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5 Great Money Habits That Will Set Your Kids Up for Financial Success It's never too early to start teaching your children about personal finance.

By Phil Town

Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Phil Town gives parents five great teaching tools to use that will help children learn the value of personal finance. Personal finance is one of the most important aspects of education, but it isn't always given the same amount of time or commitment in the home or at school.

Town recommends giving children responsibility and incentive to work hard and earn their own money. When they are too young to work, he recommends having them earn an allowance rather than just offering one. When they are older, he recommends pushing them to get a part-time job.

Click play to learn more about the five simple tips you can use to teach your children about personal finance.

Related: What Do Your Investments Say About You?

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Phil Town is an Investment Advisor, Hedge Fund Manager, 2x New York Times Best-Selling Author of Rule #1 & Payback Time, and Ex-Grand Canyon River Rafting Guide. Rule #1 Investing is Warren Buffett style investing, teaching you how to buy businesses on sale, with little risk and 15 percent returns. In fact, Rule #1 investing is practically immune to the ups and downs of the stock market.

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