I'm asked over and over again how we can teach young people to avoid making the same mistakes most adults make with money.  

Historically, this has been a tall order, despite some good initiatives. Too often it's seemed like the theoretical part of learning and the practical part of actually managing an account haven't been able to meet. It's always been one piece without the other for preteens and teens. Until now.

If you have kids, there are two initiatives I want you to know about.

The first is called YACenter.org. This site from the Young Americans Center offers a marriage of a bank for kids (called Young Americans Bank) with education about how to handle money.

Having a bank account, obviously, deals with the nuts and bolts of managing an actual account. Suddenly, it's not just theoretical anymore; it's their money the kids handle and that makes it relevant to their lives.

Second, for military families, USAA has its own youth banking program for preteens and teens. Again, it's a combination of both education and having an actual account -- minus the danger and junk fees you'd get in the wider marketplace.