8 Gift Ideas to Boost Financial Literacy and Wealth

In a world where financial literacy is paramount, gifting the keys and knowledge of wealth-building and long-lasting prosperity is a great way to celebrate any special occasion. From books to cash to investment accounts, these recommendations inspire the next generation of financially savvy individuals, instill the importance of smart investing, and set the stage for a wealthier tomorrow.

Here are the recommendations experts across fields and industries told Word In Black they would give to loved ones.

Roth IRA

Recommended by Greg Corneille, Certified Financial Planner and founder of Choice Wealth Management

“Giving a gift to a minor to fund a Roth IRA is a great way to not only help them get a great start on retirement savings but also to learn about retirement accounts and investing concepts at an early age. The minor must have earned income, but if they do not have the money saved to contribute, a relative could certainly gift them the funds to do so.”

“The Total Money Makeover” by Dave Ramsey

Recommended by Avana Epperson-Temple, attorney and president-elect of the Massachusetts Black Lawyers Association

“The American Bar Association issued its 2021 Student Loan Debt Survey, which found that 65% of the participants reported suffering from ‘overwhelming stress because of mounting debt.’ Many lawyers graduate law school with hundreds of thousands of dollars in student loan debt and end up postponing major life milestones.

Dave Ramsey’s book, “The Total Money Makeover”, contains a solid method for paying off debt and achieving financial freedom. My husband and I utilized Ramsey’s approach to pay off over $300,000 of student loan debt.”

The Black Wealth Bootcamp

Recommended by Samantha Odo, real estate sales representative and Montreal division manager at Precondo

“A gift I would recommend is a subscription to a financial literacy course, ‘The Black Wealth Bootcamp’ by Dr. Boyce Watkins. This provides a comprehensive overview of personal finance and wealth-building strategies, which is why it’s perfect for anyone who wants to take their financial literacy to the next level.”

“Mommy, Can You Teach Me About Money” by Annette Harris

Recommended by Annette Harris, author and financial coach of Harris Financial Coaching

“Mommy, Can You Teach Me About Money” tells the story of a black mother and her daughter as they learn about the importance of money management together. The book teaches children the fundamentals of budgeting, earning, and spending money through relatable examples and engaging storytelling.

It’s an excellent resource for parents who want to empower their kids to take control of their financial futures. It’s also a perfect gift for any young learner.

I’m thrilled because it’s my first book release in my series of money books about my daughter Destiny’s journey learning about money.”

529 Plans and Other Investment Accounts

Recommended by Loretta Kilday, senior attorney at Debt Consolidation Care

“Contributing to a 529 plan can also be a smart way to save for a child’s college. For adults, investing in stocks or putting money into a savings account can pay off in the long run.

Financial education materials, such as books or classes on how to handle money, are also great options. These gifts are useful right away, and they give the recipients tools that will help them make money in the future.”

“The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness” by Morgan Housel

Recommended by Daryl Holman, founder of Revival Inc.

“My favorite book on financial expertise is ‘The Psychology of Money’. I don’t think there’s a personal finance book that is more honest and realistic about its approach to getting people to understand the dynamics that go into smart financial moves. And how you can trick yourself into patterns that create life-changing results for you and your family.”

Personal Finance Courses

Recommended by Collen Clark, lawyer and founder of Schmidt and Clark LLP

“Reading or taking a course can help one improve their knowledge and skills in areas such as budgeting, saving, investing, debt management, and estate planning. I recommend The Purpose of Money by Acquania Escarne, Building Bread by Kevin Matthews II and The Wealth Choice by Dennis Kimbro as books and courses.

Personal Finance Podcasts