It's true. After a lifetime of hard work and having earned literally hundreds of thousands of dollars, they end up with nothing.

So where did all their hard-earned cash go? The answer is, it passed right through their fingers.

While schools are great at teaching algebra, calculus, and geometry... how many of us learned about basics of personal finance and creating financial security for ourselves?

The truth is, earlier you learn to handle money, more likely you are to manage it properly and live a prosperous life.

So why not provide a little home schooling for your family and teach them basics? Here are 7 important lessons to instill in your kids about money:

1. Save something of what you earn

Acquiring savings habit is one of smartest things you can ever do.

If you're reading this now as a middle-aged parent, imagine how much you'd have in bank today if you'd saved 10% of everything you'd ever earned.

(It's almost scary to think about, isn't it?)

Teach your kids to save a little of everything they earn.

2. Don't borrow what you can't pay back

Debt is one of greatest social diseases of our time. The price to pay for "have now, pay later" philosophy is that you certainly will pay later.

Debt imprisons you in a job you don't like, creates stress and anxiety in your life, and erodes your wealth creation program.

You will never become rich while you're in debt. Period.

Teach your kids value of delayed gratification. "If in doubt, go without".

3. To give is to get

Managing money doesn't mean hoarding it and locking it away in its own purpose-built high security jail. It simply means being careful, spending wisely, and acquiring a regular savings habit.

Teach your kids that donating money to worthwhile causes is a noble thing to do, and that money returns to you in more ways than you can imagine.

4. Money isn't evil

But they should become more educated about it. Why? Because according to recent reports, going with any of major players (mentioned above) is often more expensive than signing up for a local carrier.

When it comes to saving money on your phone bill, it is true that across much of US, going with one of major players' competitors will save you money. This is not true in all areas—namely rural areas with less access to multiple phone companies. (In Qwest's 14 state region, Qwest competitors have access to about 312,000 lines, compared with Qwest's 2.6 million lines.)

However, in many urban and sub-urban areas, there are a variety of smaller carriers who can often help you save money every time you pick up phone. But with so many companies and different promotions in every advertisement, how do you find out which company will save you most?

The first step in saving money on your phone bill is to look for best possible rates on your long-distance and local service.

Consider these tips: Know your calling habits- when you call and where most of your calls are going to. If you make many long distance calls, find a plan with a monthly fee, but a low charge per minute. If most of your long distance calls are made in evenings or on weekends, then find a plan where rates are specific for those times. If you want to make calls to Europe, decide whether it's cheaper to use a phone card, or to switch to a company which offers more affordable rates. If you make most calls within your own area code, look for a plan that offers lowest rates for instate service and instate toll calls.