LAS VEGAS (KLAS) — During this mad dash for buying the perfect gift for that loved one this holiday, ask yourself this question: Are you buying a gift for someone that reflects your core values?
“I always say you can pass on your valuables to the next generation, but you should also pass on your values,” said Shari Grego Reiches, founder of Rappoport Reiches Capital Management.
Grego Reiches says in order to maximize your return on life, spend your time and money on what you value most.
“I kind of think of you having your list of core values is kind of your guide for life,” she says. “Your guide for your time and money, and then you can make decisions based on your values, as opposed to just decisions in a vacuum.”
Gift-giving doesn’t have to be tangible. You can pass on your values through a gift like a donation to charity, time together to share an experience, enjoying something cultural together like the opera or ballet.
Even a sentimental gift like a photo album with stories is very touching.
Make sure you’ve got the basics covered, as well, when it comes to budgeting for the holiday.
Make a list of everyone you want to give a gift to,” Grego Reiches said. “Put a dollar amount and try to stick to it.”
“And then the step that doesn’t get taken often enough is once you buy the gift, start tracking. Let’s say you had $50 budgeted, and then you found something for $60. That means you’ll have to reduce for another family member,” she said.
If you are thinking about gifting bonds, you might as well give cash, she said.
And stocks are nice for the sentimental reason — like a minor savings that grandkids can use later on in life as a down payment for a first car or something they need.
As for cryptocurrency, Grego Reiches warns that it’s still a bit volatile. It could be a gift that keeps on giving, or not … be wary of that.