Bankrate: You earned money when you were a teenager. How did you learn to manage it?
Peggy Lipton: I learned to manage my finances from my father. I remember him spending his Sundays at the dining room table balancing his checkbook. My mother, who was raised in Scotland, knew the value of a dollar, but she had very expensive tastes. We were never broke, but there were some tight times.
I started earning on my own at 15 and really took over my own finances at 18. I was very independent in that way and didn't want to burden my parents with supporting me. My daughters also started working at a young age. They had an abundant life growing up, but I didn't do any material overload on them. So their values are intact. I do wish we all had taken a course of money management, though. I think they should teach it in school the minute the young mind opens and understands mathematics.