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This year, Father’s Day falls on June 21st, which means you have only a little bit of time to find dad a gift he will love. :: cue panic::
No worries, we’re here to help!
(As an aside, you might be surprised to learn that Father’s Day wasn’t even an official holiday until 1972. The concept can be dated back to around 1910 when the people of Spokane Washington wore roses to church in honor of their Fathers.
With Mother’s Day having just been made an official holiday, the group from Spokane tried to have the same done with Father’s Day, but without any success.
The idea of recognizing Fathers was laughable to many and although Presidents like Woodrow Wilson and Calvin Coolidge attempted to recognize the day, Congress would have none of it.
It wasn’t until 1966, when then-President Lyndon B. Johnson officially recognized Father’s Day, that people thought of it as a holiday. Six years later, Father’s Day was added to the calendar, falling on the third Sunday in June.)
This Father’s Day, make sure you let dad know how much you love him by getting him something great.
1. Personal Finance Books
Books are an easy, but thoughtful, gift to give to anyone. They prove to be a valuable tool and a guide for people at any point in their financial journey.
Here’s a list of some of my favorites:
- The Intelligent Investor: This book was first published in 1949 but continues to hold so much relevance in markets today that even renowned billionaire Warren Buffet endorses it. It’s an excellent book on how to build the perfect investment portfolio and things to watch out for.
- Secrets of the Millionaire Mind: The motto of the book is that if you’re poor, it’s because you think like a poor person and if you’re rich, it’s because you think rich. The book says that poor parents pass down their limited views to their children, restraining them in the cycle of poverty.
- The Richest Man in Babylon: Though the book was published in 1926 initially, it remains a timeless masterpiece of parables. The essence of the book boils down to rich people being rich because they save their money and don’t spend it on unnecessary stuff and don’t get in debt.
- Your Money or Your Life: This book transforms people’s perception of money though explaining the relationship they have with it. Money is something you trade your energy to earn through work. However, to live a healthy and happy life, you must detach yourself from money and get better at managing it instead of having to put in longer hours.
2. Stock Market gifts for dad
Stocks are undoubtedly one of the best gifts to give to dads. They not only provide a steady stream of income in dividends or capital appreciation, but they can also be a source of pride as having part ownership in your dad’s favorite company.
If you’re confused about which stocks to invest in as a gift, some of the best ones to start with would be blue-chip stocks. Blue-chip stocks are those companies established for some time and hold a sizeable market share in their respective industries.
Many also dish out regular dividends, so you need not be worried about selling shares to make money. For example, here are a few of my favorite blue-chip stocks:
- Johnson & Johnson
- Bank of America
A decision to invest in blue-chip stocks is just a suggestion, as they dish out dividends more regularly than the rest. But not all blue-chip companies dish out dividends, for instance, Microsoft.
The stock you want to buy as a present for your dad depends on the scenario. If you’re looking to gift him a stock that gains value over time and you’re not concerned with regular dividends, then you’d be better off investing in a company that is small at the moment but has enormous growth potential.
Related: Best Online Discount Brokers
- Ally Invest: Best for new investors and those looking for a very easy website to navigate.
- TD Ameritrade: Ideal for more experienced traders looking for a rich set of tools and resources.
- E*TRADE: Offers trading platforms and tools for any investment style.
- You Invest by J.P. Morgan: Best for free trades and cash bonuses.
3. A Paid Session with a Financial Advisor
A financial advisor can be of use to anyone at any point in their financial journey. They can open new paths and add a fresh perspective to any finance-related question your dad might have.
If your dad is planning something that affects the financial health of the family, like setting up a business or going on an expensive trip to Europe, the advisor can offer some great insight on how to make it happen.
Just know that there are ongoing costs with financial advisors, so you might be stuck paying for multiple sessions (if they’re fee-based) or other hidden costs.
4. Financial Software for Tax Season
Sure it’s past April 15th, but this year tax season extends till July 15th. This means it’s time to start prepping! For dads who’ve already filed their 2019 taxes, it’s time to get started collecting info for 2021.
