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"Train up a child in the way he should go: and when he is old, he will not depart from it."  (Proverbs 22:6)

When I was a child I watched my Dad come home from work and empty his pockets on the dresser.  His wallet would go on one side with his keys and anything else.  Then he would pull out his change and he would put it in a box.  Every so often we would go...

to the bank and he would hand the box to the teller who put the change into a counting machine that made a lot of noise.  My Dad gave the teller a little book, and she or he would make an entry and hand it back.   When I was older and a Dad myself it occurred to me that some of my education had likely been paid for with "loose change."  If you think about it that's pretty profound.

I started to work when I was young.  I remember earning money with my mother by making dried flower arrangements.   I was maybe eight years old.  I had a savings account at the bank around that time.  At age 12 I had my own paper route.  In high school I worked as a life guard and as a laborer in my dad's business, helping on the assembly line and loading trucks.   I can't ever remember not working.

Two other Proverbs lay a foundation for me.  Proverbs 13:11 states, "Wealth gained hastily will dwindle, but whoever gathers little by little will increase it."  Proverbs 14:23 puts it straight:  "There is profit in hard work, but mere talk leads to poverty."

Did you know that more than half of big lottery winners are broke within a couple years?  Have you observed the athletes and celebrities who end up in severe financial difficulty despite millions in annual incomes?  

I can't say I have done everything right financially over the years.  I've made some mistakes.  Learning opportunities some might call them.  But the foundation I received as a child kept me from making some huge mistakes and has allowed me to help a lot of people along the way.

The message of this brief article is to help your children know sound principles of money management, business and work ethic.  First, start early.  (Age 3 or 4 is not too young to have a piggy bank.)  Second, be an example.  Third, teach.  Fourth, require that they practice the principles by working and saving.

Here is a link to a decent article that we posted on our Facebook page that has some good insights and suggestions:  http://money.msn.com/family-money/many-money-habits-are-set-by-age-7-1 

More:

Riches to rags: Why most lottery winners end up broke

Big lottery winners offer advice, cautionary tales

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J. André Weisbrod is founder of STAAR Financial Advisors Inc. and the STAAR Investment Trust headquartered in Pittsburgh, PA. He has been named a 5-star Wealth Manager in Pittsburgh Magazine and is among the longest tenured fund managers with over 20 years managing the same funds. He is also co-founder of the Strategic Assets Fund 1, LP, a private equity fund for accredited investors. He is an author and speaker and has been interviewed, quoted or had articles published in a variety of media including Investors Business Daily, TheStreet.com, The Wall Street Journal, Business News Network, the Pittsburgh Post-Gazette, USA Today, KDKA TV and Reuters TV.

Actively involved in church and community affairs, Mr. Weisbrod is committed to the well being of individuals, families and businesses. Avocations include competitive masters swimming, scuba diving, painting and photography, acting and music.

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