Financially Well: Recent Episodes
Kevin Mahoney, CFP®
On this finance podcast for Millennials, Kevin Mahoney, CFP® connects recent personal finance news to specific steps you can take toward greater financial wellness. Are you among the many Millennials ready for more financial clarity and confidence? New episodes released each month on the 1st & 15th.
Research suggests that, when you invest in a 401(k), the tax break earns you an extra 0.73% each year. But you also lock up that money until you’re 59 and a half.
Is that risk worth the benefit to you?
Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how we evaluate financial benefits and risks.
We need to keep the big picture in mind. The connection between financial flexibility and living the life we want is strong. We can’t dismiss that benefit.
Welcome to Financially Well, the finance podcast for Millennials.
Over a 10-year period through 2022, the average investment fund returned 7.7%. But the average person invested in those funds earned only 6%.
Why?
Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, explains that the difference between your investment return and your index fund’s return comes down to timing.
And what if your investment mistakes merely reflect where else your mind was that day?
Welcome to Financially Well, the finance podcast for Millennials.
Compelling options to save for retirement, including the mega backdoor Roth, exist. But only if you have access.
Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, talks about how the opportunity to save $69,000 in a tax-advantaged account is no small thing.
You should be adamant that you get access.
Welcome to Financially Well, the finance podcast for Millennials.
We can’t do much to prevent investment losses. But we have choices after an investment setback. Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, explains tax-loss harvesting in this episode. He compares tax-loss harvesting to a famous incident from the 1500s, and discusses how the strategy can help us to salvage tax savings from our frustration. Welcome to Financially Well, the finance podcast for Millennials.
When your child makes a little money, the IRS will view the cash in their wallet as “earned income.” But for once, this isn’t a tax headache. Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, talks about how these small paydays will create an opportunity for you to teach your child about investing. And they’ll create an opportunity for them to experience compounding. Then, when your child begins their adult life, they already may have a meaningful amount of money in retirement savings. Welcome to Financially Well, the finance podcast for Millennials.
You’d probably love to save more money. What part of your finances would that break, though? Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, asks: what if you plan to work an extra 6-12 months before you retire? You may not want to choose that path. But the math at least gives you the option: that extra time at work is equivalent to saving 1% more of your salary over 30 years. Welcome to Financially Well, the finance podcast for Millennials.
Our retirement feels so far in the future. Yet, our retirement finances aren’t a complete unknown. Even at young ages, we have data that can increase the chances we succeed. Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, talks about how, in most cases, we can withdraw 4% of our investments annually for 30 years without running out of money. But the specific amount we need depends on our spending habits. Welcome to Financially Well, the finance podcast for Millennials.
You’re probably not making the most of your health savings account (HSA). Most likely, no one taught you that your approach is too narrow. Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, explains the benefits of an HSA. But he also shares how, almost like breathing, HSAs demand awareness, intentionality, and patience from us. Welcome to Financially Well, the finance podcast for Millennials.
Amid unfavorable circumstances, Claude Monet focused on what he could control. He and his Impressionist peers launched an independent, competing art exhibition that drew attention to their work.
But Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, explains that Monet also got a little lucky. And his story offers an example of why we shouldn't focus too much on outcomes when we make financial decisions.
Welcome to Financially Well, the finance podcast for Millennials.
Joe Brumm knew his approach to children's television didn't conform to conventional ideas. But he didn't care. He created the show Bluey to meet his own desired outcomes.
Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses what we might learn from Joe Brumm and Bluey. The biggest lesson lies in a willingness to embrace flexibility over structure.
Welcome to Financially Well, the finance podcast for Millennials.
It’s hard for anyone to figure out how and when we should actually use the money we’ve saved.
Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, explains how we can stick to our preferences. Even when short-term trends and distracting technology compete for our attention.
Welcome to Financially Well, the finance podcast for Millennials.
Have you ever felt stressed out when you're struggling with one particular aspect of your finances?
Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, proposes a solution: stay focused on the aggregate.
Welcome to Financially Well, the finance podcast for Millennials.
What would happen if we aimed to make the majority of our financial decisions within 15 minutes?
Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how this is possible if you accept a simple premise: the most basic foundational financial decisions will determine whether you achieve the outcomes you seek.
Welcome to Financially Well, the finance podcast for Millennials.
Natural wine, which lacks the mysterious additives that most conventional wines contain, continues to grow in popularity. It's a response to winemaking moving too far away from its simple, transparent, and natural origins.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses why, like winemakers, we have a choice to opt for simplicity over financial complexity.
Too often, we admire complexity in money, particularly new technology, and popular trends. But to what end? Making your finances more complex does not mean you’re making financial progress.
You risk moving too far away from simple, easy-to-understand, and flexible finances. You risk losing sight of the essential point: turning your income into savings and investments that make your life better.
Welcome to Financially Well, the finance podcast for Millennials.
After we set an ambitious financial goal, such as retiring at a specific age, we often feel stuck.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials,
discusses why, with money, most of the time, a good-enough solution is fine.
But by setting arbitrary stupid goals, we can experience more immediate, and enduring, benefits. And avoid that feeling of being stuck.
Welcome to Financially Well, the finance podcast for Millennials.
Taylor Swift's fourth studio album, Red, was the fastest-selling country music album ever.
But one common critique of Red made Swift wince: it wasn't "sonically cohesive." The reason? Swift was stuck trying to please country music executives, despite her interests in pop music.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how we become more empowered with our money once we stop trying to please others.
Swift ultimately parted ways with country music to pursue what was important to her. And at certain points in our financial lives, we also need to be willing to part ways — with the consensus for what we’re “supposed to do” with our money.
Welcome to Financially Well, the finance podcast for Millennials.
A "third place" is a place that is outside home (first place) and work (second place), where people gather and interact. The first coffee shop in England opened in 1652, served this purpose. As have bars, libraries, and public squares.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses why our money needs, but lacks a third place.
We have our checking and savings accounts for our daily cash flow needs. And we have tax-advantaged retirement accounts, like a 401(k), to work toward long-term goals. But what about a more flexible, multi-purpose investment option for that space in between?
Without a third financial place, we're willingly surrendering money that we might want to use before retirement. And we’re essentially skipping over the next 5-15 years of our financial lives.
Welcome to Financially Well, the finance podcast for Millennials.
More than 400,000 children around the world have learned to play the violin through the Suzuki Method. But Suzuki wasn’t trying to produce world-class musicians. Instead, he viewed the violin as a means to an end.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how Suzuki's experience with the violin mirrors our own experiences with money.
Like many childhood violin practices, the environment in which we make financial decisions often makes us miserable. We’re taught to focus on numbers at the exclusion of almost everything else. But most of us aren’t trying to reach the end of our lives with as much wealth as possible. Instead, we view our money as a means to an end.
And we can learn from Suzuki how to use our money to create the lives that we dream about for ourselves and our family.
Welcome to Financially Well, the finance podcast for Millennials.
How often do you make unreasonable financial decisions? Probably not often enough.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, shares 3 stories about unreasonable decision-making from the former general manager of the "World's Best Restaurant."
Most of our financial decisions conform with standard rules of thumb that we’ve picked up over the years. Understandably, we shy away from uncertainty. Our prudent financial decisions are good enough. But these stories show us that we can move closer to the exact life we envision when we act with thoughtfulness, creativity, and just a little bit of defiance.
Welcome to Financially Well, the finance podcast for Millennials.
In 1997, Tina Fey left her home in Chicago for a job interview.
This opportunity ultimately traced back to her early career days at an improv school. And in this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how that experience changed Fey's worldview.
Fey's improv school taught her four rules that helped her to create something on stage. And these same rules can help us to create something with our money, too. Out of loosely-defined ideas, interests, and individual perspectives, something very unique and memorable can emerge.
Welcome to Financially Well, the finance podcast for Millennials.
What are the big rocks in your financial life?
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how we spend too much time agonizing over small money decisions and not enough time on big decisions.
But when we focus on our “big rocks,” we’re saving our energy for truly costly financial decisions. And in doing so, we gain a new route for reducing our financial stress.
Big rocks aren’t created equal, though. And we most likely can’t fit all of them into our lives. So we must also identify what matters most to us in life. What uses of your money will positively change your life in the most significant ways?
