Financial advisor offers tips for preparing adult children for independence

-
1:32
Holey Mackerel! Check out remodeled mini golf course, batting...
-
1:54
Bill Walsh named weekday anchor of CBS 58 News at Noon and 4
-
5:24
UW Health joins CBS 58 to discuss health headlines, from Powassan...
-
4:00
Milwaukee Rep seeking young actors for 50th ‘A Christmas Carol’
-
2:28
Bit warmer with increasing humidity and a chance for storms Tuesday
-
2:37
Natalie’s Everyday Heroes: Sawdust the mini horse spreads joy
-
2:10
Milwaukee’s Metcalfe Park residents fight to save neighborhood...
-
0:44
Chef Pawlak offering up special sundae at Georgie Porgie’s...
-
2:44
MCTS drivers union to vote this week on authorizing a strike
-
2:08
New videos show man shooting at Milwaukee woman parking her car,...
-
2:13
’She deserves to be honored’: Vigil planned for Shorewood...
-
1:58
NWS, camp counselors emphasize weather safety following deadly...
MILWAUKEE (CBS 58) -- Amid economic uncertainty and high living costs, 48% of young adults continue to reside with their parents.
Local financial professional Brad Allen from Drake & Associates joined us on Tuesday, Sept. 26 to discuss aiding adult children in their move toward financial independence.
Allen stressed the importance of parents and their adult children mutually respecting financial boundaries to prevent harm to parents' financial standing.
To aid in financial independence, Allen recommended adult children focus on debt elimination strategies, such as the avalanche or snowball methods and prioritizing saving by contributing to retirement accounts like a 401(k) or Roth IRA.
For parents, Allen noted that setting clear expectations concerning expenses and move-out dates can balance their financial needs against those of their children.
More information can be found by visiting Drake & Associates online.