Many of us will be spending more than we probably should over the holidays, often on gifts that don’t provide much value in the long term.
If you’re struggling to come up with a gift idea that’s actually meaningful, particularly for somebody who’s a bit financially...confused, why not give them some financial advice as a gift?
Rob Berger from investment website DoughRoller says giving financial advice as a Christmas present can be a meaningful way to help out friends or family who are struggling with budget management – or even children just starting to learn the value of long term investment.
Below, we’ve listed the five ideas Berger suggests for giving financial advice to loved ones as a gift:
1. Company Stock: “Buying a single share of stock in a company is an ideal gift for young children. While they may not fully appreciate the gift immediately, over time they will. Had you bought a single share of Apple 15 years ago, that $1 investment would be worth over $500 today. What a great way to teach a teenager about the value of long-term investing.”
2. A Game: “One of my favourite games is called The Settlers of Catan. It’s a strategy game that’s easy to learn and fun to play. And it requires players to formulate strategies, make investments, and take risks. It’s a great way to teach children about business and life, without letting on that they are actually learning something.”
3. A Book: “While you have to be a bit careful here, there are some friends and family members that could benefit from certain personal finance books. We all know somebody struggling to get out of credit card debt or save more for retirement. Two books I highly recommend are Dave Ramsey’s Total Money Makeover and Ramit Sethi’s I Will Teach You to Be Rich. Both are excellent books that can really help folks get back on the road to financial freedom.”
4. Time: “Some folks just need help getting their finances organized. Whether it’s helping them prepare a monthly budget, organizing their financial papers, or perhaps developing a strategy to get out of credit card debt, an hour of your time may go a long way. We have friends that have helped a lot of people get their finances on track, and we’ve helped friends with their tax returns from time to time. Sometimes, all folks really need is a helping hand.”
5. A Savings Account: “For young children and teenagers, one of the best gifts is to help them set up a high interest savings account at an online bank. Children can watch as their money grows and, as a result, they can see first-hand the benefits of saving.”