If you want to give a gift to a special person in your life that is getting baptized, having their Bar Mitzvah, or having some other type of religious ceremony, there are things you can consider doing besides just writing the child a check. You'll want to consider getting them something that will help them in the long term financially, something that can be like an investment. Here are a few of the options that may work for your particular recipient.
Gold Bar
A gold bar that they can put into a safety deposit box isn't just something that is very valuable for the special event taking place in their life, it's giving them a commodity that will be worth money if something happens and there is a deflation in the United States currency. There are different sizes or gold pieces you can look into purchasing, and the price will fluctuate based on the current rate of gold.
Life Insurance
A life-insurance policy that they will have in case something happens to them or that they can use for cash or college money when they are adults is a great gift to prepare the child for the future. These policies will be something that is already paid for in case they can't afford life insurance when they are an adult or have some type of health condition that makes it difficult for them to get life insurance later on.
Certificate of Deposit
A certificate of deposit, also known as a CD, is another option. You will put a certain amount of money in an account, and if the money isn't touched for a set amount of time, it will earn a substantial amount of interest. This will allow you to give your loved one more money than you initially invest in the gift, and it will help them learn about investments and the benefits of saving. Most banks or financial institutions have CDs that you can purchase, though you'll want to see which banks have the most competitive rates.
Don't just give some cash or write a check and put it in a card as a gift. Instead take the time to get the person a gift that is going to help them greatly down the road. All of these financial gifts go above and beyond the expected gift of money, and it will help the person understand more about finances later on in life.
Share1 August 2016
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