Seven-year-old baker Olivia Rich might need a stepping stool to reach the stovetop, but she's never needed any help to reach for the stars.
Rich, the daughter of two entrepreneurs, already has a burgeoning business herself: She bakes and sells pies for $15 each.
"She's made around $200-$300 this year, and from the apple pie, she's made probably about $100," her mother, Kate Rich, said in December.
And Olivia is already saving up for her future. Of the money she makes from her baked goods, 50 percent is hers to spend on things like her Legos; 20 percent goes toward the cost of ingredients; 15 percent goes into long-term savings and the final 15 percent is allocated to charity.
"I use my giving money to buy things for other people," she said. "We bought some toys for little kids who didn't have any money."
Kate Rich said she believes most children grow up without a sense of financial literacy, which can lead to poor spending and saving habits later in life. She might not be off-track. According to a banking survey, the majority of American adults in 2016 had less than $1000 in savings, and a small but significant number -- 34 percent -- had nothing saved at all.
By teaching her daughter to be responsible and consistent early on, Rich hopes she can help Olivia develop habits that will enable her to succeed as an adult.
"She's 7 and has an idea on, 'OK, it costs money to make a product, and I have to remember to save money for that,'" she said.
Next time you find yourself trying to justify an impulse purchase or a too-expensive latte, think of Olivia Rich and remember: It's never the wrong time to get smart about your money.