Trump Account or 529 Plan?

Summary

Podcast Summary: Jill on Money with Jill Schlesinger

Episode: "Trump Account or 529 Plan?"

Date: July 31, 2026

Host: Jill Schlesinger | Guest: Mark Gillercio

---

Main Theme and Purpose

In this episode, host Jill Schlesinger focuses on practical, jargon-free financial advice, tackling real listener questions about investing and planning for the future. Key discussion topics include navigating the "noise" of online financial advice, comparing new "Trump accounts" to established 529 college savings plans, and strategies for consolidating retirement accounts. The episode also includes a behind-the-scenes look at launching Jill’s new show, "Money Moves," and navigating the shift to video content.

---

Key Discussion Points & Insights

1. Cutting Through Financial "BS" Online

[05:34–06:25]

• Jill emphasizes the overwhelming amount of financial information and dubious advice circulating on the internet, especially from non-credentialed influencers.
• Noted the risks associated with financial advice from people who may be selling products or out-of-touch with the current economic landscape.
• Generational divide: "Older people, basically my generation, who they're giving advice to younger people... doesn't hold in the current economy." – Financial Expert, [05:56]

2. Roth IRA Guidance for Young Investors

[06:25–07:27]

• Listener Brian (20s) asks for next steps after opening a Roth IRA.
• Jill recommends target date funds for simplicity and efficiency or a mix of one stock index fund and one bond index fund.
• Notable Quote:
  "A Roth IRA is such a great idea, especially when you're starting out, because the money that goes in, it's already been taxed, but it grows over your whole work life. And when you take it out later, no tax that's due." – Jill Schlesinger, [06:39]
• Encourages new investors to start contributing as soon as possible and not be intimidated by choices.

3. Comparing 529 Plans and New Trump Accounts for College Savings

[07:27–09:22]

• Listener Angela (30s, with a five-year-old) asks if she should use a 529 plan or a Trump account for college savings.
• Trump Accounts:
  • New, can be used for education or other purposes. $1,000 grant for eligible children, plus $5,000/year additional contributions from parents, employers, or charities.
  • Grows tax-free, but withdrawals at 18 are taxed.
  • More flexible—money can be used for starting a business or even rolled into a Roth IRA.
• 529 Plans:
  • Money grows tax-free and, when used for qualified education expenses, withdrawals are also tax-free.
  • Notable Quote:
    "For college, I love the 529." – Jill Schlesinger, [08:51]
• Jill’s Judgment: Choose the 529 for college funding due to its tax advantages, but the Trump account offers flexibility for non-education goals.

4. Consolidating Retirement Accounts

[09:22–10:20]

• Listener Karla (40, recently switched jobs) asks about combining her old and new 401k accounts.
• Jill's advice: Consolidate for simplicity unless the old plan offers significantly better/cheaper investment options.
• Notable Quote:
  "It's so much easier to manage your money when it's all in one place... People change jobs so often. There's like these little accounts all over the place." – Financial Expert, [09:39]
• Stick with affordable index fund options and avoid high-fee new plans where possible.

5. Behind the Scenes: Launching the 'Money Moves' Video Show

[10:20–14:14]

• Jill and Mark discuss their experience launching "Money Moves," a new, video-friendly financial advice show geared toward listeners "50 and younger."
• Mark expresses reluctance toward being on camera, but enjoys supporting the show on air.
• Jill reflects on the challenges of "narrating" for both visual and audio mediums.
  • "It's like different muscles in a lot of ways." – Jill Schlesinger, [11:44]
• Listener feedback on set design and the joys of integrating multi-platform content.
• Light banter about Mark’s surprise on-air popularity:
  • "Someone called you sexy to me. Someone said, you're very attractive. Handsome." – Jill Schlesinger, [13:06]

---

Notable Quotes & Memorable Moments

• On younger audience focus:
  "People who are in their 40s and younger have somewhat different challenges when it comes to their finances. That's why." – Jill Schlesinger, [04:35]
• On the explosive spread of financial misinformation:
  "We have people on social media who are giving a lot of financial advice. Many of them are not credentialed. They're selling stuff. And that salesmanship... can be financially dangerous." – Financial Expert, [05:47]
• On new video show struggles:
  "When you're doing a show that is both visual but also audio, it's like you have to kind of narrate while you're doing the video." – Jill Schlesinger, [11:44]

