WHAT
What is Giggg?
Giggg is a free site for parents to find and share ideas to help kids learn financial literacy.
A month ago someone I trust shared a video of Scott Donnell talking about how kids allowance is broken! I know I spoil my own kids and I'm always trying to get better at teaching them about money.
So I was intrigued when Scott outlined a better approach to financial literacy than the traditional chores and allowance model. The concept is that chores should be expected, not rewarded, and money should be earned through doing jobs or "gigs".
This accomplishes a few things:
- Kids learn value of money by actually working for a living.
- Kids are motivated by things that interest them.
- Parents can incentivize activities that are important and impactful by turning them into jobs.
As I was building a Google Sheet with various tasks, activities and jobs my kids could do to earn money, I thought it might be cool to make a tool that other parents could use. I spun up a little app over the weekend to help parents with two key things:
- Provide a simple way to organize and share Gigggs with kids, here's my list.
- Share Gigggs with other parents and enable them to quickly add them to their own list, here's the public list.
FAQ
Frequently asked questions.
Kids don't learn the value of money from an allowance, and chores should be an expectation.
Signup for a free account here. Your private Giggg list will be created automatically. Then either add a new Giggg from scratch by clicking the "Add Giggg" button, or go to the "All Gigggs" page and click "Add to My Gigggs" to add a curated Gigggs from other parents to your list.
These values can be customized for each Giggg you create or add to your list. Frequency represents how often the task can be done (ex. Weekly or Anytime). Pay Rate refers to the specific amount of money your child will receive if they complete the Giggg. Pay Method indicates how the rate will be earned (ex.Hourly or Flat Fee).
My Gigggs is your private list of Gigggs you've created or added from the curated list. This list is only accessible to you, and anyone you share your unique link with. My Gigggs include Gigggs created by other parents, this provides ideas for parents to find new opportunities for thier kids.
The Giggg will get duplicated onto your private list. You can edit the title, description, category, age range, frequency, pay rate, and pay method as needed. This will not change the values in the public Giggg you duplicated from.
Yes, when you create or add a Giggg from the public list, you can always edit the attributes to align with your goals for your own kids.
It initially gets added to a "pending" list for review before showing up on the public curated list. We will periodically review and approve Gigggs that are suitable for all users, or remove those that are not. In either case, this won't affect your private Gigggs list.
Yes, when adding a new Giggg from scratch, set the values you want as default, then click the "Set Default" button. This will keep your settings the same for faster repeat adding. You can always change and reset your defaults as needed.
Your private Gigggs list is sharable with a single link. From the "My Gigggs" page, click the "Share" button and copy the link to your clipboard. This works similarly to Google Drive, where anyone who has the link can view (but not edit). This page is formattted to be easily printable if desired.
WHO
Who is Scott Donnell?
Scott Donnell is an advocate for kids to learn value of money through experience. His philosophy focuses on creating a healthy relationship with finances and fostering a legacy of value creation.
The Problem of Entitlement
Scott Donnell identifies several issues that lead to entitlement in children:
- Parents arguing about money in front of children, creating negative associations.
- Buying things for children out of love, but unintentionally fostering entitlement.
- Giving children what parents didn't have, with good intentions but harmful results.
- Lack of open conversations about money, investments, and value creation.
Value Creation
Donnell emphasizes teaching children about value creation from an early age:
- Explain investments to children as young as six years old.
- Discuss the return on investments and how they create value for people.
- Involve children in conversations about charitable giving and its impact.
Open Communication
He stresses the importance of transparent discussions about money:
- Use dinner table questions to facilitate conversations about finances.
- Explain work trips to children, involving them in the purpose and outcomes.
- Make children feel part of a team effort rather than less important than work.
Heritage Over Inheritance
Donnell introduces the concept of "Heritage over Inheritance":
- Focus on creating a family legacy based on values and experiences.
- Share family stories that illustrate values and achievements.
- Emphasize the importance of creating value over simply inheriting wealth.
Practical approaches.
Here are key takeaways from Scott's philosophy to value creation in kids.
The Home Economy System
Donnell advocates for a structured approach to teaching financial responsibility:
- Set clear expectations for chores and responsibilities.
- Establish a system for expenses children are responsible for.
- Create opportunities for extra pay through additional tasks or projects.
Storytelling for Values
Instead of formal mission statements, Donnell recommends using stories to convey family values:
- Share tales of family history that illustrate important principles.
- Discuss ancestral achievements and how they relate to current family values.
- Use these stories to create a sense of identity and purpose.
Healthy Struggles vs. Trauma
Donnell distinguishes between beneficial challenges and harmful experiences:
- Healthy Struggles - Develop emotional skills, relationship skills, and financial competencies; parents act as coaches, supporting children through challenges
- Unhealthy Struggles - Includes neglect, abuse, and extreme "tough love"; should be avoided as they don't contribute to positive growth.
Avoiding Entitlement
DonTo prevent entitlement, Donnell suggests:
- Involving children in financial decisions and discussions.
- Teaching the value of work and earning money.
- Explaining the purpose behind gifts and financial support.
The Role of Parents
Donnell emphasizes that parents should:
- Be coaches and supporters through their children's struggles.
- Maintain open lines of communication about money and work.
- Lead by example in creating value and managing finances responsibly.
Balancing Support and Independence
Donnell addresses the delicate balance of supporting children financially:
- Small "I love you" gifts are acceptable, especially as rewards for value creation.
- Avoid enabling children to coast through life without developing their own skills.
- Support should not kill the drive for value creation.
Legacy Definition
Donnell defines legacy as: "Raising children and grandchildren to blow by you in every way."
- Empowering future generations to surpass their parents' achievements.
- Creating a positive cycle of growth and improvement within the family.
Dealing with Family Challenges
Donnell acknowledges that all families face difficulties:
- Every family has "crazy" elements or challenges.
- It's never too late to start building a positive legacy.
- Setbacks can be reframed as opportunities to create value for others.
Scott's Podcasts
Learn more about Scott's philosophy by listening to a few of his many podcasts.
Teach Kids the Value of Money.
Gigggs
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