Parents, Stop This Money Mistake For Your Kids
A money expert took a $1,000 gift for his child, then warned parents about a common investing trap.
George Kamel works for Dave Ramsey. He helps people with their money. George got $1,000 for his son. This money came from Donald Trump. It is a new way to save for kids called a Trump Account.
George said this new account has a math problem. It charges fees. These fees are high. They can eat away at the money over time. This makes it a bad choice for many families.
He also gave bigger advice to parents. He warns against saving money for kids first. Parents should pay off their own debts first. This includes credit cards or car loans. Being debt-free is more important. It gives families a stronger financial base.
Paying off debt protects your family's future. It makes sure you are financially stable. Then, you can save for your children's future. This approach helps everyone win.
Source: Fox Business
