Lifestyle

3 Financial Gift Ideas That Will Benefit Your Child Now And Later

Published

3 years ago

March 3, 2022

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

How Private Hotsprings Can Transform Wellness Tourism with Its Lithia-Inspired Innovations

Published

3 hours ago

February 12, 2025

Michelle Langton

Photo by Private Hotsprings

By Michelle Snow

Private Hotsprings resort features exclusive infinity-edge pools fed by natural hot springs, attracting wellness tourists to British Columbia’s remote wilderness. Tina and Alex Genzer are expanding beyond hospitality with Lithios Beverages, a drink line incorporating lithia-rich mineral water from the springs. The new venture aims to bring the therapeutic benefits of the resort’s natural waters to consumers worldwide.

Enchanted By Nature

Tina and Alex are familiar with entrepreneurship. Before embarking on their journey to British Columbia, the pair successfully ran a boiler installation and construction business in Toronto, specializing in snowmelt systems. While Alex, a former Air Force pilot, honed his engineering expertise and cultivated a strong public presence with CBC and News Talk 1010 appearances, Tina led business operations with her signature entrepreneurial flair.

Tina Genzer recalls how their lives changed when they discovered the Kootenay region’s natural hot springs. “We were captivated by the serenity of this place,” she says. The couple started acquiring chalets that blend luxury and nature. Today, Private Hotsprings offers three properties: the Cedar Log Cabin with a waterfall and lake access and two chalets featuring the world’s only infinity-edge hot spring pools.

The couple’s leadership style has been instrumental in the company’s growth. The Genzers have carved out a niche that remains untouched by competitors by prioritizing exclusivity and direct customer engagement over conventional review systems. “Our mission has always been to create a serene retreat where guests can unwind, rejuvenate, and reconnect with themselves,” Alex Genzer explains.

Lithios Beverages

Tina and Alex’s idea for Lithios Beverages emerged during a restorative evening at the hot springs, inspired by the therapeutic effects of lithia-rich waters. Since its successful debut in New York earlier this year, which sold out within days, the brand is now planning to partner with a major U.S. distributor to enter the growing health and wellness beverage market.

The Genzers are well-positioned to leverage this opportunity, as Lithios Beverages aligns with their brand ethos blending the purity of their mineral springs with health-conscious choices. “Lithios is not just a beverage, it is a lifestyle,” says Tina Genzer. “We aim to provide the same rejuvenation and vitality our guests experience, no matter where they are.”

A Rising Tide for Wellness Tourism

Wellness tourism thrives on authenticity and connection to nature, two qualities that Private Hotsprings exemplifies. The company has tapped into a lucrative market segment that prioritizes unique and restorative experiences over mass tourism by offering exclusive access to mineral-rich hot springs in a private setting.

Competitors in the wellness industry have begun to explore similar models, but only some can rival Private Hotsprings’ distinctive offerings. The company’s first-in-the-world infinity-edge pools and meticulous curation of guest experiences give it a significant edge.

The Next Phase

Despite these challenges, the Genzers remain optimistic about the future. Their dual focus on Private Hotsprings and Lithios Beverages allows them to innovate within two complementary markets.

The next phase of their journey includes expanding Lithios Beverages across the U.S., emphasizing sustainability and transparency. Lithios Beverages has opened up its next round of funding to scale its operations.

The Genzers are also exploring ways to share their story with a broader audience. “We want investors and guests alike to understand the heart and vision behind what we do,” Tina says. “It is not just about running a business, it is about creating something meaningful and lasting.”

Tina and Alex Genzer have created an example of success that other industry players will undoubtedly seek to emulate by blending luxury with nature and leveraging their lithia-rich waters for global impact.