Parents, Avoid This Costly Financial Mistake

George Kamel, a finance expert from Ramsey Solutions, recently accepted a gift from Donald Trump. It was a $1,000 bond for his newborn son. This generous gift made headlines. Kamel then shared an important message for all parents.

Kamel warns parents about a common money mistake. Many want to save for their kids' futures. They start investing for their children. But they still have their own debts. This approach can cost them more in the long run.

He points out that high-interest debt, like credit cards, grows fast. This debt reduces a family's money much quicker than investments grow. Paying off debt first saves more money. It also sets a stronger financial example for children.

So, before you put money into your child's college fund, look at your own finances. Pay down high-interest debt first. This move builds true wealth for your family. It secures a better future for everyone.

Source: Fox Business