Your money matters, and no one knows that more than young parents.
Millions of families are signing up for the new ‘Trump Accounts’ for kids.
Starting on July 4, the children will get $1,000 put into an account from the federal government. The program covers babies born between 2025 and 2028.
Families can contribute up to $5,000 a year into the account, and kids can’t touch the money until they turn 18.
“Once the beneficiary of that account, the child turns 18, they can use it for college,” Max Gifford with Gifford Financial said. “They can use it for housing. They can use it to start a business. It can be beneficial. It’s just another tool for savings. When there’s free money out there, it spikes interest.”
A growing number of companies, including Wells Fargo, have pledged to match the government’s initial $1,000 deposit for the children of their employees.