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.