Maconomics founder and Yahoo Finance contributor Ross Mac joins Wealth! to give insight into the best ways parents can teach financial literacy to their children and pass the skill down to future generations. Financial literacy is becoming increasingly imperative for building and maintaining wealth as Millennials are set to inherit upwards of $84 trillion in the next several decades as part of the Great Wealth Transfer.

Mac believes a great way to teach kids about financial literacy is to just have a conversation with them in a language they may understand:

"I love talking to them, saying how much groceries actually cost, and let's talk about allowance. Let's talk about, 'hey, this toy is amazing, but did you know this is how much it cost?' And more importantly, when my kids were saying all I want to do is go on YouTube, well, now we're talking about how do we actually own YouTube? And so now we're talking about investing and we're talking about different stocks.

"And so I think it's important that we talk to our kids and put things in their own language, right? You want to equate the world around them to kind of great money practices," Mac explains.

Catch more of Ross Mac on Yahoo Finance through his newest podcast, Financial Freestyle with Ross Mac.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino