Do not co-sign on a car loan! You have no rights if Junior does not make the payments. My philosophy is that you need to let them grow up and handle their own deals, because you cannot pay their bills forever.

Talk with them about life goals. They may think they need to go to college because that is what you want for them. It is possible to make a great living without going to a big school that requires borrowing $140,000 to get an undergraduate degree.

Pay cash for the things you really need, not the things you want. Perhaps one of the most important things is to start a savings account and put something in it every month. While I understand that your kids are only 17 or 18 years old, I sold a home to a couple in their early 20s who paid $125,000 cash. It was a nice, brick home. They were both welders and made good money, but they had a car and a house that was paid for. I think if you look around you will see that is rare. They will be wealthy at an early age and it will happen because they understand money.

Please get your kids to start saving money as early as 10 years old. It is imperative that you make it fun for them, though. Let them cut grass or wash cars. If they learn to work, they will be better people, I promise.