“The 4 best financial gifts to give a college graduate (other than money)” is aimed at people who want to give a useful gift to a college graduate but you may want to also think about giving a gift that helps with financial planning to any high school graduates in your life as well.
Saving and Investing: The article offers two suggestions—either that you give a monetary gift with the stipulation that a graduate has to invest that money or you take the step of opening an account at a brokerage for the graduate and offer seed money to get them started. You can also open a savings account in your graduate’s name.
Only you know if the graduate in your life will invest money freely given. Only you know if a graduate will pay attention to an investment or savings account that you open. Overall, though, as the article states, “Being personally involved will encourage your graduate to save more and invest more and learn more.”
Financial planning: Some graduates think that sitting down with a Fee-Only financial advisor is for someone well-established in a career but this could’t be further from the truth. Many of us wish we had been able to sit down with someone to map out the possibilities for our financial future early in our careers. You can give a graduate the valuable gift of a session with a financial planner.
Communicating your message: Hopefully, you also have an idea of how the graduate in your life gets information. The article lists a number of books that are written with young people in mind but it also mentions some useful apps. If reading about finance, investing and financial planning isn’t your graduate’s cup of tea then perhaps the right app will be. There are savings and investment apps that will allow you to provide money to get someone started and let them take over as time goes on.