Wouldn’t you love to gift kids and teens gifts they’ll actually use and appreciate? If you’re struggling with what to “get” someone, consider giving useful gifts that make a positive impact on a child’s future.
When you give the gift of financial literacy, you’re giving a gift that will impact a child for a lifetime. Your child or grandchild won’t necessarily realize the full impact of your gift today, but you can rest assured knowing that s/he will appreciate your gift in years to come.
Seriously, don’t let your kids or grandkids grow up to be noobs (like us!) when it comes to personal finance and investing. Grab these unique gifts for kids and teens (and teach them about money in the process!).
Personal Finance Gift Ideas for Kids
Parents and grandparents alike can get behind this idea: contributions to 529 plans. Higher education costs continue to rise, so considering investing now to help reduce future expenses. Get a jump start on saving for higher education with qualified tuition plan and make contributions every birthday and holiday. Call an accountant or financial planner to get started.
Money A to Z by Scott Alan Turner
Written by a self-made millionaire and father of twins, Scott Alan Turner sums up everything that kids need to know about money in this book, Money A to Z, so I consider this the perfect gift to give kids this holiday season to start introducing personal finance.
I’m using Stockpile to get warmed up to the idea of investing outside of our retirement accounts. Stockpile lets you get started in investing with just $5, so I think that this is a great opportunity for kids to start learning about how to invest money. Buy Stockpile gift cards for stocking stuffers, but before you do, set up your own Stockpile account first and you get $5 for free, just for using our link to sign up.
Read my Stockpile review!
Personal Finance Gift Ideas for Teens
Is your teen considering higher education? College costs continue to rise, so you may consider investing in a 529 to help with the burden. This is a great time to start talking with your teen about the forthcoming expense, his/her responsibility, etc. Grandparents, you can get in on this, too. Contact an accountant or financial planner to find out more.
99 Minute Millionaire by Scott Alan Turner
Ask any teen if s/he wants to be a millionaire and I’ll bet s/he responds with an emphatic “YES!” Gift the aspirant millionaire in your life this book, 99 Minute Millionaire, written by an actual millionaire.
Broke Millennial by Erin Lowry
Give the gift that keeps on giving: financial literacy. Great for millennials and Gen Z, it’s the handbook for adulting your finances. No teen should graduate high school without a copy of this book, Broke Millennial, from Amazon.
Higher Education Planning Meeting
High school counselors at most public high schools have caseloads that allow for thorough planning for higher education. Consider gifting the teen in your life a meeting with someone who can help your student plan for the future by identifying his/her strengths, reviewing transcripts, suggesting scholarship opportunities, and other tips for planning for higher education, whether that’s a diploma, bachelor’s degree, or associate’s degree. This is another of those gifts that keep on giving because it’s help. I can tell you from prior experience in college admissions that 80% of students change majors at least once so high school students need to come to college better prepared for what they’re about to face. Find a college planning professional in your area or online.
If your teen has a job, help him/her set up a Roth IRA, which is an investment account that grows tax free. Here’s why…
If your teen invests $5,000 today, it could be worth nearly $150,000 (tax free!) at retirement. Wow!
Contact an accountant, lawyer, or financial planner to get help setting up an account.
Remember the stock market game from school? How about trying it IRL? You can buy fractional shares at just $5 at a time with Stockpile. Gift teens fractional shares of their favorite companies like Tesla and Disney. Buy Stockpile gift cards for stocking stuffers, but before you do, set up your own Stockpile account first and you get $5 for free, just for using our link to sign up.
Read my Stockpile review!
You Can Retire Early by Deacon Hayes
If someone said to you, “use this personal finance plan and you can retire early,” would you have listened? I’m going to venture a guess and says, you probably would have. We wish we had that kind of guidance when we were teens, too! Plant the seed of financial independence now — it’s never too early to start making smart financial decisions. Get a copy of You Can Retire Early from Amazon.