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10/31/2013 10:42 am ET

Parental Habits That Financially Ruin Kids

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Michael Chadwick is making sure his kids know how to handle money. The certified financial planner gave both of his daughters their own checkbook and ATM card, which they are required to balance monthly despite being only 11 and 13 years old.

"They get an allowance of $200 a month but allocating that money is their responsibility and their own issue if they make a mistake," Chadwick told MainStreet.com.

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