How to help dad achieve financial independence for Father's Day

MILWAUKEE (CBS 58) -- Shopping for dads often consists of choosing the best tie or gift card, but a local financial expert suggests thinking about dad's financial future this Father's Day.

Brad Allen of Drake & Associates offered advice on financial independence for Father's Day when he joined us on Thursday, June 13.

Allen focused on four strategies: organizing debt, selecting a debt repayment strategy, prioritizing retirement savings and automating savings.

He suggested taking inventory of credit card debt and using methods like the Avalanche or Snowball to pay it off, while also saving at least 10-15% of each paycheck for retirement and automating contributions.

For dads to return the favor, Allen noted that fathers should mentor their children on financial management rather than providing direct financial support.