Financially Well

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.

It’s Not Too Late for a Roth Account 02/18/2025

It’s Not Too Late for a Roth Account 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 . /episode/index/show/kevinmahoney/id/35647485

The Price You Pay for Financial Complexity 01/16/2025

The Price You Pay for Financial Complexity 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 . /episode/index/show/kevinmahoney/id/35647480

How to Win the Investing Game 12/16/2024

How to Win the Investing Game 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 . /episode/index/show/kevinmahoney/id/34881015

Opt for the Difficult Estate Plan 11/15/2024

Opt for the Difficult Estate Plan 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 . /episode/index/show/kevinmahoney/id/34197545

The Risk of Sunlight and Tax Breaks 10/01/2024

The Risk of Sunlight and Tax Breaks 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 . /episode/index/show/kevinmahoney/id/33857422

Turning Stillness Into Better Investment Decisions 08/30/2024

Turning Stillness Into Better Investment Decisions 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 . /episode/index/show/kevinmahoney/id/33235317

Access (to a Mega Backdoor Roth) Matters 07/31/2024

Access (to a Mega Backdoor Roth) Matters 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 . /episode/index/show/kevinmahoney/id/33233637

Turning a Loss Into a Gain 06/30/2024

Turning a Loss Into a Gain 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 . /episode/index/show/kevinmahoney/id/32210042

The Power of a Roth IRA For Your Child 05/30/2024

The Power of a Roth IRA For Your Child 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 . /episode/index/show/kevinmahoney/id/32209617

An Alternative To Saving More Money 04/29/2024

An Alternative To Saving More Money 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 . /episode/index/show/kevinmahoney/id/31042993

What You Know About Your Future Retirement 03/31/2024

What You Know About Your Future Retirement 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 , talks about how, in most cases, we can withdraw 4% of our investments annually for 30 years without running out of money. But the specific amount we need depends on our spending habits. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/30822988

No One Taught You to Use an HSA 02/28/2024

No One Taught You to Use an HSA 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 , explains the benefits of an HSA. But he also shares how, almost like breathing, HSAs demand awareness, intentionality, and patience from us. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/30225223

Monet & the Reality of Luck 01/15/2024

Monet & the Reality of Luck 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 , explains that Monet also got a little lucky. And his story offers an example of why we shouldn't focus too much on outcomes when we make financial decisions. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/29763788

Bluey & The Limits of Structure 12/01/2023

Bluey & The Limits of Structure 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 , discusses what we might learn from Joe Brumm and Bluey. The biggest lesson lies in a willingness to embrace flexibility over structure. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/29066118

Artificial Financial Decisions 11/01/2023

Artificial Financial Decisions 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 , 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 . /episode/index/show/kevinmahoney/id/29065923

Moneyball 10/15/2023

Moneyball Have you ever felt stressed out when you're struggling with one particular aspect of your finances? Kevin Mahoney, CFP®, who specializes in , proposes a solution: stay focused on the aggregate. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/28812198

15-Minute Finances 10/01/2023

15-Minute Finances What would happen if we aimed to make the majority of our financial decisions within 15 minutes? Kevin Mahoney, CFP®, who specializes in , 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 to Financially Well, the . /episode/index/show/kevinmahoney/id/28800638

Natural Finance 09/01/2023

Natural Finance 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 , 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 . /episode/index/show/kevinmahoney/id/28524371

Arbitrary Stupid Goals 08/01/2023

Arbitrary Stupid Goals 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 , 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 enduring, benefits. And avoid that feeling of being stuck. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/27546216

Parting Ways With Country Music 07/01/2023

Parting Ways With Country Music 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 , discusses how we become more empowered with our money once we stop trying to please others. Swift ultimately parted ways with country music to pursue what was important to her. And at certain points in our financial lives, we also need to be willing to part ways — with the consensus for what we’re “supposed to do” with our money. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/27546192

