Train your kids to become millionaires

• Wouldn't you love, as a parent, to see daily that a good foundation for your child's future financial success is being built?

• How satisfying would it be for your children to go through life with good financial stability, without being too swayed by the financial climate?
• Wouldn't it feel like a genuine family atmosphere to gather together in love, without money discussions having to be taboo to discuss?

We all know how children are - they want this or that, and their desires for exploration are continuous and require a lot of resources. Although their requests are small at a young age, they do increase as they grow older - such as wanting a new car instead of just a toy car or a to move to a new apartment instead of a play house - and unless good financial foundations have been instilled, then you may see yourself unconsciously 'giving in' to their requests more often than you'd like.

A good place to start is by doing something honorable for them, an action with advantages that minimise the temporary disadvantages of less cash at hand:  start investing regularly into their accounts - this way you are likely to be cultivating the seeds of success within them, and you will be the role model for this important yet basic habit for financial success. The following also has the advantage of no taxes if invested in a tax wrapper account.
If you have a newly born child then you can use the Junior ISA, or if your child was born before 1 Jan 2011 then you can use a Child Trust Fund (CTF). Make the most of these along with cash gifts to reduce or eliminate any tax burdens.
Interestingly, if you would like to see your kid a Millionaire when they are adults, then try to save $240/month from when they are first born until they are 18.

Savings and budgeting must start from a young age and its importance communicated to your offspring regularly over a period of time until it becomes a part of them.
Show them how far money can truly stretch. Teach them that is it not the wisest choice to choose an item based on the first price they see and by 'shopping around' they can often find much better deals, therefore getting 'more' for their money as they can then save the remainder or use it to buy more things.

Speaking of any extra cash, if it cannot be invested intelligently, then teach them to put it in the savings jar. Allow them to use a predetermined percentage of the total sum in the jar at the end of, say, the year as a reward for their perseverance and wisdom for sticking to good money principles.

Whenever they ask for an item that they are capable of working for then analyze ways, with them, in which they can earn the amount required using their own skills and talents. Provide money only if their request is important and clearly affects their quality of life, or 'loan' them money if what they want is under time constraints (such as a 'sale'), asking them to repay - starting interest-free - at a later day. Monitor what they are doing to make the repayments and structure the agreements and dates as close to a real loan as is possible.