I was reading this article in the On Investing Magazine provided by Charles Schwab about gift giving during the holidays. I hate giving toys to kids and gift cards to adults so I was glad to read this article about gift ideas that are more meaningful and teach personal finance.
Some gifts ideas for children are coins, college savings deposits and savings bonds. For teenagers and young adults, bonds and stocks, retirement savings and real estate. It also has some book ideas based on age.
I've requested that people contribute to his college fund instead of buying gifts for his birthday (he's 3) or not gifts at all. Since, his birthday is so close to Christmas we just keep some gifts hidden away. It has worked out well he's gotten way more than I ever expected. I also give new parents a box of diapers and $25 to start they child's 529 plan.
One particular gift that I will be looking at doing for my children and nieces and nephews is a custodial IRA when they start their first job. What I would do is fully fund it and just let in sit. They can continue to contribute the following year or just let it sit. In 50 years, it would be worth more than any shoe or game I could (or would) have brought.
I am attaching the whole magazine if you want to do some light reading. It has a short editorial on the FIRE movement. Nothing too deep but worth a glance. (pg. 11)
Happy giving!!
Submitted January 21, 2019 at 01:49PM by Indefinite_Questions http://bit.ly/2CvBj7K
