watch nowAhead of a White House press conference on Wednesday, an update on trumpaccounts.gov named the Dalios in a section on additional support, along with tech CEO Michael Dell and his wife Susan."Ray has joined what we are calling the 50-state challenge," Treasury Secretary Scott Bessent said. Approximately 300,000 children in Connecticut will receive $250 each from the Dalios' commitment. The money will go to those who live in a ZIP code where the median income is less than $150,000, according to a pre ...

The money can then be put into an eligible investment such as a mutual fund or ETF that tracks a financial index like the S&P 500. The investment can't have fees or expenses above 0.1% and must include equity investments primarily consisting of U.S. companies.It’s also not the first time the Dell family has made a move like this. During the “Invest America” roundtable event at the White House in June, Michael Dell committed to matching the $1,000 seed deposit “dollar-for-dollar” for every eligible child of ...

Group 1 - The Trump accounts for children offer a $1,000 initial contribution for qualifying children born between Dec. 31, 2024, and Jan. 1, 2029, with parents able to contribute up to $5,000 annually and employers up to $2,500 without affecting taxable income [1] - Suze Orman expresses skepticism about the long-term benefits of Trump accounts, suggesting that while the initial $1,000 is beneficial, there are complexities regarding taxation upon withdrawal [2][3] - Concerns arise that Trump accounts may convert to traditional IRAs at age 18, leading to taxes on all withdrawals, including parental contributions, which could diminish their attractiveness [3][4] Group 2 - Orman recommends considering a Roth IRA for children instead, as it allows for tax-free withdrawals if the child is working, making it a potentially better long-term investment strategy [4][5] - An alternative suggested by Orman is to open a regular investment account for children, which, while lacking tax advantages, allows immediate access to funds rather than waiting until age 59.5 [6] - Other financial experts, such as those from CNBC, agree that brokerage accounts and Roth IRAs may offer more flexibility and favorable tax treatment compared to Trump accounts for long-term investments [7]