It’s Not Too Late for a Roth Account
Financially Well
Parents often ask, "Is it too late?" For example, "My child is already three and I’ve heard that the first three years are the most important. Is it too late?" Kevin Mahoney, CFP®, who specializes in , discusses why, in both parenting and personal finance, you can "recover, rebuild, and begin again." You may regret a few of your past financial choices. But it’s rarely too late to change. And when it comes to retirement, you may want to start with a Roth conversion. Welcome to Financially Well, the .
info_outline
The Price You Pay for Financial Complexity
Financially Well
Sports gambling companies rely on complexity to make money. Because complexity enables them to misprice their offerings. Kevin Mahoney, CFP®, who specializes in , discusses in this episode how complexity also exists in personal finance. Complex personal finance products, like whole life insurance, work for some people. But only for certain customers and under certain conditions. With money, simple and straightforward is often the better approach for most people. Welcome to Financially Well, the .
info_outline
How to Win the Investing Game
Financially Well
The U.S. stock market is up 27.49% this year. But you've probably never heard of 2024's best-performing companies. Kevin Mahoney, CFP®, who specializes in , discusses why effective investing doesn’t require you to know these companies. When you invest in “passive” index funds, you’re not here for entertainment. Instead, you’re playing to win the game through the smartest route possible. Welcome to Financially Well, the .
info_outline
Opt for the Difficult Estate Plan
Financially Well
Without an estate plan, probate can tie up your money for anywhere from three months to five years. Your family is too valuable to you to settle for that outcome. Kevin Mahoney, CFP®, who specializes in , discusses how a professional will, trust, and medical directives can fit your unique circumstances. The right estate plan ensures that you leave a financial legacy that will reflect you. Welcome to Financially Well, the .
info_outline
The Risk of Sunlight and Tax Breaks
Financially Well
Research suggests that, when you invest in a 401(k), the tax break earns you an extra 0.73% each year. But you also lock up that money until you’re 59 and a half. Is that risk worth the benefit to you? Kevin Mahoney, CFP®, who specializes in , discusses how we evaluate financial benefits and risks. We need to keep the big picture in mind. The connection between financial flexibility and living the life we want is strong. We can’t dismiss that benefit. Welcome to Financially Well, the .
info_outline
Turning Stillness Into Better Investment Decisions
Financially Well
Over a 10-year period through 2022, the average investment fund returned 7.7%. But the average person invested in those funds earned only 6%. Why? Kevin Mahoney, CFP®, who specializes in , explains that the difference between your investment return and your index fund’s return comes down to timing. And what if your investment mistakes merely reflect where else your mind was that day? Welcome to Financially Well, the .
info_outline
Access (to a Mega Backdoor Roth) Matters
Financially Well
Compelling options to save for retirement, including the mega backdoor Roth, exist. But only if you have access. Kevin Mahoney, CFP®, who specializes in , talks about how the opportunity to save $69,000 in a tax-advantaged account is no small thing. You should be adamant that you get access. Welcome to Financially Well, the .
info_outline
Turning a Loss Into a Gain
Financially Well
We can’t do much to prevent investment losses. But we have choices after an investment setback. Kevin Mahoney, CFP®, who specializes in , 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 savings from our frustration. Welcome to Financially Well, the .
info_outline
The Power of a Roth IRA For Your Child
Financially Well
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 , talks about how these small paydays will create an opportunity for you to teach your child about investing. And they’ll create an opportunity for them to experience compounding. Then, when your child begins their adult life, they already may have a meaningful amount of money in retirement savings. Welcome to Financially Well, the .
info_outline
An Alternative To Saving More Money
Financially Well
You’d probably love to save more money. What part of your finances would that break, though? Kevin Mahoney, CFP®, who specializes in , 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 equivalent to saving 1% more of your salary over 30 years. Welcome to Financially Well, the .
info_outlineNatural 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.