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Savings for Kids: Trump Accounts vs. 529 Plans
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In this episode of the Sunlight Tax Podcast, I explain the key differences between Trump Accounts and 529 Plans, two tax-advantaged savings options designed to help families invest in their children's futures.
You'll learn who qualifies for a Trump Account, how these new custodial investment accounts work, contribution limits, tax considerations, and how they compare to traditional 529 college savings plans. I also break down the advantages and drawbacks of each option, including flexibility, eligible uses, long-term growth potential, and strategies for maximizing tax-efficient wealth building.
“The spirit of the 529 plan is towards education and education savings. And the spirit of the Trump account is towards retirement savings, a lifetime nest egg.”
In this episode of the Sunlight Tax Podcast, I explain the key differences between Trump Accounts and 529 Plans, two tax-advantaged savings options designed to help families invest in their children's futures.
You'll learn who qualifies for a Trump Account, how these new custodial investment accounts work, contribution limits, tax considerations, and how they compare to traditional 529 college savings plans. I also break down the advantages and drawbacks of each option, including flexibility, eligible uses, long-term growth potential, and strategies for maximizing tax-efficient wealth building.
Also mentioned in today’s episode:
00:00 Introduction to Trump Accounts and 529 Plans
02:00 What Are Trump Accounts? Eligibility and Benefits
04:50 Pros and Cons of Trump Accounts
09:07 Understanding 529 Plans and Their Benefits
13:01 Transferability and Investment Options in 529 Plans
17:58 Using 529 Funds for Education and Beyond
20:04 Comparing Purpose and Benefits of Both Vehicles
21:03 Final Tips and Strategic Considerations
If you enjoyed this episode, please rate, review and share it! Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.
Episode Links:
The Sunlight Tax Podcast EP159: My #1 Tip to Make Your Kid a Millionaire
Get your FREE visual guide to tax deductions
Order my book: Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed
Get Free Money By Using Your Retirement Accounts
Listen and Subscribe Here
In this episode of the Sunlight Tax Podcast, I revisit why tax-advantaged accounts are one of the most powerful tools for self-employed individuals. I break down how these accounts can help you save more money, lower your tax bill, and build long-term financial security. I also share practical examples, real numbers, and details about my upcoming class so you can make the most of the tax benefits available to you as a freelancer or business owner.
“If there is one single habit you can have in your life to build financial security for yourself, and frankly, to get free money that’s on the table, it is to max out your tax-advantaged accounts every single year.”
In this episode of the Sunlight Tax Podcast, I revisit why tax-advantaged accounts are one of the most powerful tools for self-employed individuals. I break down how these accounts can help you save more money, lower your tax bill, and build long-term financial security. I also share practical examples, real numbers, and details about my upcoming class so you can make the most of the tax benefits available to you as a freelancer or business owner.
Also mentioned in today’s episode:
00:10 Embracing Summer and Financial Reflection
02:50 Understanding Tax-Advantaged Accounts
06:05 Maximizing Retirement Savings with SEP IRAs
08:50 The Power of Productive Friction in Learning
11:58 The Power Triangle for Financial Growth
15:10 Strategies for Effective Tax-Advantaged Saving
17:55 Upcoming Class: Save Like A Millionaire
If you enjoyed this episode, please rate, review and share it! Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.
Episode Links:
Join the Workshop:Save Like a Millionaire: Using Tax-Smart Accounts
Get your FREE visual guide to tax deductions
Order my book: Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed
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