Fun Financial Presents When Cash Is Too Impersonal
Bill Staton, co-author of Worry-Free Family Finances®, is interviewed by the Charlotte Observer, November 15, 2004, Amy Baldwin
Stocking stuffers with a fiscal flair
Face it, most of the people on your holiday shopping list have all the sweaters, DVDs, gadgets and knickknacks they need, want or have room for.
Money is always a nice gift, though a bit impersonal. But what about the gift of better money management or money savvy?
That's where MoneyWise can help you out. Here are some smart ways to spend your money on friends and loved ones this season.
Stock
Amid the ubiquitous Yuletide consumption, parents might want to teach their kids about investing. So, stuff the youngsters' stockings with a share or two of their favorite companies, such as Disney, Coca-Cola or Mattel.
To do it, check out OneShare.com, where you can purchase a single share of stock for a $39 fee and the share price. It's cheaper than buying a single share from a broker, who is set up to sell many shares at a time.
You'll get a stock certificate with your kid's name on it. It's a gift that keeps on giving, too, because each year your child will get the company's annual report in the mail.
Monopoly
It's a classic enjoyed by kids and adults, perfect for just about anyone on your shopping list. The board game known for Boardwalk, railroads, the race car player piece and Chance cards turned 70 this year. At $8.99 on Amazon.com, Monopoly won't break your bank.
Scissors
Have a younger sister overwhelmed by credit card debt? Get her a pair of scissors to slice up the plastic. Warning: Do this only if you have a close relationship, lest she throw the scissors - and perhaps her eggnog - at you. Price: cheap. Lesson learned: priceless.
Personal finance software
The two most popular kits are Intuit's Quicken and Microsoft's Money. The recipient who will appreciate Quicken or Money is someone who already is pretty organized and regularly reconciles his checkbook. Otherwise, it could be a waste of money.
The basic models of both Quicken and Money, about $30, allow you to balance your checkbook, pay bills online, create a budget and track monthly income and expenses.
The deluxe versions of Quicken and Money, about $70, include additional features that allow you to track your net worth, search for debt-cutting solutions, analyze your investments and find tax deductions and ways to minimize capital gains. These versions also have links to their respective Web sites, which feature tips on investing, retirement planning and taxes.
A session with a financial planner
If you don't have a planner yourself, your best bet in finding one is through the Financial Planning Association. The FPA is a membership organization for the financial-planning community, with a nationwide network of 100 chapters.
The group believes in objective advice from a professional Certified Financial Planner. To earn the CFP designation, planners must complete a rigorous set of requirements, including education, an examination, experience and abiding by a strict code of ethics.
To find a CFP in the Charlotte area - or anywhere - log onto www.fpanet.org or call (800) 647-6340.
A book
There are countless books on personal finance, money and investing. Some are really good. For those still learning the basics about their finances, here are a few recommendations: "Personal Finance for Dummies," by Eric Tyson; "Get a Financial Life: Personal Finance in Your Twenties and Thirties," by Beth Kobliner; "The Wall Street Journal Guide to Understanding Money & Investing," also "The Wall Street Journal Guide to Understanding Personal Finance," and by Charlotteans Bill and Mary Staton.
Your time
If you are a whiz with taxes or accounting, help your grandmother with her tax return or help your cousin in college craft a budget. All it costs is your time. Maybe Grandma will reciprocate with dinner or your cousin with a six-pack of your favorite beverage.
