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 financial planning for Millennials, 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 finance podcast for Millennials ..read more

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 financial planning for Millennials, 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 finance podcast for Millennials ..read more

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 financial planning for Millennials, 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 finance podcast for Millennials ..read more

Compelling options to save for retirement, including the mega backdoor Roth, exist. But only if you have access.  Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, 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 finance podcast for Millennials ..read more

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 savings from our frustration.   Welcome to Financially Well, the finance podcast for Millennials ..read more

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 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 finance podcast for Mi ..read more

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 equivalent to saving 1% more of your salary over 30 years.   Welcome to Financially Well, the finance podcast for Millennials ..read more

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 running out of money. But the specific amount we need depends on our spending habits.   Welcome to Financially Well, the finance podcast for Millennials ..read more

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 from us.   Welcome to Financially Well, the finance podcast for Millennials ..read more

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 example of why we shouldn't focus too much on outcomes when we make financial decisions.   Welcome to Financially Well, the finance podcast for Millennials ..read more