:41] lemonade stand. She walked away with 40 bucks that day. I love it. So the reason I share that is because I think in so many cases, we can work on our oldest child, or maybe it’s the youngest child that’s going to then motivate the oldest, we don’t know how it’s gonna go. But there is a momentum there. And the other hidden momentum is that our kids may be the ones that are teaching us, maybe they’re gonna say, Well, hey, I need to save for this. And then as a parent, we’re gonna say, Okay, well, where else can we lead because they’re pushing us? Love it. Well, the gravy stack app has a bank account that the parents can open, it’s connected to a debit card. And it has sub accounts inside so that you can get the earn,

[13:29] save, spend, notice the order, the earn, save, spend game going with them. And there’s a charitable component built in there as well. So I’m so excited to be able to share this with our community. It is a way to implement the perpetual wealth book and our family legacy game that we’ve created. And the benefits are endless. And as you said, maybe it’s the children that are going to be teaching the parents, maybe it’s parents teaching the children, maybe it’s grandparents teaching the grandchildren, or aunts and uncles, nephews, nieces, church children, school children. I am just so so honored to have learned about this. It was only launched a week or so ago. And because I know Scott’s history and got to hear him speak

[14:27] at this event and speak with him a little bit more, we’ll have him on the podcast in the future. And I’m so grateful that there’s a book as well. So the app does cost a little bit every month, I think it’s seven bucks or something so worth it. And the book is whatever it is on Amazon. And I assume that there’s an audible version of it. I don’t know that. Nevertheless, I’m so grateful to be able to introduce this to our community. Please please share this podcast, share the link that will be in the show notes. And let’s get our communities back on solid ground. I love it. This is great. So as you mentioned, it’ll be inside the show notes. We’ll absolutely have that in there. Really easy for you to find it, use it, and then

[15:15] tell everyone about it. Having the framework to implement is gold. We’ve said that. Thank you, Kim. This was really good. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit ProsperityThinkers.com.