Father’s Day is a great opportunity to express your gratitude to your beloved dad by giving financial gifts that would provide him with long-term benefits.
“With reduced energy and income, it may become difficult for your father to seek out investment avenues that can improve the return on his retirement capital and fight inflation. If you can ease their concern and show your affection by volunteering our time to help manage money which can guide them to reduce tax burden and maximize returns while ensuring safety of capital, there could be no greater gift for your dad this Father’s Day,” says Anil Pinapala, CEO and Co-Founder of Vivifi India Finance.
Pinapala shares five gift ideas to help your dad achieve financial security:
1. Educate about asset appreciation or depreciation
Spend time with your dad to help him understand how and when to invest in assets. Offer him the books that talk about this subject in detail or share content online, which can help him a lot. Armed with this knowledge, he will be able to create and grow his wealth by investing in tangible assets, such as real estate and small businesses.
2. Create a saving habit
As children, our parents may have taught us the basics of saving in life. Fathers, in particular, may have been keen to pass on knowledge carefully to their children. As we grow and manage our finances and dads are about to retire, helping them save money is a gift all dads could treasure.
Fathers, as they get older, may want to save some to leave to their grandchildren. Take time to help your dad invest in a guaranteed income plan. This way he can secure his life and you will help him to be financially independent after retirement.
Educating them on modern ways to save, helping them understand certain gadgets, and getting into the habit of saving can be a great gift for an aging dad this Father’s Day.
3. Insurance Information
Insurance products should be treated as life insurance and not as investment options. When you invest money, you expect profitable returns on the money invested. At the same time, life insurance plans are not investment options. There are plenty of opportunities to invest and reap profits while alive and don’t require 20-30 years to pay you back with guaranteed returns. Make an appointment with your financial adviser and ask your father to meet him for investment advice.
4. Give investments that will pay off when needed
Savings plans for seniors, mutual funds, term deposits and more allow fathers to maintain regular savings. Helping them secure that and helping dads build savings into their old age is one of the best gifts kids can give on Father’s Day.
5. Teach good and bad leverage
Make a quaint reservation at a nice restaurant and take your dad out to dinner. And, over dinner, as the conversations build, take the time to explain the importance of leverage in trading. This could be a valuable advice for your father to improve his wealth by trading and avoid possible huge losses.
That’s not all. Educating your fathers about tech-enabled financial products is a very thoughtful gift that almost feels like teaching a life skill these days. Your father may use devices such as cell phones, laptops, etc. to perform normal banking tasks, research various financial products and services, etc. Awareness of credit ready apps like FlexPay and FlexSalary could help them manage their finances and be prepared for emergencies and unforeseen circumstances that demand a lot of money. Learning how to manage day-to-day finances and credit effectively is one lesson dads can learn from their millennial or Gen Z kids who lead these spaces and manage to achieve financial freedom while maintaining a ready line of credit.