If your child has earned income, or is paid as an employee, it opens huge tax planning opportunities. First of all, many teenagers don't owe taxes on earned income under certain limits. Minors who can be claimed as dependent don't need to file tax returns if their earned income is less than the individual standard deduction. The sooner your child starts working the longer you can take advantage of the break.

Teens who are looking to build a good credit score are actually in a good position to gain access to credit. By getting good credit and practicing good personal financial habits, a teen can kickstart the process of getting a credit record of their own, usually by getting a credit card with a moderate spending limit or a small auto loan.