Blue Haven

Finance themed gifts for the holidays

By December 13, 2020 No Comments

We’re sharing our favorite finance themed gift ideas for this holiday season.

Gifting money for investment purposes

Who doesn’t love a little cash for the holidays? A 2019 survey showed money is the most popular gift people want to receive but one of the least popular they want to give. One of the reasons? People think gifting money is tacky and not very thoughtful. But what if that financial gift went towards someone’s future? Enter any number of ways to gift money more thoughtfully:

  • Make a contribution to someone’s IRA retirement account, 529 plan, or custodial account
  • Open a small investment account in a little one’s name, such as a grandchild or nephew/niece
  • Make a donation to your favorite charity (scroll down)
  • Gift an entrepreneur seed capital with no strings attached

Finance subscription apps

Various financial subscriptions make great gifts for a number of different people. A subscription to WSJ, which is running a 50% off sale right now, is perfect for an interested investor just starting out or an older adult who wants to be better informed on the markets. Bloomberg is also running a great sale right now if you click this link directly.

Budget app subscription like those from YNAB and Intuit are ideal for the friend or family member who’s trying to crush debt or save for a house! And free versions like Mint are total must haves if for nothing else but their spending summaries.

Stock market gear & steak dinners

Know someone totally addicted to the market? Then you need to check out the hats from Stock Market Hats. I bought this one for a mentor who loves golf and may have to get this one for a client who is obsessed with SPACs. Be sure to use promo code “Brrr” for 10% off! And you must visit Seven Streams Club for some of the coolest “equity” gear around.

We all miss our fancy dinners out with friends and family. Well with a gourmet steak box from Gibson’s, one of Chicago’s most iconic steakhouses, you can bring the fancy dinner to your house! My personal favorite is the Gold Coast box. Pick one out to gift to a friend, set up the Zoom call, and enjoy a virtual dinner out with Chicago’s best steak!

Donate to a charity using your RMD

Required Minimum Distributions (RMDs) were halted for tax year 2020, but will most likely return for 2021. Many of our clients don’t necessarily need the extra money that a retirement account distribution provides because their pension, social security, investment account, etc. provides all the income they need. They also happen to support a favorite charity or two.

Normally, one would take an RMD, pay taxes on that RMD, and also write a sometimes-deductible check to a favorite charity as a holiday donation. With the new tax law in effect, now one can shorten that process and write a check directly from his or her retirement account to a favorite charity. That amount counts towards the RMD, and, it does not get taxed like a normal RMD would if you were to take the money yourself. Everybody wins!

One last gift we’ll plug in here… give yourself the gift of a free consultation with Blue Haven! Not only can we help you with your Christmas list, we can provide a free assessment of your portfolio too!

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