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Forbes
3 hours ago
- Business
- Forbes
Is The Trump Account Enough? How To Maximize Your Child's Financial Future
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. There's a new baby bonus for newborns on the block, referred to as the 'Trump Account,' thanks to a recent law signed in 2025. Every baby born in the U.S. between 2025 and 2028 receives $1,000 deposited into this special account. While these accounts are designed to provide kids a financial head start before they even learn to walk, an important question remains: Is this $1,000 enough to make a difference in your child's future? The government now sets aside $1,000 in seed money for every newborn, placing it into an investment account managed by the U.S. Department of the Treasury. This money goes into broad market index funds as a way to grow over time by riding the stock market's ups and downs. Parents can add up to $5,000 each year until their child turns 18. However, their child can't fully touch the money until they turn 30, so it's designed to be a long-term nest egg. While $1,000 won't pay for a college degree or a first home, here's the interesting part: When invested wisely over decades, it can grow significantly thanks to compound interest. For example, if that $1,000 grows around 10% per year—about the stock market's historical average—it could turn into over $300,000 by the time your child retires. That's a long game, though, and there are no guarantees on stock market returns. While the Trump Account is a starting point, it shouldn't be your only savings plan. A high-yield savings account is still important. It's simple, easy to use and a safe place to keep money for short-term needs or emergencies. Unlike the Trump Account, where the money is not entirely available until your child turns 30, high-yield savings accounts provide you easy access with no penalties. Lately, some high-yield savings account interest rates have outpaced inflation, helping your money maintain or grow its value. Opening a high-yield savings account for your child is also a smart way to teach them financial literacy early on. You can link it to chores, gifts or allowances so they get a feel for saving and spending. It's a clever way to balance the Trump Account's long-term growth with real-world money management. When choosing the best high-yield savings account for your child, look for options that do not require a minimum deposit and do not charge monthly maintenance fees. The interest rates available on these accounts vary with market conditions, so shop around to find the highest APY currently available. Aside from a high-yield savings account, there are also other investment account options for kids to think about: 529 college savings plans. These are tax-advantaged and designed for education costs—and they usually let you deposit additional money each year. These are tax-advantaged and designed for education costs—and they usually let you deposit additional money each year. Custodial accounts. These let you invest in stocks or bonds in your child's name, with greater flexibility but fewer tax benefits. Opening a high-yield savings account for your child is a smart first step—but to get the most out of it, consider these strategies: Every penny matters. Even small, consistent deposits add up over time. Try setting up automatic transfers to contribute funds monthly. Even small, consistent deposits add up over time. Try setting up automatic transfers to contribute funds monthly. Take advantage of competitive rates. Look for accounts with the most competitive interest rates that beat inflation, so your money grows faster. Look for accounts with the most competitive interest rates that beat inflation, so your money grows faster. Teach your child about money. Use the account as a tool to show them how saving works, linking deposits to chores, gifts or allowances to encourage smart savings habits early. Use the account as a tool to show them how saving works, linking deposits to chores, gifts or allowances to encourage smart savings habits early. Avoid unnecessary withdrawals. Let the balance grow to maximize compound interest , especially if you don't need the money immediately. Let the balance grow to maximize , especially if you don't need the money immediately. Combine with other savings vehicles. Use your savings account alongside the Trump Account, 529 plans or custodial accounts to meet different financial goals. The Trump Account is a solid foundation, offering a financial gift for your child that can grow over time. But that $1,000 alone won't cover all their expenses, especially with rising college tuition and housing costs. To give your child the strongest financial start, consider this account as one part of a bigger savings-plan picture. Pairing it with other high-yield savings and investment options will help set your baby on the right path toward a secure financial future.
