Teaching your child about money requires time, patience and a willingness to let the kid make mistakes.

There is no single “talk” about money. Instead, it’s an on-going process pegged to your child’s understanding and needs that unfolds over years. (Full coverage here.)

Your example is key at all stages, a basic point some parents overlook or ignore. Expect more than a few questions about personal finance when your kid is about to start college or recently married and dreaming about buying a house.  Even with the best intentions, there are many pitfalls along the way.

Here are five basic principles to employ when teaching kids the intrinsic value of money::