2 years ago
27
I recently got into audiobooks (I am so late I know) and I love them! I had just gotten used to my kindle but I realised that I can get through a book so much faster if I listen to it while I’m doing routine things (like in the kitchen or loading invoices etc.)! My 2022 reading list is going to be packed! Gift one of these to someone you care about who is saving for that house, car, degree or even for a new phone!
2. Gift CErtificates for Investment and Savings Accounts
One of the greatest barriers for persons who wish to open an account is that they believe it’s too hard or they don’t think they have enough money for an account. Help to push start your loved one by getting them a gift certificate for a bank account or investment account. If they know the money is there, they will make the extra effort.
Many of Jamaica’s local brokerages and banks have gift certificate options for you to purchase as a gift for a loved one to start their financial journey. Most people would feel more comfortable with investing if it wasn’t their money being invested. Get your loved one started on their investment journey by purchasing a gift certificate for them at a financial institution. The banks will have some as low as $2,500 and the brokerages will also have affordable ones ($10,000) available to purchase for Christmas, so check with your financial advisor and institution on how you can go about doing this.
They will usually require the person receiving it to show KYC documents (ID, Proof of Address etc.) to get the account opened.
3. A session with a financial advisor or planner
Another thing that makes persons hesitant to start investing is the lack of knowledge. It is usually hard to find the right unbiased information, and that information is usually expensive or hard to get. In addition to the books that will help to improve financial literacy, have them connect with a real live expert. Financial advisors like Danhai Hall @HDanhai on Twitter, offer their services to help you map out your financial future. They are experts in the field and can really help you to understand more and guide you to make the right choices. You can also take a course like GRWR (Grow Rich With Research) offered by Randy Rowe at Every Mickle (both Randy and Danhai produce the podcast ‘Earnings Season’). He will help you learn more about investing and how to analyse a business among other great lessons.
There are several other financial experts that offer their services for free through a financial institution, so speak with your broker to get in touch with a financial advisor. Once you set up an investment account , your broker will likely provide you with access to an advisor.
4. A Money Playlist
This gift I think is an awesome one because its absolutely free, but invaluable. I actually wish someone would gift this to me. Sometimes I want to know more about what is going on in the financial space but I am often too busy to search for the information. There are so many great channels out there on YouTube that put out great content every week. A few of them are:
I just started my Youtube channel as well – Financial Centsibility so I will be among the greatest soon 😊.
Create a playlist for your loved one who you think could benefit from the information and share it with them for them to digest in their downtime. If you are into podcasts you can also share a listing of some of the good ones out there to help boost their knowledge about money and investing.
5. For The kids
Open a Bank Account
It is never too early to open a bank account or investment account for your children. It is a small act that can pave the way for their financial future. My kids have 3 accounts each that are used for different purposes. Whenever they get cash for birthdays or holidays, that’s where it goes! Develop the habit of saving with them from an early age and it will reap rewards for them.
Get them a Gift Card
If you are not ready to take the leap into a bank account, get them a gift card at their favourite store. Teach them about how it works and that how they have to choose what they want and it has to be less than the amount on the gift card or they will not be able to get it. Another small act that can teach a big lesson.
Books about money
English (US) ·