Welcome to Financially Well, the finance podcast for Millennials.
We’re more likely to face an extreme financial event than we believe.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how we never exactly know the “what” or the “when.” Faced with this uncertainty, we’d tend to avoid thinking through different worst-case scenarios involving our money.
But as in a flash flood, relying on “higher ground” can help to minimize the disruption to our lives. And with our finances, higher ground can be found in room for error and room for disappointment. Room for error requires prudence when our financial lives feel stable. Room for disappointment, meanwhile, requires us to make financial choices that emphatically reflect our values and priorities.
Welcome to Financially Well, the finance podcast for Millennials.
Until the Super Bowl, Rihanna hadn’t performed in concert since August 2016.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses a review of Rihanna’s Super Bowl halftime show. He focuses, in particular, on how Rihanna “prefers shadows to spotlight, still holding on to that one thing that cannot be bought: mystique.”
Money often tempts us to favor spotlight over shadows. Almost anyone can buy an oversized car or an Instaworthy vacation on borrowed funds. But this type of financial overexposure isn’t a game that we need to play.
True wealth is often what you can’t see.
Welcome to Financially Well, the finance podcast for Millennials.
Do you ever feel like an underdog when making financial decisions?
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, shares a story from the 2001 NFL season, which cast a heavy underdog as its main character. This underdog failed once in his decision making. But then he received another, unlikely opportunity. How would he handle the challenge tradeoffs that now confronted him?
Our money often puts us in a similar position. What should we even focus on? When we face daunting financial tradeoffs, we usually need to acknowledge that we can’t do everything at once. And when uncertainty about the future stresses us out, we don’t benefit from hiding behind complexity. We just need to focus on what we can control at that moment.
With money, simplicity is sophisticated.
Welcome to Financially Well, the finance podcast for Millennials.
When did you last get stuck in traffic?
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses what we can learn about our money from frustrating stop-and-go traffic on a congested highway.
In our ongoing efforts to reduce uncertainty – whether in traffic or with our money – we often make our lives more complicated, messy, and confusing. And as a result, we lose sight of the most basic, timeless truths about how our financial lives work and how we should make decisions about our money.
Welcome to Financially Well, the finance podcast for Millennials.
When did you last feel uncomfortable about the uncertainty surrounding a financial decision?
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how we can counter the deceiving inner dialogues we have about money.
Ultimately, we’ll never quite achieve complete certainty. But we don’t need to settle for flying by the seat of our pants, either. Our beliefs, priorities, and interests empower us to seize some control, even under stressful circumstances.
Welcome to Financially Well, the finance podcast for Millennials.
Will our generation think differently about money in the years ahead?
The "Great Recession" that started in 2007 seemed to highlight that Millennials face different financial realities than our parents. More recently, the pandemic and high inflation may have given us little choice but to approach our personal finances differently.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, will give six examples of why the narrative about Millennials and money needs an update.
Stock prices, the housing market, inflation, and economic downturns will always force our hand in ways that we can't fully control. But at least one thing about personal finance will remain true for us: how we act and the choices we make often will reflect our values. We have an opportunity to completely overhaul financial narratives, policies, and options if we allow our values to dictate our responses to the financial challenges that face Millennials specifically.
Welcome to Financially Well, the finance podcast for Millennials.
Millennials continue to hear about how much they should save for retirement each year. And they continue to hear what they "should" have in savings at each age milestone, including a hypothetical retirement magic number.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses why savings projections are highly dependent on so many factors outside of our generation's control.
And instead, Kevin explains, Millennials are most likely to build and maintain savings momentum if they reduce their emphasis on certainty and specifics.
Welcome to Financially Well, the finance podcast for Millennials.
What reasons do you give for not spending from your savings more often, even on special, one-time experiences with family and friends?
Bill Perkins, author of the book Die With Zero, understands why we may point to our risk tolerance, positive feelings about work, or concern for our kids as justifications for minimizing our spending.
But in this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, addresses each of these objections with data and alternative perspectives. Kevin also shares the strategies that Die With Zero offers to make the best possible decisions around spending and saving.
