Start early and start easy.
That was the best advice I received when it came to teaching my boys about responsibility and personal finance. We've gone back and forth about whether or not to implement chores. Some finance guru's say do it, others like Cameron Herold say chores are important, but that they shouldn't get an allowance and the chores should be one's the kids select themselves. He advocates for the entrepreneurial mindset. I agree.
But let's step away from the idea of chores versus allowance for a minute. Cameron explains that “allowances, by nature, are teaching kids to think about a job. An entrepreneur doesn’t expect a regular paycheck. Allowances are breeding kids at a young age to expect a regular paycheck.” So then, how do you teach them about responsibility, commitment and how that ties into earning money?