Father’s Day 2022: There is a verse in the Padma Purana: Father is righteousness, father is heaven, father is the supreme austerity. When one obtains the pleasure of his father all the gods are pleased It means,”Father is religion, Father is heaven and Father is the best austerity. When the Father is pleased, all the gods are pleased.” Dedicated to the same father, Father’s Day is celebrated on the third Sunday of June every year.
This year Father’s Day is falling on June 19. On this day many people give new gifts to their father and wish him a happy Father’s Day. Usually people gift shirt, pen, diary or things related to him or his work to the father.
Whether a gift is of one paise or one lakh, its importance is manifold of its value. That’s why we would advise you to give such a gift to your father this Father’s Day, which can be of great use in his coming time.
In such a situation, only a financial gift will prove to be a special gift for your father. In this, you can make your father’s day special by providing health insurance, investing in mutual funds on your behalf and providing the services of a financial advisor. This will give them not only financial but also mental relief.
The financial plan here is not about which stocks to buy and sell. A financial advisor can help with achieving a budget. Life & Health can suggest the right insurance.
Understand that with the changing phases of life, investment objectives and strategies also need to change. A financial planner or advisor can help you with this.
Personal finance books
Books have been considered the best gift since ancient times. Consider subscribing to books or blogs on personal finance for your dad this Father’s Day. This will increase their financial understanding. It will be easier for them to invest.
There are many websites these days that enhance one’s financial knowledge and keep an eye on emerging investment trends. They also help in understanding the pros and cons of investing.
Safe gift of health insurance
Look for an individual health plan or better buy a family health plan, which can cover your parents as well. If your father already has a health insurance plan, buying a top-up plan can be a good idea. Considering the rising medical expenses, it would be fair to say that the money you get from medical cover is not enough.
Give them the gift of investment
You can also start a Systematic Investment Plan (SIP) for them through mutual funds. If your dad doesn’t have an active SIP, it’s never too late to start one. You have to deposit Rs 500 every month on their behalf.
You can also gift them some equity shares. If your father does not have a broking account through which he can buy and sell shares, then open an account for him. You can buy shares in well-known companies or blue-chip stocks for them.
Or if they have a small overall portfolio and cannot tolerate high volatility, you can also start a fixed deposit in their name or a savings scheme for senior citizens.