It's never too early to get savvy about money. The Journal's Jonathan Clements explains how he's put his teens on the right track.
- Delayed gratification: When they spend their own cash, they make better decisions.
- Pace yourself: The Clements kids had to make a 3-month allowance last.
- Family values: Stories, not lectures, get the right values going.
- Pile on the rich: Clements disparages opulence.
- Long-term compounding: Choose annuities that incentivize waiting.
- Tax-free growth: Clements started a Roth IRA ASAP.
- Build homeowners: Mutual funds will mature when it's time to buy.
- Grow good credit: List kids as joint account holders on credit cards.
- Don't fund blowouts: Clements promised never to throw a $30,000 wedding.
- Pay for school: Make your priority debt-free college grads.
- Setting expectations: It was never the figures that mattered, just the principle.
- Finances as education project: The savvy kids had family investment contests.