Debt is slavery, avoid it like the plague. As parents, we teach our children many things. We teach them not to talk to strangers, not to play in the streets, and to show respect towards their elders. But one thing that many parents fail to teach their children is the importance of avoiding debt.

Many parents fail to talk to their children about this simply because many parents feel that debt is a normal part of life. While it is true that debt is a normal part of life, it is only normal for those who are not wealthy and who are also financially enslaved. The avoidance of debt should be one of the most fundamental lessons that parents teach their children.

Many people have differing opinions on what is behind the current financial crisis. Some blame derivatives, while others blame the real estate market, Wall Street, the Fed, or fiat currency. While all of these reasons have a role to play in the current financial crisis, one factor that most people forget to mention is the role of debt.

The bursting of the real estate market was the first trigger which led to the current financial meltdown, and this can be traced back to easy credit, which naturally leads to lots of debt and defaults. Because consumers made the mistake of borrowing for houses they could not afford, they ultimately ended up losing them.

It has now come out that predatory lenders intentionally gave some people bad loans in order to sucker them into mortgages which they later defaulted on. What does all this have to do with teaching your children about the importance of debt avoidance you ask?

The answer is simple: Nothing in this world which is truly valuable comes easy. Anything that is of true value is something that you must work hard for. The lure of "easy" credit is precisely what got millions of Americans in trouble. They made the stupid and foolish assertion that they could borrow their way towards prosperity.

Believing that you can borrow your way to riches is like jumping off a building to challenge the laws of gravity.  It is absolutely critical that you begin teaching your children the importance of debt avoidance early on.

You cannot rely on the school system to teach your children about this, because we live in a debt based society, and no school will waste time teaching children about the importance of staying out of debt.

As soon as your child reaches the age of 18, they will be bombarded with credit card offers. When they get ready to attend college, the financial aid department will attempt to sucker them into getting student loans. When they get ready to purchase a home, banks will lure them into getting a mortgage loan.

The way in which your child will respond to these scenarios is directly proportional to how much time you spend teaching them the importance of finance. If you teach them nothing, they will fall victim to this debt based system, and will eventually end up owing much more money than they make.

There are a number of ways in which you can help your children to avoid debt slavery. The first is to teach them the importance of saving and investing as an alternative to borrowing. Saving and investing takes effort, hard work, and patience, while borrowing is easy, and requires little more than having a good credit score.

Once your child becomes skilled at saving and investing, they will not see the need to borrow money, and will remain debt free for their entire life. The first step in teaching your child this important financial lesson is to give them a weekly allowance.

This allowance should be paid to them for doing certain chores, such as taking out the garbage, washing dishes, or keeping their room clean. Now, there will be things that your child will naturally want to buy with this money, and some of these products will be things that they do not have enough money for.

Protect your children from a lifetime of debt bondage by teaching them to stay out of debt.  When your child finds something they want to buy, but they do not have enough to pay for it with their allowance, they will naturally ask you for it.

When this question comes up, the answer you must give them is "no".  If they cannot afford to pay for it, they do not need it, and need not buy until they have saved enough. By doing this, you will force the child to save, and you will teach them that nothing in this world can be achieved without thrift and hard work.