Financially Well

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 ou...

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....

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 ye...

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...

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 reduci...

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" c...

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 favo...

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...

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...

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...

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...

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...

What reasons do you give for not using your savings once in a while, even on special, one-time experiences with family and friends? In the thought-provoking book Die With Zero , author Bill Perkins explains why we point to our risk tolerance, passion for our work, or concern for our kids as justifications for always favoring earning over spending. But in this episode, Kevin Mahoney, CFP®, who spec...

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 oft...

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...

Is the U.S. always the best country in the world for investing your savings?   Video   ▶️ Watch this episode on YouTube   ***   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...

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 wi...

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...

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 wor...

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...

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 o...

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 financia...

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 Appl...

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...

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. Bu...