Earlier is better

Ellen Says: The benefits of teaching your children about money early on are both immediate and long term. In the short term, they may develop strong saving habits, learn how to make smart purchases, begin to understand the true meaning of "investment," and perhaps even learn why they can't immediately get everything they want. In the long term, you can help them avoid accumulating debt. And by teaching the value of saving for the future, you can help them plan for financial security.

As you think about how, what, and when to teach your children, consider letting them direct you by using their natural inquisitiveness. (But remember, it's never too late to start teaching -- even adults can be taught the basics of personal finance.)