Graduating from college is a big deal and deserves a special gift to celebrate the occasion. While some relatives might prefer giving money in a card, it’s worth considering that new graduates are often stepping into the adult world for the first time. Here are five thoughtful gift ideas that any college grad will love.
1. CONTRIBUTION TO A ROTH IRA
One great way to help your graduate kick-start their financial future is by starting a Roth IRA for them. It’s important to teach them about the benefits of saving for retirement early. Recent grads might not think much about retirement, but contributing to a Roth IRA can help them realize its importance and encourage them to save.
2. INVESTMENTS IN STOCKS
Instead of giving cash, consider gifting stocks. This not only gets them interested in financial markets but also provides a safety net for tough times. Make sure to guide them through understanding their account and the risks of trading. If stocks seem too complicated, mutual funds or ETFs are good alternatives.
3. FINANCIAL ADVISOR CONSULTATION
Even if new grads feel confident, a meeting with a financial advisor can be incredibly helpful. Advisors can create strategies for paying off student loans, highlight the importance of investing, and discuss saving for retirement. Some advisors who focus on millennials offer affordable services, costing about the same as a gym membership or phone bill.
4. PROFESSIONAL RESUME REVIEW
Since recruiters often spend just a few seconds looking at a resume, setting up a professional resume review can really help your grad stand out in the job market. A polished resume can make a big difference.
5. ASSISTANCE WITH STUDENT LOANS
Student loan debt can be overwhelming. Consider helping out with financial aid, maybe by making monthly payments until they get settled in their career. If you’re a parent, you might also think about reducing their rent if they live with you and are starting to pay off their student loans.
Graduation marks the beginning of a professional career, usually with an entry-level salary that requires careful financial planning. The most valuable gift you can give any graduate is knowledge about managing money and the importance of having a solid financial plan.