Parents, Don't Make This Big Money Mistake
A Ramsey expert shares a money warning for parents, urging them to get out of debt before saving for their children's future.
George Kamel works for Ramsey Solutions. He received $1,000 from Donald Trump for his son. This money went into a new account called a Trump Account. Kamel then shared a big warning for parents.
He says parents often make a mistake. They save for their children's future first. This includes college funds or similar accounts. But many parents still carry their own debt. Kamel believes this is backwards thinking.
Parents should focus on becoming debt-free first. This means paying off credit cards and loans. Getting rid of debt frees up more money. This money can then grow for their children. It also helps the family's finances stay strong.
Kamel wants parents to understand the math. High-interest debt costs a lot. Paying it off before saving for kids makes more financial sense. It helps families build true wealth for everyone.
Source: Fox Business
