It is graduation season, and with that in mind, it is time to think of novel gift ideas that can set the recent graduate on a path toward financial education and success. These gift ideas will enlighten high school or college graduates about the financial world and positively affect their adult lives. After all, our best gifts make a real, long-term impact on the recipient.
Receiving a book is always a special gift; books about investing and finance are no different. One of the best ways to learn about a particular subject is to read about it. Finance books do not have to be dry or dull—consider that worry dispelled. Our team at One Day In July has compiled an excellent list of practical and informative books to help complete your gift list. You can find that list here.
Recent graduates are often more concerned with starting their careers than thinking about retirement. This is where a contribution towards their future can make an impact. Consider contributing to their IRA or assisting them in opening an account. Both will not only get them started on the correct path but will (hopefully) create an “early & often” investment mindset. The sooner recent grads begin thinking about and contributing to retirement, the better off they will be in the long run. There are restrictions when gifting an IRA contribution (such as earned income requirements, etc.), so please discuss these with your advisor if you decide to go this route.
Spending time and lending knowledge to your recent graduate is undoubtedly thoughtful, especially regarding personal finance. If you are willing to share your experiences, teach, and plan, setting up a meeting with your grad can be a wonderful gift. Including a financial advisor is always a good idea, as finances right after graduation can be complicated. Student loans, saving for a home and retirement, and discretionary spending can all be topics to address quickly after graduation. Helping them organize their finances and create a plan can relieve stress and aid in their financial education.
A creative financial gift shows the recent graduate how invested you are in their future and your wish for their success. Whether a book, a contribution, or assistance with planning, these gifts will help lay a financial foundation that your grad can build upon for years.