We are just around the corner from graduation season, which is a time for celebration. But what about those that are finally out on their own and trying to establish financial independence? Fiduciary financial planner Mike Reeves of Strategic Wealth Designers joined the newscast to discuss steps you may take to become financially independent.
“First thing’s first – create a budget,” Reeves says. “If you’ve never been on your own then you probably haven’t thought about how much everything really costs. On top of that, you may be now receiving your first salary and have more income than ever before. You need to plan accordingly so you make sure the numbers work.”
If you have student loan debt or credit card debt, work on paying off the debt with the highest interest rate first. You don’t want to lose money by just paying additional interest later on. Working towards paying off debt is an important part of being financially independent.
“If you’re thinking about getting them off your payroll because they’re able to fend for themselves, then the time is now,” Reeves says. “Obviously you want to help your loved ones. But make sure you aren’t enabling complacent behavior. Do they really need your help or are they just taking advantage of you being nice? It might be time for some tough conversations.”
Creating a realistic plan and sticking to it is critical to establishing financial independence. To see additional stories surrounding business and economic news for the Indianapolis area, visit https://CBS4Indy.com/Strategic-Wealth and if you have a question for Mike send an email to email@example.com.