Parents, Avoid This Costly Investing Mistake
A financial expert warns parents about a big money mistake when investing for their children's future.
George Kamel works for Ramsey Solutions. He received a $1,000 gift for his son from former President Donald Trump. Kamel put this money into a special account for his child. He then shared a warning for other parents.
Kamel says many parents make a big mistake. They invest money for their kids before paying off their own debt. This can hurt the parents' finances. It also does not help the children as much as they think.
He wants parents to think about the math. High-interest debt costs more than investment gains. Parents should pay off their own debts first. This includes credit cards and car loans.
Getting out of debt makes a family stronger. Parents have more money free for important things. Then, they can invest for their children's future. This plan creates real wealth and security for everyone.
Source: Fox Business
