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Kids and Money: How to Teach Wealth Habits to Your Kids

Updated on February 5, 2014

Kids & Money: Teaching Wealth Habits to Your Kids

Aha! You've joined the ranks of those wise parents who have realized that you'd like to spare your children the burden of repeating your money mistakes?  (or, of the poor money lessons that you were taught as a child?)  Do you want your kids to learn NOW - while they're young - the money wisdom and skills that you are acquiring on the “Get Out of Debt Now” or “Law of Attraction” paths that you are (fortunately) now on?

Would you like your kids to learn Abundance and Wise Money Management now, when they're young?  Would you like your kids to build strong habits that will help them save, spend and donate money wisely?
But, how do you do that?
Hmmm, you could:

  1. Attempt to take everything you’ve learned about getting out of debt, money management, savings, allocation, allowance, investing, abundance and law of attraction, and distill it down to some core elements
  2. Then, take those core elements and figure out how to convey those concepts to kids into a fun, easy method
  3. Then, take that fun, easy method and figure out how you, a busy parent with busy kids, can actually implement that method into your daily lives
  4. Then, use trial and error to arrive at a fun, easy system that really works with your real-life busy family

Or, you could:
     1.  Get my book, The Kids’ Bank Book which has done all of that work for you already.

Hmmm, what to do, what to do . . .

If you teach your kids great wealth habits now, they'll enjoy financial abundance and freedom when they're adults. 

Do you want some pointers and a jump start?  Then, this Squidoo page is for you!



Fun Counts!

When it comes to kids and money, fun counts!

3 words: Charlie Brown's teachers

Remember their voices? "Wah wah wah, wah wah wah wah"

That's what your kids hear as soon as you speak about money - regardless of whether what you say is kind, brilliant, lecturing or in pseudo-kids-lingo.

What to do? Speak less, do more

WHAT???!!! It's true and can be done.

[Charles Schultz was a hero of mine, along with Walt Disney & Jim Henson, growing up. His Charlie Brown image is from The Official Peanuts Website. Peanuts does not endorse me or my book or this Squidoo lens; Charlie Brown's image here is simply to illustrate the "wah wah wah" voice of his teachers.]

Get Wealthy - Do Good

Visit Watoto

and find out how


If you get VERY WEALTH,

you can do LOTS of GOOD!

3 TOP Reasons Why Piggy Banks & Traditional Banks Fail

a.k.a. Why you wouldn't be caught dead using a piggy bank to teach wise money management and wealth habits to your kids.

  1. Piggy banks fail to teach any money habits, financial strategy, discipline or planning.
  2. Piggy banks reinforce negative habits and beliefs. For example: "put all your money here and let it sit there being useless, and when you want or need money, then dig and scrape to get to it, and count it, maybe you'll have enough, maybe you won't." That fails to work as an adult, so why train for that dysfuntional mentality now?
  3. Piggy banks fail to allow for today's paper-bill dominated society. Every try to squish a $10 bill into a piggy bank slot? It's offensive what you have to do to the money in order to put it into its so-called-place - it is antithetical to the whole idea of responsibly caring for your money. We teach kids to make their bed, fold and hang their clothes neatly, keep their homework organized, but then, when it comes to money - just crumple it into a ball and jam it into the so-called-bank.

1 TOP SOLUTION - 4 Part Wealth Bank

[aka Giving Bank, Abundance Bank, or Tithing Bank]

What to do? Make the simple, or elaborate, version of the 4-part abundance bank in The Kids' Bank Book, which has step-by-step instructions, and lots of How-to Tips.

Want the bare bones version now? Go to my Squidoo lens on How to Build a 4 Part Kids Wealth Habits Bank.

[But, I know you're gonna want the gorey details later, so there's a link on that Squidoo lens for the Book that gives you all the how-to secrets.]

4-part and 3-part Kids Banks

Get a bank that will be somewhat sturdy, that your kids will think looks cool & goes with their style, and that EMPTIES easily. If possible, get one that can accept dollar bills easily too!

TOP 7 Reasons Why Parents come to us - You want to teach your children Wealthy Habits because:

  1. You've watched "The Secret" or attended/read Law of Attraction workshops/books, and want to pass this wisdom to your children, especially in the financial area
  2. You've read "Rich Dad, Poor Dad" and want your children to learn its lessons - now, before they are your age
  3. You want to spare your children all of the negative beliefs that you or others grew up with about money (e.g. it doesn't grow on trees, more money means more hard work, scrimping means saving), and you want to replace it with positive, abundant-minded beliefs and actions
  4. You come from a donating, tithing, charitable background, and want to pass that value system on to your children, while giving them a sound, balanced understanding of how money works
  5. You want to spare your children the pain of becoming buried in credit card debt or other consumer debt - but you don't want to hand them everything on a silver platter either - in other words, you want them to learn wise money management lessons early
  6. You are wealthy and want your children to have an appreciation and understanding of money that they won't acquire by simply enjoying your comfortable lifestyle, or by simply getting a job
  7. You want to save your children the pain of waiting until they are 30, 40, or 50 years old to "get it" when it comes to money

3 KEY "HOW TO" STEPS to teach Wealth Habits to Your Kids

[from "The Kids' Bank Book" e-book available at]

I had a tough time narrowing it down to just 3. Here they are. [Gosh, lawyer-writers have soooo much to say!]

  1. Money generates more money - if invested - and that More Money is called Return On Investment (ROI). Kids can and DO learn what ROI is almost instantly because of how the Kids' Abundance Bank is set up.
  2. An Abundance Bank has 4 sections:

    - More Money

    - Spending

    - Holiday/Birthdays (to spend on gifts for others)

    - Donations

  3. Giving kids an allowance and ROI is giving kids the tools to practice how to handle money so that they will develop a rock-solid HABIT at an early age. Without the tools they can't practice. Sure, they can get a job, but now you have just convoluted and complicated the REAL message - how to handle money once you get it. Have concerns about kids' jobs v. allowance? The important thing is that you get to determine the amount of the allowance and the ROI. The Kids' Bank Book helps you with these numbers. Visit the website or read the book for a more detailed discussion.

FAQ: Frequently Asked Questions

  • Q: How early can I start teaching my children about money management skills?

    A: Children as young as 5 years old will embrace the money system that you will teach them from The Kids' Bank Book.

  • Q: Should I buy a special 3 or 4 part bank for my child to use with The Kids' Bank Book system?

    A: Absolutely Not! There is no bank on the market that sufficiently addresses all of the aspects that are necessary in a good money management bank. The Kids' Bank Book will tell you how to create a simple or intricately beautiful perfect bank for your children to enjoy while learning great wealth-building skills.

  • Q: I don't think I have good teaching skills, how will I be able to take what The Kids' Bank Book says and teach it to my children?

    A: The Kids' Bank Book has both step-by-step instructions of how to talk to your children when dealing with money, AND an easy-to-use system that your children will embrace quickly. You'll do less teaching and more enjoying watching them use their new money skills.

Allowance Questions

Got Allowance questions?

Why? (to give it)

For what? (in exchange for what, if anything)

When? (how often)

How much? (10s, 20s, 30s?)

For what? (to be used for what)

Then see my Squidoo Allowance lens.

My Favorite Quote about Children - and Life

"A baby is God's opinion that the world should go on." by Carl Sandburg

We all have a desire to teach that child to Be, Do and Have better than our generation. The Kids' Bank Book is just one more tool to help the World go on just a little bit better.

Great Creative/Thinking "Toys" for Kids

These are GREAT items! Isnt' quality a wonderful thing? [My comments are in brackets at the end of the prefab description.]

Insect Lore Butterfly Growing Kit Toy - Includes Voucher Coupon for 5 Live Caterpillars to Butterflies - SHIP LATER
Insect Lore Butterfly Growing Kit Toy - Includes Voucher Coupon for 5 Live Caterpillars to Butterflies - SHIP LATER

Grades Pre K & up. Watch 5 caterpillars develop into beautiful butterflies in this intriguing observation station. Comes with a mesh pop-up habitat, feeding kit, care instructions, butterfly facts, and a coupon for butterfly culture. (Sorry, we cannot ship larvae to Hawaii.) 10 1/2"H x 10 1/2" diameter. - [Lots of similar choices with different sizes and caterpillar options at and Must raise a caterpillar to a butterfly at least once in a chi...

Draw Write Now, Book 1: On the Farm-Kids and Critters-Storybook Characters (Draw-Write-Now)
Draw Write Now, Book 1: On the Farm-Kids and Critters-Storybook Characters (Draw-Write-Now)

Grade: Kindergarten - 3rd. Experience life on a farm while drawing and writing about horses, cows, tractors, and more! Learn to draw children and their favorite animal friends. - [Great book - very satisfying for children to see their own animal and character drawings - will entertain for hours.]

