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Gifting Wealth: How to Gift Mutual Fund Investments This Diwali

Sharing gifts at festivals such as Diwali and Dhanteras is an age-old tradition. While people prefer giving dry fruits, chocolates, sweets, clothes, and gadgets, one can try to be different this Diwali by giving financial gifts that will secure the future of loved ones.

The Gift of Knowledge: Unwrapping the Power of Finance

When we think about gifts, we often imagine elders giving money to children or tangible objects wrapped in colourful paper and tied with ribbons. However, the true essence of gifting lies beyond material possessions; they are about sharing knowledge and experiences. While these gifts may bring momentary joy, the gift of introducing your loved ones to the world of finance, saving, and spendvesting holds power to transform their lives.

How multipl Can Be a Meaningful Gift This Diwali?

Today, financial literacy is not just a luxury; it’s a necessity. Empowering your loved ones with financial knowledge is like gifting them a tool to understand how to manage their finances wisely, so they can make smart money choices and secure their future. And multipl serves as that invaluable tool. By seamlessly aligning investments with specific financial goals, multipl empowers individuals to make wise financial decisions.

How multipl Helps You Make Smart Money Choices

Because of its user-friendly interface and goal-based approach, multipl is an ideal tool for individuals of all financial backgrounds. Whether you’re a seasoned investor or a novice just starting out, multipl simplifies the investment process and helps you reach your financial goals.

1. Goal-Based Savings: multipl helps you to create both short-term and long-term savings goals like Gadget Goal, Vacation Goal, Child’s Education Goal, Retirement Savings Goal, Down Payment Savings Goal, etc. These goals give a clear vision of what you’re saving for and help you stay motivated. 

2. Personalised Investment Portfolio: Based on your time duration and risk profile, multipl allocates appropriate mutual funds to your investment portfolio. Thus, your investments align with your goals with maximum safety and liquidity. 

3. Automated Contributions: Using multipl, you can set up auto-investments from your salary account to your savings goal. In this way, you consistently contribute, even if it’s a small amount. Over time, these contributions add up significantly because of the power of compounding.

4. Brand Contributions: multipl partners with brands to help you in your savings journey. This innovative approach helps you to reach your goals with less investment. 

5. Transparency and Control: multipl offers transparency and control over your investments. You can track your progress, stay informed about your portfolio’s performance, and withdraw your investments anytime with returns. Also, Multipl does not charge any hidden fees for creating or redeeming goals.

Nurturing Financial Responsibility in Your Child

Introducing kids to financial discipline is an important aspect of their overall education and personal development. Teaching them how to manage money responsibly from a young age can set them on the path to financial independence and success. Here are some practical ways for elders to introduce their kids to financial discipline:

1. Lead by Example

Children usually learn by observing their parents or guardians. Elders can set a positive example by demonstrating responsible financial behaviour. Show them how you budget, save, and invest, and explain the importance of these practices. Your own financial discipline can leave a lasting impression on them.

2. Open Communication

Encourage open discussions about money. Answer their questions and address their concerns. Discuss financial topics in a way that is relatable to their age and comprehension level. Create a safe space for them to ask about money matters.

3. Savings Goals

Help children set savings goals for items they want to buy, such as toys, gadgets, etc. Encourage them to save a portion of the money they receive as gifts. This instills the value of delayed gratification and encourages a savings habit.

4. Teach Wise Spending

Teach children to be mindful of their spending. Discuss needs versus wants and help them differentiate between essential purchases and discretionary spending. 

5. Involvement in Family Finances

As children grow older, involve them in discussions about family finances. Share information about household expenses, bills, and how the family budget is managed. This can give them a better understanding of real-world financial responsibilities.

6. Investing Basics

When children are old enough to grasp the concept, introduce them to the basics of investing. Explain how investments can grow over time (compounding) and provide financial security. Show them how you manage your own investments or consider opening a demo investment account for them.

Final Words

Diwali is the time to strengthen family bonds. However, in the modern era, gifting financial tools like multipl instead of cash is a thoughtful way to ensure your loved ones have a secure financial future. This practice promotes a culture of financial responsibility, helping younger family members embark on a path of financial well-being and independence. So, this Diwali, consider gifting the power of mutual fund investments through multipl.

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