Gift Cards Can Be Used For Savings, Stock Market
BOSTON (CBS) - Gift cards are not just for the holidays. They are also a great go-to present for birthdays, graduations, almost any celebration.
"You have the flexibility to buy whatever you want," one woman told us. "I prefer it over a gift, probably something that I wouldn't necessarily want," a teenage girl added.
Bernadette Ryan Laduke gives her kids gift cards, but they're not for spending, at least not right away.
WBZ-TV's Paula Ebben reports.
"It's an opportunity to invest in their future," she said.
Bernadette gives Goalmine cards, which can be used to start a savings plan, or even invest in the stock market.
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Co-founder Rimmy Malhotra says Goalmine cards are a great way to teach your children about investing and setting goals.
Financial expert Lorne Abramson agrees.
"I think the whole idea of getting an early start on saving and investing is very, very worthwhile," he said. Both warn that there is some risk involved.
"Before putting any money to work, no matter how small, I think it's really important to understand the details and read the fine print," Abramson said. "There is definitely risk in anything that goes into the stock market," he said. If you are not willing to take that risk, Goalmine also offers a safer, savings account option as an alternative.
You can also use sites like Twitter and Facebook to encourage family and friends to contribute to your Goalmine account for birthdays and Christmas.
