Local financial expert outlines financial bucket list strategies

MILWAUKEE (CBS 58) -- Still being early in 2025, many people are still working on steps for setting and achieving their annual money-related goals. Financial expert Tony Drake of Drake & Associates discussed ways to create a financial bucket list when he joined us on Monday, Feb. 10 to offer tips.

A financial bucket list is a written plan outlining short- and long-term financial objectives. Drake said it can include practical goals, such as paying off debt, and lifestyle goals, like saving for travel. He recommended starting with a structured financial plan and identifying priorities based on personal values.

Building an emergency fund is another key component. Drake referenced a recent survey showing nearly 60% of Americans feel unprepared for unexpected expenses. He advised setting aside three to six months’ worth of expenses.

For those in debt, Drake emphasized distinguishing between necessary and high-interest debt, prioritizing repayment and avoiding common financial missteps. He also encouraged setting retirement savings goals to ensure long-term financial stability.

To learn more, check out Drake & Associates online.