What do we think of when we talk about giving a gift of financial security? Most of us would imagine it to be cold, hard cash – but in reality, we can help someone get their finances under control and build personal wealth by thinking outside of the square a little.
According to David & Libby in their article in MoneysaverHQ in the Heraldsun, there are some creative, affordable alternative ideas for financial gift-giving.
An inspirational book may seem a little bland – but getting an insight into how people become successful can really help someone improve their financial future. You just have to look into the lives of Steve Jobs or Warren Buffet to see what drove them to success both financially and in life.
Not only in hard copy but also available on your tablet or phone, a magazine subscription is a great way to keep up to date with the latest financial or business trends
Start ‘em young! By opening a bank account for a child, you can teach them about money, setting goals and budgeting..by doing chores and banking some of the income, they will see their earnings grow (and you might even get those chores done!)
This will open discussion with them and work out a jobs schedule – once they establish a goal to save for, no matter how small, it will give them the incentive to put away each week.
A slightly more expensive gift, the minimum parcel of shares or investment in a managed fund could be $500.
But, by explaining the process, you will increase their understanding of the share market – the dividends, supply and demand in the market, etc. – and it is a great introduction to investing.
When I was a child we could buy a tree and have it planted in some far off arid country overseas, instead of giving a gift for special occasions – nowadays you can buy a goat, a water well or a birthing kit for people in Third World nations.
It will definitely stun your child but it will be a great opportunity to explain to them how this small investment will change the life of someone less fortunate than themselves – and they will ultimately feel proud of making such small but worthwhile contribution. At the same time it demonstrates to them that there are many ways in which you can invest a small amount of money to make a big difference to someone in need.
If you would like to discuss financial security call Peter on 0414 583 233 or email him on: