One of the most important tasks for parents to tackle while raising kids is ensuring that they have a proper understanding of how money works—how to earn it, save it, spend it, borrow it, and invest it. Teaching kids about money sets them on the right path to be responsible with it when they grow into adults.

Where should you start when it comes to teaching your kids about money? T. Rowe Price believes it’s best to begin with the basics and, in this case, that means vocabulary.

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