Frontlines TPUSA White House Correspondent Monica Paige spoke with businessman Kevin O’Leary Wednesday after a Treasury Department event in which President Trump announced a new financial initiative for American youth called “Trump Accounts.”
O’Leary was welcomed onstage, alongside recording artist Nicki Minaj, during the president’s announcement of the accounts.
Trump Accounts will allow Americans under 18 to receive $1,000 into an account wherein parents and relatives can contribute up to $5,000, while employers can contribute $2,500. This money can then be used for college and business purposes.
O’Leary talked about the importance of financial literacy among America’s youth and getting them involved early in affecting the future of their finances.
“We completely ignored financial literacy,” O’Leary told Paige. “As a result, today in America there are 110 million people that are uninvested: they have no plan for their future or what they’re going to do when they retire. This is a fantastic idea, a bipartisan idea, and it helps children learn about money at a very early age and puts a nest egg aside for them: they can’t touch it until they’re 18, that’s the best part of this deal.”
O’Leary noted that these accounts are also an investment into families, helping to remove burdens and educate families on financial growth. He is enthusiastic about the future of the Trump Accounts.
“I think people will see the merit of putting aside something at birth, and investing in the child’s future at birth, and letting the market do its thing over 18 years. It’s one of those shark tank situations: why didn’t I think of that!” he said at the conclusion of the interview.
