As a parent, you probably think often about that line from a famous Whitney Houston song, “I believe the children are our future; teach them well and let them lead the way.” You’re passionate about setting your kids up for a positive future, which means teaching them about a lot of things — including personal finance. But you might not be sure when or where to begin.
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Fortunately, Ross Mac, founder of Maconomics — a platform dedicated to making personal finance more digestible and relatable — knows how to teach families about money. While you might think that helping your children become financially successful — even reaching millionaire status while they’re still young — involves a lot of hard lessons, Mac says it actually starts with one small habit: investing early and consistently.
Mac spoke with GOBankingRates as part of our Top 100 Money Experts series to share why showing your kids smart money habits, like saving and investing, can help them lead the way to their own bright financial futures.
Normalize Openness Around Money
Many people are conditioned not to talk about money, even with family. It’s considered impolite — even as it creates confusion and anxiety around topics like spending and saving. That can leave kids vulnerable to poor financial habits later in life. Mac wants to demystify money management, starting when children are very young.
The path to your children’s more prosperous financial future begins with one conversation at a time.
“One good habit is consistently talking to your children about money and how it flows,” he said. “The goal is to normalize the conversation around money, so your child doesn’t grow to have money anxiety.”
Normalizing openness around money also means modeling positive habits in front of your kids. Mac says one of the most powerful behaviors to embrace is simply paying yourself first — prioritizing saving and investing each month just as you would with your bills.
There are fun — and adorable — ways to help your children follow in your footsteps, like encouraging them to save a portion of their allowance, birthday money or lemonade stand earnings.
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Show Them How To Invest
If there’s one thing Mac truly wants families to teach their kids, it’s the power of investing early and consistently. Teaching your kids about saving is important, but it should go hand in hand with educating them about investing.
“You have to teach them that you can’t save your way to wealth. Your money has to work for you,” he said.
In other words, the sooner children understand the power of compounding — and how it can turn even small contributions into life-changing wealth — the better.
“If I had to pick the most important habit? Starting early with consistent investing,” Mac said. “A parent who invests $100 per month for their child can ensure they are millionaires before retirement age.”
Worried that investing is too complicated for your kids? Let Mac set your mind at ease. Your task is to help them get hands-on experience and show them how money connects to their world. Mac’s own kids love YouTube and Netflix, so he regularly shows them how stocks for Google and Netflix are performing.
“Kids learn best by doing and by seeing money connected to their world,” he said. “A parent can make it interactive by having clear jars labeled ‘spend,’ ‘save,’ ‘invest,’ and ‘give,’ so they literally watch their money grow.”
Mac also suggests turning saving and investing into a game, such as matching your child’s savings in a kind of parent-sponsored 401(k). The key is making investing feel accessible — and even fun.
“This is the reason I created my children’s book, ‘The ABCs for Future Millionaires.’ It breaks money concepts into fun, kid-friendly language so learning feels like play,” he said. “When financial literacy is introduced in simple, engaging ways, kids don’t just memorize — they internalize habits that can last a lifetime.”
Don’t Worry About Being Perfect
Regardless of their background, if there’s one thing all good parents have in common, it’s the worry that they’re making mistakes. Mac gets that. If you’re stressed that you’re not the best teacher in money management — maybe because you’re not wealthy yourself or are still overcoming your own struggles — he wants you to know that the biggest mistake is not talking about money at all.
“It’s extremely problematic to think that kids are too young or that it’s ‘adult business,'” he said. “Kids notice everything, including financial stress, so leaving them in the dark can subconsciously create fear or shame around money.”
This doesn’t mean you need to be perfect to be the perfect teacher. Mac’s goal isn’t perfection — it’s involving your kids in the process and exposing them to the realities of managing money.
“Seeing their parents be open, even about mistakes, shows children that money is something to manage, not fear,” he said.
The Bottom Line
You don’t have to be a financial expert to teach your kids smart money habits that could help them become millionaires — though having someone like Ross Mac in your corner doesn’t hurt.
According to Mac, the best habit for raising future millionaires is starting early with consistent investing: teach your kids about saving and investing, and be open about your own budget and financial circumstances. You don’t have to be perfect — just consistent and honest.
This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own? Share it on our hub — and you’ll be entered for a chance to win $500.
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This article originally appeared on GOBankingRates.com: The Simple Money Habit That Could Make Your Child a Millionaire One Day
