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Father's Day - Gift Your Father Financial Freedom
Jun 16, 2024
5 min | Views 465
Father’s Day is a great chance to express your gratitude to your dad by gifting financial presents that will provide him with long-term benefits. Many of you give your father a wristwatch, necktie, jacket, etc. A good gift is one that gives enjoyment to the receiver, whereas a wonderful gift is one that a recipient needs at the right moment. Push aside the urge to pick common gift options on such special days and provide him with financial freedom that will benefit him during his post-retirement years.
Father's Day 2024 is around the corner. Here, we’ve compiled a list of gift options for your father’s big day. Let’s quickly comprehend the gift options through which you can contribute towards your father’s financial freedom.
Why Are Financial Presents Excellent Gift Options?
Before comprehending and exploring the best Father's Day gift ideas, let’s understand why financial gifts make for wonderful presents. Whether on your dad’s birthday or Father’s Day, presenting something different, out of the box, and off the rack is a great idea. But shouldn’t such special occasions demand something smart and sensible? As age increases, a person does not have the same energy, health, and fitness as their younger days. The same is true with fathers.
With a reduction in income post-retirement and rising medical prices, a well-thought-out financial present will be a wonderful and joyous gift for your dad on Father's Day 2024. This year, let’s move over traditional and materialistic gifts and present your father with something that will provide him with long-term benefits that he can cherish throughout his life.
Father's Day Gift Ideas in 2024
Now that you know the importance of financial gifts, let’s look at what you can give your father this Father’s Day. Listed down below are some wonderful Father's Day gift ideas:
Health Insurance
Health insurance is one of the best gifts you present to your dad on Father's Day 2024. Medical issues consume a huge part of savings. It is true that as people get older, they become more prone to medical problems. Therefore, investing your hard-earned money in advance is wise to meet unfortunate events without worrying about prices. Health insurance will be a great gift. They are two-way policies that help to properly invest money and use the same money for paying medical bills.
Medical insurance is a great method to reduce the loss of money and to get proper insurance against life’s risks. The need for medical treatments increases with age. What better gift than to present your father with comprehensive medical insurance? While zeroing down on the right medical insurance policy, determine that it involves the vial components needed for your dad’s age. The right health insurance policy will have fewer conditional claims. Therefore, choose accordingly.
Setting Up An Emergency Fund and Hiring a Financial Advisor
It is advisable to always be ready for unforeseen situations. It is a crucial part of financial planning. Setting up an emergency fund for your father ensures his financial freedom in times of emergencies and is supported by financial steadiness. You can keep this contribution a secret. If your father does not work with a finance professional, you can introduce him to one.
They might hesitate at first, but sitting down and having an extensive discussion will get it done. It is because you share a great bond with your father, and he will understand that whatever you do and the contribution you make towards setting up an emergency fund will be for his financial well-being. The financial professional will assist your father in managing his financial portfolio and aid him with his retirement goals.
Starting a Systematic Investment Plan
Investments are a great way to increase wealth. By presenting your father with investments, you gift him a chance to take part in the future market’s growth potentil. Presenting your father with an investment like purchasing high-dividend stocks or setting up a SIP in a mutual fund shows your pledge towards your dad’s financial well-being in the long term. Consult a financial professional or thoroughly research to opt for investments that sync with your dad’s risk tolerance and financial goals.
Investing your hard-earned money in bonds is less risky than stocks and provides financial steadiness to an investment portfolio. You can present your father with corporate, government, or even bond funds. You can also consider investing in a fixed deposit at a bank and surprise your father. It will aid him in earning an assured investment return. If your father is a senior citizen, you can invest in a Senior Citizen Saving Scheme and make him happy. Remember to assess your father’s financial condition, goals, and risk tolerance.
Read more: What is SIP?
Plan a Financial Freedom with Mutual Fund
Unlike traditional gifts, a mutual fund investment can provide long-term benefits, helping to grow his wealth and secure his future. Mutual funds offer a diversified portfolio, managed by experts, ensuring a balanced approach to investment. Whether your father is nearing retirement or simply looking to bolster his financial health, a mutual fund is a thoughtful and practical gift. Show your appreciation and care by choosing a gift that keeps on giving, ensuring your father's financial freedom for years to come.
Retirement Plans with ULIPs
Choosing a retirement plan as a Father's Day gift is valuable and permanent. Many retirement plans come with investments that provide long-term benefits and savings (ULIPs). This implies that if you invest in a scheme at 25 years of age, you can accrue a huge corpus during your working days. A few ULIPs offer partial withdrawals. Therefore, you can ensure that your father gets his financial independence post-retirement by investing in such a plan.
Final Thoughts
The best Father's Day gift ideas are the ones that streamline your father’s finances with a contemporary approach. A properly thought-out financial plan for your father to enjoy a joyous and healthy life is the best gift option for your father. Several finance gift options are available to present to your dad. You can present your father with finance-related books and board games related to stock markets, SIPs, insurance plans, mutual funds, investments, clearing his debts, contributing towards pension plans, setting up an emergency fund, or assisting him in beginning his investment journey. All you need to do is pick the right one that works best for you and your father and helps him achieve his financial freedom. Happy Gifting!
Please Note: The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The document has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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