8 year old asking for handouts, how do I save him from becoming like the rest of his generation?

Early into my FIRE journey, almost past the rice and beans phase:

Age: 31
Income: $20K (crossing guard, part-time atm)
Current Net Worth: $8 million (small inheritance)

My oldest came to me the other day asking for an Artemis Lego Set. He didn't even think to ask "Is this a responsibly purchase?" or "Am I old enough to get a job?". Just straight asked for it. He doesn't even have a decent emergency fund together and he is trying to buy expensive toys! I don't know what his school or his nanny are teaching him, but it sure isn't financial responsibility.

How do I save my kid from himself? Sit down and show him how to put his $2 a month allowance to work on RH? Perhaps start with something simpler and safer like Forex? He is wasting his prime compounding years trying to keep up with his peers and has no idea that $1 put away today is worth $168 at 65. Such a waste...