Finishing college is a major milestone that deserves a special gift to celebrate. Relatives often choose to give money in a card, but after college, many students are stepping into the “real world” on their own for the first time. Here are five thoughtful gift ideas that any college graduate will love:
1. CONTRIBUTION TO A ROTH IRA
Help your graduates kickstart their financial future by opening a Roth IRA for them. Teach them about the importance of preparing for retirement early. Since retirement might seem a long way off for recent grads, this gift encourages them to start saving now and think about their financial future.
2. INVESTMENTS IN STOCKS
Instead of giving cash, consider gifting stocks to encourage saving and investing. This gift not only introduces graduates to the financial markets but also helps them build a financial cushion for tough times. Make sure to guide them through the process so they understand their account and the implications of trading. If direct stocks seem too complex, think about mutual funds or ETFs.
3. FINANCIAL ADVISOR CONSULTATION
Even if new graduates feel financially savvy, a financial advisor can provide valuable advice. Advisors can help with planning student loan repayments, investing, and saving for retirement. Many advisors who focus on millennials offer services at a cost similar to a monthly gym membership or phone bill.
4. PROFESSIONAL RESUME REVIEW
Most recruiters only spend a few seconds looking at a resume. Help your graduates stand out in a competitive job market by arranging a professional resume review. A polished resume can make a big difference in their job search.
5. ASSISTANCE WITH STUDENT LOANS
Student loan debt can be overwhelming for graduates. Consider helping out with financial support, such as monthly contributions, until they get settled into their careers. If you’re a parent and your graduate is living at home, you might reduce their rent once they start repaying their loans.
Graduation often marks the beginning of a professional career with an entry-level salary, requiring smart financial management. The best gift you can give any graduate is financial knowledge and guidance on creating a strong financial plan.