Ramsey Expert's Advice on Kids' Money
A financial expert warns parents about a common money mistake while sharing his own choice for his son.
George Kamel works for Ramsey Solutions. He shared a personal story about a gift for his son. Former President Trump gave George's son one thousand dollars. Many parents want to save for their children's future.
George used the money for his son's education savings. This seems like a good move. But George also gave strong advice to parents. He warns against a big mistake people make with their kids' money.
He says parents should not save for their children's future before getting out of debt themselves. Debt can make it hard to reach your own financial goals. Getting rid of debt first helps parents build a strong money foundation. This foundation benefits the whole family.
Building your own financial strength is the best gift. It helps you teach good money habits to your children. You set a powerful example. This approach lets you truly help your kids when the time is right.
Source: Fox Business