USA Today
7 days ago
- Business
- USA Today
No more paper checks: Social Security moving to 100% electronic payments this fall
The Social Security Administration is transitioning away from paper checks. Later this year, only electronic payments will be used for benefit payments, the agency announced July 14 as part of an effort to modernize its systems and improve service delivery. "By moving to electronic payments exclusively, we aim to improve efficiency, security, and ensure beneficiaries receive their monthly benefits promptly," the agency wrote in a blog post. Less than 1% of beneficiaries have not yet switched to electronic payment methods and still receive paper checks, according to the SSA. The agency is urging those to enroll in either direct deposit or use the Direct Express card before the late September deadline in order to receiving their monthly benefits on time. Those who still receive paper checks will be sent notices to transition as well as instructions on how to transition on all benefit checks, the SSA said. Social Security change coming in July: Agency begins taking back 50% of overpayments When will paper checks no longer be an option? Starting Sept. 30, 2025, the Social Security Administration will stop issuing paper checks for benefit payments. All beneficiaries will be required to switch to electronic payments. Social Security: When do you get your payment for July? See schedule Why the change? The SSA said the switch from paper checks to electronic payments will minimize delays in payments and reduce the risk of fraud. Citing the U.S. Department of the Treasury, the SSA said electronic payments cost roughly 35 cents less than paper checks, essentially saving the federal government millions of dollars annually. The agency added that the transition will provide a safer and more secure method to receive benefits, saying paper checks are 16 times more likely to be either lost or stolen. How to switch to electronic payments Social Security beneficiaries can switch from paper checks to electronic payments online through their personal my Social Security account. The agency has technicians available to support those who need tech support Monday through Friday from 7:30 a.m. until 4 p.m. ET. Another Social Security payment coming in July As soon as late July, some beneficiaries who have been overpaid could have their monthly Social Security benefits cut in half. The SSA announced in April that it would begin withholding 50% of benefit payments to overpaid recipients. That marked a partial backtrack from the month prior, when the agency revealed plans to withhold all of a recipient's benefit until their overpayment was recouped. Previously, the agency had been withholding only 10% of a recipient's benefits to recover overpayments. The SSA had lowered the recovery rate to that level after negative media coverage in 2023 about the agency's collection process, reporting how some had lost their homes after benefits were cut off to make up an overpayment. "Innocent people can be badly hurt," then-Social Security chief Martin O'Malley said, according to the Detroit Free Press, part of the USA TODAY Network. Contributing: Mike Snider, USA TODAY
Scoop
09-07-2025
- Business
- Scoop
Sanctioning Malicious North Korean Cyber Actors
July 8, 2025 The United States is imposing sanctions on Song Kum Hyok, a North Korean cyber actor associated with the U.S.-designated North Korea hacking group Andariel. Song was involved in in malicious cyber-enabled activities, which included an illicit information technology (IT) worker scheme. He is also linked to an attempted hack of the U.S. Department of the Treasury. We are also imposing sanctions on Russia-based facilitator Gayk Asatryan and four entities – two Russian and two North Korean – all involved in deploying IT workers internationally to generate revenue for the North Korean government. The Democratic People's Republic of Korea deploys IT workers who obfuscate their identities, often through identity theft of U.S. persons, to fraudulently obtain employment at unwitting foreign firms. The North Korea regime uses revenue generated by these workers to support its unlawful weapons of mass destruction and ballistic missile programs. Today's sanctions are part of the U.S. government's efforts to combat North Korean cyber espionage and revenue generation. We will continue to take action against malicious cyber actors who attempt to undermine U.S. national security or the U.S. financial sector. The U.S. Department of State's Rewards for Justice program (RFJ) is offering a reward of up to $10 million for information leading to the identification or location of any person who, while acting at the direction or under the control of a foreign government, engages in certain malicious cyber activities against U.S. critical infrastructure in violation of the Computer Fraud and Abuse Act. RFJ is also offering a reward of up to $5 million for information leading to the disruption of financial mechanisms of persons engaged in certain activities that support North Korea, including the exportation of its workers to generate revenue. The Department of the Treasury's actions were taken pursuant to Executive Order (E.O.) 13694, as amended; E.O. 13722; and E.O. 13810. For more information, see Treasury's press release, the State Department's RFJ website, Department of Justice's press release, and the Cybersecurity and Infrastructure Security Agency cybersecurity advisory.