---

Timestamps for Important Segments

• [01:56] – Show introduction and call for listener questions
• [03:31] – Transition to CBS Mornings segment featuring key financial Q&A
• [05:34] – Cutting through online "BS" in financial advice
• [06:25] – Roth IRA: How to invest as a young person
• [07:27] – 529 Plan vs. Trump Account for college savings
• [09:22] – Should you consolidate old/new 401k accounts?
• [10:20] – Reflections on launching the "Money Moves" video format
• [13:06] – Mark’s on-air image and playful banter

---

Style and Tone

The episode maintains Jill’s signature friendly, conversational, and approachable tone. The banter between Jill and Mark injects humor and relatability, making sometimes complex topics digestible and inviting for listeners of all experience levels.

---

Actionable Takeaways

• For young investors: Start with a Roth IRA using simple index or target date funds.
• For college saving: Stick with 529 plans for tax-free educational savings; Trump accounts offer flexibility, but not as advantageous for tuition.
• For job changers: Consolidate retirement accounts unless your previous plan is notably superior.

---

Listen and Learn More

Want your financial questions answered? Visit jillonmoney.com, click "Contact Us," and you might be featured in a future episode—or even on video with "Money Moves."

---

End of Summary

Transcript

[Narrator/Announcer]

When others hear noise. Tieroprice interprets market signals to find investment opportunities. That's the power of active ETFs from T. Rowe Price. Their portfolio managers approach data from multiple perspectives, analyzing trends and conducting deep research to give you their curiosity backed active management expertise. Learn more about their active [e-mail] Explore ETFs Exchange Traded Funds ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns. Tieroprice Investment Services Inc. Ever feel like you need one app for sales, another for inventory, another for accounting? And the list never ends? Managing a business shouldn't feel like a full time job just to keep your software in check.

[Jill Schlesinger]

That's why Odoo exists.

[Narrator/Announcer]

Odoo is the only business software you'll ever need. It's an all in one, fully integrated platform that handles everything CRM, accounting, inventory, E commerce, HR and more. No more app overload, no more juggling logins. Everything works together seamlessly so your team can focus on what really growing your business and serving your customers. Beyond simplifying your workflow, Odoo also saves you money. It's instead of paying for multiple expensive platforms, you get one system for a fraction of the cost. And whether you're just starting out or managing a large company, Odoo scales with you. It's easy to use and fully customizable. It streamlines every process, giving you more time and freedom to focus on the parts of your business that matter most. Thousands of businesses have already made the switch. Why not you try Odoo for [e-mail] that's o d o o.com.

[Jill Schlesinger]

Welcome to the Jill on Money Show. It is Friday, July 31st and we are here trying to help you make better, sometimes less bad financial decisions. If you've got a question, if something's going on, Mark and I were just talking about how it really does feel a bit like the dog days of summer at this point. And you know, maybe you just don't feel like talking about your money or maybe you've got some bandwidth to talk about your money. That's that would be fine, right? I mean to have that. It's like maybe you're just saying to yourself, I'm kind of a little bit low on energy. Work wise, let me take care of my personal situation. If that's you get in touch with us, go to Our website, it is jillonmoney.com in the upper right hand corner there is a contact us button. You click that button, you write us a note. If you'd like to join us on the air live, all you need to do is check the box and Mark will bring you on. And you'll see also that now for folks who been going to the website, when you do that clicking on and where do you would you want to join us? You'll see there's a choice about Would you like to join us via video? Now, that is not for this show. That's for our other show. Our other show is so exciting because it's Brandy new and we're really psyched to be able to create a video version of the program. And so the show is called Money Moves. And in fact, that's part of what we're going to talk about today because this is a shameless plug for myself. Mark, I ran into somebody yesterday who said to me, oh my God, you're

[Narrator/Announcer]

all over my social feed.

[Mark Gillercio]

Am I good or bad?

