How to teach children about wealth

Yesterday we talked about achieving your financial goals.
Today we’ll talk about teaching children to appreciate wealth.
Our friend Michael Aun learned the value of money as a child.
Michael grew up in a family of 11 children. Everybody contributed.
He has since taught his three children to be responsible with money.
For example, he charged each of his children $228 a month rent.
They paid the rent from money earned from chores at home.
They checked off their chores on a chart as they completed them.
Michael believed in instant rewards.
After they paid the rent, they could start collecting for their chores.
He had a printer glue a stack of $1 bills into a pad.
As they did each chore, his children tore off dollars from the pad.
Michael helped each of them set up a savings account.
They saved for a car, insurance, college and 10% for God.
After that, they were free to spend any part of what remained.
There were consequences if you did not do your chores.
Once Michael repossessed a bicycle and put a "for sale" sign on it.
"Corey’s buddies pooled their money — $25," Michael said.
They didn’t want him to lose his bike.
But they sold it back to him for $100.
What are you teaching your children about wealth?
Tomorrow we’ll talk about the bum rap wealth gets.
For a head start on achieving your own wealth click here.