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 financial planning for Millennials, 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 finance podcast for Millennials.
What You Know About Your Future Retirement
No One Taught You to Use an HSA
Monet & the Reality of Luck
Bluey & The Limits of Structure
Artificial Financial Decisions
Moneyball
15-Minute Finances
Natural Finance
Arbitrary Stupid Goals
Parting Ways With Country Music
The Money Challenge
Life in a Spreadsheet
Financially Unreasonable
The Rules of Financial Improv
What Rocks?
Flash Floods
Shadows or Spotlight
The Greatest Show on Turf
Stuck in Traffic
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