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The absolute best use is opening a Vanguard account, putting $75 in VOO, and forgetting you did it for about 20 or 30 years. Even better, put a $10 in there every month as well.
For a gift for myself when I'm not strapped for cash, I use gift cards and cash for something I would never buy myself. It just feels like it makes a bigger impact that way. I remember it.
If going the charity route, go to your nearest unhoused shelter and ask what they need. I volunteer at one that is hanging on by a thread (no real funding other than a small grant from the county, it's just volunteers). Sometimes donations aren't hitting everything we need and something has run out. Hot chocolate packets and cup of noodles are so valuable (easily transportable, usable, stable, and withstand outdoor weather) that we were giving out handfuls yesterday instead of our typical limit of 1 per person per day. It's wild how important those little things are.
To do the math;
$75 x 25 years at (a conservative) 5% = ~$253
@7% it’s over $400.
Probably not worth your time to wait 25 years for that.
However,
$10/mo at 7% is much more interesting: $8,200
And $10/week: $34,500
Over 25 years this isn’t huge, but it’s *something.”
I used a very conservative % because past gains do not guarantee future performance, and one should not put all their eggs on one basket…But VOO over 30 years averaged 10%, so $10/week with $75 start @ 10% for 25 years is just under $55,000. Double it to $20/wk and you've got $108,000.
IDK what’s in store for the world, but for now, people should invest early and regularly. If it all goes to shit even money under the mattress won’t help, so go for the % IMO.
Yea, it would be more about starting a habit that would result in future security. In a perfect world, it starts here with $75 and a tenner every month, then they start putting in $20, then they ramp it up as they're able.