Ultimately, money is nothing more than a tool in your life. It’s a means to an end. So earning money clearly can help you to achieve the goal of enjoying your life. But, at some point, trying to maximize the money you make and save may get in the way of actually achieving your most important goal.
Welcome to Financially Well, the finance podcast for Millennials.
When did you last use your money to create an experience or memory that made you feel happy, personally content, or proud?
“Memories are an investment in our future selves," writes Bill Perkins, author of the book Die With Zero, that "pay dividends and help us live richer lives.” Yet, in this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses why we often struggle to exchange our money for experiences.
In fact, Kevin explains why people who say they’re saving up for retirement are not actually spending those retirement savings once they reach retirement.
Almost all of us can agree that, in theory, money is just a means to an end. But in practice, we often act differently. We don’t act as if we ultimately seek to use our money to enjoy our lives. Instead, we focus on trying to maximize the money that we have. We succumb to fear and uncertainty, even when we have enough resources to both survive and thrive.
Welcome to Financially Well, the finance podcast for Millennials.
Does your level of wealth ultimately determine how you think and feel about money?
A behavioral economist recently wanted to understand what characteristics and circumstances help improve our financial wellbeing. In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, shares that those with higher incomes have more positive financial emotions. But, as you may have guessed, that’s not the important finding here.
Rather, Kevin will explain why financial confidence appears to be more important to financial wellbeing than income. As Sarah Newcomb, the economist, notes, “When it comes to the emotional side of financial health, income matters. But the beliefs we hold about money and our own ability to manage it matter more. A person can have a high income, but if their financial mindset is weak, they may still have a very low quality of life with respect to their money.”
Welcome to Financially Well, the finance podcast for Millennials.
Is the U.S. always the best country in the world for investing your savings?
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Episode Description
A Yale economist recently found that popular personal finance authors all show a home bias when offering investment recommendations. In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, discusses how we’re all vulnerable to this psychological shortcoming. Essentially, humans prefer things simply because we’re familiar with them.
Kevin will explain why the U.S. stock market isn’t always your best investment option. Of course, over different periods of time, the U.S. stock market does grow at a faster rate than international stock markets. But on average, going back to 1975, such “outperformance” only lasts for 7.9 years. And that’s the point, as the growth of your money slows, at which you begin to regret your home bias.
Welcome to Financially Well, the finance podcast for Millennials.
✏️ Full transcript and show notes
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Does an annual bonus make up a large part of your overall income? Do you own your own business or get paid based on a nine-month academic calendar?
Many Millennials must learn to navigate a variable income dynamic at some point during the year. In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennial parents, talks through how you can still consistently invest with confidence, despite variable income.
Kevin will explain how variable income can empower your desired investing habit. You need to become proactive about your finances, so you actually do. In other words, if you embrace the challenges that variable income throws at you, you’re likely on a faster track to growing your money to live the life you want. Welcome to Financially Well, the finance podcast for Millennials.
When you think about your finances, how far into the future do you plan?
People who think at least 10 years ahead typically save significantly more money than their peers. In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennial parents, talks through how you might want to think about your investment time horizon. In particular, he reviews data showing that most people, regardless of age, income or education, only think several years ahead about their finances.
Kevin will explain that you don’t need to know with exact certainty how you’ll use the dollars you’re investing. In fact, just because you lack certainty doesn’t mean you can’t think in rich, exciting detail about your future. Your plans can change, and they almost certainly will. But start somewhere, with some vision.
Welcome to Financially Well, the finance podcast for Millennials.
Will you have enough money in retirement?
In fact, you’re more likely to grow your wealth in retirement than run out of money. In this episode, Kevin Mahoney, CFP®, who specializes in college financial planning for Millennial parents, discusses money management in retirement. In particular, he reviews data showing that your spending is most likely to decline as you get older. In addition, the worst-case financial scenario that you may fear in retirement probably won’t happen.
Instead, Kevin will encourage you to focus on what you can control: investing consistently over an extended period of time. And he’ll emphasize that, while you’re doing so, you may want to allow yourself the possibility that compounding growth may actually make money management in retirement easier than you currently assume. Welcome to Financially Well, the finance podcast for Millennials.
