When it comes to Bar and Bat Mitzvahs, one question that often comes up is what kind of gift to give. Should you opt for something tangible, like a new gadget or Judaica or stick with the go-to solution for many.... giving money?
Or should you consider a new option that for many has taken the place of giving money, the Bar and Bat Mitzvah Money Course, a program that teaches the fundamentals of money, how it works and most importantly how to responsibly manage all of the gift money these teens suddenly come into, so they save and grow it instead of squander it.
Let's take a look at the pros and cons of each option to help you decide which one is best for the special young adult in your life.
Giving Money
On the plus side, giving money as a bar or bat mitzvah gift is practical and allows teens to choose how they want to use it. Maybe they have been saving up for something specific, like a new bike or a video game console. Or maybe they just want to splurge on something they've been wanting. Either way, cash gives them the freedom to decide.
However, giving money can also have its drawbacks. For one thing, it might not feel as personal or meaningful as a thoughtful gift that shows you care and understand their interests or personality. And if the young person doesn't have a lot of experience with money management, they might not know how to make the most of their gift. They could end up blowing it all on something frivolous or not saving any of it for the future.
Giving a Gift that Teaches Financial Management
So, what about giving a gift that teaches financial foundations like the Bar and Bat Mitzvah Money Course that teaches often not taught but crucial real life skills instead of (or in addition to) money? This option has a number of benefits.
First and foremost, it's a gift that keeps on giving. By learning how to manage, save, and grow their
money, they will be setting themselves up for financial success in the long run. This is a gift that has the potential to help them for years to come.
Secondly, a gift that teaches financial management can be more impactful and memorable than just giving money. When the young person looks back on their Bar or Bat Mitzvah, they will likely remember and appreciate the gift that helped them learn valuable skills for the future more than a one-time cash gift.
Of course, there are also some potential drawbacks to giving a gift that teaches financial management. For one thing, it might not be as immediately satisfying as something tangible that the young person can use or enjoy right away. But in the long run learning to save and grow money has the potential to keep on giving back to them far into the future.
Bottom Line...what's the verdict?
While giving money as a bar or bat mitzvah gift has its perks, a gift that teaches financial management for both the giver and receiver is a more helpful and meaningful option in the long run. Learning about the foundations of how to manage money from a young age will not only make a lasting impact on the young person's financial future, but it will also show them you took the time to find something unique and that you care about their well-being and success.
We hope this comparison has helped you weigh the pros and cons of different Bar and Bat Mitzvah gift options and make a decision that is right for the special young adult in your life.
Watch a free excerpt from the Bar and Bat Mitzvah Investing Course to learn more.
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