Suze Orman's Four Top Financial Lessons to Teach Your Kids

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I haven't met these parents that Suze Orman told me about, but she insists they exist: Parents who give their children allowance for doing nothing or for just bare minimum chores such as making their beds or keeping their rooms tidy.

Allowances shouldn't be given just because the child thinks they're entitled to getting money, Orman said in a telephone interview with WalletPop. It should be given as a way to teach values and also to encourage independence.

And please don't call it an allowance -- which sounds like an entitlement -- said Orman, who prefers "work pay."

"If they want money, they need to be able to work for that money," she said.