COLUMBIA, S.C. — Across the United States, people are buying gifts for the holidays. Adults this year will spend more than $1,000 on their gift shopping. While it's often frowned upon to give cash as a gift, Steven Hughes, founder of Know Money Inc., has three cash gifts your family will love.
1. Create a new travel account -
If you have someone in your family that's been bitten by the travel bug, Hughes say this could help them get to their new destination. You can create a new bank account that's specifically to save for your next vacation and make the first deposit into the account. Hughes also said to help keep the money in the account, don't get a debit card or checks.
2. Business startup fund -
Do you have a son or daughter that's interested in starting their own business? Hughes says that a good gift for them would be to give them a new custodial account number and help by being their first investor. Sit down with your child or get a trusted entrepreneur from the community to help them decide what they should do with the money to start their business.
3. New car money -
Have you seen those commercials when the spouse walks outside and there's a brand new car in your driveway with a big red bow and your name on it? Hughes says that's not the only way you can give your loved one the gift of some wheels. You can contribute towards their new car financial goal to help them get their ride faster.
For more information about Know Money, Inc., please contact Steven M. Hughes, CFEI via email at steven@knowmoney.org or visit www.knowmoney.org.
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