Kids today are pretty savvy and they want to know how to make and manage money.

Author David Bach explained that to make money, a child needs to start at home, becoming essentially a "home entrepreneur."

"Find something that you can do in the house for your parents and get them to pay you," he said.

As for what to do with an allowance, Bach suggests a child should get three piggy banks. Every time the child receives an allowance, she or he should put one-third of the allowance in each jar.

"What you're going to have is three piggy banks," he said. "One for now, for spending, one to help other people and one for future."

Finally, to become a millionaire by the time you're 30, Bach said each child needs to learn to be an owner.

"Talk to your parents," Bach said. "tell them you want to be a millionaire by the time I'm 30. Help me, I want to start investing. I want to learn more." And the best game for helping a child learn the principle of ownership and making money? Why, Monopoly of course.

For more from David Bach, see his book, Smart Couples Finish Rich.