Trump Accounts vs. 529 Plans: Which Comes First?
Episode #764 ~~~ Subscribe to our Weekly Newsletter and checkout our calculators and free resources: www.biggerpocketsmoney.com ~~~ Want to be a guest on the show? Apply here: https://biggerpocketsmoney.com/contact/ ~~~ Get 50% Off Your First Year of Monarch by using code ‘Pockets’: https://www.monarch.com/pockets ~~~ Take the guesswork out of investing, taxes, and retirement. Book a free consultation with Domain Money Today: www.biggerpocketsmoney.com/cfp ~~~ Connect with Jeremy Schneider: Instagram: / personalfinanceclub Website: https://personalfinanceclub.com/ Nectarine: https://hellonectarine.com/ ~~~ Follow BiggerPockets Money on Social: Facebook: / bpmoney Instagram: / biggerpocketsmoney ~~~ Trump Accounts are one of the newest tax-advantaged investment accounts for children, but where do they fit in your financial plan? In this episode of the BiggerPockets Money podcast, Jeremy Schneider of Personal Finance Club explains how Trump Accounts work, who should open one, how they compare to 529 plans and custodial accounts (UGMA/UTMA), and why they may become an important long-term wealth-building tool for families. You'll learn the rules, contribution limits, Roth IRA rollover opportunities, investment restrictions, financial aid implications, and practical strategies for parents and grandparents looking to build generational wealth. 00:00 Trump Accounts for FI 00:17 What Is a Trump Account? 01:33 Where Trump Accounts Fit in Your Financial Order of Operations 02:02 How Contributions Work 02:29 Contribution Limits & Funding Strategy 03:29 Should You Max Out a Trump Account? 09:28 Best Uses for Parents 12:04 Why Trump Accounts Were Created 15:41 Government Funding & Private Contributions 18:32 Trump Accounts vs. UGMA/UTMA Accounts 20:27 Long-Term Growth Comparison 22:46 Investment Restrictions to Know 25:06 How to Open a Trump Account 27:55 Separating Politics from Personal Finance 28:22 Getting Started Today 30:09 More Resources from Personal Finance Club
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