This is not a question answered by one set of rules only, it depends as much on the kid's attitude as it does on our own attitude towards what money actually represent.
First of all, I think it is important to get across the message that abundance means more than money, and that the best and most unik things about ourselves come from within.
It is also important to teach the lesson that it does not matter what everyone else have. Whilst jealousy will only bring resentment and pain, the attitude of gratitude is what will bring us foreward, as well as give us a happy life.
To give our kids the confidence that they have the power to get what they want, and the ability to create their life is of importance as it is going to make a foundation for building a life of prosperity.
To let kids earn their money for something they want is good, and also to teach them how to save up and look forward to buying something they want is great. Always make sure they feel good about their effort and that they have the right to enjoy the benefits of their work.
I also believe it is wise to make sure they have the attitude that any job done well is is both good and important, the value of a job is not it's title or how much cash it brings in per hour.
I my mind it is better to teach our kids to find a career that they feel enthusiastic about; a job that will make them sing in anticipation when they get out of bed each morning rather than the job that brings around the largest heap of cash.
Still, it should not be a secret that they deserve the best, and that money is good or bad depending of the choice in how to spend it.
I have three kids, two of them already grown up, the youngest is fifteen. I do not think I have thought every other detail about money the one right way, but basically none of them value themselves through the amount of money they have in their pocket. Also, they do dare to make their own choices, even if it goes against peer pressure.
In the end, do anyone of us have the one true answer to "The Value of Money"??