[Jill Schlesinger]

I think it's because cbs, so CBS is really behind this show. So they're, you know, that's my other side of my life, guys. They have nothing to do with this show. They have definitely gotten on the whole social thing. And you know, maybe this is gonna be good news for Jill on Money and for Money Moves, you know, because it will expose people who never heard of our show. But for this program today, we are going to air a segment that I did on CBS Mornings where I'm talking a little bit about the show itself, but also really trying to kind of focus on a lot of the kinds of questions that we are getting for that other show because the show is a little bit geared towards, let's say, the folks who are 45 or 50 and younger. I was with some 40 somethings and they were like, why? Why are you throwing shade at 45? Why is that the line? I'm like, I don't know. That's what the research people told me. That whereas they. We need to have people who are 45 and younger. Mark, that excludes you. 45 and younger.

[Mark Gillercio]

I'm officially ruled out.

[Jill Schlesinger]

No, I think we're going to say 50. I like 50. It's a round number, don't you think? I think it makes more sense. I think that people who are in their 40s and younger have somewhat different challenges when it comes to their finances. That's why. So I'm going to say 50 and younger because then I want and by the way, if you're older and you want to come on the other show, you either have to look younger or sound younger. Otherwise you're not getting on the show anyway. So in this segment on CBS Mornings, the anchor is Adriana Diaz, and we are going to talk a little bit about the show itself, and then we're going to talk about some of the questions that we've received on that show. And then we're going to come back in and Mark and I are going to talk more about the show, the challenges of the show, the different things that we're finding out and learning. Yeah, we're old dogs and we are learning new tricks. So for right now, do me a favor, listen to this segment. On the other side of it, Mark and I will give you a little bit of our 2 cents of what's going on. Mark, let's air the segment.

[Caller/Listener]

I'm so excited about your podcast because one of your goals is to cut through the, quote, BS that people, as in me see out there on the Internet. I actually text you some of the things I see on social media to ask if it's true. Tell us about that part.

[Financial Expert/Guest]

Well, I think it's really tough because not only do we have this huge amount of information online, we now have social media. And we have people on social media who are giving a lot of financial advice. Many of them are not credentialed. They're selling stuff. And that salesmanship, it can be kind of not that big a deal, but it can be financially dangerous. But on top of that, I think the other problem is we have a generational divide where we have older people, basically my generation, who they're giving advice to younger people. And that advice doesn't hold in the current economy. So you have to be careful and really meet the people where they are. And that's why we wanted to do the show.

[Caller/Listener]

Okay, so let's get to the real deal advice from you. We have a lot of questions from your viewers and listeners. First up, we have Brian from Buffalo. He's in his 20s. He just opened a Roth IRA and he asks now what? How should he invest?

[Financial Expert/Guest]

So amazing.

[Jill Schlesinger]

I love this.

[Financial Expert/Guest]

Roth IRA is such a great idea, especially when you're starting out, because the money that goes in, it's already been taxed, but it grows over your whole work life. And when you take it out later, no tax that's due.

[Mark Gillercio]

Okay.

[Financial Expert/Guest]

And you can put up to 7500 bucks into a Roth this year, an extra 1100 if you're over the age of 50. When you start out, it can be really dizzying with the number of choices. So what I would say is this. Sometimes you can use something called a target date fund. It's like a fund and it has 2045, 2065, and that date is supposed to match up when you were likely to call it quits. So that's a nice way to start. A target date fund is a simple way. It's usually efficient. If you want, you could also just say one stock index fund, one bond index fund, and really go slow, but get the money in there as quickly as possible.

[Caller/Listener]

Okay. I wish I had done that when I was 20. Good for you. Brian from Buffalo. All right, next up is Angela from Chicago. She and her husband are in their 30s. They have a five year old, they have a mortgage, they're saving for retirement. And she wants to know how she should be saving for college. Should they use a 529 account or a Trump account?

