Parents, Avoid This Costly Investing Mistake

George Kamel received a special check. It was a $1,000 gift from Donald Trump for his son. Kamel is a financial expert with Ramsey Solutions. He shared a big warning for parents about money. Many parents want to save for their children. They plan for college or other goals.

Kamel took the money for his son. But he advises parents to be careful. He says parents should pay off all their own debt first. This includes credit cards, car loans, and student loans. Parents often want to give their children a good start. They think investing early is the best way. But personal debt can hurt a family's money more.

Money problems cause stress. Debt makes it harder to save. Kamel explains that getting rid of debt first helps everyone. It frees up more money each month. This lets parents invest more later. They can also teach their children good money habits. A parent with no debt sets a strong example. This plan brings more long-term security. It is a smart way to build wealth for the whole family.

Source: Fox Business