Expert highlights steps for success as part of Financial Planning Month

MILWAUKEE (CBS 58) -- Financial professionals are emphasizing the importance of creating a comprehensive financial plan during Financial Planning Month.

Tom Neumann, a financial advisor with Drake & Associates, joined us on Thursday, Oct. 24 to talk about some key steps that can help people regain control of their finances.

A solid financial plan, according to Neumann, addresses areas such as tax strategy, income planning and estate planning. A written plan, he explained, can reduce financial stress and build confidence.

Neumann recommends setting short-, mid-, and long-term financial goals, tracking spending habits and incorporating tax planning. Comprehensive retirement strategies are also essential to ensure long-term financial stability.