An apt gift in today’s economically challenging times for someone you care can be in form of a long-term investment tool, strategy and advice. You can suggest ways and means to help someone close to you for planning his/her investment. Your active support and help can prompt your partner, friend, relative or your colleague to work towards fiscal discipline.
You can perhaps consider a time-tested and more traditional investment avenue like the monthly income schemes (MIS) with the post office. Through the post office MIS, you on behalf of your partner can invest a lumpsum amount and the latter can earn a decent interest amount on a monthly basis.
Even mutual funds run such schemes with a higher risk but greater returns involved. These are called Systematic Investment Plans (SIP).
Apart from gold to be discussed separately in another blog post, you can make your partner get a good health insurance policy to secure his or her future financial health in case of an illness. If you are uncomfortable with the idea of recurring premiums, opt for a single-premium policy.
The stock market currently is in discount mode. Several large-cap stocks are available at low valuations. In a way, this is the right time to even sponsor the opening of your friend’s or your partner’s demat account. You may even buy some good shares to get it going.
The ongoing tax-saving season offers you with the perfect opportunity to help your friend or spouse plan his/her tax saving. An equity-linked savings plan (ELSS) with a good track record would prove to be the ideal choice.
If you help your friend or colleague put money in ELSS now, he or she will get the units at a lower rate or NAV, and the investor can reap rich rewards once things get rosier at the bourses.
You may be used to gift flowers and throw candlelight dinners, but in today’s extraordinary times of uncertainty, such out-of-the-box gift ideas will serve a deeper need and create a lasting impact, the ET article rightly concludes.