Only the stupid do.
Are you going to open your child a Trump account?
- Thread starter Yellowsnow51
- Start date
PRETTY dumb?
Try PROFOUNDLY.
I was trying to be nice to the mentally challenged
Why? They are not going to get it anyway. BBs off a tank - things just don't go through.
I set up an account and secured the seed money for our eligible child, and that is probably all that will get invested. It doesn't make finacial sense to use it for the others or put more money into it.
Im sure that position is also tdsticle for some, but f@ck those gaslighting jabronis for being so loyal to a bad politician.
Im sure that position is also tdsticle for some, but f@ck those gaslighting jabronis for being so loyal to a bad politician.
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They should have made it tax deductible. I would 1000% contribute the max x2 kids to keep $3700 away from the greedy clutches of the IRS.
geez, you guys are a little sensitive tonight...
but, I'm sure you know that people who are on Obamacare actually call it Obamacare. I don't think they're referring to it perjoratively
Was listening to a financial guy a couple days ago and he was imploring people to not let politics dissuade them from what is obviously a good thing.
If you get a the $1,000 there's no reason not to do it, imo.
Or a decent strategy is to fund them with the intention of doing Roth conversions once your kid is no longer your dependent. It's a way to build up a tax deferred account for your kid when they're otherwise ineligible due to lack of earned income.
Or a decent strategy is to fund them with the intention of doing Roth conversions once your kid is no longer your dependent. It's a way to build up a tax deferred account for your kid when they're otherwise ineligible due to lack of earned income.
I'd be guarded putting any of my own money in this account. Trump's proven he can't be trusted. What happens if you dump $10k of your own money into one and the octogenarian throws a fit one night and says he's closing all the accounts down. No refunds?
It’s not your tax dollars I dont think. The money was donat d by Michael dell, micron and various others. Those are donations, not tax dollars. Correct me if I’m wrong pls.
It appears @hawkeyetraveler is correct. The first $1000 is funded by the US treasury (for children born in a 3 year window) and other surplus contributions are made by Dell and others.
Considering all the stupid things, our government spends money on, I think that this will be money well spent, and I’m in favor of the program. Good marks for Trump. I would much rather this money go towards investing accounts for our children than to USAID fraud and wastes
Considering all the stupid things, our government spends money on, I think that this will be money well spent, and I’m in favor of the program. Good marks for Trump. I would much rather this money go towards investing accounts for our children than to USAID fraud and wastes
Maybe I’m wrong, but the link below says it’s government funded. It explicitly says the government is providing it and some companies are matching for their employees.
So yeah it appears to be taxpayer funded, whether by income tax or by tariffs (also a tax). But this article could be wrong. Hard to know the truth is a post truth world.
It appears to be taxpayer funded
See aboveMaybe I’m wrong, but the link below says it’s government funded. It explicitly says the government is providing it and some companies are matching for their employees.
So yeah it appears to be taxpayer funded, whether by income tax or by tariffs (also a tax). But this article could be wrong. Hard to know the truth is a post truth world.
It appears to be taxpayer funded
I've made sure all of my clients are aware of it. IMO, if your child is eligible for the "free" $1000, you'd be a fool to not do the paperwork & get the money. Even without putting another dime in, when the kid turns 18 it'll be $5k or so (+/-, depending on rate of return). When the kid turns 18, you'll want to decide what to do with the $ based on whatever tax laws are in effect at that time. I'll be retired, so good luck.
Hell no. We started 529s and other investments when my kids were born. Will it be enough to pay for college? Maybe, but if not it's a pretty good head start. Like @Huey Grey 2 said, what if the fat F decides to just close all the accounts one night? I used to think the country wouldn't allow such a thing but it's the king of sleazy douchebags at the helm
I'm a CPA/Financial Advisor; did just traditional accounting work for most of my career (I'm 63), added financial advisory services to the mix 7 or 8 years ago when my partners retired & I had primary control of the firm. It's been a good living, I wish I could've convinced them to get into the financial services work 25 years ago, we'd all be quite wealthy.
so because i had my kids at the wrong time, I get no incentives? Ok im good no thanks. It's just a worse 529 apparently.
yep, agree, I wish the same. Financial services might become even more lucrative when the great wealth transfer picks up steam. Many, if not most, of the follow on generations have little idea of investing.
I've discovered life is significantly easier when you send your money out to work every day, while you stay home and lounge around the pool. But you need a good financial advisor to make that lifestyle work
Here's what ChatGPT says:
Given your son's situation, my answer is actually no—I wouldn't prioritize opening one for him.
Here's why.
He is 13, which means:
- He doesn't qualify for the $1,000 government seed contribution, because that's only for children born between 2025 and 2028.
- He can still have a Trump Account because he's under 18 with a valid Social Security number.
The Trump Account isn't a bad product, but for him I don't see a compelling advantage over what you're already doing. It has restrictions on investments and withdrawals that make it less flexible than a regular custodial brokerage account, and you don't get the biggest benefit—the $1,000 government contribution.
Given your son's situation, my answer is actually no—I wouldn't prioritize opening one for him.
Here's why.
He is 13, which means:
- He doesn't qualify for the $1,000 government seed contribution, because that's only for children born between 2025 and 2028.
- He can still have a Trump Account because he's under 18 with a valid Social Security number.
The Trump Account isn't a bad product, but for him I don't see a compelling advantage over what you're already doing. It has restrictions on investments and withdrawals that make it less flexible than a regular custodial brokerage account, and you don't get the biggest benefit—the $1,000 government contribution.
I kind of feel like there is a catch and a lot of low and middle class families will eventually get f_cked some how.
This.
This is a lovely bit of socialism that the Cons are supporting - the first step to a government provided basic income.
I will not be opening one for either of my kids because they do not qualify for the free money.
Also, because it sounds like there are fewer tax benefits than there are for other financial instruments we currently use.
All of this money goes directly into the stock market. This thing is nothing more than a giveaway to Wall Street.