Jimmy Mahoney was raised in the Bronx, New York, the first of six children born to Irish immigrant parents. While trying to maintain a humorous perspective on life, he has taken his professional responsibilities seriously. He graduated from Catholic schools, Cardinal Hayes High School, and Manhattan College. He became a Certified Public Accountant, hospital administrator, and university professor after earning his MBA degree at Wagner College. He has been president of his local Rotary Club, active in Big Brothers, a member of his church parish council, and the founder of a referrals networking group.

Jimmy and Anne, his wife of 49 years, now have a life and health insurance business in the Shenandoah Valley of Virginia. They have four children and seven grandchildren.