Where should you invest your money?
Kevin Mahoney, CFP® will discuss the emergence of fintech apps. In particular, he’ll review the differences between robo advisors and more traditional investment firms. Or, as he thinks of the decision, Betterment vs Vanguard.
Kevin, who specializes in college financial planning for Millennial parents, will share why the easy, slick interfaces that the fintech apps offer also appeal to him. And how he’s just as vulnerable as anyone else to clever marketing. But ultimately, he’ll emphasize that he doesn’t want to spend any more time than necessary in his investment accounts. Welcome to Financially Well, the finance podcast for Millennials.
How long has it been since you last significantly increased your income?
In this episode, Kevin Mahoney, CFP®, who specializes in college financial planning for Millennial parents, will discuss the most underappreciated reasons to ask for a raise this month. For most Millennials, a modest reduction in spending isn’t nearly as powerful over the long term as earning more income.
Kevin will focus on explaining why increases in income aren’t followed by similar increases in spending. He’ll also review your best options for growing your income, from starting a business to asking for a raise. Welcome to Financially Well, the finance podcast for Millennials.
With mortgage rates climbing, should you wait to buy a house now?
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss whether the housing market “reset” that we’re experiencing means you should hold off on pursuing a new house, especially if you already have an affordable rent or low mortgage rate.
Kevin, who specializes in financial planning for Millennial parents, will focus on putting higher mortgage rates into context for you. Your financial calculations related to housing may have changed significantly in recent months. But that doesn’t mean homeownership automatically needs to become a lower priority for you. And it doesn’t mean that the ways in which you want to use your money need to change.
When do the benefits of buy now, pay later (BNPL) payment plans outweigh the risks?
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss the incentives and psychology behind the buy now pay later (BNPL) purchase option. Kevin, who specializes in financial planning for Millennial parents, will talk about how, with BNPL coming to Apple Pay, we all would be wise to think through the tradeoffs in advance.
What are the best books for Millennials about money?
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss a few of his favorite alternatives to financial blogs and social media posts.
Our personal finances don’t need to be complicated. That’s not the same as easy, though. The financial tradeoffs we face certainly make our financial decisions challenging. Kevin, who specializes in financial planning for Millennial parents, will show why the right information can help to eliminate unnecessary stress and self-doubt.
What should you do when you receive a small inheritance?
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss the steps to take after you learn that you're set to receive a small financial windfall. Many financial institutions, both start-ups and household brand names, would love for you to immediately invest your money with them.
But Kevin, who specializes in financial planning for Millennial parents, will explain why fewer hasty actions under these new circumstances may serve you better over the long term. You may benefit from working with a tax professional, but otherwise, you likely want to wait before taking any significant action.
Do your federal student loans qualify for public service loan forgiveness? They might, and you may not even know it.
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss public service loan forgiveness, also known as PSLF. Did you know that public service loan forgiveness eligibility depends on whether your employer qualifies, not your specific job?
Kevin, who specializes in financial planning for Millennial parents, will talk about how too many people, including the financial aid director at a Wisconsin state college, don’t fully understand how PSLF works. The potential financial consequences are significant, since with PSLF – unlike other types of student loan forgiveness – the debt amounts forgiven aren’t considered taxable income to the borrower.
Should Millennials buy a "second home" before they ever own their full-time, primary residence?
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss recent trend articles about Millennials who have purchased a second home. More specifically, these Millennials still rent in large, high-priced cities such as Washington, DC. But they've also purchased a “second home” in a less expensive, more remote location.
Kevin, who specializes in financial planning for Millennial parents, will talk about how this strategy may make sense for the people interviewed. But how many Millennials will actually find value – both financially and in their lives – in purchasing real estate far away from their current house or apartment rental?
Do you feel empowered to invest your savings?
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will share the investment quiz he created for other Millennials. The 11-question quiz covers key investment terms and concepts that stem from his conversations with his Millennial clients.
Kevin, who specializes in financial planning for Millennial parents, believes Millennials are closer to feeling confident about investing than they realize. Investing at this stage in life doesn’t need to be complex or confusing. Once Millennials can identify the most critical investing details, they can more easily evaluate how they should invest for their specific lives and circumstances.
