The best lesson Dan says he taught his children about money was giving them an allowance. "We made them stick to it. If they ran out of money, they ran out of money," he says.
Dan says he set up bank accounts with debit cards for each one of the kids. "I put a certain amount of money in every week. They had to make it last," he says. "The beauty of that system was they learned how to budget and how to live within their means. But, also, when I decided I wanted to give them something extra, it became fun again for me."
Learn more about how to teach your kids money lessons that will last a lifetime.