[Financial Expert/Guest]

So this is really interesting because we know this month we just had the advent of the new Trump accounts. And they can be used for education, they can be used for other stuff as well. But a huge distinction between these two accounts. Let's just talk about those Trump accounts. You have $1,000 going in for any child between 25, 2025 and 2028. $1,000 for free. Thank you very much. You should take it then. Parents and employers, charitable organizations can combine to put another $5,000 into the account per year. But should you, and that's a question, because the money that goes into this account, it grows without any taxation. But when the money comes out at age 18, kid turns 18, the money's theirs, there's tax due. Now let's compare that with a 529 plan. You put the money in for college, it grows without taxes. When you take the money out for college, qualified expenses, no tax due. So there's a real distinction here. And it favors 529 plans if you're saving for education. But if you just want to have a fun account for your kid, eventually when they're 20, you know, when they're 18 years old and they want to get that money, they shouldn't be in a high tax bracket at that time. So it should be okay. It's just that for college, I love the 529.

[Caller/Listener]

So the Trump account doesn't have to be used for educational.

[Financial Expert/Guest]

It does not have to be. You could start a new business. You could actually take that money out when the kid turns 18. You could say, I'M going to take the money out and I'm now going to convert it into a Roth ira. So there's a little more flexibility on the Trump account. But again, if it's for education, 529 is definitely my preference is the way to go.

[Caller/Listener]

All right, next up, Karla from Florida says she is 40 years old and just switched jobs. She has a 401k from her previous job and one now with her new employer. Carla asks, should I combine them or keep them separate because the old one has more choices?

[Financial Expert/Guest]

You know, I don't always think more is better when it comes to choices for retirement accounts. It's so much easier to manage your money when it's all in one place. And I think we all know this. People change jobs so often. There's like these little accounts all over the place. So. So I like using whatever the new plan is as long as there is a cheap index fund option. The time where I would keep an old plan would be if your new option isn't really affordable. Maybe it's like a very expensive insurance contract. A lot of small businesses don't have great plans, so I would keep it if the plan itself is more expensive, the new one. But ideally, we consolidate everything. You use your index funds. You just go along with your putting your contributions in, and it's easier to manage all in one place.

[Jill Schlesinger]

Okay, so, Mark, you're on the air now doing the other program. What have you learned so far in our early days? Really just a month, I would say.

[Mark Gillercio]

I'm on the air for now. You know, things. Things could change. This whole thing's a work in progress. We're faking it till we make it. But. Yeah.

[Jill Schlesinger]

Do you like it?

[Mark Gillercio]

Do I? Do I like what?

[Jill Schlesinger]

Do you like being in front of a camera, in front of a microphone?

[Mark Gillercio]

It wouldn't be my first choice, let's put it that way.

[Jill Schlesinger]

You know, I made him do it. Everyone.

[Mark Gillercio]

Let's. Let's say I've been. This is. I'm trying to think. This is probably 20, my 26th year working in the industry. And no, I've never had the urge to be in front of the camera or in front of the microphone. Although, I mean, I do enjoy coming on the. On the show, this show with you on the mic and just popping in here and there and, you know, having our little banter. I enjoy that because I'm not a co host, so I've never had any aspirations of being any sort of host.

[Jill Schlesinger]

So, you know, we could maybe keep you. We might replace You. When I say we, it's not really my choice so much. But I also, like. I. Actually, someone asked me, friend of the show Jennifer, said to me, does Mark want to do this? And I'm like, you know what? I never really asked him. And so now I feel bad that I never really asked you, even though I kind of knew the answer. Probably that's why I didn't ask you. But I think you're really good. That's the thing. I actually do think you're good.

[Mark Gillercio]

I like. I prefer to pop in here and there.

[Jill Schlesinger]

All right, well, you could be a popper. We're.

[Mark Gillercio]

We're.

[Jill Schlesinger]

I have other things that are cooking in my little brain, and, you know, listen, I do think it is very interesting for us to be refocusing our efforts not just with video, but it's also very challenging, gang. Like, all of a sudden, I'm like, you know, I'm in front of the camera all the time, right on television. But when you're doing a show that is both visual but also audio, it's like you have to kind of narrate while you're doing the video. I really. I made a terrible mistake early on where I was just sort of, like, talking, presuming that people were watching and not listening. And then I went back and listened. I was like, oh, I blew that. So I'm learning. It's hard, you know, it's like different muscles in a lot of ways. And also, everyone has to go watch on YouTube because hopefully. Hopefully by. At this point, we'll be changing our chairs. Someone wrote to me and said that the set is terrible. Do you think the set's terrible? Yeah, they hate the. They hate the chairs, but they hate the set. They like. That is a cheapest set. That's like. I didn't think so.

