MI104: Masterclass on Personal Finance and Credit Unions with Rachel Podnos O’Leary and Clay Stackhouse

IN THIS EPISODE, YOU’LL LEARN: Rachel Podnos O'Leary

5:17 - What the key financial differences between millennials and baby boomers are and why those differences are important

9:25 - What millennials can do to overcome the economic cards they’ve been dealt with and achieve financial independence

12:31 - What the difference is between wealth and income

18:43 - What a “Personal Financial Audit” is and what Rachel’s five-step plan is to achieve true financial freedom

26:10 - Advice from a Certified Financial Planner on how to determine how much money you’ll need to live your chosen lifestyle after retirement while maintaining financial independence

38:07 - Rachel’s view on the goal of retirement and why shifting one’s mindset about retiring might be a smart decision for millennials who want to achieve financial independence

44:28 - What to tell people who are struggling to increase their savings rate

45:42 - Rachel’s top three tips for how to reduce your spend rate, especially if you don’t want to reduce your lifestyle or “miss out” on things in your younger years

49:10 - If millennials should prioritize saving and investing over reducing debt, or if they should focus on their debt first

And much, much more!

Clay Stackhouse

56:18 - What the benefits of credit unions are over banks and what makes them different from one another

64:50 - What a field of membership is and why it’s needed

01:07:46 - What red flags people should look out for if they are interested in joining a credit union

01:10:16 - Who a credit union might not work well for

01:11:02 - What is unique about personal finance for military members

01:14:36 - What challenges servicemembers face when building savings that civilians don’t necessarily deal with

01:15:57 - How credit unions can help people get started on the right foot using products such as car loans and credit cards

01:18:56 - What considerations about financial planning must be taken into account for servicemembers

01:21:04 - Clay’s top budgeting tips and how a credit union can be used in conjunction with those tips

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.

Check out our Investing Starter Packs about business and finance

Rachel Podnos O'Leary's book 21st Century Wealth

Clay Stackhouse's article Strong Financial Fundamentals for Those Just Starting Out

Thomas Stanley and William Danko’s book The Millionaire Next Door

JL Collin’s book The Simple Path to Wealth

Grant Sabatier’s book Financial Freedom

Patrick O’Shaughnessy’s book Millennial Money

Jesse Itzler’s book Living with a SEAL

All of Robert’s favorite books

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