Trump Accounts: What Every Parent Needs to Know

Earlier this month, Trump accounts officially opened for contributions.

When I first

heard of Trump accounts, I was incredibly excited.

This is not like a

red or

blue policy.

I would look at it from what's in the best interest of your child.

It's not every day that a new financial account becomes available.

And so it's not surprising that you may have a lot of questions.

What are their purpose? Should you actually open one? And what does it mean for your family's financial future? That's what we're talking about in this episode.

I've got three guests to help you understand these accounts better.

We're starting off with Catherine Ann Edwards.

She's an economist who regularly writes about labor markets, public policy and inequality.

I wanted to start with Catherine because she doesn't do hype.

She's going to walk us through what these accounts actually are, how they work, and honestly, whether she thinks they're a good idea.

Her answer might surprise you.

I'm Lindsay Stanberry, and this is Family Money.

I've been interviewing people about their money stories for more than a decade, and I've been a mom for just about as long.

Needless to say, I have lots of thoughts on kids and money.

You really talk about how women tend to feel uncomfortable talking about money.

Why do you think that is? It's scary, right? I hear from people who want to have kids all the time.

How do you actually afford to have a kid? But that's why we're here.

That's what we're doing with Family Money.

We're offering you advice and tips and tricks, and you're going to hear from amazing experts to help put you at ease.

Welcome to Family Money.

Catherine, I'm so excited to chat with you this afternoon.

First of all, I'm such a big fan of your work.

I'm fangirling a little bit over here.

I want to dive into the topic of Trump accounts, which you've talked about quite a bit.

They're a brand new savings account for kids.

They're a little confusing.

Can you just give us sort of an overview of what these accounts are and how they work?