The Next Generation: Pass It On

This is the latest article from Loral Langemeier, a financial coach and author. Click here for a list of her articles.

You have to get into action to become a millionaire. Once I made my plan and got into action, I never stopped learning, and that continues to today. That is why I built my coaching and mentoring programs -- to share with others how I did it, what works and the guidelines that anyone can use to become a millionaire in three to five years.

Here's something many people never even think about: What about your children, or grandchildren? They don't need your money; they need your knowledge, what you are learning along the way to your financial freedom. Give them a chance to model your behavior and to learn how the wealthy do it. And they can start earlier than you think.

Kids learn to act, lead their lives and think about money through their parents' actions. Many kids, by the time they are teenagers, believe that credit cards are the be-all and end-all to having money easily and when they need it. It has become part of our culture. This is that cycle of debt we have been talking about here. Let's spare them that and get them off on the right foot. The sooner we do this -- change our children's thinking and conversations about money -- the better off they will be.

Here are a number of exercises you can do with your kids to get them on the road.