That's harder and harder to do today, he notes, since so many transactions are made online or with the simple click of a button or swipe of a card: "You have to train them and teach them that even though it's super easy to take one of these devices and go click, click, click, 100 bucks … That 100 bucks actually took a lot of effort to generate."
The best way to teach it?
Put them to work. In fact, all five of Weissbluth's kids will be paying for a portion of their college tuition, he says: "Either they will go into debt to me or they will go into debt to the federal government."
Having skin in the game "creates a certain accountability, and I don't think you do kids any favors by depriving them of that accountability."
Editor's Note: After publication of this story, an AdvisorHub article reported that Elliot Weissbluth allegedly failed to make a scheduled $75,000 payment to his ex-wife, with whom he is currently engaged in a custody battle, and allegedly argued in court that he was illiquid. His representative Tom Clare, partner at Clare Locke LLP, provided the following statement: "It's unfortunate, especially for the minor children at the center of a confidential court proceeding, that a selective portion of that proceeding has now been made public by a frustrated party to that case. Mr. Weissbluth has made all required payments, including the payment the AdvisorHub article attempts to describe. The AdvisorHub article is a deeply flawed portrayal of a responsible father, husband and executive. The implication of insolvency is ridiculous. We ask for privacy regarding these private family matters, which have nothing to do with Mr. Weissbluth's business."