what would you do? (giving cash as gift)
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| Thu, 03-09-2006 - 12:39pm |
Hi all,
I have a (much younger) brother graduating from college in May.
I am giving him a cash gift and will have at least $350 to play with. I know he has some cc debt, but he also has a good pt job. Over the years I have given him a few savings bonds and he has some from birth as well. I'm pretty sure this is his only form of savings. I was thinking I would use $250 to get him a $500 bond and give him $100 in cash. That way he will have something to add to savings, but also a little to blow or pay down debt. On the other hand, if I can manage to sock away $500 (just $150 more) I could give him a $1,000 bond--but no cash.
How would you divide it, working with a budget of at least $350 but no more than $500? Cash, check, bond or some combination thereof? I know that a few larger bonds would have come in handy when it was time to buy our house (we bought an $89k home 8 years ago w/ only $2k down, which we had to scrimp to put together; last year we paid off our 30 yr mortgage with DHs inheritance and are now sitting on $250k of assets . Pretty good return on the original small amount of cash we had to scrape together). So I think this small sum has the potential to do more for him as savings in the long run, than as cash in hand today. I was also thinking of throwing in a post-college book on finances :)
Thanks for your input,
BK


Hey BK - I'm a fan of some savings, some cash.
All my best,
Danni