Geometrical Design Coloring Book (Dover Design Coloring Books)
Geometrical Design Coloring Book (Dover Design Coloring Books)

[Ages 5 to 10. Great activity. Various intricate geometric designs - for coloring with colored pencils, markers - to creat beautiful colorful designs. Entertaining for hours.]


The Parents' Financial Wealth Tools Poll

Tell us about your favorite financial skills or wealth building tool. We are always improving by learning from others. If you want to give us more details, Submit a Blurb at the end of the page. Thanks for your feedback!

Which has most helped you achieve or make progress on your financial goals:

See results

Favorite Wealth Books from Amazon - (Because teaching our kids begins with teaching ourselves)

This book is excellent and life-changing.

My Current Favorite Quote

Do What You Can

Where You Are

With What You Have.

- Teddy Roosevelt

Mudpuppy 4-part Kids Banks

Wonderful FICTION Book that Teaches Kids about Money

The Lemonade War (The Lemonade War Series)
The Lemonade War (The Lemonade War Series)

Two siblings learn a lot - about money and themselves and their relationship - in their one week competition to see who can make the most money in their first entrepreneurship venture - a lemonade stand.

I think that if I were 10 years old, I'd prefer this book over a non-fiction book (as good as "Rich Dad, Poor Dad" is).




The American Dream.

What more could you want to teach your children about economics in today's American "transformed" economy?


Best Math Tool - "Wrap-Ups"

This is the best tool that I've found to help your child MASTER addition, subtraction, multiplication and division facts.

What are YOUR thoughts about Kids & Money? - Tell Us What You Think - We want to help you help your children learn wealthy habits

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    • profile image

      denydritz 5 years ago

      Hi Theresa,

      This is a great lens! I don't have children yet, but reading your lens makes me feel I know where to go to when the time comes to teach my children about building wealth.

      As to your question, I've mostly learned about wealth building through Robert Kiyosaki's books. However, I've recently started to read the Abraham-Hicks works too. They both provide a different point of view; Kiyosaki from a more technical standpoint while Abraham-Hicks from a more spiritual standpoint.

      They are both good reads and compliment each other well. I'm glad you're a reader of both of them also!

      Cheers, and look forward to browsing more of your high quality informative lenses!

    • profile image

      RhondaSplint 5 years ago

      What a great lens. Good tips! Thanks.

      editor @ pregnancy symptoms week by week

    • DogWatchColumbus profile image

      DogWatchColumbus 5 years ago

      This is a great start for me starting to try and teach my kids. Thanks for the great info!

    • waldenthreenet profile image

      waldenthreenet 5 years ago

      Kids learn by watching what parents do than what they say often. But I like your topic and appreciating the importance. Congrads on reaching Squidoo level 54. Just got there myself. Thanks.

    • WayneDave LM profile image

      WayneDave LM 6 years ago

      Good to teach kids early I feel. Money is a difficult thing to manage, especially when bills and other payments come into it. You can't teach them too early of course though, they need a childhood! Great lens, thanks for sharing.

    • GreenfireWiseWo profile image

      GreenfireWiseWo 6 years ago

      Great ideas and an informative lens - thank you.

    • profile image

      fashionoutlet 6 years ago

      i also agree with rich dad, and vote for it...

      Additionally your lens are featured great, i like

    • Ann Hinds profile image

      Ann Hinds 6 years ago from So Cal

      This lens, along with the others, provides so much information and it is easy enough for the parents to understand. Adding it to my top 10 lenses in the Children sub-topic. Angel blessed.

    • Countryluthier profile image

      E L Seaton 6 years ago from Virginia

      Your lens rocks. I may not be quite as ambitious as some, nevertheless, 18 months or so from now, I will have the debt monster re-chained instead of pillaging my finances eating all my earnings and keeping me from financial freedom. My children will see it happen and that is a wonderful thing!

    • profile image

      anonymous 6 years ago

      i am blog rolling yours with business ideas for kids who are millionaires :) i follow back on twitter - the idea girl, great info here ;)

    • JeremiahStanghini profile image

      JeremiahStanghini 6 years ago

      Some great systems for enhancing one's feeling and state of abundance. :-)

      With Love and Gratitude,


    • ElizabethJeanAl profile image

      ElizabethJeanAl 7 years ago


      5* and lensroll to Teaching Children How to Save


    • SlfMstr profile image

      SlfMstr 8 years ago


      I totally agree that we need to teach kids early about how to be great Stewards of money so they develop wealthy money habits. Buying assets first and liabilities second would change sooooo many lives since we all know (especially now) how financial strain can really wreck families in more ways than one. Keep up the mission!

