Money-Related Gifts for Graduates

Well, it's that time of year when young people all across the U.S. start to graduate. For those graduating high school, they will soon be learning more at college or, like college graduates, will be entering the workforce. It's a time of major change in their lives and a big move towards growing up.

If these young adults are anything like I was at that age, they know relatively little about handling money -- not a good position for someone now out on their own. That's why I want to suggest two ways you can use graduation to help them get a bit of financial knowledge.

First, have them read Graduate’s Guide to Finances to get some basic direction on the financial issues they will face.

Second, give them a graduation present that helps them learn about money. Here are a few I can recommend:

• The Richest Man in Babylon - A cheap gift ($7 or so) that's easy to read (won't stress them out as a bigger book might). To get a preview of what the book is about, check out The Richest Man in Babylon: Seven Cures for a Lean Purse.

• Career Intensity - Your graduate might not know it yet, but his/her career is their most valuable financial asset and managing it correctly can earn them millions of dollars in extra income throughout their lifetime. This book is an excellent guide at managing your career correctly and one that I gave a rating of 8 stars.

• You Need A Budget - For the graduate who wants a simple and easy way to track his spending, this is a GREAT alternative to products like Quicken and Microsoft Money.

• Emigrant Direct - For those of you who want to give a more substantial gift, there's nothing like cash! Opening up an Emigrant Direct account for them is a great way to both give a present and give them a place to stash their emergency funds. You might also want to point them to Get an Emergency Fund Now! so they'll know what an emergency fund is.

• Money Magazine - In my opinion, the best personal finance magazine by far. It won't be over their heads, but will offer practical tips on all sorts of money-management issues.

Then again, if you're the frugal kind like me, maybe you just want to send them an e-card with a link to Free Money Finance. ;-)