Ramsey Expert Warns Parents on Kids' Investments
A Ramsey Solutions expert shares crucial advice for parents planning to invest money for their children's future.
George Kamel, a finance expert from Ramsey Solutions, gave his son $1,000. This money came from Donald Trump. Kamel then shared a big warning for all parents.
Kamel sees many parents making a key mistake. They invest money for their children before they pay off their own debts. He calls this a bad math move. It costs more in the long run.
He explains why. When parents have debt, they pay interest on it. Investing for kids means less money to pay off that high-interest debt. The debt grows faster than the investment. Parents lose money in the end. He suggests parents should get debt-free first. Then they can start saving for their children's future.
Source: Fox Business