    • profile image

      Powerpaul 9 years ago

      Great lens here. Enjoyed it a lot. I love the idea of getting kids involved early in this. Get the right mindset (Secret, Abraham-Hicks, Rich Dad,etc) and then some action / follow through - maybe a little T Harv Eker & the jars? My kids (I'm stepdad) are a little older and just LOVE to argue "it's about living for today and spending all you got". Any advice on that one? Also want to share a great way for kids (14 and above) to start earning long term, residual income online.

      Click here if you're interested.

    • Tiddledeewinks LM profile image

      Tiddledeewinks LM 9 years ago

      I'm all for teaching kids about money, along with other homeschool musts.

    • profile image

      richgerman 9 years ago

      fantastic! yeah thats true nice idea anyway~

      5 stars for this!

      do you also use the law of attraction in your life?

    • profile image

      anilg 9 years ago

      Nice lens with lots of useful information. If you are willing to make money online, then please visit my lens

    • evelynsaenz1 profile image

      Evelyn Saenz 9 years ago from Royalton

      For such a great lens I’m sending you virtual Star Games and Activities. I can hardly wait to read the rest of your lenses.

    • LisaJesse profile image

      LisaJesse 9 years ago

      Hi! I appreciate your great lens. Lots of good info! Please visit my Relationships 101 and learn to change your relationships with just a thought! Lots of great articles by me that I know you will love. "How Much Do You Love Me?" Hit me back and let me know! Your friend, ~LISA~

    • profile image

      gods_grace_notes 10 years ago

      I concur....Thank-you, Thank-you, Thank-you! Great job on ALL of your lenses, Theresa!


    • profile image

      Knowles 10 years ago

      I agree with your thoughts Theresa, 5 stars for you.

      Continue to inspire readers.

      Have a super day

    • profile image

      anonymous 10 years ago

      Great information for the inexperienced AND experienced parent alike! Thanks for sharing!

    • TheresaMarkham profile image

      TheresaMarkham 10 years ago

      You're an expert at showing and teaching your children love, kindness, wisdom, reading, writing, thinking and teamwork. What financial teaching will you give them? Is "save for a rainy day" really going to get them through adultdhood? Kids' Bank Book

    • TheresaMarkham profile image

      TheresaMarkham 10 years ago

      Like what you see here? Others do too! That's why it's in Parenting and Kids TOP 100. Pass this Lens on to your friends who want cool parenting info - it's simple - below my Bio, in the gray box, under the Save and Share section, click EMAIL. All the Best, Theresa

    • TheresaMarkham profile image

      TheresaMarkham 10 years ago

      Aren't Squidoo lenses a great resource? You get to know about me, the author of The Kids' Bank Book, personally - my movie favorites, my favorite charities, books, etc. I love the connection I get with Squidoo lenses! Enjoy

    • profile image

      financegirls 10 years ago

      hi Theresa, im also a finance consultant myself, and I gotta say, great lens! please feel free to drop by my lens sometime, How You Can Profit by Outsourcing Some of Your Work ,would be happy to see you there,thanks!

    • profile image

      posheak 10 years ago

      thanks for dropping by my lens last time

    • TheresaMarkham profile image

      TheresaMarkham 10 years ago

      OK, you say, now what about Allowance? How should I do this Allowance thing anyway - so that I make sure that my time and money will actually go to good use and teach my child something? Lucky for you ;) I have an Allowance lens!

    • profile image

      Moelock 10 years ago

      This is a great lens. I worked as a financial adviser for several years, and it was amazing how few people had even considered teaching their children the lessons of wealth management. I especially like the section on why Piggy Banks are an inadequate teaching tool.

    • profile image

      jeannecaron 10 years ago

      I never knew this stuff existed. I'm a grandma and I CAN'T WAIT to get this information to my daughter and granddaughter. Why wouldn't any grandma or mother not get this book? If this information is good-and it IS GOOD-- the book must be fantastic!

    • TheresaMarkham profile image

      TheresaMarkham 10 years ago

      Why is CashFlow 101 a great game? Because it doesn't teach you - the book does that. CashFlow 101 "muscle trains" you. But playing the game, your intellectual information gets translated into your emotional, heart and gut elements. You get practice overcoming your own emotional road blocks.

    • profile image

      anonymous 10 years ago


      This is just what I've been looking for. This gal is smart- in a big way. I never expected to find all of this financial info in one place. THANK YOU, THANK YOU, THANK YOU!