As soon as your child starts earning income, you should consider opening a custodial Roth IRA. Roth IRAs are a hit among savers because you can pay your tax bill upfront and enjoy tax-free income later. This can be a perfect setup for your child since they are typically in a lower tax bracket when they are younger.

Even better, the financial knowledge gained could turn into a million-dollar Roth IRA for your child if you get the ball rolling now. If you're looking for the secret to helping your child get on the path to financial security, let's look at a few pointers.

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Source Fool.com