{"id":976,"date":"2026-05-25T13:38:47","date_gmt":"2026-05-25T13:38:47","guid":{"rendered":"https:\/\/durhammovinghub.com\/?p=976"},"modified":"2026-05-25T13:38:47","modified_gmt":"2026-05-25T13:38:47","slug":"take-the-free-money-durham-launches-plan-to-boost-savings-for-kids-10-under","status":"publish","type":"post","link":"https:\/\/durhammovinghub.com\/?p=976","title":{"rendered":"\u2018Take the free money\u2019: Durham launches plan to boost savings for kids 10 & under"},"content":{"rendered":"

Speaking to a packed auditorium, Durham Mayor Leo Williams told dozens of children the city believes in financially investing in their futures.<\/p>\n

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\u201cI believe that it\u2019s really important for your parents to have all the things that they need to make life really good for you,\u201d he told students at Murray-Massenburg Elementary School on Friday afternoon.<\/p>\n

Joined by City Council member Carl Rist and Invest America Foundation founder Brad Gerstner, the mayor officially launched \u201cInvest America Durham.\u201d The initiative aims to ensure every Durham child age 10 and younger starts life with a \u201cTrump Account,\u201d<\/a> a new type of individual retirement asset established under the federal Working Families Tax Cuts<\/a>.<\/p>\n

Gerstner\u2019s Invest America Foundation is promoting the Trump Accounts and told the crowd the idea was inspired by President Abraham Lincoln.<\/p>\n

\u201cHe said the most important right of Americans is the right to rise, the right to be able to climb up the economic ladder, the right to economic mobility,\u201d Gerstner said. \u201cBut today communities feel left out and left behind, like they can\u2019t get up the economic ladder, like the American Dream is no longer real anymore.\u201d<\/p>\n

Officially known as 530A Accounts, Trump Accounts allow parents, guardians and authorized individuals to establish long-term investment vehicles for children under 18. Unlike traditional 529 plans designed for education, these accounts focus on building lifelong wealth and economic mobility.<\/p>\n

Under federal guidelines, key elements of the program include:<\/p>\n

\u201cI\u2019ll be honest with you, it\u2019s unexpected this is coming from this (Trump) administration,\u201d Rist said. \u201cAt the same time, politics is the art of the possible.\u201d<\/p>\n

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Even if parents choose not to invest in the Trump Accounts, Rist said it is a good idea to \u201ctake the $1,000 anyway.\u201d<\/p>\n

\u201cEvery financial adviser would say, take the free money,\u201d Rist said.<\/p>\n

In North Carolina, 1.3 million children, ages 2 to 8, are eligible for the $250. As of May, over 200,000 accounts have been claimed in the state, with 51,000 of those by children qualifying for the $1,000 grant, according to Invest America.<\/p>\n

The launch event held special significance for the 700 students at Murray-Massenburg Elementary, a Title I school.<\/p>\n

Gerstner and Williams announced that all students at the school would be signed up for accounts with an initial contribution of $500. This includes the $250 federal\/philanthropic base plus an additional $250 personal donation from Gerstner for every student.<\/p>\n

While the federal government provides the foundation, Williams is launching a local effort to amplify the impact. The city hopes to raise $9 million in private donations to provide a $250 local match for every Durham child who opens a Trump Account. There are approximately 36,000 eligible children in Durham.<\/p>\n

\u201cLet me very clear, I don\u2019t care whose name is before the word \u2018account,\u2019\u201d Williams said. \u201cWhat matters to me … is that every child in Durham does not have to continue to same trajectory of struggling to put food on their table, a roof over their heads.\u201d<\/p>\n

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The Trump Accounts will officially launch on Independence Day.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mayor Leo Williams joined Invest America Foundation to announce investment in Trump Accounts to help Durham kids save their own money.<\/p>\n","protected":false},"author":1,"featured_media":975,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-read-todays-edition"],"yoast_head":"\n\u2018Take the free money\u2019: Durham launches plan to boost savings for kids 10 & under - Durham Moving Hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/durhammovinghub.com\/?p=976\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Take the free money\u2019: Durham launches plan to boost savings for kids 10 & under - 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