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It should be added that buying a new car is NOT one of the financially responsible things you should be teaching a kid. Do some reading and you'll be hard-pressed to find any financial advice recommending buying a new car, especially with a loan, unless you can take advantage of a 0% APR for the life of the loan AND the car isn't overpriced to begin with.My kid is not even 10 months old yet, but here's what I am doing/planning:1) Started a savings account at ING Direct: Any money given to him by grandparents, etc is going into this savings account with a 4.6% APR. I'll give it to him when he graduates high school, after making sure he understands how much money was put into the account, how much interest it earned, and can explain to me how it all works.2) Start a college tuition fund (have not yet decided whether it's better to pursue the Govt's tuition program or invest a similar amount of money elsewhere) that will cover around 75% of his total financial needs. He can choose to cover the remainder by working or through loans, with the understanding he'll be solely responsible for that portion.3) Get the kid working early: I look back at the time I spent in jr high and high school, with some really great ideas that could have made me a bajillionaire, but instead spent most of my time on IRC, watching A-Team reruns, and rope-swinging at the lake. Oddly enough, my knowledge of BA Baracus only rarely comes in useful, and rarely pays for itself.

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I wanted to comment on the book recommendation: "Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money".While the book is okay, it only repeatedly points out very obvious facts... unfortunately many people don't know this.Most important is the difference between an asset and a liability. To break it down, an asset generate money every month, and a liability takes it away. A house is a liability, NOT an asset, because you pay lots of money to maintain it. It becomes an asset if you rent it out because then you increase your net worth.The book just points out that if you put your money into assets, and make sure that they are indeed assets, then you will get richer. Each month you assets generate money for you that allow you to buy more assets.I think the book is good, and if you don't understand what I just said then read it. But if you do then you will likely get nothing out of the book.

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Too bad this article surfaces too late for me. I'm 20 and I'm an idiot with my moola. $$$ bling bling y'all.

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My parents used the scare tactic on me when I was little.When ever we would go some where and see a homeless guy, they would always say, "If you don't do good in school and save money." you will be like that guy. And they would continuously push me closer and closer till i say STOP OK OK i know.

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Take it from a 16 year old, I'm glad I learned early the value of a dollar, how to search for deals, and to save. One of the best lessons I've learned so far in my life (as short as it's been) Whenever I want something that costs over 100 dollars, I save up double the amount, (for instance, if I want something for 100 dollars, I save 200) then I buy the item, that way I can deposit into my bank account and get the item I want. Good list too, and parents, be sure to teach your parents about this, I'm sure glad mine did. (btw: my parents also didn't give me allowance, they'd buy me some things I wanted occasionally when I was younger, but now I buy everything myself, which I save up from work)

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"I carry balances of around 2k each month. I pay $300 or $400 each month on that revolving balance. Sure, they make some money from me, but at the same time I have things I couldn't have bought outright without sending my bank account lower than I like."What's wrong with having your bank account balance 2k lower, and no debt? You'd pay less interest, and should an emergency arise... you've got credit.

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My dad better start doing that. This is great. I wish my parents would give me more financial responsibility so that I can learn for myself, and not make bigger, larger financial mistakes later in my life. Woot Woot WSJ!

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I think when it comes to the kids seeing the real value of money is they have to work hard for it. If they just got their allowance just because they could have it, it never sink in their reality of money.

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Profits are better than wages. Currently I work Part time on my fortune and full time at my job. My job pays the bills but part time builds my fortune. I am a part time distributor for Xango. The one product helps people and the business is helping me to quit my full time job. I have been working to teach my 14 and 11 year old. They are more in to it than me sometimes. They are good at spreading the information by telling people to read the testamonials.www.thatsgreatjuice.com

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I'm with baron...not two weeks ago I threw away an offer from AmEx for 0% for a year and 9.99% fixed after that. I was actually really proud of that one 'cause it was the first AmEx offer I've ever gotten.

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Good luck building any significant credit score with no revolving accounts. Any economically responsible person will recognize that having a credit card and demonstrating financial responsibility with that card is what provides you the ability to get low interest rates on car loans, equity loans, and mortgages - which is where you're really saving money.Credit cards are not keeping the working class poor. Financial irresponsibility is keeping the working class poor. People who get into as much credit card debt as you are obviously afraid of, are the same kind of people who will "borrow from Peter to pay Paul". If they didn't do it with a credit card, they would do it with a loan or other form of borrowed money. YOU are NOT financially irresponsible, I know that much just by your lack of trust in the credit system. Now if you could only get a good grasp on what credit really means and how it can work for you, I think you'll do very well.

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All parents should teach their children finance, unfortunately, parents do not get taught the certain way of finance in their school years, so it doesn't trickle down. Find a low interest credit card or a no annual fee and apply for it. You can then teach your children the right way of how to manage money.Pokey<a class="user" href="http://www.creditcards.com.au&quot;&gt;http://www.creditcards.com.au&lt;/a&gt;

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there are many ways easy money for kids to make.. check it out..<a class="user" href="http://easy-money-for-kids-to-make.blogspot.com/&quot; rel="nofollow">http://easy-money-for-kids-to-make.blogspot.com/&lt;/a&gt;

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