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 savin…

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 op…

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 e…

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 …

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 fro…

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 exampl…

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 emb…

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…

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.By Kevin Mahoney

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 …

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…

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 endu…

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 plan…

In 1975, Pepsi announced the “Pepsi Challenge.” The marketing idea involved a simple blind taste test to determine the best soda in the country. In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, explains why we wish our financial decisions could work like the Pepsi Challenge. No context. No peer influence …

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 mon…

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 …

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 ru…

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 h…

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…

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 i…

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…

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 opportuni…

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 mo…

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 settl…

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, …

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 ar…

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. B…

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 financi…

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 m…

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 f…

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…

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. …

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 …

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…

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…

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 m…

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…

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 …

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 yo…

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 de…

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-p…

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 s…

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 M…

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 …

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…

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 an…

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 parti…

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 …

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…

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 e…