My father used to always lament when I was young, "Son, do you think money grows on trees." He also used to ask if I thought dollar bills used to come out of a certain part of his body, but we won't go there.

We all need to teach our kids about money, not just making change and other basics, but how to manage turn money so they won't be dependent on you when they turn 40.

Here are some tips:

1. It's never too early. Start teaching kids as soon as they start asking about money.

2. Help them understand the concept of earning money and getting paid on a schedule, begin paying them an allowance. Then, have them set goals on how to spend the money.

3. Experts differ on whether an allowance should be tied to household chores that every family member does. You might consider giving them extra money for chores outside daily duties such as washing the car.

4. Have your child put their money in a piggy bank or jar so they can see the value of saving.

5. When they have $20 or $30, go with them to open up a savings account at a local bank.

6. Teach them about compounding or the ability of earnings to build upon themselves.

7. Once your children begin earning enough money through part time jobs, introduce them to investments such as stocks and mutual funds.

You can watch Money Matters every Wednesday on "Good Morning Kansas."