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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.

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