2. Certificate Of Deposits
Another tremendous financial gift you can give this Christmas is the Certificate of Deposits.
This gift is a type of savings account where you deposit money for a specific period.
You can’t access the savings until maturity.
Moreover, CDs are excellent since they earn interest over time you lock them in the account.
Also, CDs are safe as it is insured. Create a certificate of deposit for your giftee and watch the funds grow.
Typically, you can deposit a fixed amount of money for three months, six months, a year, three years, etc.
The longer the investment period you choose, the higher the interest your CD will earn.
3. Custodial IRA
A custodial IRA is a retirement plan that a parent or guardian can open for their minors.
As the custodian, you will be in charge of the account until your child attains the age of 18—in some states, the legal age is 21.
This gift can help your child achieve their future goals once they are eligible to manage their account.
Furthermore, the benefit of creating a custodial IRA account is that your child can reap from tax-free compounding.
Your giftee can use the funds to pay for their college expenses or continue saving for their retirement.
You can contribute any amount equivalent to the amount your child earned in the year.
Pay for financial planning and investing sessions with a consultant.
Another way to show appreciation to your loved one this Christmas is to pay for a one-on-one session with a financial consultant.
Not everyone has knowledge of money management and investing.
These sessions can help your giftee learn about money and investing.
For instance, you can pay for learning sessions with a stock consultant to help your loved one understand more about stock investment.
These consultation sessions can help kids understand more about money, investing, and saving.
4. Investing Books
Financial literacy is imperative for a child as well as an adult.
Gifting investment books is also a great Christmas gift to consider this season.
There are a ton of books about investment, money management, and saving.
You can consider books on how to invest in stocks, real estate, bonds, exchange-traded funds, cryptocurrency, and much more.
Another thing is that you can get books on saving for young readers.
One more financial gift you can get for your child this Christmas is to contribute to their 529 accounts.
Securing your child’s education is the greatest gift of all time.
An education savings plan can help your child pay for education-related expenses like tuition, books, and a room to stay in while studying.
What Are The Best Financial Gifts For Adults To Give This Christmas?
These gift ideas can fill your pocket in no time.
1. Savings Bonds
Another best financial thing you can give someone on Christmas is the savings bonds.
One reason why savings bonds are the safe type of investment to give to someone is security.
Also, you don’t need a ton of cash to invest in savings bonds.
Another benefit of savings bonds is that the interest you earn is tax-free.
Savings bonds can help your giftee finance their education or use the money to boost their retirement plan.
To gift someone with savings bonds, you need to hold an account with Treasury Direct.
You can then invest in savings bonds of any amount and then transfer them to your giftee.
2. Cash
Another excellent gift to give this Christmas is cash.
People have many pressing needs, from bills to emergencies, and they will appreciate little cash to boost them.
Instead of looking for an item to buy as a gift for your friend, you can consider giving them the money so that they can decide what to buy.
Your loved one will appreciate cash and can use it in so many ways.
For instance, they can use it to pay for their car insurance, settle their rent, pay medical bills, go for a vacation, and much more.
3. Mutual Funds
If you need a perfect financial present for Christmas, then mutual funds are it.
You can buy mutual funds and transfer them to your recipient.
With mutual funds, your loved one can earn and reinvest their dividends hence boosting their investment.
Also, mutual funds are straightforward and also come at a lower cost.
Conclusion
So are you ready to give a financial gift that leaves a lasting impression?
Keep the holiday spirit up by considering gifts that keep on giving.
Hopefully, the above financial gifts will help bring a smile to your giftee this Christmas season.
Here at Penny Calling Penny, our holiday blogs are only a part of our growing library.
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