The baby boomers have profoundly blown it. We were a generation of spenders. Over the last six years, more people have declared bankruptcy in the U.S. than have graduated from college. If we don’t teach...

Get them involved in how money is spent in real life.

They need to understand the responsibility that goes along with having access to a car.

Teach them as little ones the natural consequences of money. The only way to get it is to earn it.

I like to distinguish between ‘citizen of the household’ chores – like keeping a room free of breeding diseases – from ‘work-for-pay’ chores. But it’s important to teach that you get money by earning it...