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December 7, 2019

Requests for super heroes, slime, Legos and electronics are sure to fill Santa’s mailbox this year. But as adults we know these toys are all too soon forgotten. A financial gift may not be what they’re telling Santa they want, but is it a gift that can have a lasting impact for the children in your life.

Here are five ideas to give a gift that keeps giving this holiday season:

  1. Personal Finance Book
    Even children as young as three years old know that money can buy the things they want. Learning about budgeting, saving, and earning money can be more fun with a story. From board books to pre-teen to young adults, there are many options out there that can help put the child in your life on the path to financial success.
  1. Savings Bond
    The classic financial gift for children. They are not subject to state or local income taxes and offer a fixed rate of interest over a fixed period of time.
  1. Stocks
    Purchase even a single share of stock to a company your child loves and help them watch it fluctuate over time. This will help your child learn to be not just a saver, but an investor.
  2. Roth IRA
    If your child has earned income, you can open a Roth IRA. You can then contribute to a Roth and encourage them to add to it throughout the year by offering a match for every dollar they contribute.
  1. 529 College Savings Account
    College costs are increasing and the trend is expected to continue. 529 College Savings plans are tax-advantaged plans that your child may not understand now, but they will be sure to thank you later!

Santa has the top toys and gadgets ready to deliver. Why not start a tradition this holiday season that the child in your life will look back one day and say “thank you.”

 

David McDaniel
Executive Vice President
Chief Lending Officer
Williamson County President
Franklin Synergy Bank

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