Parents should explain the difference between things you "want" versus things you "need."
Lessons about money should start early. Children as young as four can understand value of collecting and saving coins.
By age 8, have them help you pay the bills to reinforce budgeting for the items you need and use.
Dr. Phil says don't lie to your kids about your finances. Don't say things are ‘OK' if they are not.
Start an allowance and pay it on time in cash to teach kids to live within their means.
Dr. Phil says kids who know how to earn, save and invest, will have a successful financial future.
For more advice from Dr. Phil, catch him weekdays at 3 p.m. right here on News9 beginning September 8.