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Financially Well

Author: Kevin Mahoney, CFP®

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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.
54 Episodes
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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.
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.
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.
Moneyball

Moneyball

2023-10-1508:49

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.
15-Minute Finances

15-Minute Finances

2023-10-0112:05

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 Finance

Natural Finance

2023-09-0109:17

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.
Arbitrary Stupid Goals

Arbitrary Stupid Goals

2023-08-0108:42

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.
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