Budgeting and Financial Planning

Financial Gifts to Kids

Rodney Brooks
January 11, 2022

Parents and grandparents once thought it was cute to gift a child a single share of Disney or a savings bond. It was practical, and besides introducing a new generation to stocks, the pictures on the stock certificate made it a good gift for children. Today, few people actually take ownership of stock certificates. Instead, stocks are generally held in brokerage accounts or in mutual funds. “It’s a digital world now,” says Greg Hammer, president of Hammer Financial Group in Schererville, Indiana. “You can’t even buy a physical savings bond anymore. There’s no more paper, no more certificates. When you buy a stock today it’s bought through a brokerage.

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Authored By Rodney A. Brooks

TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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