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Read Related: Teaching Kids About Personal Finance: it Pays Off!2. Help your child open a retirement investment mutual fund. Now that your student understands what compound interest is and how it works, it’s important that they start investing for retirement now. You’ll notice that I didn’t say “save” for retirement, I said “invest.” Saving implies that you are squirreling money away in a savings account at a bank or credit union. Investing implies that you are taking part in the stock market. We have all heard talk about Social Security being shaky and how younger generations will have to work longer and longer. It’s important to help your child prepare for what’s to come. If you have a financial advisor that you work with, set up an appointment for your child to speak with them with you present. If you don’t have anyone that you’re currently working with, you can visit the website for the National Association of Personal Financial Advisors to find a fee-only advisor in your area. Many retirement mutual funds can be opened with no money as long as you have at least $50 electronically transferred to your retirement investment account every month. Anyone with earned income can open an account. Think about how much compound interest can be accrued over the 49 years that an 18-year-old will contribute to a retirement account before they can take Social Security at 67.