The Money Challenge 06/01/2023

The Money Challenge 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 , explains why we wish our financial decisions could work like the Pepsi Challenge. No context. No peer influence or status implications. Only one variable, like sweetness, to consider. But the Pepsi Challenge revealed the importance of keeping in mind the context. In personal finance (as with soda preferences), context matters. Status pressure is real. And our financial lives are full of different variables. With money, we need more than calculations that, in theory, might maximize our wealth. We also need to understand the circumstances in which we're making these decisions. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/27546153

Embracing a Third Place 05/15/2023

Embracing a Third Place 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 , discusses why our money needs, but lacks a third place. We have our checking and savings accounts for our daily cash flow needs. And we have tax-advantaged retirement accounts, like a 401(k), to work toward long-term goals. But what about a more flexible, multi-purpose investment option for that space in between? Without a third financial place, we're willingly surrendering money that we might want to use before retirement. And we’re essentially skipping over the next 5-15 years of our financial lives. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/27227538

Life in a Spreadsheet 05/01/2023

Life in a Spreadsheet 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 , discusses how Suzuki's experience with the violin mirrors our own experiences with money. Like many childhood violin practices, the environment in which we make financial decisions often makes us miserable. We’re taught to focus on numbers at the exclusion of almost everything else. But most of us aren’t trying to reach the end of our lives with as much wealth as possible. Instead, we view our money as a means to an end. And we can learn from Suzuki how to use our money to create the lives that we dream about for ourselves and our family. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/27096426

Financially Unreasonable 04/15/2023

Financially Unreasonable How often do you make unreasonable financial decisions? Probably not often enough. In this episode, Kevin Mahoney, CFP®, who specializes in , 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 years. Understandably, we shy away from uncertainty. Our prudent financial decisions are good enough. But these stories show us that we can move closer to the exact life we envision when we act with thoughtfulness, creativity, and just a little bit of defiance. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/26969928

The Rules of Financial Improv 04/01/2023

The Rules of Financial Improv 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 , 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 same rules can help us to create something with our money, too. Out of loosely-defined ideas, interests, and individual perspectives, something very unique and memorable can emerge. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/26781873

What Rocks? 03/15/2023

What Rocks? What are the big rocks in your financial life? In this episode, Kevin Mahoney, CFP®, who specializes in , 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 reducing our financial stress. Big rocks aren’t created equal, though. And we most likely can’t fit all of them into our lives. So we must also identify what matters most to us in life. What uses of your money will positively change your life in the most significant ways? Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/26596011

Flash Floods 03/01/2023

Flash Floods We’re more likely to face an extreme financial event than we believe. In this episode, Kevin Mahoney, CFP®, who specializes in , 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” can help to minimize the disruption to our lives. And with our finances, higher ground can be found in room for error and room for disappointment. Room for error requires prudence when our financial lives feel stable. Room for disappointment, meanwhile, requires us to make financial choices that emphatically reflect our values and priorities. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/26337117

Shadows or Spotlight 02/15/2023

Shadows or Spotlight Until the Super Bowl, Rihanna hadn’t performed in concert since August 2016. In this episode, Kevin Mahoney, CFP®, who specializes in , 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 favor spotlight over shadows. Almost anyone can buy an oversized car or an Instaworthy vacation on borrowed funds. But this type of financial overexposure isn’t a game that we need to play. True wealth is often what you can’t see. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/26198361

The Greatest Show on Turf 02/01/2023

The Greatest Show on Turf Do you ever feel like an underdog when making financial decisions? In this episode, Kevin Mahoney, CFP®, who specializes in , 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 that now confronted him? Our money often puts us in a similar position. What should we even focus on? When we face daunting financial tradeoffs, we usually need to acknowledge that we can’t do everything at once. And when uncertainty about the future stresses us out, we don’t benefit from hiding behind complexity. We just need to focus on what we can control at that moment. With money, simplicity is sophisticated. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/25959516

Stuck in Traffic 01/15/2023

Stuck in Traffic When did you last get stuck in traffic? In this episode, Kevin Mahoney, CFP®, who specializes in , 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 a result, we lose sight of the most basic, timeless truths about how our financial lives work and how we should make decisions about our money. Welcome to Financially Well, the . /episode/index/show/kevinmahoney/id/25959288

Financially Well

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