Financially Well

By Kevin Mahoney, CFP®

Listen to a podcast, please open Podcast Republic app. Available on Google Play Store.


Category: Investing

Open in Apple Podcasts


Open RSS feed


Open Website


Rate for this podcast

Subscribers: 0
Reviews: 0

Description

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.

Episode Date
3 Steps Millennials with Variable Income Can Take to Invest Consistently
13:07

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.

Sep 15, 2022
Your Investment Time Horizon: The Key to Saving More Money?
11:41

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.

Sep 01, 2022
Will Money Management in Retirement Be Easier Than You've Heard?
15:17

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.

Aug 15, 2022
Why You May Not Need Fintech Apps for Investing on Your Phone
12:21

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.

Aug 01, 2022
The Most Underappreciated Reasons to Ask for a Raise
11:06

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.

Jul 15, 2022
Should You Wait to Buy a House if You Have a Low Mortgage Rate?
08:05

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.

Jul 01, 2022
What Are the Benefits of Buy Now, Pay Later for Millennials?
08:51

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.

Jun 15, 2022
The 5 Best Books for Millennials About Money
16:33

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.

Jun 01, 2022
What to Do With an Inheritance Amid the "Great Millennial Wealth Transfer"
14:25

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.

May 15, 2022
Why Isn’t Your Qualifying Employer Promoting PSLF News?
14:47

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.

May 01, 2022
Second Home or Starter Home: What Should Millennials Buy First?
15:37

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?

Apr 15, 2022
An Investment Quiz for Millennials: 11 Concepts You Should Know
23:29

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.

Apr 01, 2022
The Best 529 Plans for DC Residents
14:09

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.

Mar 15, 2022
The Cost of Living in Washington, DC for Millennials in 2022
16:59

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.

Mar 01, 2022
How to Combine Finances After Marriage
13:56

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.

Feb 15, 2022
5 Unlikely Financial Wellness Tips for Millennials in 2022
12:30

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.

Feb 01, 2022
Can Millennials Create a Will Without a Lawyer?
12:01

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.

Jan 15, 2022
How to Save Money for College if You’re a Millennial Parent
12:48

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.

Jan 01, 2022
The 9 Best Financial Advisors in Washington, DC for 2022
11:49

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.

Dec 15, 2021
Is This Your Best Investment Opportunity Right Now?
08:22

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? 

Dec 01, 2021
Why an HSA Is Worth It for Many Millennials
09:30

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.”

Nov 15, 2021
How Will Rising Inflation Impact Millennials?
08:43

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.

Nov 01, 2021
The 3 Best Questions for Millennials to Ask a Financial Advisor in 2022
10:26

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.

Oct 15, 2021
The Unexpected Reason We Feel Stressed About Money
07:29

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.

Oct 01, 2021
Meet the Newest Employee Financial Wellness Benefit
11:48

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.

Sep 15, 2021
Automate Your Finances to Limit Financial Mistakes
17:22

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.

Sep 01, 2021
How to Make Your Money Work For You
16:57

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.

Aug 15, 2021
How to Build Wealth in Your 30s
10:10

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.

Aug 01, 2021