Here’s CNN’s take on teaching your kid paycheck management.

Tax. The only other constant alongside death, unless of course, you live in a tax haven (Americans obviously don’t). So better give your kid that lecture differentiating gross and net. That Uncle Sam’s set to get a piece of every dollar they earn.

Banking. Now that they have their own money, teach them how to safely keep it. Money in the pocket is money that can easily be spent. Take them to the bank and have them open a savings account.

Delayed gratification. So what will your kid do with the money? Many kids will be tempted to blow their whole paycheck on the day they get it. A bit of advice on timing their spending would be most welcome.

Leeway. While the two points above this one advise trying to control how your kids spend money, give them the final say on what to do with the money. It’s their money. They need to be exposed to making financial decisions on their own.

MSNBC, using FinAid.org stats, claims that the million figure might be an exaggeration and quotes a more “conservative” $475,680.

Still, that half-a-million figure is no joke. If a person earns around a million to two in a lifetime, that means that a person spends more than half his or her income on the child.

That isn’t no joke. While you can cut costs in your spending with your child, it’s always advisable not to go all-out pennypincher. Quality education and quality health care can come at a cost but they can spell a huge difference in the child’s future.

Now, wouldn’t it suck if you make a total hash out of parenting and your kid ends up becoming criminals or something.

One of the things that you can actually prepare for before dying is your will. Surveys have shown that 57% of Americans don’t have a will. 69% of parents of minors neglect having a will. And yet we all know you can croak any time. No one’s too young to die.

When it comes to money, the bonds of family don’t even hold! And when you don’t have a will, it’s the state that deals with whatever stuff you have lying around at the time of your death. And if you’re pissed off at paying your taxes, then just think of the state dipping their fingers into everything you’ve worked hard for all your life.

So consult with a lawyer and draft your will to avoid having to get .

While it can be pretty hard to explain to a kid why they should finish the food in their plate other than the usual “Kids are starving in Africa” or some other third world country, parents should make an effort in letting kids know that there is a lot of work that needed to be done to put food on the table.

Kids tend to think of parents as endless springs of money. We all know this isn’t the case and that there’s a great deal of hard work and sacrifice to provide for the family.

Other parents make their kids “work” for their allowance to teach them the value of income early on. Allowance is then seen as their “income” for doing chores around the house. Not too sure about the Dr. Phil side to this but I believe that this creates the sense of work = money in children.

Parents should involve children (especially the older ones) when discussing family financial issues. Parents often avoid involving children to save face especially when the family’s in financial trouble.

Oftentimes, such conflicting views with regard to money also get to argue a lot. A lot of fighting breeds bitterness. And longer states of bitterness usually end up in divorce. And divorce is always a financial killer on at least one party.

Financial habits do not change overnight. That’s why many financial gurus would claim that you should marry right. So it’s best to discuss these things with your partner before hooking up for the long haul. If you’re not too sure, then a pre-nup might be in order.

If you’ve already tied the knot, then be sure that you be completely honest and talk things out and if you’re the miserly one, be sure to keep good track of your household’s finances.