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

Millennial Investing - The Investor’s Podcast Network

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

SPONSORS

Support our free podcast by supporting our sponsors:

• Toyota
• Airbnb
• DeleteMe
• Yahoo! Finance
• Fundrise
• Public
• NetSuite
• NerdWallet

Connect with Rachel: Website | LinkedIn | Twitter

Connect with Clay: Website | LinkedIn | Twitter

Connect with Robert: Website | Instagram

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