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Hello Fatwallet!

I have a 20-something brother-in-law finally graduating from college with a degree in business and would like to get him some sort of gift to make his transition to the real world a bit smoother. Straight cash is not in the mix as with most 20 somethings, he is not too good with money (yet). My first thought was something like a Sharebuilder Starter Kit with some extra $100 sharebuilder gift cards to start him in the right direction.

Any creative ideas within a budget of say, $500.00, please share!

BTW.....wife won't spring for H&B (my first choice).

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A night out with buddies in Vegas (H&B included)

willworkfordeals (Apr. 10, 2012 @ 10:48a) |

Has he worked? If so start a Vanguard or Fidelity Roth. If you save 5k x 5 years starting at 20 you could have close t... (more)

DamnoIT (Apr. 10, 2012 @ 10:52a) |

Suits for interviews is good
A copy of Quicken to start tracking fiscal spending is usefull
Honestly sitting down and help... (more)

lindylady (Apr. 10, 2012 @ 11:05a) |

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iPad.

Ferrari

Business suits for interviews

Cash is ok


I got nothing for college except student debt.

However, I got cash for graduating 8th grade from people. Nothing for High School. IMHO, people should only have graduation parties for after college or high school or military service. (Whatever will be the highest level of education) It's the time period before your first real job. I could have used cash right afterwards to buy suits, nicer clothes, and money for looking for a job.

+1 for suit and shoes

a nice razor and a $50 haircut.

Mostmuscle said:   I have a 20-something brother-in-law finally graduating from college with a degree in business ... Straight cash is not in the mix as with most 20 somethings, he is not too good with money (yet).

Yet another new business grad that's "not too good with money".

<sigh>

turtlebug said:   Business suits for interviews

... and a pair of shoes that don't look like they came straight out of Pulp Fiction.

FWF login ID

Initial deposit into his brand new Roth IRA, with the explanation of the insane amount of money he needs to accumulate to retire. My sister had the retirement talk with me when I was 21, and it is a big reason I've grown to spend so much time on FWF.

2nd the quality tailored suit idea. Will run you < 1k and will last him prob 10+ years.

BarryAndLevon said:   FWF alt ID

Fixed your typo

Location of the next used Crown Vic auction.

bigcat007 said:   Location of the next used Crown Vic auction.


No. That is the gift idea that Delzy has been using for his relatives for years....

one of those basic personal financial books approved by the collective wisdom of FWF.

no use of giving him a sharebuilder starter kit if he is not interested in invest and doesn't want to learn.

+1 for a nice suit for $500

you can get those at thrift store. you will be surprised at the quality. This billionaire shops at thrift store http://www.businessweek.com/articles/2012-03-14/versailles-the-would-be-biggest-house-in-america and he's building the biggest house in America.

turtlebug said:   Business suits for interviews

1. Buy him a good financial book
2. Open an IRA for him or you can agree to match his first $500 deposit with a $500 deposit of your own (Vanguard Target Retirement funds need minimum $1000 investment)
3. Point him to Fatwallet

Sharebuilder trades are kind of expensive in my opinion (of course there are always tons of coupons floating around). He should probably start his retirement (tax advantaged accounts) first before looking into a taxable account.

He doesn't need a $500 suit. Most successful businessmen do not own >$500 suits. Imagine the look on an interviewer's face if your brother-in-law shows up in a suit costing much more than the interviewers. He can get his own expensive suit when he gets successful. Don't dress in anticipation of being successful.

yOyOYoo said:   1. Buy him a good financial book
2. Open an IRA for him or you can agree to match his first $500 deposit with a $500 deposit of your own (Vanguard Target Retirement funds need minimum $1000 investment)
3. Point him to Fatwallet

Sharebuilder trades are kind of expensive in my opinion (of course there are always tons of coupons floating around). He should probably start his retirement (tax advantaged accounts) first before looking into a taxable account.

He doesn't need a $500 suit. Most successful businessmen do not own >$500 suits. Imagine the look on an interviewer's face if your brother-in-law shows up in a suit costing much more than the interviewers. He can get his own expensive suit when he gets successful. Don't dress in anticipation of being successful.


Dress for the job you want.

GreyRabbit said:   yOyOYoo said:   1. Buy him a good financial book
2. Open an IRA for him or you can agree to match his first $500 deposit with a $500 deposit of your own (Vanguard Target Retirement funds need minimum $1000 investment)
3. Point him to Fatwallet

Sharebuilder trades are kind of expensive in my opinion (of course there are always tons of coupons floating around). He should probably start his retirement (tax advantaged accounts) first before looking into a taxable account.

He doesn't need a $500 suit. Most successful businessmen do not own >$500 suits. Imagine the look on an interviewer's face if your brother-in-law shows up in a suit costing much more than the interviewers. He can get his own expensive suit when he gets successful. Don't dress in anticipation of being successful.


Dress for the job you want.


So, deep down inside, strippers really want to be cops, nurses, and firefighters?

yOyOYoo said:   
He doesn't need a $500 suit. Most successful businessmen do not own >$500 suits.


Wat... 95% of people holding a better job than me wouldn't be caught dead in a suit less than a grand or so. The material and tailoring is noticeable to anyone who would actually care.

Joe shmoe's like you who can't tell the difference arent typically the audience they need to impress.

One nice 1k suit gives much more value than 2 or 3 poor fitting, poor material suits.

jd2010 said:   One nice 1k suit gives much more value than 2 or 3 poor fitting, poor material suits.

Plus, good suits feel great to wear. People that bitch and moan about suits being uncomfortable are wearing crappy suits. I pretty much never wear a suit, but when I do it feels great.

Use your airline miles to buy a sub to the WSJ. Tell him you've done your part ... but he has to read it. If in 10 years he's still shackin up & eating pizza w/ his old frat buddy and there's an empty keg on the back porch of his apartment, at least you'll know you did your part.

yOyOYoo said:   1. Buy him a good financial book

Any proven suggestions for how to get people to READ the financial book?

I once bought my teenage nephew "The Richest Man in Babylon" and opened a ShareBuilder account for him with $100 in it. 3 years later, he's never logged into the account (even to drain it) and the book is collecting dust. The little B'tard didn't even pretend to be grateful.

As they say, you can lead a horse to water, but you can't make him drink.

Bagofchips said:   Use your airline miles to buy a sub to the WSJ. Tell him you've done your part ... but he has to read it. If in 10 years he's still shackin up & eating pizza w/ his old frat buddy and there's an empty keg on the back porch of his apartment, at least you'll know you did your part.

The FW way would be to get him a WSJ subscription...for free from Rewardsgold .

beanie4me said:   Any proven suggestions for how to get people to READ the financial book?

Tell him you've found out you have 6 months to live and he will need to figure out his own way in life.

Alternatively ...
- that you've lost your job and the family is in danger of losing the house unless everybody starts chipping in

So long as he feels there will always be enough money from other sources, why motivation does he have to start?

Kids don't want to earn money. They want to *have* money. If the only way to have money is to earn it, it's amazing what can follow.

Sorry if this sounds too harsh.

BEEFjerKAY said:   beanie4me said:   Any proven suggestions for how to get people to READ the financial book?

Tell him you've found out you have 6 months to live and he will need to figure out his own way in life.

Alternatively ...
- that you've lost your job and the family is in danger of losing the house unless everybody starts chipping in

So long as he feels there will always be enough money from other sources, why motivation does he have to start?

Kids don't want to earn money. They want to *have* money. If the only way to have money is to earn it, it's amazing what can follow.

Sorry if this sounds too harsh.



Very accurate. Thanks!

$500 gift to a grown man?

diamente said:   you can get those at thrift store. you will be surprised at the quality. This billionaire shops at thrift store http://www.businessweek.com/articles/2012-03-14/versailles-the-would-be-biggest-house-in-america and he's building the biggest house in America.

turtlebug said:   Business suits for interviews


Not a great example since that guy's company and house was foreclosed by his lienholders.

A night out with buddies in Vegas (H&B included)

Has he worked? If so start a Vanguard or Fidelity Roth. If you save 5k x 5 years starting at 20 you could have close to a half million at 65 if played right.

Suits for interviews is good
A copy of Quicken to start tracking fiscal spending is usefull
Honestly sitting down and helping him learn to budget is a great gift but may not be well recieved.
A basic cookbook- The ability to cook for oneself and thus not eat out so much is a very useful thing that many 20 somethings do not know and saves tons of money



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