Gifts To Teach Financial Responsibility
When my younger, college-aged brother’s birthday swung around this year, I decided to get him a practical gift that would also teach him something about financial responsibility. Being something of an Austrian economics buff (a flavor of economic thought favoring hard money) I decided a small piece of bullion would be an appropriate gift.
After poking around a bit online, I opted to go with a silver coin. So, I looked up a respectable local coin shop (using the ever-useful urban tool Yelp!), researched the fair value of a 1 oz. silver coin (which turns out to be just a bit more than the current price of silver for common coins), and headed over to the shop, a quaint little place in Chicago’s financial district. Though I had originally entered intending to buy a Silver Eagle coin, I ended up leaving with a Chinese Silver Panda — which seemed appropriate as I had just returned from a year in China.
My brother loved the gift, and it gave me a chance to explain a few financial principles to him — such as how the coin was worth at least its melt value, the value of the metal in it, and not it’s face value, the denomination stamped on it. Best of all, instead of just being a “disposable gift” that will collect dust or get thrown away, it is something that will last forever — or be able to be cashed in later at the drop of a hat.
Now, I’m scheming up new gifts to give to loved ones to help set them on the right financial course. And I must say, the feeling of being able to make someone happy with a gift — while also helping them — is a good one.
