Teaching the Value of Money from a Young Age

I see it more with families who have immigrated from somewhere else, especially the European mentality, is you definitely never talk about wealth itself. There is the example of, why is it sometimes the individuals or the families who are not necessarily in a wealthy family, have a better understanding of what the value of a dollar is? I love the classic example of, as a family they have a job and are doing the best they can, and it comes to buying the family car. Well, they include the children saying; Ok we’re a family of five, we want to economical on gas, and they go through a whole thought process and very transparent and all the learnings to make that decision of what the family car can be. Yet, in a wealth family, what happens? Child turns 16 and they get the key. Do they know anything about the insurance? Do they know anything about the cost of gas? Do they even know what the cost of the car is? Yet here they are driving off with, I won’t say what type of car, but very often driving off with the car without having any idea what the value behind that is. And that’s why it’s very important to really teach that value from a young age, giving examples where they actually work and tangibly get what money is. In today’s age also, with the credit card, with electronic funds going back/forth, I don’t think the next generation is really feeling what money is. The more you give them these examples as they’re growing, I think the better position you are putting them in, especially if you have them as your next gen to take over the business.