THE 21st tip in the 31 days to becoming a better dad is to teach your children financial responsibility.

Consumer debt is rising at an alarming rate due to several reasons. One big reason is that children do not learn good money management at home and head out into the world thinking credit cards are mana from heaven.

If we hope for our children to have stable futures, teaching financial responsibility needs to be a high priority for parents. It's not sufficient enough to instill a solid work ethic in our children. We must give them the tools and understanding of how money works and the importance of saving it.

If our children do not learn this important lesson at home, it's likely they will not learn it until they have joined a debt consolidation service, obviously a bit too late. There are many things you can do to teach responsible money management, including giving allowances, creating a bank account for them, showing them how to save up for desired goods and discovering their talents to make money on their own.

Don't let your children add to ugly debt statistics. It is your duty as a parent to teach your child sound financial management, a tool that will allow them to follow their dreams and reach their potential.

For more advice on teaching your children financial responsibility, check out Young Investor, Handling Children and Chores and Teaching Your Kids About Money.

DAD TALK