Beyond breakfast-in-bed: 5 Finance gifts for Mother’s Day
Each year for Mother’s Day, we give the moms in our life something special to show our love and appreciation for all they do. Depending on the mom, the right Mother’s Day gift can run the gamut from flowers to flatscreens, but this year why not try something a little different: the gift of financial confidence. Whether making a household budget or planning for retirement, there’s probably a mom in your life who can use one of these gift ideas:
For Autodidactic Moms: Personal Finance Books
Nothing says “financial literacy” like a money book. These days, there are so many personal finance books on the market that you can find one tailored to the needs of your target mom. For absolute beginners, find one focused on the basics. For a more financially confident mom, find a book covering a topic that might interest them, such as budgeting, investing, or retirement planning, or one focused on a specific, relevant niche, such as gig workers or individuals over age 55.
For Socially Conscious Moms: Shares in an ESG fund
If your mom is passionate about making the world a better place, consider starting them on the path to socially responsible investing. ESG funds are investment vehicles that consider environmental, social, and governance issues in addition to returns. Such a fund might, for example, invest in emerging green technology over fossil fuels, or examine the labor practices of a potential investment before buying.
For Vacation-Loving Moms: A Contribution to Her Retirement Fund
For many, retirement is the ultimate vacation opportunity. For moms who love to travel, seek adventure, or who just love to chillax on the beach, gifting money for contribution to a retirement fund can be a great way to get them a little closer to leaving the workday behind. Note that as of 2021, the maximum annual contribution to an IRA or Roth IRA is $6,000 (or your mom’s total annual income, whichever is lower), and that total annual gifts to a single individual in excess of $15,000 are subject to gift taxes.1
For Stay-at-Home Moms: Spousal Protection
Income protection, also known as disability insurance, is a crucial layer of protection for any financially confident, working person. But what about stay-at-home spouses? One 2019 study estimated that if stay-at-home parents were paid for their work, the median salary would be $178,201 per year!2 Now, some income protection plans offer options for spousal coverage as well, recognizing and protecting the immense value that stay-at-home caregivers bring to their families.
For Planner Moms: An Appointment with a Financial Professional
If you’re shopping for a mom who is a world-class planner — from a budget to a vacation to dinner — an appointment with a financial professional might be just what they need. Financial professionals can help them plan for the future, protect themselves and their families, and prepare them for big life moments, like paying for college or retiring in style. Who knew one Mother’s Day gift could lead to a lifetime of confidence?
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2021-120632 Exp. 5/2023