It isn't a secret; times are financially tough for many neighbors. Brandi Kinch is a mother of 5, 6, and 17-year-old children. She says saving for the future isn't an option right now.
- Dell family donates $6.25 billion toward Trump accounts giving $250 to eligible kids under 10
- $250 could grow to $1,200 by age 18 if invested properly in mutual funds
- Applications open next July for children in zip codes with median income below $150,000
"Economically right now, I think a lot of us parents, like I happen to be a single parent. And with that right now, that isn't a feasible thing for me," Kinch said.
Michael and Susan Dell on Monday announced a donation of $6.25 billion to 25 million children in the U.S. who are 10 years old and younger. Each eligible child would receive $250. The money would go into what are called Trump accounts, which were created as part of President Trump's Big Beautiful Bill. The money has to stay in the accounts until the child reaches 18.
"For my kids in the future, it does seem like a small amount of money right now, but the reality that it could grow into something that could be beneficial or helpful for them in the future I think is really important," Kinch said.
I talked to Mollie Bolton, a local financial advisor at Edward Jones, and she says that the $250 can grow if invested properly.
"Invested in a growth and income type mutual fund, they could potentially be looking at $1,200 by the time their eighteen. And that would include investment cost," Bolton said.
In order for an account to receive the $250, the child must be younger than 10, living in a zip code with median family income below $150,000, and must claim a Trump account. The process to request the money will begin next July.
"The reason there's a future date on this, is because there's some regulation changes that have to happen for investment firms to even be able to logistically open this account," Bolton said.
Kinch knows that any amount of help toward saving can be beneficial, especially as kids grow.
"Having your kids learn to save money is essential, and the reason is because there's so many costs that come up when you're transitioning from being a youth to an adult," Kinch said.
Kinch told me what the money could mean for her family.
"For my younger two, I don't know what college is gonna cost by the time they get there. I feel like it's already a huge hardship as it is for most families. And so, every little bit can really make a difference," Kinch said.
Click here for more information.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
You can also see the latest news from across our mid-Michigan neighborhoods by liking us on Facebook or following us on X.
