Personal Finance
Ramsey Expert Warns Parents About a Key Money Mistake
A Ramsey Solutions expert shares a personal story to help parents avoid a big financial error.
George Kamel works with Ramsey Solutions. He recently put $1,000 into a trust for his son. This was money from former President Trump. The trust is called a Trump Account.
Kamel sees many parents making a common mistake. They invest money for their children. But they still have their own debts. He says this is backwards. Debt hurts your finances. It costs you money over time.
Parents should focus on becoming debt-free first. Then, they can invest for their kids. This path gives children a better money future. They learn good habits from their parents. A parent without debt is a stronger support for their family.
Source: Fox Business
