Parents, Avoid This Costly Money Mistake
A money expert took a gift for his child. He then warned parents about a common mistake they make when saving for kids.
George Kamel works for Ramsey Solutions. He is a money expert. Kamel received $1,000 for his young son. This gift came from former President Donald Trump's new savings plan. It helps kids save for their future.
Kamel shared his thoughts on the gift. He pointed out a big error many parents make. Parents often want to save for their children's future first. They might put money into special accounts for their kids.
But Kamel says parents should focus on their own money first. They must get rid of their own debt. Then they should build up their own savings. This strong financial base helps the whole family. It gives children a better start than just a savings account.
Parents need to be financially free themselves. This is the best gift they can give their children. A parent free from debt can offer more support. They can teach better money habits by example.
Source: Fox Business
