Scott Donnell

How the Wealthiest Families Teach Their Kids About Money!

"Creating value first is the key to financial success. Teach your children to solve problems and serve others, and the money will follow."

Are you ready to transform your business from local to global? Head to lewishowes.com/game and take the first step towards global success. Don’t miss this opportunity to learn from the best!

In today’s episode, we have the incredibly insightful Scott Donnell joining us. Scott has spent over a decade studying more than a hundred multi-generational high net worth families, uncovering the secrets to building and maintaining wealth that lasts. In our conversation, he shares powerful lessons on why focusing on heritage over inheritance is crucial, how to instill the right financial values in our children, and the impact of money on our mental health and relationships. Get ready to learn practical strategies that will transform the way you and your family approach money.

Join Scott and the Dinner Table Community – community.dinnertable.com/lewis

"Healthy struggles are essential for growth. They build character, resilience, and the skills needed to manage wealth responsibly."@imScottDonnell

And now let’s jump into episode 1626 of The School of Greatness!

"Money is a tool that makes you more of who you already are. If you're generous and kind, wealth amplifies those qualities. If not, it magnifies those flaws."@imScottDonnell

Some Questions I Ask:

How did your decade-long study of over a hundred multi-generational high net worth families influence your perspective on wealth and family legacy?
What are the three common traits or strategies that successful high net worth families use to maintain peace and strong relationships while managing their wealth?
Can you elaborate on the concept of heritage over inheritance and why you believe it’s a more sustainable approach for families?
What are some of the biggest mistakes families make when transferring wealth to their children and grandchildren, and how can they avoid these pitfalls?
How does the home economy system you advocate work, and what are its key components for teaching kids financial responsibility?
What impact does money have on mental health and family relationships, and what can families do to mitigate negative effects?
How can parents instill a value creation mindset in their children rather than focusing solely on earning and spending money?
You mentioned the importance of generosity and stewardship in creating a lasting legacy. Can you share some examples or strategies for implementing these values in a family?
What role does having an abundance mindset versus a scarcity mindset play in how families handle wealth and financial education?
In your experience, how can families heal from money traumas and develop a secure, healthy attachment to money?

In this episode, you will learn:

The difference between heritage and inheritance and why heritage is more important.
Strategies to teach children about value creation and financial responsibility.
The impact of money on mental health and relationships.
How to heal from money traumas and develop a secure attachment to money.
The significance of generosity and stewardship in creating a lasting legacy.
Plus much more…

Show Notes:

Join Scott and the Dinner Table Community – community.dinnertable.com/lewis

Connect with

Scott Donnell

Transcript of this Episode

Music Credits:

MUSIC CREDIT

Kaibu by Killercats

Summit of Greatness 2025 Early Bird Now Open! | September 12-13 | Los Angeles, CA

Scott Donnell

How the Wealthiest Families Teach Their Kids About Money!

"Creating value first is the key to financial success. Teach your children to solve problems and serve others, and the money will follow."

"Healthy struggles are essential for growth. They build character, resilience, and the skills needed to manage wealth responsibly."@imScottDonnell