Happy New Year, everybody, and welcome back to Finance Friday.

This is another special edition of Money Girl where I answer your burning money questions.

I love hearing from you, so please send in anything that's on your mind.

You can leave me a voicemail at 302-364-0308.

Today's terrific question is an email that comes from Sandy in Hopkinsville, Kentucky,

who says, thanks so much for all you do.

I love your podcast.

I've been reading about the new Trump accounts, which are like IRAs for children with a $5,000

contribution limit. It sounds like a great opportunity for the younger generation. Can you explain

how these accounts work in layman's terms? Thank you for your great question, Sandy. If you're a new

parent or will be one in the next few years,

don't miss the opportunity to open a Trump account and give your child a financial head start

in life. I'll review in this podcast how these accounts work and tips for maximizing them.

So let's start out with what exactly is a Trump account. Well, there's a new regulation that creates

a long-term tax-advantaged savings account for children, and we're going to call them the Trump

account, for lack of a better term. It's used to give the next generation a financial head start,

like building wealth that they can use for any purpose,

like buying a home, attending college, or eventually retiring. As Sandy mentioned, these accounts are like

an individual retirement account or IRA for those under 18 with a social security number.

Now, it has to be set up and managed by a parent or a guardian.

However, the funds cannot be withdrawn until the account beneficiary is 18, unless an exception applies.

Now, once the account owner turns 18, it does convert into a traditional IRA in their name and, you know,

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