What's the best way to educate my wife's poor, immigrant family, about financial literacy? Her 16 y/o brother just bought a new iPhone with all the money from his first paycheck :(

Quick back story:My wife's family are first generation immigrants and very poor. Her brother, just got his first job, and with all the money from his first paycheck, bought a new iPhone. He works at a pizza shop making minimum wage. I can only imagine how many hours he had to work to pay for a $700+ iPhone :(My wife's dad called her saying how upset he was when he found out that his son made such a hasty purchase with his hard earned money (her dad works minimum wage himself, making just enough to keep the lights on for the family). Also, nobody in her family have any investments and everybody just holds cash/has checking accounts.My wife started to cry when she told me of the news because she feels very overwhelmed—her family comes to her with EVERYTHING. She helps her siblings with their homework over zoom (we live on the east coast and they are on the west coast), she helps her mom and dad with legal paperwork, finding jobs, books their flights when they travel, sends them money on a monthly basis ... the list goes on.So I really wanted to take this burden off her back. I want to help educate her younger brother so he won't spend his entire life in poverty.I thought maybe I should request that her brother read the 'Richest Man in Babylon' and suggest that he save at least 10% of everything he earns and do not confuse his necessary expenses with his desires. But then, where should I suggest this young man put that 10%, a savings account for now?I know it's his money and he worked hard to get something that he wanted. I just know that for myself, at the age of 32, nothing that I bought in my teens was a good investment. In fact, I don't have anything I bought back then, now. So I thought that something else I could tell him is, "You will not even remember you had this phone 10 years from now?"I understand most kids just don't understand sacrifice. They don't understand that what they do today will affect their tomorrow—they just do what is expedient, not what is meaningful. My parents never educated me on this, and I had to learn the hard way as an adult. Now I'm trying to educate my wife, and feel a responsibility to help her family out, too. I don't want them to make the same mistakes and want them to have a good life.Thanks so much in advance for your help! via /r/financialindependence https://ift.tt/3dzxlxf