Completing college is a significant achievement that merits a thoughtful gift to mark the event. Often, relatives might opt for bestowing a monetary gift in a congratulatory card. However, consider this: after college, most students are independently navigating the ‘real world’ for the first time. Here are five thoughtful gift suggestions that any college graduate will appreciate.
1. CONTRIBUTION TO A ROTH IRA
Help your college graduates embark on a fruitful financial journey by starting their Roth IRA for them. Educate them on the significance of preparing for retirement early.
Often, the idea of retirement seems so distant to recent grads that they neglect its importance. This is why contributing to a Roth IRA makes for an insightful gift that encourages them to start saving and prioritize their retirement.
2. INVESTMENTS IN STOCKS
Encourage savings by gifting stocks instead of liquid cash. This gift not only educates graduates about financial markets but also builds a safety net they can rely on during difficult times.
Ensure you guide them through the process, allowing them to understand their account and the consequences of trading. If dealing directly with stocks seems daunting, consider mutual funds or ETFs.
3. FINANCIAL ADVISOR CONSULTATION
While new grads may feel savvy, guidance from a financial advisor can greatly benefit them. An advisor can help devise strategies for student loan repayment, underscore the essence of investing, saving for retirement, and more.
Financial advisors offer valuable counsel even for those in the early stages of their career. Advisors targeted at millennials often offer services for a fee similar to a monthly gym subscription or phone bill.
4. PROFESSIONAL RESUME REVIEW
Most recruiters spend just a few seconds scanning a resume. Assist your graduates by arranging a professional resume review. A well-put-together resume can help distinguish them in a competitive job market.
5. ASSISTANCE WITH STUDENT LOANS
Graduates may be overwhelmed with student loan debt. Consider providing financial aid, perhaps in the form of monthly contributions until they are professionally settled.
If you’re a parent and your graduate is living with you, consider rent reductions once their student loan repayment starts.
Graduation usually signifies the start of a professional career with an entry-level salary, which requires smart financial management. The most valuable gift for any graduate is imparting financial knowledge and stressing the need for a solid fiscal plan.
