In the holiday spirit of giving, what is a better gift than one that could put your loved one on the road to financial freedom? For a change, consider giving gifts that hold value for more than a month. An inspiring resource or a practical tool, the right present is able to equip someone to take charge of their financial future.
Helping someone build wealth doesn’t have to be about putting a briefcase full of cash in their lap. What it is really about is setting them up with the knowledge and/or resources or providing them a starting point for their financial independence. Here are some thoughtful gifting ideas for this holiday season to encourage wealth-building.
High-Quality Personal Finance Book
A great personal finance book can be life-changing, and books can spark transformation. See titles such as “The Millionaire Next Door” by Thomas J. Stanley or “I Will Teach You to Be Rich” by Ramit Sethi. Practical advice and real-world examples of these books inspire readers to rethink their money habits. And they’re a cheap, easy gift with a possible huge return on investment.
Starter Investment Account
Gift a contribution to a starter investment account to help someone get their feet wet in investing. Using platforms like Acorns or Robinhood, you can open an account and begin building a portfolio with as little as $5. This is a great, easy way to expose a loved one to the effects of compound interest without scaring the hell out of them.
Online Financial Courses
An online course in personal finance or investing can help you make smarter money decisions. There are affordable, self-paced courses on budgeting, investing, and even starting passive income streams offered by platforms like Udemy, Coursera, or MasterClass. As an added on, act as if you are going to complete the course with them, it’s one gift and bonding activity.
Budgeting App Subscription
The right tools make it easier to manage budget and money. Think about giving a subscription to a very popular budgeting app such as YNAB (You Need A Budget) or Mint. What is helpful about these apps, some of which you can also find online, is that they have goal tracking and expense categorization and provide financial insights that can greatly benefit you in developing strategies for your workplace. The good thing is they can turn saving into a habit, which is good and practical and an impact gift.
Precious Metals
Precious metals aren’t all flashy, but silver or gold coins can be smart ways to introduce someone to tangible investments. Precious metals stand the test of time as a store of value and are a great conversation piece about wealth preservation. Also, they’re a lot more interesting than another pair of socks.
A Session With a Financial Planner
The best investment sometimes is professional advice. Sending your loved one to a session with a certified financial planner (CFP) for the cost of one session can provide the guidance they need to make smarter money moves. It’s a belief in their future potential and a gift that also gives them hands-on steps they can take to achieve their financial goals.
Startup Tools for a Side Hustle
If you’re curious and have an entrepreneurial spirit, a gift that supports your side hustle can be invaluable. Whether it’s a podcast with a high-quality microphone, the cost of an Etsy store starter kit, or a book on freelancing, these gifts can be the extra boost they need to take their idea and make some income off of it.
Notebook for Goal-setting
It may not seem obvious, but a sturdy, beautiful notebook can set the stage for laying out financial goals. Combine this with a good pen and a list of ideas to help them think through the things they want out of life and their plan for the future. Writing down goals is something many successful people do when turning goals from dreams into reality.
Dividend-Paying Stocks
Gift a share or two of a dividend-paying stock and introduce your loved one to passive income. Typically, companies with a history of paying reliable dividends, such as Coca-Cola or Procter & Gamble, fall into this category. It’s a way to show how money works for you, even while you sleep.
A Financial Publication Subscription
Being informed is king when it comes to wealth building. A good option would be to give a subscription to something like The Wall Street Journal, Barron’s, or Forbes. They will always stay on top of market trends, economic news, and similar money-making opportunities.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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