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 SPONSORS Support our free podcast by supporting our sponsors: Range Rover Airbnb NetSuite Public Connect with Rachel: Website | LinkedIn | Twitter Connect with Clay: Website | LinkedIn | Twitter Connect with Robert: Website | Instagram Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm