5. You don't have any "you will thank me later" moments with your kidsThese moments could be declining to give them the amount of allowance they want or making them pay for their own car if they want one. When they are responsible for the payments, they are forced to learn how to use the things they enjoy within their budget.
4. Your kids don't know how to take care of what they ownWhen something your kid has suddenly stops working, it doesn't mean you should automatically replace it. The worn look of the cell phone isn't only because it isn't this year's model, it's also because they expected to get this year's latest model and therefore didn't feel it was necessary to take care of it. The things your kids own should be properly maintained and taken care of so they don't need to be replaced every year -- a lesson that can save tens of thousands of dollars on car purchases when they are older.
3. You don't teach your kids how credit cards workAt some point your kids are going to be exposed to credit cards, and when they are, it's best they understand exactly how the credit card works to avoid a lot of unwanted debt. Credit cards certainly have a lot of advantages, but those won't make up for using the credit card in a poor financial manner. If they learn nothing more from you, they must know to pay off the credit card bill in full each month.