Tax software can be helpful to start tracking your expenses now, so you’re not scrambling at tax time.
You can also buy dad a gift card for an online tax prep service so he can use it when it comes time to file taxes.
5. Credit Monitoring Software
Gifting your dad a credit monitoring program might not be the ideal gift, but it’s an efficient one as it acts as a financial shield. Hacking and identity theft have been on the rise, and people do not realize the importance of a credit monitoring program until it’s too late.
That is precisely why a credit monitoring program is a very thoughtful and practical gift. However, remember this gift does require some personal information you’ll need to get from your dad.
6. Gifting Shares in a Mutual Fund
One of our top picks for a financial gift, this one can be gifted to any dad, whether they are well-versed in finance or not.
An investment in a mutual fund is still considered one of the best investment strategies for ordinary folks looking to make a return on their money.
One of the best advantages of investing in a mutual fund is a diversified asset class where your money goes into a large pool of investable assets, from stocks and bonds to even commodities and EFTs.
Most mutual funds are relatively liquid, and there is not much of a difference in the purchase price and sale price. However, do look out for any fees imposed on early withdrawals.
7. Exchange Traded Funds (ETFs)
Has your dad ever wanted to invest in gold, silver or anything that the stock market doesn’t offer as a direct commodity? Then, an ETF is the perfect way to go as it’s essentially a basket of assets that track an index.
Related: E*TRADE gifts you money depending on the amount you deposit into your trading account.
ETFs trade like stocks and have the same liquidity. They make the perfect financial gift for a dad as they can be exciting and give high returns. If you’re confused about how to purchase the gift, you can do so through SparkGift which lets you invest and gift one for as little as $20.
One of the most risk-free investments out there, bonds are an ideal financial gift for dads who are passive investors.
Bonds come in different timelines. There are one-year bonds, 5-year bonds and even 30-year bonds with all the in-betweens. They all offer a different interest rate depending on the timeframe of the bond.
You can purchase one for your dad through a TreasuryDirect account (for U.S. government bonds only), and the recipient can receive it in their account.
Bonds are one of the most risk-free investments out there that provide a stable fixed income in the form of interest rates annually or semi-annually. The type of bond you want to gift to your dad depends on the situation.
If your dad is retired, you’d prefer bonds with 5-year lengths so he may receive the principal amount within five years. If your dad is far from the age of retiring you’d prefer a bond 15 or even 20 years in length. Bonds with a higher timeline offer greater interest rates as they carry slightly more risk.
9. Budgeting Program
A budgeting program that manages all your budgets, retirement plan, spending habits, net worth, and much more is an ideal gift for dads on Father’s Day.
Dads might not be aware of some extra fat hampering their finances and hindering their financial goals. Sometimes, it doesn’t feel rewarding enough to hold back at a supermarket or when shopping for Christmas.
However, budgeting software can show your dad the benefits of being a disciplined spender and help them achieve a financial goal such as paying off a loan or going on a cruise. My favorites include Empower and Pocketsmith.
(Personal Capital is now Empower)
10. A Good Old-Fashioned Savings Fund
Instead of choosing a fancy gift, you could set up a savings fund for your dad where you can either deposit a lump sum amount of money or pay in installments till he retires.
Even if you give a small amount, it will open a new account and potentially kick-start your dad to start saving more money.
One of our favorite savings accounts right now is the Money Market Account from CIT Bank. Throw $100 in there to start, and watch it grow.
11. Get Dad a CD
A CD is like a federally-insured savings account. You stick money into a CD for a predetermined period of time, and you are guaranteed a predetermined return on that investment. The reason I like CDs as gifts is there is little temptation to take the money out and use it for something else, since there’s usually a penalty associated with it.
So, you can put $1,000 in a CD for dad (pool money from relatives if it’s easier) and choose a term that makes sense–such as two or four years. While that money is sitting there, your dad will probably forget about it, but he’ll get a nice little bonus once it matures. It’s not the flashiest gift, but it might be the most sensible.
12. Micro Investing App
Now that his finances are starting to become automated, you’ll want to get dad set up with a micro-investing app. A micro-investing app works the same way that I described Astra, only that money is invested.
