Father’s day falls on the 19th of June this year. Rather than gifting your father the usual shirt, tie, or a family dinner, this year do something different. Instead of gifting him tangibles, surprise him with a financial gift that could help improve his finances!
Here’s a list of financial gifts that you could give to your father on this special day:
Consultation with a financial planner: Setting up a consultation with a financial planner would help your father plan his finances better. A financial planner levying a small fee would objectively assess his financial situation and advise on how to increase his wealth. The financial planner will get his budget in place, recommend appropriate investment strategies, and secure his future. With time financial goals of a person change, and a financial consultant can help achieve them most efficiently.
Help with amplifying his financial education: A person is never too old to learn. Enhancing your father’s financial literacy by gifting him books, online courses, and blog subscriptions on money-related matters would keep him in good stead. Learning about the quickly changing world of finance and emerging investment trends is one of the best ways to increase one’s wealth.
Help him plan his retirement: Many people aren’t prepared for retirement, even those close to one. Hence, help your father review his financial plans after retirement. This can include getting him health insurance cover on top of the one that is provided by his employer that will terminate with retirement. The advancing age makes it difficult to avail of health insurance and the resources that help pay for it. Hence, it is advised to get one as early as possible.
Give him the gift of investments: One of the best financial gifts you could give your father on the special day is that of investments. Whether it be starting a SIP for your father, gifting him equity shares, or opening a Senior Citizens Saving Scheme in his name, it is never too late to start an investment. Investments will help him create wealth and diversify his portfolio more than it already is!
For any clarifications/feedback on the topic, please contact the writer at sujaini.biswas@clear.in
An Editor by day and a sloth by night…I would love to eat and sleep throughout the day if given a chance…I enjoy reading and love my job and my team at ClearTax.
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