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If you have children aged six or older, it's time to start teaching them the basics of money and finance ? and the Internet provides a wealth of resources.
You should, of course, put the kids on a regular weekly allowance with modest bonuses for special chores performed, and work out a budget for their spending, saving and investing.
To give them practical knowledge, you also should start discussing family finances with them, to an age-appropriate degree.
"Parents should be open about money with their children," said Charlotte Baechur, editor of Zillions, the Consumer's Union magazine for kids. "If they're going to make a purchase that's visible to the child such as a car or a TV, they should talk about the expense and say things like, ?Well, if we buy this, we can't buy that, or we will have to cut back on that.'"
In the last several years, a number of Web sites have sprung up devoted to helping kids of all ages learn about money and investing. Here's a sampling of some of the better ones:
For parents and children alike
www.youngbiz.com ? A stimulating site that also tracks the performance of stocks that teens are familiar with and has articles about student investors and student-run businesses as well as career planning advice.
www.kidsmoney.org Replete with articles on how parents can teach their kids about money and also a section where parents vote on the most important principles about money to impress upon children. There are also many suggestions for ways kids can make money such as taking pictures at parties, typing papers and raking leaves.