Dave: I will never tell you that the Ramseys have done everything perfectly, but we do have money-smart kids. Rachel, who is almost 26, was a baby when we fought our way back from bankruptcy. Photo by Getty Images.
Rachel: My parents took the time to teach me how to handle money, and now I have complete confidence in my ability to manage my finances. You can give your kids that incredible gift, too.
1. Let your child fall down
Rachel: People make huge, expensive mistakes as adults because they were not allowed to make inexpensive ones as kids. Their parents want to spare them the pain of tough lessons.
I remember a trip to Opryland we took when I was 6. Each of us kids had money that we'd earned doing chores. Well, I blew mine within 5 minutes! I remember that terrible moment when I put my hand into my pocket and found nothing but lint and shattered dreams. I ran to Mom and Dad begging for more. "Please, I'll pay you back later!"
Then Dad saidRead More »from 6 Vital Money Lessons All Parents Must Teach Their Kids