Ramsey Expert Warns Parents About Key Investing Error
George Kamel, a Ramsey Solutions expert, warns parents about putting money into investments for kids before clearing their own debt.
Many parents want to help their kids. They think about investing for their children's future. But a common mistake can cost them a lot of money.
George Kamel works for Ramsey Solutions. He talks about personal finance. Kamel once got $1,000 from Donald Trump. Trump gave this money to Kamel's son. Kamel chose to use the money in a smart way. He put it towards his own debt.
Kamel says parents should focus on their own money first. They need to pay off their debts. This includes car loans and credit card bills. Having debt means paying interest. This interest makes it harder to build wealth. It is like taking two steps forward and one step back.
Getting rid of debt is like building a strong foundation. After debt is gone, parents can invest more. They will have more money to save for their kids. This path gives children a better future. It also keeps parents' finances strong.
Source: Fox Business
