Setting money goals can help teach responsibility and discipline. Barry Choi, Personal Finance and Travel Expert, talks about the money goals and money memories from his teen years.

First job:

"My first paying job...I was probably 16 or 17. It was data entry. It was at my uncle's company, and he was the CFO. So obviously that's how I got that hookup..."

First purchase:

"So, when I got first access to my debit card...I immediately spent half my savings, which wasn't a lot. In high school...PlayStation had just come out. It was the biggest thing ever. I spent all my money on that. But then once I got a consistent job, I was probably like 18,...that's when I started to save. And the reason I started to save...is because my parents encouraged me to open up an RSP...at the time I was only setting aside $25 or $50 a month, but...that's when I became a saver."

"...I keep talking about this PlayStation and how it blew my savings, but I got so much joy out of it. I think it was worth it. And this is what I was saying... If you set aside for your goals and you spend guilt-free after, don't feel bad about it."

Money Mindset

"Just knowing that money is there to work for you...So, if you can earn more money, obviously that's more beneficial. For most people, having a high income is the best, but once you start investing your money, the power of compound interest can go a very long way. So generally speaking, if you can invest early, save early, you'll be set up for financial success."

For more information about Barry Choi, visit his website MoneyWeHave.com.

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