Ramsey Expert Warns Parents on Kids' Savings
A financial expert accepted former President Trump's gift for his son. He then shared a warning for parents about saving for their children.
George Kamel works for Ramsey Solutions. He recently accepted a special gift. Former President Donald Trump gave $1,000 to his son. This gift came from Trump's social media stock.
Kamel took the money. He then offered advice to parents. He warns about a common money mistake. Parents often save for their children's future too soon. They do this before getting rid of their own debt.
Kamel calls this a costly error. He explains the math behind it. Carrying debt means paying interest. This can be high. Investing money while still in debt does not make sense. It is better to pay off high-interest debt first.
Parents should focus on becoming debt-free. This creates a stronger financial base. Then, they can save and invest for their children's future. This approach helps the whole family win with money.
Source: Fox Business
