"Billionaire Mark Cuban has long championed the idea that kids should start saving early to secure their futures. Drawing from his own childhood in Pittsburgh, where he sold garbage bags door-to-door to fund small dreams like new basketball shoes, Cuban stresses hands-on financial lessons. In interviews, he advises parents to open savings accounts for children and encourage them to build that first pot of money."
"Aimed at giving every American child a financial head start, these accounts function like tax-deferred IRAs blended with 529 plans. The government seeds $1,000 into each for U.S. citizen newborns from January 1, 2025, through December 31, 2028 - covering about four years of births. Any child under 18 with a Social Security number qualifies for an account, but only those in the birth window get the federal kickstart."
Mark Cuban recommends that children start saving early by earning money through odd jobs and opening savings accounts to build their first pot of money. He emphasizes hands-on lessons, discouraging handouts and promoting independence by telling his children "It's my money, not yours," and pushing internships. The Trump Accounts program seeds $1,000 for U.S. citizen newborns born Jan 1, 2025–Dec 31, 2028, with eligibility for any child under 18 with a Social Security number but the federal seed limited to that birth window. Parents, employers, and donors can contribute; funds grow tax-free until 18 for education, home buying, or an IRA roll-over, with penalties for nonqualified withdrawals.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]