Is the DC College Savings Plan a “good” 529 plan?
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss 529 college savings plans, specifically how state 529 plans differ widely in the benefits they offer to the families who participate.
Kevin, who specializes in financial planning for Millennial parents, regularly hears from other parents who feel very unsure about how to select a 529 plan. The different tax benefits and investment options are confusing and overly complex. Ultimately, though, a family’s financial ability to pay for a child’s education probably will depend more on how soon and consistently they invest.
Is the high cost of living in Washington, DC and other expensive cities worth the money?
Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss how Millennials might want to think about the cost of living in Washington, DC and other cities. The price of housing and daycare in DC is among the highest in the country. But that doesn't mean you can't — or shouldn't — cultivate financial wellness here.
Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who may be focusing too much attention on the cost of living in a city. They seem to downplay the benefits that a particular location may provide them, benefits that may even outweigh the necessary expenses. Ultimately, you should feel empowered to choose based – to the extent financially possible – on what you want out of life, both personally and professionally.
When you're combining finances after marriage, what approach works best for most Millennial couples?
Welcome to the Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss how to combine finances after marriage. In particular, he’ll talk about why managing finances as part of a relationship looks and feels slightly different for every Millennial couple.
Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who feel uncertain about what financial complexity might arise from combining finances. But it's actually the unique perspectives that each partner brings to this process that has the biggest impact.
What are the best ways to improve your financial wellness in 2022?
Welcome to the Millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will share a few financial wellness tips for the year ahead. In particular, he’ll discuss a few approaches to thinking and feeling differently about your money, especially if you feel anxiety about your current progress.
Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who feel stressed about the financial decisions they need to make. But they often get hung up on specific numbers, tactics, and factors we can’t control. The most useful financial wellness tips, though, focus on our own habits and mindset.
When you’re finally ready to create a will, where should you start? And how can you create a will while minimizing your cost and time commitment?
Welcome to the Millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will discuss estate planning for Millennial parents, specifically creating a will. And he’ll focus in particular on the situations in which you might decide to create a will without a lawyer.
Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who have had estate planning lingering on their financial task list for some time. But most of these parents shouldn’t wait until they’ve saved up enough money to pay for the “optimal” will.
How much money should you save for college each month? This is a challenging question to answer when we have so little idea what college might look like for our young kids.
Welcome to the Millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will talk about how to save money for college. In particular, he'll discuss how you can save money for your child’s college education with confidence and satisfaction – even while your future financial needs and interests remain unknown.
Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who want to better understand how to balance college savings with other financial goals. Using a 2021 book entitled, “The Price You Pay for College” to frame the discussion, Kevin will empower you to take some form of action that works for your family.
Who are the best financial advisors in Washington, DC?
This is the Millennial finance podcast Financially Well. In this special, end-of-year episode, Kevin Mahoney, CFP® will highlight several local, independent financial advisors whom he would trust with his own money.
Kevin’s financial planning company, Illumint, ultimately can’t help everyone in D.C. who has personal finance questions. After all, he focuses his research and analysis on the financial planning topics that impact Millennial parents specifically. If you’re not focused on paying off student loans, investing your savings, or opening a 529 plan, you deserve a financial advisor who can address your particular needs. Introducing the 9 best financial advisors in Washington, DC for the year ahead.
How much interest does your savings currently earn in your bank account? What type of terms would you accept for a 7% return on that money?
Welcome to the millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will consider whether Series I savings bonds are the best investment opportunity right now for Millennials with extra savings. In particular, he’ll tell you what I bonds are and how you can evaluate whether they make sense for your finances.
Kevin, who specializes in financial planning for Millennials, regularly hears from peers who want to "make their money work" for them.I bonds are trendy right now as a form of inflation protection, but how does this investment choice fit within your portfolio and overall objectives? I bonds will make sense for some savers. Are you one of those people, though?
Did you know that HSAs, or health savings accounts, offer better tax benefits than most investment accounts? Yet, uncertainty about the details has led many Millennials to question why an HSA is worth it for them.
