I don’t know why, but I am in the mood for Christmas this week 😉 After finding a way to save money before Christmas, I am suggesting some great financial gifts for your child. I’ve noticed that my children have been spoiled by gifts from their grandparents and awesome godmother and godfather. My basement is already full of toys and each Christmas and birthday, I spend hours cleaning up their playroom to make way for the incoming crowd of toys. So, I thought about how amazing it would be if they might receive a few financial gifts instead. So if you have to spend money for a gift this year, you may want to offer something useful instead of buying the 5th Transformer (I’ve looked everywhere and couldn’t find the latest Michaela 😉 ).
Investing in an RESP is probably the greatest gift you could give to a young child. Even if you invest a small amount of money, this will grow to become a substantial amount and other people might want to contribute too.
– Buy a cash register 😉
This is a toy, but your child wants to imitate events he sees at the store. When they are older (4 and 5 years old), you can also give them fake coins to play with as well. This will be their first contact with “capitalism”.
– Buy a share certificate
Have you ever seen a share certificate? They look pretty awesome! You can select a company that your child is familiar with (Disney for example) and order a real share certificate. They are becoming rarer by the day, but you can still order them through a broker. Your child will have a nice share certificate and ithe value of it might go up throughout the year. You can then sit with him and show him where to see his share value on the internet.
– Offer them a financial contract
At the age of 5, I will offer my son a financial contract. I will give him an allowance every two weeks (like a pay check) and he will have to save a part of his money in order to “invest” it. I hope that he will learn to save and invest on a regular basis over the years with this method.
– Buy a personal finance book (The Wealthy Barber or Rich Dad, Poor Dad)
I really like personal finance books and my favourites for someone who will start their financial adventure are definitely the Wealthy Barber and Rich Dad Poor Dad. Both books explain financial aspects in a clear and easy to understand manner. On top of that, both books tell a story so you don’t feel like you are at school and learning numbers in a boring way!
– Open a mutual fund account
You can open a mutual fund account with his previous investment and start investing for him. He will receive his statement quarterly and will be able to follow the market gradually. If he is lucky, he will lose his first $100 at the age of 16 and understand how the stock market really works (it goes up and it goes down 😉 ).
– Buy conference tickets
There are tons of personal finance and personal growth conferences out there. Attending one with your child will not only be a great parent-child activity but will also give him great tools for his adult and financial life!
Just give them your car keys and they will be fine 😉 hahahaha!
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