Financially Well

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.

Should Millennials buy a "second home" before they ever own their full-time, primary residence?

Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss recent trend articles about Millennials who have purchased a second home. More specifically, these Millennials still rent in large, high-priced cities such as Washington, DC. But they've also purchased a "second home" in a less expensive, more remote location.

Kevin, who specializes in financial planning for Millennial parents, will talk about how this strategy may make sense for the people interviewed. But how many Millennials will actually find value – both financially and in their lives – in purchasing real estate far away from their current house or apartment rental?

Do you feel empowered to invest your savings?

Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will share the investment quiz he created for other Millennials. The 11-question quiz covers key investment terms and concepts that stem from his conversations with his Millennial clients.

Kevin, who specializes in financial planning for Millennial parents, believes Millennials are closer to feeling confident about investing than they realize. Investing at this stage in life doesn't need to be complex or confusing. Once Millennials can identify the most critical investing details, they can more easily evaluate how they should invest for their specific lives and circumstances.

Is the DC College Savings Plan a "good" 529 plan?

Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss 529 college savings plans, specifically how state 529 plans differ widely in the benefits they offer to the families who participate.

Kevin, who specializes in financial planning for Millennial parents, regularly hears from other parents who feel very unsure about how to select a 529 plan. The different tax benefits and investment options are confusing and overly complex. Ultimately, though, a family's financial ability to pay for a child's education probably will depend more on how soon and consistently they invest.

Is the high cost of living in Washington, DC and other expensive cities worth the money?

Welcome to Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss how Millennials might want to think about the cost of living in Washington, DC and other cities. The price of housing and daycare in DC is among the highest in the country. But that doesn't mean you can't — or shouldn't — cultivate financial wellness here.

Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who may be focusing too much attention on the cost of living in a city. They seem to downplay the benefits that a particular location may provide them, benefits that may even outweigh the necessary expenses. Ultimately, you should feel empowered to choose based – to the extent financially possible – on what you want out of life, both personally and professionally.

When you're combining finances after marriage, what approach works best for most Millennial couples?

Welcome to the Financially Well, the finance podcast for Millennials. In this episode, Kevin Mahoney, CFP® will discuss how to combine finances after marriage. In particular, he'll talk about why managing finances as part of a relationship looks and feels slightly different for every Millennial couple.

Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who feel uncertain about what financial complexity might arise from combining finances. But it's actually the unique perspectives that each partner brings to this process that has the biggest impact.

What are the best ways to improve your financial wellness in 2022?

Welcome to the Millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will share a few financial wellness tips for the year ahead. In particular, he'll discuss a few approaches to thinking and feeling differently about your money, especially if you feel anxiety about your current progress.

Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who feel stressed about the financial decisions they need to make. But they often get hung up on specific numbers, tactics, and factors we can't control. The most useful financial wellness tips, though, focus on our own habits and mindset.

When you're finally ready to create a will, where should you start? And how can you create a will while minimizing your cost and time commitment?

Welcome to the Millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will discuss estate planning for Millennial parents, specifically creating a will. And he'll focus in particular on the situations in which you might decide to create a will without a lawyer.

Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who have had estate planning lingering on their financial task list for some time. But most of these parents shouldn't wait until they've saved up enough money to pay for the "optimal" will.

How much money should you save for college each month? This is a challenging question to answer when we have so little idea what college might look like for our young kids.

Welcome to the Millennial finance podcast Financially Well. In this episode, Kevin Mahoney, CFP® will talk about how to save money for college. In particular, he'll discuss how you can save money for your child's college education with confidence and satisfaction – even while your future financial needs and interests remain unknown.

Kevin, who specializes in financial planning for Millennial parents, regularly hears from peers who want to better understand how to balance college savings with other financial goals. Using a 2021 book entitled, "The Price You Pay for College" to frame the discussion, Kevin will empower you to take some form of action that works for your family.

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.