Talk about everything, ranging from personal finance management, stock markets, investment plans or budget – the more couples converse, the better is the education.
What you do today with your personal finances and how you manage them also determines the effects it may have on your partner’s life in the future. According to experts this Valentine’s Day, financial education is one of the best gifts one could give their partner.
Anil Pinapala, CEO and Founder, Vivifi India Finance says, “Talk about everything, ranging from personal finance management, stock markets, investment plans or budget – the more couples converse, the better is the education.”
Ensure you create reserves with investment products and insurance products that you and your partner can use in times of emergency could be an ideal financial gift this valentine’s day.
Pinapala adds, “Ensuring that one have or have access to credit products on tap for emergencies go a long way. Various platforms now offer a line of credit that the individual’s loved ones can always depend on to access cash or make emergency payments on demand.”
Here are some of the ways by which you can financially secure your partner this Valentine’s Day;
o Direct equities: You can gift your partner stocks by buying shares of reputed and financially sound companies for the long term.
o SIP in Mutual Funds or Exchange Traded Funds: You could do a systematic investment in your partner’s name in funds of your preference. These financial instruments can be easily bought and sold in the secondary market. “This is a long-term investment into one’s collective future and will only further galvanize one’s relationship,” says Anshuman Narain, VP, Cashbean.
o Insurance Policy: Insurance policy has become extremely essential in these uncertain times. Says Nitin Mathur, CEO, Tavaga Advisory Services, “One could buy a life or health insurance policy in one’s name with one’s partner as the beneficiary. This would provide them with much-needed financial support in case of any illness or death.”
o Gifting a subscription of Registered Investment Advisor (RIA): Buying financial products involves risk which is best understood by market experts and professionals. Having said that, Mathur points out, “Gifting the service of a registered SEBI RIA will help them in planning for their finances in a prudent manner.”
o Golden asset: Buying them a gold asset as a store of value and hedging against market forces. Narain explains, “We all have to face the realities of market forces and the negative impact a recessionary environment can have on our investments. Gold assets in form of bonds or even physical assets have been secured against such rough circumstances.”
o Invest in their future: Your partner might want to start a new business or study but lack of resources may be holding them back. “You could give a cash gift and invest in your loved one’s future,” adds Mathur.
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