Financially Well

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 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 finance podcast for Millennials.

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 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 finance podcast for Millennials.

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 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 finance podcast for Millennials.

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 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 finance podcast for Millennials.

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 settle for flying by the seat of our pants, either. Our beliefs, priorities, and interests empower us to seize some control, even under stressful circumstances.

Welcome to Financially Well, the finance podcast for Millennials.

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, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, will give six examples of why the narrative about Millennials and money needs an update.

Stock prices, the housing market, inflation, and economic downturns will always force our hand in ways that we can't fully control. But at least one thing about personal finance will remain true for us: how we act and the choices we make often will reflect our values. We have an opportunity to completely overhaul financial narratives, policies, and options if we allow our values to dictate our responses to the financial challenges that face Millennials specifically.

Welcome to Financially Well, the finance podcast for Millennials.

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 are highly dependent on so many factors outside of our generation's control.

And instead, Kevin explains, Millennials are most likely to build and maintain savings momentum if they reduce their emphasis on certainty and specifics.

Welcome to Financially Well, the finance podcast for Millennials.

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.

But in this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, shares the data and alternative perspectives that Die With Zero offers to address each of these objections. Kevin also shares the strategies that the book puts forward to encourage us to make better decisions around spending and saving.

Ultimately, this episode emphasizes that money is nothing more than a tool in your life. It's a means to an end. Earning money is necessary to help you to achieve the goal of enjoying your life. But, at some point, trying to maximize the money you make and save may get in the way of actually achieving that goal.

Welcome to Financially Well, the finance podcast for Millennials.

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 financial planning for Millennials, discusses why we often struggle to exchange our money for experiences.

In fact, Kevin explains why people who say they're saving up for retirement are not actually spending those retirement savings once they reach retirement.

Almost all of us can agree that, in theory, money is just a means to an end. But in practice, we often act differently. We don't act as if we ultimately seek to use our money to enjoy our lives. Instead, we focus on trying to maximize the money that we have. We succumb to fear and uncertainty, even when we have enough resources to both survive and thrive.

Welcome to Financially Well, the finance podcast for Millennials.

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 more positive financial emotions. But, as you may have guessed, that's not the important finding here.

Rather, Kevin will explain why financial confidence appears to be more important to financial wellbeing than income. As Sarah Newcomb, the economist, notes, "When it comes to the emotional side of financial health, income matters. But the beliefs we hold about money and our own ability to manage it matter more. A person can have a high income, but if their financial mindset is weak, they may still have a very low quality of life with respect to their money."

Welcome to Financially Well, the finance podcast for Millennials.