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The easiest way to convince my kids that they don't really need something is to get it for them.

Young children need to develop good habits that will be useful to them the rest of their lives. It is important to keep the lessons age-appropriate. For example, when your children start earning allowances, that would be a good time to teach them how to put some money in the bank instead of spending it all.

It is critical that kids start to learn the value of money, short-term and long-term saving and budgeting at an early age.

Trust the young people; trust this generation's innovation. They're making things, changing innovation every day. And all the consumers are the same: they want new things, they want cheap things, they want good things, they want unique things. If we can create these kind of things for consumers, they will come.

Give your kid some credit for being smart - just because they read about something doesn't mean they will do it.

Kids can learn a lot about necessities and wants by recognizing what people live without. A common routine, but one that should not be overlooked, is having a family donation to a charity for those less fortunate. Ask your kids to search for items, toys, or clothes that they no longer use and contribute those items a collection box.

Kids need to be equipped for that. They need to learn to use that technology to keep the new economy going.

Children need models rather than critics.