[Narrator/Announcer]

Maybe.

[Jill Schlesinger]

I don't know. Maybe I'm. I don't know. Maybe I'm not, like, seeing it the same way.

[Mark Gillercio]

Yeah, that's. That's not my area of expertise. I mean, I thought it looked okay.

[Jill Schlesinger]

I mean, I think it looks okay, but, boy, I got a lot of feedback. Of course, everybody has said to me, marcus, so. So much more handsome than he sounds. So there's that Mark.

[Financial Expert/Guest]

What?

[Jill Schlesinger]

You sound like a cranky old. You know what? You know, and now they see you, and it's like, we've broken through. And you now are known as, like, Someone called you sexy to me. Someone said, you're very attractive. Handsome. These are the. These are the adjectives that I'm getting from Mark Gillercio.

[Mark Gillercio]

Here's what I would say. Enjoy it while it lasts.

[Jill Schlesinger]

So meanwhile, we are gearing up to keep doing both shows. You know, it's, it is a different, it's just a different feel. So anyway guys, go check it out so you can subscribe to this show and that show here on the Odyssey app. So again, the show is called Money Moves with Jill Schlesinger. There are many Money moves, by the way. Mark, I did you saw that also people told us that they're like, what a dumb name. I. Whatever, gang, you know, you can see that we have a certain amount of control over it, but not a total control. I like the, the title Money Moves. It's not the most creative, but it's good. We're, I'm happy with it. There's no other Money Moves with Jill Schlesinger, I'll tell you that much.

[Mark Gillercio]

Mark that is affirmative.

[Jill Schlesinger]

I got that locked down. Hey gang, get in touch with us. Subscribe to this show on the Odyssey app or wherever you get your podcast. Then go search for Money Moves with Jill Schlesinger. And you know what? Go find it on YouTube because that's the other place where you can find it and watch it and tell us what you think of the set. If you've got a question, you can always reach us jillonmoney.com click the contact us button, write us a note. And if you have anything on your mind and you feel shy, don't worry, we can protect you. We can make you anonymous. It's fine. Don't worry, we'll get you. Okay. So do that. And of course we always like to thank people on our Fridays. Our music is composed by Joel Goodman. Mark Tulare is the executive producer and king of all things web. Today he was the co host and we are distributed by Odyssey. We ask that you do something nice for someone else today. Change your work, change your wealth, change your life. Thank you for listening and we'll talk to you on Monday.

[Narrator/Announcer]

When a child faces a serious medical challenge, a children's hospital quickly becomes a family's entire world. Whether they're helping a child recover from a sudden injury or helping them manage a long term condition, these hospitals provide an irreplaceable community resource. Children's Miracle Network is dedicated to supporting this specialized care by securing the crucial funds these medical centers depend on daily. Children's Miracle Network is a leading charity impacting the health of all kids. They raise funds for 170 children's hospitals across the United States and Canada, protecting health care access for millions of families. Their fundraising network brings together corporate partners, local grassroots programs, and everyday donors like you and me. Your donation directly empowers your hometown hospital

[Jill Schlesinger]

to use those resources exactly where they

[Narrator/Announcer]

are needed mostly most. Wherever you see the Children's Miracle Network balloon, you're helping a local child receive care. Visit cmn.org today to learn more and make a donation to your local children's hospital.

[Sally Helm]

Sometimes it feels like the news is full of things that have never happened before, and that is not exactly true. In fact, it may have happened this very week, hundreds or thousands of years ago. I'm Sally Helm, host of the podcast History this Week from the History Channel. Trade embargoes. Thomas Jefferson tried them rent too high. We've been arguing about that for a while. Each episode is proof the past isn't that far away. Listen to History this Week, available now on Apple, Spotify or wherever you get your podcasts.