If we don't teach our kids smart money lessons early on in life — starting from their kindergarten years and into adolescence — they're likely to make big financial mistakes as adults. Looking back, at 67, one of my biggest parenting regrets is not prioritizing my kids' financial literacy. Passive income is when you work once, but continue to get paid over and over again from work that you're no longer doing. The way to become wealthy is having passive income coming in, whether you go to work or not. Teach your kids that today's debt will rob them of tomorrow's earnings, because they're sacrificing money they don't yet have.

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