Local financial advisor discusses breaking the paycheck-to-paycheck cycle

MILWAUKEE (CBS 58) -- Many Americans are struggling to make ends meet, including some earning more than $150,000 a year. Financial advisor Tom Neumann of Drake & Associates joined us Friday, June 27 to explain why this cycle is risky and how to start breaking free.

Neumann said about one in four households lives paycheck to paycheck, often with little saved for emergencies or future goals. He recommends cutting monthly expenses, starting a small emergency fund and finding ways to boost income, such as adjusting tax withholdings or taking on side work.

Those seeking help can reach out to a local financial advisor or attend free budgeting workshops offered through community centers, banks or credit unions throughout the year.