Iraq Business
06-07-2025
- Business
- Iraq Business
US Sanctions Iraqi-British National for Smuggling Iranian Oil
By John Lee. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions targeting networks involved in transporting and purchasing Iranian oil, including a group of companies led by Iraqi businessman Salim Ahmed Said. The U.S. alleges that Said's network smuggled Iranian oil disguised as, or blended with, Iraqi oil, generating substantial profits while benefiting Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), which is designated as a Foreign Terrorist Organization. Several vessels engaged in the covert delivery of Iranian oil were also sanctioned, as the U.S. continues to crack down on Iran's so-called "shadow fleet" of tankers. The actions aim to increase economic pressure on Tehran and disrupt its access to revenue that could fuel destabilising activities. Treasury Secretary Scott Bessent stated, " While Iran has had every opportunity to choose peace, its leaders have chosen extremism. Treasury will continue to target Tehran's revenue sources and intensify economic pressure. " The latest designations were made under Executive Orders 13902 and 13224, which target key sectors of the Iranian economy and entities supporting terrorism. The U.S. Department of State also announced sanctions on six entities and four vessels for significant transactions involving Iranian petroleum products, under Executive Order 13846. More background on this story can be found here. Full statement from the U.S. Department of the Treasury: Treasury Targets Diverse Networks Facilitating Iranian Oil Trade Today [3rd July 2025], the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is taking action against networks that have collectively transported and purchased billions of dollars' worth of Iranian oil, some of which has benefited Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), a designated Foreign Terrorist Organization. Among the entities sanctioned today is a network of companies run by Iraqi businessman Salim Ahmed Said (Said) that has profited from smuggling Iranian oil disguised as, or blended with, Iraqi oil. Treasury is also sanctioning several vessels engaged in the covert delivery of Iranian oil, intensifying pressure on Iran's "shadow fleet." "As President Trump has made clear, Iran's behavior has left it decimated. While it has had every opportunity to choose peace, its leaders have chosen extremism," said Secretary of the Treasury Scott Bessent. "Treasury will continue to target Tehran's revenue sources and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities." Today's action is being taken pursuant to Executive Order (E.O.) 13902, which targets those operating in certain sectors of the Iranian economy, including Iran's petroleum and petrochemical sectors, as well as the counterterrorism authority E.O. 13224, as amended. It marks the eighth round of sanctions targeting Iran's oil trade since the President issued National Security Presidential Memorandum 2, directing a campaign of maximum pressure on Iran. Concurrently, the Department of State is designating six entities and identifying four vessels pursuant to E.O. 13846 for having knowingly engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran. IRAN-IRAQ OIL SMUGGLING NETWORK Iraqi-British national Salim Ahmed Said (Said) runs a network of companies that have been selling Iranian oil falsely declared as Iraqi oil since at least 2020. Said's companies use ship-to-ship transfers and other obfuscation techniques to hide their activities. Said's companies and vessels blend Iranian oil with Iraqi oil, which is then sold to Western buyers via Iraq or the United Arab Emirates (UAE) as purely Iraqi oil using forged documentation to avoid sanctions. This allows the oil to be sold on the legitimate market and helps Iran evade international sanctions on its oil exports. Said has bribed many members of key Iraqi government bodies, including parliament. He has reportedly paid millions of dollars in kickbacks to these officials in exchange for forged vouchers allowing him to sell Iranian oil as if it originated from Iraq. Said is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. Said controls UAE-based company VS Tankers FZE (VS Tankers), despite avoiding formal association with the company. Formerly known as Al-Iraqia Shipping Services & Oil Trading FZE (AISSOT), VS Tankers has smuggled oil for the benefit of the Iranian government and the Islamic Revolutionary Guard Corps (IRGC). For example, in 2020, AISSOT reportedly brokered a deal to transport Iranian oil via Iraqi pipelines to be blended and sold as Iraqi oil. VS Tankers-affiliated ships have assisted Iranian oil exporters in blending Iranian oil with Iraqi to obscure the oil's origins by engaging in ship-to-ship transfers with vessels known to be affiliated with Iranian oil activities. VS