Welcome to the millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will discuss why an HSA is worth it for many Millennials who want to grow their wealth. And he’ll talk about how you can minimize any concerns you may have about investing in a health-specific account.
Kevin, who specializes in financial planning for Millennials, regularly hears from peers who wonder whether they should add yet another account to their personal finance to-do list. As Morningstar journalist Christine Benz writes, though, you have “two key ways to get your money out sooner without negating the tax benefits of the HSA.”
When you’re thinking about your financial decisions, what questions do you ask yourself? Do you focus on what you can control (your savings rate) or unpredictable variables (the inflation rate)?
This is the millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will talk about how rising inflation might impact Millennials in the years ahead. Specifically, he’ll explore why inflation may matter to you.
Kevin, who specializes in financial planning for Millennials, hopes you’ll ultimately understand that, in many circumstances, you’re best off focusing on what you can control about your money.
If you’ve ever researched “financial planning,” you’ve probably come across an article such as Nerd Wallet’s “10 Questions to Ask a Financial Advisor.” These articles are very useful, especially for anyone who has never worked with a financial advisor. But these questions also reflect the minimum that you should consider when seeking out a financial plan. The best questions to ask a financial advisor should specifically address your money emotions and the life you want.
Do you remember the last time you felt stressed about money? Is it possible that your ability to understand the source of that stress may be more important than other aspects of your personal finances?
This is the millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will talk about why so many people feel stressed about money. In particular, he’ll discuss how we can use this awareness about our money feelings to improve our financial behavior and minimize our financial stress.
Kevin, who specializes in financial planning for Millennials, wants his peers to understand why the beliefs that we hold about money often make our personal finances feel so daunting, regardless of the reality.
Emergency savings incentives at work are a positive step forward for employee financial wellness, right? How should Millennials incorporate this trendy benefit into their personal finance decisions?
This is the millennial finance podcast Financially Well. In this episode, I'll discuss why companies increasingly offer emergency savings accounts to their Millennial employees. In particular, Kevin Mahoney, CFP® will discuss how to incorporate this new employee financial wellness benefit into your financial decisions.
Kevin, who specializes in financial planning for Millennials, regularly hears from his peers about their struggles to build and manage emergency savings accounts. As Wall Street Journal reporter Anne Tergesen writes, some employers have started to offer such accounts -- along with savings incentives -- as a financial wellness benefit. Millennials may benefit from this nudge to save, but they also should remain focused on the decisions that will most impact their finances over the long term.
What does it mean to automate your finances? Why and how might Millennials adopt this strategy to boost their chances for financial success?
This is the millennial finance podcast Financially Well. In this episode, we'll share tips from the field of behavioral finance. In particular, Kevin Mahoney, CFP® will discuss how to automate your finances. Kevin, who specializes in financial planning for Millennials, regularly hears about new financial tech, tasks, and ideas that his peers want to add to their lives. But author Bob Seawright (who writes The Better Letter), argued for a different approach in a recent Substack newsletter called, “Addition by Subtraction.” Seawright shows how, in the case of money, doing less often leads to better outcomes.
Are you on track for retirement and your other long-term financial goals? How can you manage your money better in 2021 and the years ahead?
This is the millennial finance podcast Financially Well, where we'll help you to understand today how to make your money work for you. In particular, Kevin Mahoney, CFP® will discuss the role that time plays in investment success. Kevin, who specializes in financial planning for Millennials, regularly hears that people aren’t sure how to use their savings more productively. In a recent article called, “Go Big, Then Stop,” author Nick Maggiulli (Of Dollars and Data) looks at both math and behavior to show why the sooner you can make your money work for you, the better.
Are Millennials running out of time to build wealth? How much wealth do most Millennials actually have?
This Millennial finance podcast episode explores how we define wealth. Many people would consider someone with a high salary or large investment account "wealthy." But as author Morgan Housel argues in his recent article, "The Highest Forms of Wealth," we might want to think about wealth in terms of time and freedom from financial stress. In fact, Financially Well host Kevin Mahoney, CFP® has seen, in his work on financial planning for Millennials, how redefining "wealth" can change how his peers approach their personal finance decisions.