Monetary gifts for new college grads

When I graduated from college more than 40 years ago, my parents gave me two gifts with monetary meanings: Money to upgrade my wardrobe with a suit, a navy blazer and a couple of banker’s ties; and contact information for where I was to send a monthly check to repay my student loan.

As a new wave of college students are set to graduate this spring — perhaps your child or grandchild — this is an opportune time to think about gifts that will start them down the right financial path.

The good news is that, with a little bit of creativity and not a lot of money, you can find graduation gifts that will impact their lives for years to come. Here are some ideas to get you started.

Financial advice

Book an appointment or two for your soon-to-be college grad with a financial planner. It could be the best $100 or so you’ve ever spent.

Not only can a planner help tackle immediate financial problems, such as repaying student loans, managing credit cards and creating a budget, but the advisor can also help set long-term objectives. Plus, if you’re uncomfortable talking about money to your kids, this gift gets you out of the loop.

There are fee-only planners who charge by the hour, commission-based planners who make money on the products they sell, and a hybrid group of commission and fee-based. For just starting out, my advice is to stick with a fee-only planner who typically charges by the hour. Some planners will also offer pro bono service for young adults just getting started.

To find a planner near you, check the Financial Planning Association (www. financialplanningassociation.org.) or the National Association of Personal Financial Advisors (www.napfa.org.) If there are none in your area, your local bank may be the best ticket for help.

Show me the money

Cash is always a good choice, especially for a cash-strapped college graduate. Give as much or as little money as you want. It depends on your relationship with the new grad and your personal budget.

Whatever the amount, you know it will be put to use quickly.

Books

When I was a cub reporter right out of college trying to learn about Wall Street, the first book I read that turned on a lightbulb was Burton Malkiel’s “A Random Walk Down Wall Street.”

The Princeton University emeritus economist has just published a 50th edition of his investing classic. He’s high on index funds, Roth IRA’s and zero-commission trading.

If your college grad loves reading, there are so many great titles to choose from about economics, business and investing.

Among the new and old titles to consider: “Nudge,” by Richard Thaler and Cass Sunstein; “Range: Why Generalists Triumph in a Specialized World,” by David Epstein; the Wall Street classic “Liar’s Poker,” by Michael Lewis; “Think Again: The Power of Knowing What You Don’t Know,” by Adam Grant; and for a budding entrepreneur, the bestseller “Steve Jobs,” by Walter Isaacson.

Networking

Pay the membership fee or dues for joining a breakfast club. If your child or grandchild lands a job in a different part of the country with no friends or sense of community, joining an organization could open some doors, both socially and for business.

And, for good measure, throw in a blazer and or dress outfit so your newly independent child can dress for success.