Tankers currently claims several oil tankers as part of its fleet, one of which recorded four ship-to-ship transfers with the U.S. sanctioned, Barbados-flagged CASINOVA (IMO 9280366) in April 2024 while located in the Persian Gulf near the mouth of the Shatt al-Arab river, which marks the border between Iraq and Iran. VS Tankers has served as the operator, manager, and beneficial owner of the Marshall Islands-flagged crude oil tanker DIJILAH (IMO 9829629) since 2019. VS Tankers is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. DIJILAH is being identified pursuant to E.O. 13902 as property in which VS Tankers has an interest. In 2023, Said expanded his business holdings to include VS Oil Terminal FZE (VS Oil), which, though registered in the UAE, has its physical presence in Khor al-Zubayr, Iraq. VS Oil manages six oil storage tanks where Iranian oil is dropped off to be mixed with Iraqi oil. Vessels carrying Iranian oil also conduct ship-to-ship transfers with vessels carrying Iraqi oil in the vicinity of VS Oil's terminal facilities, and the blended oil is ultimately authenticated by complicit Iraqi government officials. Vessel tracking data shows that multiple oil tankers known to transport Iranian petroleum products on behalf of U.S.-sanctioned Iranian oil and petrochemical broker Triliance Petrochemical Co. Ltd. and Iranian military front company Sahara Thunder have visited VS Oil. VS Oil employees smuggle hard currency into Iran via cars and trucks, some of which carry millions of dollars each, as payment for oil. VS Oil is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. Said also owns UAE-based VS Petroleum DMCC, formerly Ikon Petroleum DMCC, and Rhine Shipping DMCC (Rhine Shipping) which, in 2022, were implicated in blending Iranian oil to sell as Iraqi oil. Rhine Shipping was also previously exposed as the manager of the U.S.-sanctioned oil tanker MOLECULE, formerly named BABEL, which loaded oil in the Persian Gulf from an Iranian tanker that had turned off its location transponder to obfuscate the transaction. OFAC subsequently sanctioned the MOLECULE for its role in shipping Iranian oil as part of the network of Iran-backed Houthi financial official Sa'id al-Jamal. Said also owns United Kingdom-based companies The Willett Hotel Limited and Robinbest Limited. VS Petroleum DMCC, Rhine Shipping, The Willett Hotel Limited, and Robinbest Limited are being designated pursuant to E.O. 13902 for being owned or controlled by, directly or indirectly, Said. Shadow fleet actors Iran's shadow fleet enables the regime to transport its petroleum to generate revenue. Iran relies on non-sanctioned vessels to conduct ship-to-ship transfers and receive Iranian oil from sanctioned vessels before shipping the Iranian-origin cargo to buyers in Asia. The National Iranian Tanker Company (NITC) uses Singapore-based Trans Arctic Global Marine Services PTE. LTD. (Trans Arctic Global) to arrange piloting services for NITC vessels transiting through the Strait of Malacca. Trans Arctic Global has enabled NITC to transport tens of millions of barrels of Iranian oil through the Strait of Malacca for eventual ship-to-ship transfers to vessels waiting in the Singapore Eastern Outer Port Limits. Trans Arctic Global is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. The Cameroon-flagged VIZURI (IMO 9197909), Comoros-flagged FOTIS (IMO 9306548), and Panama-flagged THEMIS (IMO 9264570) and BIANCA JOYSEL (IMO 9196632), have collectively shipped tens of millions of barrels of Iranian oil and other petroleum worth billions of dollars. Since mid-2023, the VIZURI has completed multiple shipments of Iranian oil and transported millions of barrels of Iranian oil. Panama-flagged liquified petroleum gas carrier (LPG) FOTIS has transported millions of barrels of Iranian LPG and other petroleum to multiple locations. Panama-flagged THEMIS, which was sanctioned by the United Kingdom on May 9, 2025 for transporting Russian oil, has also transported Iranian oil. Seychelles-based Egir Shipping Ltd, and Marshall Islands-based Fotis Lines Incorporated and Themis Limited are the respective owners of the VIZURI, FOTIS, and THEMIS. Egir Shipping Limited, Fotis Lines Incorporated, and Themis Limited are being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. VIZURI, FOTIS, and THEMIS are being identified as blocked property in which Egir Shipping Ltd, Fotis Lines Incorporated, and Themis Limited, respectively, have an interest. Panama-flagged BIANCA JOYSEL has transported more than ten million barrels of Iranian oil since mid-2024, conducting ship-to-ship transfers with sanctioned vessels owned by the U.S.