Most individuals can’t really get the ideal gift for siblings. Blame the age gap or geographic distance, disapproval of certain spending habits… we all can write a thesis on the topic. Here is a simple idea that may appeal to your sibling. Even if it doesn’t instantly, trust us, they will start appreciating it in some time. Unless they are rolling in money, nobody would mind their investments earning double-digit returns over a long period of time. Or small small additions to their contingency fund or foreign holidays.
Remember, it is about them. Let them have a final say. You just broach the topic. If they warm up to it, proceed further. If they send a message to back off, respect their privacy and stop talking about it. Here is how you can introduce the topic to them. You don’t have to follow it exactly- you can take cues from it.
If your siblings say something like ‘don’t ever try to buy something, give me the money.. I will buy something’ or you can’t get anything interesting…’ use such opportunities to introduce the basic idea. You can start by saying ‘I know I never get interesting gifts and if I give money, you may end up spending on something not important.’ If it’s a young sibling, you can be straightforward and say why don’t we start your mutual fund investments this Raksha Bandhan.
The basic idea is to use the money you may give your siblings to invest in mutual funds. Ask them what they would invest or save for. If it is a short term goal, you can choose a debt mutual fund scheme that matches the goal, horizon, and risk appetite. If it is a long term goal, you can invest in equity mutual funds that match your risk profile.
If you are looking for mutual funds to invest in, you can visit our ‘Best mutual funds to invest in 2023‘ section. You can help your siblings start a SIP or systematic investment plan in an equity mutual fund. Or you can make a one time investment. You can use the website of the mutual funds or any app to start investing immediately. Keep it simple and light. Remember, the first step is very difficult for most people. Keep it light. You should keep in mind that the most important thing is to start the process. Once they start seeing how the money grows, they will get hooked on it.
