Here’s how it would work if the bill was passed:
- The bill, if passed, would create a savings account for every child born in US with at least $1,000 in it.
- "Depending on the wealth of your family, every child will get a deposit annually up to [age] 18 into that account, upwards of $2,000 for the lowest income children,"
- When your child turns 18, depending on the families' income, they could have nearly $50,000 in this account.
This doesn’t quite get our children to the $1,000,000 mark, but it at least can give children from lower income families a good head start to start growing wealth at a faster pace and most importantly at a younger age.
So, if you’d like to more about this bill or show some support for it, just search the American Opportunity Accounts Act to learn more.
Alright, so that does it for today growmoneyologists. And hopefully that brought you some value.
Enjoy the rest or evening. And once again, I thank you for your time, support and attention - it means the world to me.