Local expert discusses becoming financially independent ahead of Father's Day

MILWAUKEE (CBS 58) -- In a move towards fostering financially independent children, local professional Tony Drake from Drake and Associates joined us on Wednesday, June 14, to equip individuals with strategies to show dad on Father's Day that we are financially independent.

Beginning with an understanding of debt, Drake recommended a thorough inventory of financial obligations. Clear strategies such as the 'Avalanche Method' and the 'Snowball Method' were discussed to streamline the debt clearing process.

Prioritizing retirement savings also helps, said Drake, by setting age-specific milestones, allowing folks to align their saving habits with their retirement needs. He suggested having an annual salary saved by age 30 and three-times the annual salary by age 40.

Automating savings is the next method Drake advised. By directly transferring a certain percentage of the paycheck to retirement accounts, he emphasizes the importance of consistent contributions.

Also, when it comes to parents who continue to financially support their adult children, what is the significance of financial mentoring over monetary help?

For more information, visit DrakeAndAssociates.net.