[In Pictures: 12 Money Mistakes Almost Everyone Makes]
5. Avoid debt, and forget trying to 'keep up with the Joneses.'
Thanks to social networking sites such as Facebook, it's easier than ever to compare your own material wealth to those of peers, who might post photos of new $200 shoes or their vacation to St. Thomas. Talking about how to avoid those kinds of comparisons, and the debt that can easily follow any attempts to keep up, can help minimize impulse purchases.
Kids might be getting more money lessons in the classroom, but they still look to their parents for their primary financial education.