My preferred micro investing app is Acorns right now. I don’t really care for their pricing structure, but the standard, $3 per month account should suit your dad just fine. All he has to do is link his checking account to Acorns, and spare change will be moved from his account into Acorns and invested.
So for example, if your dad spends $4.50 on a coffee, that amount will be rounded up to $5.00 and the difference will be moved to Acorns and invested. It’s not HUGE sums of money, but it definitely helps over the long haul. Read the full Acorns review.
13. Buy Dad a Masterpiece
One of the more unique investments now is fine art. You can invest in fine art through Masterworks with a minimum investment of $1,000–and you don’t have to invest it in a single piece of art. You can spread it out across a multitude of investments.
Basically, Masterworks buys art using algorithms, records the purchases with the SEC, then issues shares on each of the art investments, which you can then buy and enjoy in the long-term appreciation of the piece.
If your dad is an art-lover, this might be an amazing gift. You can either pool money from others to get him the $1,000 minimum, or if you’re feeling extra-generous, do it yourself. Either way, start him out with at least $1,000 and he can access his account and pick the art he wants to invest in–all in $20 increments. Read the full Masterworks’ review.
14. Get Dad Started in Real Estate Investing with Fundrise
Another awesome investment is in actual real estate projects. Fundrise is an online platform that lets you buy into commercial real estate through passive investing. It works like real estate crowdfunding, where projects get funded by investments from a huge pool of investors, and those investors get to enjoy the returns generated from those projects.
You can invest with a minimum of $500, but a $1,000 minimum gets you access to three different portfolios, giving you a broader selection of investments. If dad has always wanted to invest in real estate but doesn’t have the time, energy, or cash to buy actual properties to manage, this is a great option to get him started. Read the full Fundrise review.
This is a testimonial in partnership with Fundrise. We earn a commission from partner links on DoughRoller. All opinions are our own.
15. Automate Dad’s Finances
I have to be honest – I wrote this section as if we were living in a financial world without FinTech. So I scrapped it and I’m going to give you much more sound advice instead. No – you don’t have to worry about setting up accounts for your dad, or making sure his payments are on auto-pay, etc. That’s a hassle, and you’ll need access to all of his accounts.
Instead, I’m going to have you download two apps and add some money to one of them so he has a head start.
First, download Albert, which is hands down my favorite automated financial app. It does everything for you. Sign him up for Albert Genius, which gives him access to personalized financial advice through text whenever he wants it. You can pay as much as you want (starting at $4).
A budget will automatically be created for him once he connects his accounts. You can also sign him up for auto-savings, which will take out small chunks of money that won’t impact him and stick it in a savings account with Albert (more on this below, too). Heck, throw $10 in there to get him started.
Next, download Prism, which is a bill-paying app. It reminds you when bills are due so you never miss a single one, and it keeps everything in one, neat little space. I love this app and it saves you the hassle from having to get into his accounts, find his bills, and set them up on auto-pay.
Finally, download Astra, a micro-savings app. Astra allows you to set up rules for saving, so you can save small bits of money every so often. You can even use it as a sweep app–so spare change is moved out of your checking and into the Astra savings, which is all free.
16. Buy Dad a Domain for Blogging, New Business or Side Hustle – His Slice of Real Estate on the Web
Blogging has become a legitimate source of income for many people. For others, it’s a little slice of paradise where you can get your thoughts out and connect with other like-minded people. Either way, buying a domain name for your dad would be a unique, inexpensive, and awesome gift for Father’s Day.
Our founder, Rob Berger, outlined how to start a blog in a more in-depth article, so make sure to read that. But in short, I like to use Godaddy for domain names. They’re inexpensive, and it’s really easy to point those domains to a host down the road (your dad will have to get hosting to host his blog, which Rob explains in his article). But you’ll be giving him a jumpstart by buying the domain name for him.
As you can see, not all gifts have to be tangible. Think outside the box, and set your dad up with a little extra cash or financial knowledge. Let us know in the comments below which gift you end up choosing!