What if you had a chance to give your kid a head start in life, but it was tied to the most controversial president in modern times? Would you let your own politics get in the way, or set them aside for your kids' financial future?
We know the answer for some people. So far, Americans have opened 6 million Trump Accounts, an investment tool that officially went live on July 4.
As a mom, I didn't hesitate to open these for some of my kids, because, all politics aside, it's a no-brainer: The program lets parents, grandparents, employers and charities contribute up to $5,000 a year per child into each account. Contributions aren't tax-deductible, but the money grows in long-term index funds tied to stock market performance.
I don't have any babies left in the house, but for parents of kids born between 2025 and 2028, it's even better. Each of those children can get a $1,000 seed contribution from the Treasury Department, which grows tax-deferred. The Bank of New York Mellon Corp. and Robinhood are managing the accounts for now.
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