What do you gift a person who has everything? When it comes to some people in your life, a little creative gift giving might be in order for the holidays. Why not give your loved one the gift of inspired financial health? Here are some non-traditional holiday gift ideas that can help or inspire people to get in financial shape.
When it comes to teaching kids about investing and the stock market, why not give them a little hands on experience? You can gift them a small sum of money that they can invest in a “fun” company of their choice–like Disney for example–that will peak their interest. Then you can show them the basics of investing and watching the stock market. If they are interested in the company and feel they have “ownership,” they will be more likely to take an interest in learning where their money is going.
Start Retirement Young
Another great gift for teens and young adults would be to start a retirement fund for them. You can give them a sum of money to start their fund or you can match whatever they put in to mimic an employers match. Whatever way you decide to do it, teach them retirement fund basics along the way, like how much they can contribute per year and what the different types of retirement accounts mean. You can never start too young!
A great gift for your kids or grandkids is to start a 529 Savings Plan for their education. This gift may seem boring to the kid at first, but when they are older and don’t have to take out student loans, they will thank you. This not only shows that you support their education, but you can contribute a small amount to the plan each year as additional gifts.
Personal Finance Books
Books about personal finance topics are a great gift for those in college, just starting out on their own or young newlyweds. Books such as The Total Money Makeover by Dave Ramsey or The New Retirement by Jan Cullinane and Cathy Fitzgerald are just a couple to get started with. Check out our previous blog post about great books on financial topics.
Giving those you care about gifts that help them financially is truly the gift that keeps on giving. So keep that in mind next time you are on the hunt for the perfect holiday gift for a loved one.