MI Rewind: Masterclass on Personal Finance and Credit Unions w/ Rachel Podnos O’Leary and Clay Stackhouse

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Business, Education, Investing

4.6 • 592 Ratings

🗓️ 2 September 2022

⏱️ 88 minutes

🔗️ Recording | iTunes | RSS

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Summary

IN THIS EPISODE, YOU’LL LEARN: Rachel Podnos O'Leary 05:17 - What the key financial differences are between millennials and baby boomers and why those differences are important. 09:25 - 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. 16:03 - What a “Personal Financial Audit” is and what Rachel’s five-step plan is to achieve true financial freedom. 23:30 - 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. 23:30 - 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. 43:08 - What to tell people who are struggling to increase their savings rate. 43:08 - 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. 47:50 - 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 54:09 - What the benefits of credit unions are over banks and what makes them different from one another. 1:08:52 - What shared branching is and how it allows smaller financial institutions like local credit unions to compete with big banks like Bank of America. 1:10:26 - What red flags people should look out for if they are interested in joining a credit union. 1:12:56 - Who a credit union might not work well for. 1:13:42 - What is unique about personal finance for military members. 1:13:42 - What challenges service members face when building savings that civilians don’t necessarily deal with. 1:18:37 - How credit unions can help people get started on the right foot using products such as car loans and credit cards. 1:18:37 - What considerations about financial planning must be taken into account for service members. 1:23:44 - 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. Rachel Podnos O'Leary's book 21st Century Wealth. All of Robert’s favorite books. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI 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 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

Transcript

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0:00.0	You're listening to TIP.
0:02.9	On today's show, we continue to revisit some of my favorite podcast from the past in this
0:08.4	millennial investing rewind.
0:10.2	If you've missed our previous rewind episodes, we've started to reshare some older episodes
0:15.7	that are my favorites for a few reasons.
0:18.7	One, we get a bunch of new listeners each week, so the new listeners may not have heard
0:23.1	this episode before.
0:24.7	Two, even if you've been listening for a while, you may have missed this episode when
0:29.2	it originally came out.
0:30.9	Or three, even if you've heard it before, it can be a great episode to learn from again.
0:36.4	If you've already heard this episode or you're not interested in hearing it, feel free to just skip it.
0:40.7	There's no harm in that, and you can pick up with our new episodes next week.
0:44.9	All right, guys, that's all I had for you for this new intro.
0:48.2	Everything going forward is going to be from the original show.
0:51.3	Hope you guys enjoy it.
0:55.7	In this episode, I chat with Rachel Podnos O'Leary and Clay Stackhouse about personal finance
1:01.5	and credit unions. We discuss a variety of topics, such as the key financial differences between
1:07.5	millennials and baby boomers, as well as service members from non-service members,
1:12.8	the difference between wealth and income, simple steps to follow in order to achieve financial
1:17.8	independence, the benefits of shared branching in credit unions over banks, and a bunch more.
1:24.3	Rachel Podnos-O'Leary is a certified financial planner and a licensed attorney.
1:28.6	While her clients span a variety of ages and backgrounds, Rachel is particularly passionate about
	...

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