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

Aug 4, 2021

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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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