An envelope budget system is a great tool for new college grads, even high school students who are working part-time. Learning this simple tool is a great way for young people to get started on the right trajectory.
Read MoreWhen we run our home like an all-inclusive resort - where food is magically replenished and broken toys and lost cell phones are replaced - kids cannot learn to value money.
Resorts are a lovely reprieve from the real world but they are not preparation for the real world.