-designated NITC, including the AMOR and STARLA. British Virgin Islands-based Betensh Global Investment Limited And Dong Dong Shipping Limited owns the BIANCA JOYSEL. Betensh Global Investment Limited And Dong Dong Shipping Limited is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. BIANCA JOYSEL is being identified as blocked property in which Betensh Global Investment Limited And Dong Dong Shipping Limited has an interest. IRGC-QF oil Sales The IRGC-QF has used the Al-Qatirji Company to facilitate oil sales to customers around the world, generating hundreds of millions of dollars of revenue for the IRGC-QF. The Cameroon-flagged ELIZABET (IMO 9216717), which has impersonated a separate vessel, the S TINOS, loaded a cargo of Iranian oil off the coast of Malaysia in August 2024 via ship-to-ship transfer. The cargo had originally been loaded at Kharg Island, Iran, by the ROMINA (IMO 9114608), a vessel previously identified for its role in transporting Iranian petroleum for the Al-Qatirji Company. Seychelles-based White Sands Shipmanagement Corp. is the ship manager, operator, and technical manager of the ELIZABET. The AI-Qatirji Company transported approximately two million barrels of Iranian oil on the Cameroon-flagged ATILA (IMO 9262754) in support of the U.S.-sanctioned Sa'id al-Jamal network. The ATILA received the oil in a ship-to-ship transfer with the sanctioned vessel ARMAN 114. The Iranian oil carried by the ATILA was disguised as Malaysian oil. Seychelles-based Grat Shipping Co Ltd is the manager, operator, and owner of the ATILA. OFAC designated Sa'id al-Jamal pursuant to E.O. 13224, as amended, on June 10, 2021, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, the IRGC-QF. The Al-Qatirji Company has also used the Palauan-flagged GAS MARYAM (IMO 9108099) to transport Iranian petroleum products in support of the IRGC-QF. Liberia-based Dima Shipping & Trading Company is the manager, operator, and owner of the GAS MARYAM. White Sands Shipmanagement Corp, Grat Shipping Co Ltd, and Dima Shipping & Trading Company are being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of the Al-Qatirji Company. The ELIZABET is being identified as blocked property in which White Sands Shipmanagement Corp. has an interest, the ATILA as blocked property in which Grat Shipping Co Ltd has an interest, and the GAS MARYAM as blocked property in which Dima Shipping & Trading Company has an interest. SANCTIONS IMPLICATIONS As a result of today's action, all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC's regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons. Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC's Economic Sanctions Enforcement Guidelines provide more information regarding OFAC's enforcement of U.S. economic sanctions. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities involving designated or otherwise blocked persons. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person. Furthermore, engaging in certain transactions involving the persons designated today may risk the imposition of secondary sanctions on participating foreign financial institutions. OFAC can prohibit or impose strict conditions on opening or maintaining, in the United States, a correspondent account or a payable-through account of a foreign financial institution that knowingly conducts or facilitates any significant transaction on behalf of a person who is designated pursuant to the relevant authority. The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add persons to the Specially Designated Nationals and Blocked Persons List (SDN List), but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC's guidance on Filing a Petition for Removal from an OFAC List. Click here for more information on the persons designated and any property identified as blocked today. (Source: U.S. Department of the Treasury)
Iraqi News
04-07-2025
- Business
- Iraqi News
US sanctions network for smuggling Iranian oil under Iraqi cover
Washington D.C. ( – The U.S. Department of the Treasury announced on Thursday (July 3, 2025) that it has imposed sanctions on a business network it accuses of smuggling billions of dollars' worth of Iranian oil by using an Iraqi legal cover. The Treasury stated the network, allegedly run by Iraqi businessman Salim Ahmed Saeed, has been purchasing and shipping Iranian oil 'disguised as or mixed with Iraqi oil' since at least 2020. Several ships accused of being part of Iran's 'shadow fleet' were also sanctioned. 'The Treasury will continue to target Tehran's sources of income… to disrupt the regime's access to financial resources that fuel its destabilizing activities,' a statement from the department read. Separately, the Treasury also sanctioned senior officials and an entity linked to Hezbollah's financial institution, 'Al-Qard Al-Hasan.' The announcement comes after Iraq's Oil Minister previously stated that Iran had forged documents using Iraq's name for oil shipments, and that the Iraqi government had informed Washington it was not responsible, noting that all official Iraqi shipments are monitored by satellite.
