Most teens go into the work world ill-prepared to manage the money they will be earning.

Even if their parents have attempted to teach them about money, they still haven't had the wonderfully frightening experience we adults have all had with it. You know the one — it's called "getting to the end of the money before the end of the month."

Here are some tips on teaching teens about managing the money they are about to make.

The 10 per cent solution

Once they get a job, have them take the very first pay check and ... blow it.

You might have been expecting me to say save it, buy a savings bond or something else responsible. Here's why I suggest having them spend it: They get to experience the benefits of hard work and have some fun.

After the first paycheck, here's how to handle every other paycheck for the rest of their lives. I call this the "10 by 4 solution." With each and every pay check, take 40 percent and put it in four different places.

First 10 percent - Pay your self first. Put this 40 percent in some form of savings that you do not touch until you retire. Begin this when you are young, and it's amazing what can happen. Pay yourself first.

Second 10 percent - Give it away. If you are a person of faith, you've probably been taught to tithe. Whether it's tithing, or simply giving to a favorite charity, giving away 10 percent teaches your brain an interesting thing — if I can give this away, there must be more than enough to go around. A nice way to feel.

Third 10 percent Put this 10 percent toward getting rid of any debt that may have accumulated. Money you owe your parents or some outstanding bills.

Fourth 10 percent Save it for something you really want. For many kids, that's a car. Or maybe a trip, a stereo or some nice clothes.

In this way they learn from the beginning to live on 60% of their income. That would be nice for us as adults too.

Visit http://www.ParentingYourTeenager.com for tips and tools for thriving during the teen years. For regular weekly tips you can subscribe to our f-ree Parenting Your Teenager Newsletter. You can also subscribe to our f*r*e*e 5 day e-program on The Top 5 Things to Never Say to Your Teenager from parenting coach and expert Jeff Herring.

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