where should i put music to share for itunes

Making the switch from pc to my new imac. I have 3 user accounts set up for myself, wife, and son. Where should I place my music so that each user has access to it when they log in in? Should I set up a music folder in the shared folder? If I do that and have itunes look there for music each person should be able to use it when they log in to their user account and go to itunes, correct?