2007: Ask Farnoosh: Should I Open a Trump Account? Can My Parent Qualify for Medicaid?

**Farnoosh Torabi** (0:00)
Hey friends, if you've been sitting on a book idea and wondering could this actually become something, this is your moment. Join me in New York City on October 9th for Book to Brand. This is my intimate full-day immersive designed to help you turn your idea into a clear, compelling, pitch-ready book concept. You will meet the insiders, agents, publishers, and recent authors who can help bring your book to life. Spots are limited and early-bird tickets are on sale now. Head to booktobrand.co to reserve your spot. So Money Episode 2007, Ask Farnoosh.

**SPEAKER_2** (0:34)
You're listening to So Money with award-winning money guru, Farnoosh Torabi. Each day, get a 30-minute dose of financial inspiration from the world's top business minds, authors, influencers, and from Farnoosh yourself.
Looking for ways to save on gas or double your double coupons? Sorry, you're in the wrong place. Seeking profound ways to live a richer, happier life? Welcome to So Money.

**Farnoosh Torabi** (1:01)
Welcome to So Money, everyone. I'm Farnoosh Torabi, Friday, July 10th, 2026 Welcome to Ask Farnoosh. It's our Friday edition of the show where we tackle your biggest money questions. We break down some headlines that actually matter and we hopefully leave you feeling a little bit more confident about money and your financial life. Thanks for making this show a part of your week. We've got a packed episode. We're talking about Trump accounts as promised, the brand new savings accounts for children that officially became available this month, July 4th in fact, and I opened one over the weekend, last weekend, and I'm going to take you through exactly how they work, why I think the idea is actually pretty smart, but also why I don't think they're the best savings vehicle for everybody. Then we're going to shift gears and talk about something that affects millions of Americans, but still causes enormous confusion.
I was recently on the Today Show this week, and one of the viewer questions we unfortunately ran out of time to answer was from a woman who's caring for aging parents. I know this is such an important question, and I'm sorry we couldn't answer it on the air, so I'm going to dedicate some time on the show today to unpack this and talk about this viewer's question. I want to devote some real time to it here because if you're in your 40s or your 50s, or older, chances are you're either caring for aging parents right now or you're going to be. And later in the mailbag, we'll answer a question about buying a home. People are still doing this quite actively, I might say. Prices are up from a year ago. How much of your savings should you actually use for the down payment? I know we throw around this 20% figure a lot, but is that necessary? I'll explain. So we've got a lot to cover, but first, happy National French Friday, America.
I know not exactly the financial holiday of the year, although if you've been buying fries lately, it certainly feels like an investment. Here's a fun statistic. According to a recent survey, nearly two-thirds of Americans, 63%, say French fries are not just a side dish. They're the whole shebang. They're the meal.
Don't tell my kids that. I get it, especially if they're really good fries. Apparently, Americans, we eat about 17 pounds of fries every year. 17 pounds. If you happen to be listening today, McDonald's is giving away a free medium order of fries through its app. If you're a rewards member, this is not a sponsored mention, although McDonald's, if you're listening, I might be available. We took our kids to McDonald's over the weekend. We were coming back from Boston. We went to Boston for the July 4th weekend. We take them to McDonald's sparingly. I want to avoid fast food as much as possible, but they love McDonald's and we make it once or twice a year. To be honest, they just want the toy. My son wanted the World Cup Soccer Cup, and my daughter wanted this Squishmallow. They make it very tempting.
McDonald's was packed. It was packed as ever. It's so funny when you're looking on the map to find a McDonald's, wherever you are, there's at least 10 to 15 within a 20-mile radius. It was crazy how many McDonald's popped up on my Google Maps. Anyway, before we get to the mailbag, let's talk about a couple of episodes from this week that I don't want you to miss. On Wednesday, I welcome back my friend, Bobby Rebelle, who many of you know is a certified financial planner. She's also now a financial therapist. She's got a book called Launching Grown Ups. One of my favorite parts about our conversation wasn't actually about money, it was about identity because when your kids become adults, your role as a parent changes, obviously, and what's hard about that is that right now nearly half of adults, under 30, are living still with their parents. So how do we work around this? How are we supposed to show up for our adult children who are living in our homes? Do we show up? Bobby's got some really important advice. Bobby has no problem with this and I don't really either. She says it could be a strategic financial move when your kids are living at home. Maybe they're saving for their own home, maybe they're still paying off student loans. Maybe, just maybe the housing market has become simply unaffordable, right? Of course, this arrangement can create tension. Who's paying for the groceries? Who's paying rent? When is enough? Enough.