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Bhai Dooj is an age-old Indian festival celebrating the bond between brothers and sisters. On this occasion, sisters pray for their brothers' well-being and bestow some gifts as tokens of love.
While gifts like sweets and clothes are usually exchanged, why not consider giving your brother a gift that will leave a positive and long-lasting impact on his life? This Bhai Dooj, bring about a change by giving your brother the gift of financial freedom.
Curious to know how? Read on as we further elaborate on financial freedom and list some unique Bhai Dooj gift ideas for your brother.
Financial freedom is when an individual has enough money saved, invested, and managed wisely to live free from monetary limitations. It's not just about being wealthy but about being free from the constant worry of money. A well-planned bank balance enables you to lead a more balanced and contented life.
The writer of Rich Dad Poor Dad, Robert Kiyosaki, rightly said, "Financial freedom is available to those who learn about it and work for it." If you want to have your brother achieve financial freedom, you must make him understand the nuances of finance from a younger age.
Use the auspicious occasion of Bhai Dooj to educate and encourage your sibling to start their journey towards financial independence.
Although conventional gifts can make your brother happy for a few days, the following gifts will ensure his financial wellness in the long run:
The first step should be to start from the very basics by opening a savings or fixed deposit account for him. With a dedicated bank account in his name, your sibling will be subconsciously motivated to save more money instead of spending it mindlessly.
With a bank account, he will have a place to save his surplus money and earn interest. In time, he will be disciplined enough to save money alone. This will greatly help him in the later stages of his life.
You must ensure you do not jump the gun while selecting a bank. Compare and judge various choices based on customer service, app interface, minimum balance requirements, and quarterly interest rates.
If your sibling is disciplined enough to save a chunk of money every month, consider starting an SIP for him. A SIP, or Systematic Investment Plan, is an investing method where a fixed amount of money is invested in a financial instrument monthly.
Unlike standard FD returns, mutual funds can provide an average yearly return of 12% on the invested sum. If your sibling starts a SIP of just Rs. 5000 every month, then in 20 years, his invested sum of 12 Lakhs will turn into a mammoth total of 50 Lakhs.
By introducing SIP as a Bhai Dooj gift for brothers, you are opening up a whole new world of investment to him. Help him select the right mutual fund and urge him to be patient in the long run.
Health is wealth, yet many people do not seem to understand that. While many are somewhat interested in the financial markets and investments, no one bats an eye toward health insurance. As a responsible sibling, you must not make the same mistake as others.
We know that health emergencies can lead to significant financial strain. However, you can ensure your brother's economic well-being with robust health insurance. These policies will deal with the ripples caused by unexpected medical expenses, providing peace of mind for your sibling.
If your sibling has an appetite for risk and a long-term horizon, consider bestowing a few equity shares as a Bhai Dooj gift for brother. Doing so will introduce him to the world of equity investments.
Equity shares and financial markets are known to be great assets for investments, but they are equally risky and hard to master. Usually, an average person can take up to a year to understand the nuances of the stock market and maybe decades to be well-versed in its working.
By starting early, you will be giving him time to learn more about the markets and make better investment decisions when he reaches the later stages of his adulthood.
Credit cards are yet another great Bhai Dooj gift idea for brothers. In today's day and age, credit cards are emerging as one of the most popular payment methods. With the help of this tool, your sibling can access cashback, rewards, discounts, and other benefits.
But that is not all. By luring him in with the surface-level benefits of a credit card, you will be educating your brother about financial discipline, money management, credit scores, and interest rates.
Additionally, by letting him build his credit score at an early age, you will help him make his credit score. A few years later, this credit score will be a blessing when he tries to acquire loans and other financial services.
Opening an FD account, starting a SIP, or even gifting equity will not amount to anything if it's not backed by proper knowledge. Managing your finances is a vast subject marked by a long and comprehensive learning curve.
Being a responsible sibling, you must impart proper education about managing finances to your brother. You can do so by sharing some of the best finance-related books with him. These books, filled with a goldmine of knowledge, will help him understand the intricacies of money management.
If studying is not his forte, you can also consider subscribing to audiobooks or online courses specialising in imparting valuable financing knowledge.
Bhai Dooj is a celebration of love, trust, and the sacred bond of kinship. Although standard gifts have their charm, gifting financial wellness ensures long-term benefits and sets your sibling on a path of prosperity.
As we already discussed, a credit card can be one of the best Bhai Dooj gifts for your brother. It serves the purpose of teaching financial discipline while offering numerous benefits. At Tata Capital, you get access to two sensational credit cards.
Offering multiple rewards, lounge access, fuel surcharge waivers, and welcome gifts, the Tata Card and Tata Card Select are among the most attractive credit cards in the market. Apply for one today!
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