Most parents want their children to have a better life than they did.  Unfortunately, if you keep teaching children what you know, they'll keep repeating the dysfunctional cycle in which they grew up in until they 'wake up' and break it!  Many parents don't understand money because they weren't taught about it.  You can't teach your children something if you're not educated about it.

It's imperative to teach children about money.  Most of us were taught to get good grades, go to college/university, and get a job.  This is not the answer.  Education is important but understanding money and finance is more important.  A degree is useless if you can't figure out how it can make you money.  Teens aren't taught about money in schools which means most of them will be in the same vicious cycle as their parents:  assume a pile of debt while trying to live the American dream!  This doesn't work and neither should you.

What rich people teach their kids about money

1.  Homes are not assets -- they're liabilities.  When you own a home, you'll owe property taxes.  You're responsible for the inside and outside maintenance.  You'll need to have savings set aside in case the furnace or hot water tank goes breaks.  Plus, you may want to 'makeover' your home because your style may change over time.  If you're aware of the responsibility that comes with owning a home, you'll be fine.  If not, you may want to rent a home.

2.  Buy real assets that will appreciation and make you money.  These are stocks, bonds, mutual funds, businesses that don't require your presence, notes or IOUs, royalties from intellectual properties, and income generating real estate. 

3.  Buying a new car isn't wise.  It depreciates as you drive it off of the parking lot.  Wait until 'your business' is working for you before you purchase a new toy.  Avoid buying a luxury item on credit because it will be a burden to you and you'll probably resent it.

4.  Keep expenses low.

5.  Mind and understand your business.  Money works all of the time!  If you love your profession, make sure your money is working for you.  Build your assets first and then go out and make those purchases that you want.

Most people have a limited mindset when it comes to money -- they have a 'lack' mindset.  They also have a 'fear' of money!  Money is not the root of all evil it helps to build hospitals and children's centers around the world.  It helps to fund research projects that could save humanity.  Stated another way, it could be said that the 'lack of money is the root of all evil' because it drags people and countries down.

The bottom line is that teens are being set-up for failure from the beginning because parents and educators don't know how to teach them about money.  Most people don't understand that your profession is different from your business.  Once you understand this, you'll be set free and money will work for you!