Lifestyle
3 Financial Gift Ideas That Will Benefit Your Child Now And Later
Watching your kids grow is one of the most exciting parts of parenthood. They will hit various milestones, such as going to their first dance and graduating from high school. You will probably have high hopes for their futures, but you’ll also realize that challenges await them as well.
Many of those challenges could be of a financial nature. When they’re in their late teens or early twenties, it’s hard to tell whether your kids will be looking at the pros and cons of consolidating credit card debt or raking in the earnings from a world-changing invention or entrepreneurial pursuit.
Assuming your child is not independently wealthy very early on in life, there are some financial gifts you might consider giving them that could help them a great deal. Let’s look at three of those right now.
1. Roth IRA Contributions
A Roth IRA is a retirement account that some companies will set up for their workers. The designation “Roth” means that the account’s owner pays taxes on the contributions before they contribute, instead of during the account’s distribution when the owner reaches retirement age.
If your adult child gets a job where their employer offers them a Roth IRA, it would benefit them to take it. A company will often match funds that your child puts into the account up to a certain point.
However, you can also contribute to that IRA, if you’re in a financial position to do so. Like your child’s employer, you might agree to match their contributions. That’s one way you can help your child prepare for their eventual retirement.
2. Stock
You might also consider buying stock for your child. If you start doing this for them at a young age, it’s a way you can teach them about the market’s potential risks and rewards. You could buy a stock for them in which they have a personal interest, such as Nintendo or Disney.
Stocks can be pretty pricey, so you might buy your child a portion of a stock instead of a whole one. Maybe when their birthday rolls around, you might offer them either the choice of a new toy or a percentage of a stock. Make sure you explain to them the inherent risks and potential rewards.
3. A Piggy Bank
Teaching your child about saving is something you can start doing when they’re very young. You might give them an allowance along with a money jar or piggy bank where they can keep their savings.
If they want something that’s on the more expensive side, you can explain to them that if they save up for a few weeks, they should be able to afford it. They can put this teaching to good use in later years if they want a video game system, a high-end TV, or something else for their college dorm or first apartment.
Financial Gifts Can Help Your Child
It can be hard to help your child reach maturity if you fail to teach them some financial basics. Giving them stock for their birthday or a holiday is one way to begin teaching them about the market, which they will probably want to invest in when they start a portfolio at some point.
Giving them a piggy bank is something you can do when they are very young, so they’ll start learning about the benefits of saving for a larger purchase. When they’re a little older, you can help contribute to their Roth IRA.
Remember that a child will watch what you do, and if you demonstrate financial responsibility, it’s likely your young one will follow in your footsteps one day.
Lifestyle
Veterans Care Coordination Outlines 10 Ways to Honor Senior Service Members
Honoring senior veterans is a meaningful way to acknowledge their service and sacrifices for the country.While there are many different ways to honor those who have served their country, Veterans Care Coordination (VCC) – a company that helps senior Veterans apply for home care services, has outlined 10 of the most effective ways to show appreciation and respect to older servicemembers in our communities.
1. Attend Veteran Ceremonies and Events: Participate in local veteran ceremonies, parades, and events, especially on days like Veterans Day and Memorial Day. Your presence demonstrates respect and recognition for their contributions.
2. Volunteer for Veteran Organizations: Many organizations that support veterans need volunteers. Offer your time to help with events, administrative tasks, or outreach programs that benefit senior veterans.
3. Visit Veteran Homes and Hospitals: Spend time with veterans in homes and hospitals. Many senior veterans, especially those in long-term care, appreciate visits and the opportunity to share their stories.
4. Educate Yourself and Others: Learn about the history, challenges, and contributions of veterans. Educate others by organizing or participating in community talks, school projects, or social media campaigns.
5. Support Veteran-Owned Businesses: Patronize businesses owned by veterans. This economic support helps veteran entrepreneurs and shows appreciation for their continued contributions to the community.
6. Create a Community Project: Initiate projects that specifically benefit senior veterans, such as building wheelchair ramps for disabled veterans or organizing social events that cater to their interests and needs.
7. Offer Your Skills and Services: If you have special skills or services, offer them to senior veterans. This could include legal advice, home repairs, medical care, or technological assistance.
8. Donate to Veteran Charities: Financial contributions to reputable organizations supporting veterans can make a significant impact. These donations often go toward programs that improve the quality of life for senior veterans.
9. Write Letters or Cards: Sending personalized letters, cards, or care packages to Senior veterans, particularly those without close family, can brighten their day and make them feel valued and remembered.
10. Advocate for Veteran Rights and Benefits: Be an advocate for veteran rights and benefits, ensuring they receive the support and recognition they deserve. This can involve supporting legislation, participating in advocacy groups, or simply spreading awareness of the issues facing senior veterans.
By implementing these actions, individuals and communities can honor senior veterans in meaningful ways, showing gratitude for their service and ensuring they are respected and remembered.
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