Ramsey Expert Warns Parents on Big Money Mistake
George Kamel, a Ramsey Solutions expert, cautions parents about investing for their children before paying off their own debts.
Many parents want to save money for their children. They imagine a brighter future for their kids. But Ramsey expert George Kamel says parents make one big mistake when planning for their children's money.
Kamel took advantage of a special offer. Donald Trump sent $1,000 to families who bought his new NFTs. Kamel took the money and put it into an investment account for his son. But Kamel made sure his own debts were paid off first.
Kamel warns parents to get rid of their own debt first. This means student loans, credit card balances, and car payments. Parents should not invest for their kids until their own financial house is in order. Being debt-free saves money on interest payments. This extra money can then help children much more.
Focus on your own financial freedom first. This strong foundation helps your whole family. Then, you can truly help your children build wealth.
Source: Fox Business
