Diwali; Perfect Financial Gifts for Loved Ones..!
By Mr. S. Sridharan, Financial Advisor, https://wealthladder.co.in/
During Diwali festival we enjoy giving gifts to our loved ones. These gifts are multifaceted.
Financial gifts..!
Sweets, snacks, clothes, ornaments and crackers are the most common gifts. But in today's modern world, giving financial gifts is increasing.
Let's see what kind of financial gifts can be given to loved ones.
1 Financial Books…!
The best gift we can give someone is a book. On this Diwali festival, we can give financial knowledge books as gifts to our loved ones. Many such books are available in English and Tamil. Personal Finance Management Books (https://books.vikatan.com/category/personal-finance-and-business) are available for sale at Vikatan Publications. The number of books can be kept according to the gift given. Similarly, a subscription to a financial magazine like Nanayam Vikatan can be given as a gift.
2 Stock market related investments..!
You can pay to buy good company shares according to the amount invested. The giftee can be given money and asked to buy stocks that are familiar to him.
Those who don't want to take too much risk in their investments can invest in stock market oriented mutual fund schemes. If you want to reduce the risk, you can invest in projects like multi-cap fund, flexi-cap fund, index fund, multi-asset fund; Invest separately.
3 Debt market based products..!
Risk averse people can invest in fixed deposits, bonds, debt market mutual fund schemes. If you have more money, you can invest in these schemes.
4 Digital Gold.. !
Gold can be bought in jewelery, gold coin, digital form as per the gift amount and as per the wish.
If the gift recipient has a demat account, he can be asked to invest in gold ETFs. If you don't have a demat] account, you can invest money in a mutual fund company's Gold\ Savings Fund.
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There is no security issue or quality issue when buying in digital form like this. And since there is no duty, damage or GST tax, you get 12-15% profit on the purchase itself.
5 Medical insurance..!
If your loved ones don't have health insurance, get it. If there is a situation where they are unable to pay the premium next year, the policy holder should continue to pay.
If you already have this medical insurance, you can take a top-up policy for additional coverage. If your loved ones are unable to pay the premium next year for this policy then this gift should be given only if you are able to pay the premium.
6 life insurance..!
If working loved ones don't have or don't have enough life insurance, they can take out a life insurance policy. It's like health insurance here, the gift giver must be willing to pay the premium if they can't afford it next year.
7 Emergency Fund:
If our loved ones don't have an emergency fund or don't have enough, we can give them money to build one. Generally, you should keep at least 3 months and maximum 6 months of expenses as an emergency fund like monthly household expenses. It is better to invest this money in a bank savings account with ATM card facility and a liquid mutual fund that can be cashed out quickly so that it can be easily spent in an emergency.
Giving financial gifts on the occasion of Diwali festival like this can be very beneficial.
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