As a parent, there's no end to the important lessons you want to instill in your kids. You try to teach them about life and give them the skills they'll eventually need to be independent adults. It's easy when they're young. You teach them to look both ways before crossing the street and to study hard. But as they become teenagers, the issues can become more challenging: The birds and the bees is a topic that comes to mind, or the dangers of drugs and alcohol.

But right up there in difficulty level is talking about money. In fact, a survey of parents sponsored by Schwab revealed that most parents feel more comfortable having the sex talk than they do discussing finances. To my mind, money - and how to manage it - is one of the most important talks you can have with your child. And the sooner you have it, and the more open you are about managing money, the more prepared your child will be when starting to build wealth when he or she becomes an independent, working adult.

SAVING IS WHERE IT ALL BEGINS

When I say "wealth," I'm not talking about motivating your children to become rich. I'm referring to teaching them to take full advantage of one of the most powerful financial opportunities they'll encounter when they enter the working world: company-sponsored retirement plans like 401(k) and 403(b) plans and their cousins: IRAs.

I've talked about it often enough. If you can introduce the value of saving early and regularly for their futures, you'll be giving your children the foundation that will help them along every stage of life. It will be a natural next step for them to start saving and investing for their long-term future; they'll find the benefit of using tax-advantaged plans. Give your kids a leg up by discussing the basics about retirement planning. The vast majority of kids don't even know what a 401(k) is, and most children - most adults, for that matter - would rather spend today than save for tomorrow.

THE VALUE OF INVESTING AT EVERY AGE

It may seem daunting to break the fiscal ice with a young person and start talking about building wealth, but you can never start instructing the basic principles too soon. Paying for an education, buying a house or even raising a child are all important and expensive goals for many people. Yet even more expensive, and often overlooked by young people, is retirement. You have a hand in prepping your kids to confidently tackle each of these.

You may chuckle at the idea of talking to a teenager about retirement when all they seem to talk (or text) about is getting a driver's license or finding a date to the prom; however, retirement is the biggest financial challenge your kids will have to face. The next generation, in particular, will probably carry much of the burden themselves.

But that's where you come in. You're the best money coach for any child in your life, and your lesson book is your own experience. You don't need a few extra letters after your name to caution against the pitfalls of mismanaged credit or to extol the value of saving versus spending. Speak about your own experiences of managing or mismanaging your money.

KEEP TIME ON THEIR SIDE Continued...