Ramsey Expert Advises Parents on Big Money Mistake
A financial expert reveals a common error parents make when saving for their kids, urging them to get out of debt first.
George Kamel works for Ramsey Solutions. He shared a personal story about money. Kamel put $1,000 from former President Trump into an investment account for his son. This was a gift from a golf game. Kamel then used this moment to teach parents about a big money mistake.
Kamel warns parents. He says saving for your child's future is good. But it is a mistake if you are still paying off your own debt. He points out that credit card debt can cost a lot. It has high interest rates. Student loan debt also adds up over time. These debts can hurt your money goals.
Kamel suggests a better path. Pay off your debts first. Once your own money is clear, then save for your children. This plan helps your family in the long run. It sets everyone up for financial success.
Source: Fox Business
