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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.
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.
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.
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