Parents play a vital role in shaping the way their children will view money when they grow up and it is beneficial to set up the right foundation of financial education at a young age. They can consider guiding them in opening a custodial account and develop saving habits. Parents can also start building an education fund, such as a 529 plan, as early as they can since time will be their greatest ally in investing. Experts recommend establishing Roth IRA which is an individual retirement account that provides tax advantages for retirement savings. Children need to understand the idea of budgeting and living below our means as one way to achieve financial freedom.