Financially Well
Kevin Mahoney, CFP®
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Why Your Financial Confidence Matters as Much as Your Income
• 7 minDoes 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.
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