The Clark Howard Podcast 08.06.25 Trump Accounts For Newborns / Sim Card Danger & An Easy Fix
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Aug 6, 2025 Discover the intriguing concept of 'Trump Accounts' for newborns, featuring a government seed money and money management tips. Learn about the rising threat of SIM card swapping and essential measures to protect your identity. The discussion also touches on navigating financial decisions for college students, the importance of umbrella insurance, and the significance of savvy credit score management. Finally, get insights into smart funding strategies for projects and safeguarding personal information in today's digital age.
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Trump Accounts Tax Advice
- Accept the $1,000 federal seed and any employer's tax-free contribution to the Trump account for your newborn.
- Avoid personally adding money beyond these amounts because of unfavorable tax treatment on withdrawals.
Protect Assets with Umbrella Insurance
- Buy separate auto insurance policies for college kids only if it reduces insurance premiums.
- Use umbrella insurance to protect your assets from lawsuits caused by your dependent children.
SIM Lock to Prevent SIM Swapping
- Put a SIM lock on your cell phone account to prevent criminals from hijacking your phone number.
- This simple step stops SIM swapping fraud, which can empty your bank and investment accounts.