Inside Strategic Coach Podcast: Financial Literacy for Kids with Dan Sullivan and Chad Willardson

Introduction

• Hosts: Dan Sullivan, Shannon Waller
• Guest: Chad Willardson, author of "Smart Not Spoiled: The Seven Money Skills Kids Must Master Before Leaving the Nest"
• Key Topic: Importance of teaching kids financial literacy

Chad Willardson's Background

• Father of five children (ages 6 to 17)
• Wealth management background for entrepreneurs and families
• Motivation: Professional and personal need to teach kids essential money skills
• No allowance policy: Encouraging kids to earn money through initiative and entrepreneurship

Motivation for the Book

• Realization during "great lockdown": reflection on education and opportunities for kids
• Key incident: Son asking for money at Disneyland, highlighting need for financial education
• Childhood background: Middle-income family, modest upbringing, learned financial skills post-college

Observation of School System During Lockdown

• Chaos of virtual schooling with five kids at home during house remodel
• Dissatisfaction with virtual learning and state-mandated methods
• Decision to create a family value-focused curriculum

Rethinking Education

• Inspired by Dr. Ken Robinson's TED Talk on outdated education system
• Personal history with non-conventional learning and focusing on passions
• View of old school systems as factories meant to produce non-individualistic conformists

Creating a New Curriculum

• Focus on values and skills essential for future success (e.g., financial literacy, entrepreneurship, communication)
• Implementation of "who not how" approach: bringing in experts where necessary
• Positive reception among friends and family, despite initial hesitations

Practical Examples

• Daughter earning money by coaching basketball (value of unique ability and results-based economy)
• Son's entrepreneurial ventures with 3D printing

Tools and Profiles for Children

• Use of analytical profiles like Colby and Strength Finder with older kids
• Enhanced understanding of unique abilities and better tailored encouragement

Collaboration with Scott Donell (Gravy Stack)

• Gravy Stack: Banking and financial literacy app for kids
• Aimed at making financial education engaging, gamified, and advanced
• Elements of cryptocurrency and NFTs incorporated for practical education

Historical Perspective on Education and Potential for Change

• Current educational systems based on outdated factory-model concepts
• Opportunity for modernized, technology-integrated learning systems

Unique American Mindsets and Family Values

• Emphasis on individualism, ingenuity, exceptionalism, and faith
• Families and entrepreneurs as primary drivers of educational and societal innovation

Future Outlook

• Positive reception and impact of Chad's initiatives on other families
• Entrepreneurial network as crucial in scaling educational transformations
• Significant change expected as these new systems grow and succeed

Conclusion

• Book: "Smart Not Spoiled" - Guide for parents and kids on financial literacy
• Future Trends: Focus on capability-based learning, gamification, and entrepreneurial thinking
• Contact: Available on Amazon for those interested in improved financial education for kids

Note: Join Chad Willardson and co-founders as they develop Gravy Stack, set to disrupt traditional kids’ banking and financial education.