This is for teenagers who had after-school or summer jobs last year flipping burgers, mowing lawns, babysitting or whatever. Why not start a retirement account and place part of your earnings into a great tax shelter?

You say you've already spent your money or, if not, the last thing you'd do is put it away for retirement 40 or 50 years down the road? Well, I don't blame you, but try this: Ask your parents, grandparents -- or maybe that doting uncle -- to help fund your IRA.

The law says you have to have earnings to have an IRA, but it doesn't say your own money has to go into the account.

Here's a tactic that might work: Remind your folks that by claiming you as a dependent, they save $850 in taxes -- if they're in the 25% bracket. And dazzle them with this fact: If they give that $850 for an IRA -- assuming you earned at least that much during 2008 -- it will grow to almost $100,000 over the 50 years until you retire ... assuming a 10% annual return over the long haul. If you use the ROTH IRA it will all be tax-free. Now, that's a tax shelter.