Financial expert Suze Orman says now is best time to start teaching your children about money. Today's teens are struggling with spending limits because of parents' past mistakes. "A few years ago, when they were a lot younger, the stock market was going up. Real estate was going up. Everybody felt wealthy," Suze says. "So [parents] kept thinking, 'I can say yes.'"
After years of saying yes, the stock market plummeted and some parents lost their jobs. This is why Suze says yes and no should never depend on the economy. "It should be dependent upon: 'What kind of values do you want to raise your children with? Do you always want them to think they're entitled? Or do you want them to understand the value of a buck?'" she says.
Once your son or daughter understands basic math principles, Suze says it's time to start the conversation. "You have got to start talking about money. You've got to," she says. "There's nothing wrong with talking about money. I happen to love it, and I happen to love talking about it."