Remember those days when you held your father’s hand to take your first steps?The times when he taught you to ride a bicycle to that person who cheered the loudest on your annual day performances; it feels like yesterday, doesn’t it? He sure is the one who stood by you when all of it happened. Your father did reprimand you for turning home late, but now after all these years, you know why he did; all for care.
A father’s love is all underneath the hard shell of being disciplined and strict, but that is instrumental in shaping you as a person today. He made sure you did not face any difficulties in your life, but at the same time, you have an experience of almost all things that teach you about life. One of such crucial things that you have learnt is managing your finances. The basics of finances that he taught you stand true even today. But with the changing economic times, there are chances some of them have become old and rusty. At such times, stepping forward to help your father will be the best gift for him this father’s day.
With father’s day just around the corner, instead of offering conventional gifts this year, you can opt to support his financial goals. For that, here are five financial gifts that’ll be helpful –
1. Appointment with a Financial Advisor
The right help at the right time helps a long way in future. Similar is the case when planning for finances for your father. If he is in his last few career years or has just retired, a financial advisor will be the best person to visit. In the case of already invested funds, an evaluation of the same is essential. Whereas if he has recently retired, the large corpus that he might have received from his employment needs to be invested in an appropriate way to ensure a stable income in future.
2. Clear Financial Myths
How the personal finance industry operates has changed over the past few decades. New instruments and investment avenues have opened that are better over traditional investments. Busting the myths associated with them will help your father take appropriate financial decisions for his retirement. Gifting him a premium subscription of financial magazines will also help in debunking the myths.
3. Buy a health cover
While your father might have already bought life insurance, has he given a thought to health insurance? Increasing age comes with its share of ailments. You do not want to see him incurring debt to repay his medical bills, right? So why not help him buy a suitable health cover. You can also teach him on using a health insurance premium calculatorto buy an appropriate plan at the best price.
4. Invest on his behalf
Do you remember the countless times your father has sacrificed his bonus money to buy your favourite toy? Now is the time you get him a financial gift in the form of a term deposit, Mutual Funds, National Savings Certificate (NSC), and more by setting aside your bonus money. Your windfall income can be used to accumulate funds for such investment.
5. Add-on Credit Cards
If you are someone who uses a credit card, you can get an add-on card to accommodate your father. The limit for this card will be under your overall limit. Just like the old times when your father gave you his card to enjoy, now is the time you can do the same. Well, times have changed! It can be useful for him during travels or when carrying cash is burdensome.
Do not miss out this golden opportunity to surprise your father to let him know that his little champ is now a responsible adult who has his back. So the next time when he wants to renew health insurance or invest his funds, he surely will be delighted to use one of your financial ideas.