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Fathers’ Day is a great opportunity to express your gratitude to your beloved father by giving financial gifts that would give him long-term benefits.
“With reducing energy and income, it may become difficult for your father to look for investment avenues that can enhance their returns of retirement corpus and fight inflation. If you can ease their concern and show your affection by offering our time to help manage the money that can guide them to reduce the fiscal burden and optimise returns while securing the safety of capital, there could be a no bigger gift for your dad than this fathers’ day,” says Anil Pinapala, CEO & Co-Founder of Vivifi India Finance.
Pinapala shares five gifting ideas to help your dad achieve financial security:
1. Educating on appreciating vs depreciating assets
Spend some time with your father to help him understand how and when to invest in assets. Gift him the books that speak on this subject elaborately, or share content online, which can help him greatly. With this knowledge, he will be able to build and grow wealth by investing in tangible assets, such as real estate and small businesses.
2. Creating a habit of savings
As children, our parents may have taught us the basics of savings in life. Fathers especially may have been keen on imparting the knowledge carefully to their children. As we grow up and manage our finances and fathers are en route to retirement, helping them save money is a gift all dads might cherish.
Fathers as they get old might want to save some to leave behind for their grandchildren. Take some time off to help your father invest in a guaranteed income plan. This way, he can secure his life and you would help him be financially independent after retirement.
Educating them about the modern ways of saving, helping them understand some gadgets and getting into a habit of saving can be a nice gift to an aging father on this Father’s Day.
3. Information on insurance
One needs to treat insurance products like life insurance and not as investment options. When you invest money, you expect profitable returns on the invested money. At the same time, life insurance plans are not investment options. There are many avenues available to invest and reap benefits while one is alive and do not require 20-30 years to pay you back guaranteed returns. Fix an appointment with your financial advisor and have your father meet him for investment guidance.
4. Gifting in investments that will reap returns when required
Senior citizens’ saving schemes, mutual funds, fixed deposits, and many other avenues allow fathers to maintain steady savings. Helping them secure that and assisting dads to develop savings in their old age is one of the best gifts that children can give on Father’s Day.
5. Teaching the good and bad of leverage
Make a quaint reservation at a nice restaurant and take your dad out for dinner. And, over dinner, as conversations build up, take some time to explain the importance of leverage in trading. This could add as a valuable tip for your father to enhance his wealth by trading and steer away from possible huge losses.
That’s not all. Educating your fathers about financial products that are technology-driven is a very thoughtful present that almost seems like teaching a life skill these days. Your father can use devices like mobile phones, laptops, etc. to do their regular banking work, research various financial products and services, and more. Creating awareness about ready credit apps like FlexPay and FlexSalary could help them manage their finances and be ready for emergencies and unforeseen circumstances that demand a lot of money. Learning how to manage finances and credit efficiently on a daily basis are some of the lessons that fathers can learn from their millennial or Gen Z children who are ruling those spaces and manage to attain financial freedom while maintaining a ready credit line as well.