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

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 4 August 2021

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

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Summary

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: Fiscal.AI 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 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.
0:02.3	Be engaged because it's something that is not going to go away.
0:05.9	It's not going to, I can't wait until I'm 62.
0:08.0	I'm not going to have to worry about money anymore.
0:09.4	That's just not going to happen.
0:13.9	In this episode, I chat with Rachel Podnos O'Leary and Clay Stackhouse about personal finance and credit unions.
0:21.0	We discuss a variety of topics, such as the key financial differences between millennials and
0:26.5	baby boomers, as well as service members from non-service members, the difference between
0:31.8	wealth and income, simple steps to follow in order to achieve financial independence,
0:37.3	the benefits of shared branching
0:38.8	and credit unions over banks, and a bunch more. Rachel Podnos-O'Leary is a certified financial
0:44.8	planner and a licensed attorney. While her clients span a variety of ages and backgrounds,
0:49.9	Rachel is particularly passionate about working with other millennials to help them achieve
0:54.3	financial independence through wealth building. Clay Stackhouse is a regional outreach manager
0:59.2	at Navy Federal Credit Union. Clay previously served in the Marines for 25 years and has been a Navy
1:04.7	federal member for over 34 years. Clay has a passion for teaching personal finance, especially
1:10.5	to those in the military and
1:11.8	their families. Before we get into this episode, I want to share some exciting news and an opportunity
1:17.3	we have available for you guys. We're actually looking for a new podcast hosts. Specifically,
1:22.8	I'm looking for someone who wants to become a podcast host full-time with TIP. You'd be working with
1:30.4	me directly and hosting the Millennial Investing Podcast. It is a full-time role, but you're
1:36.4	able to make your own hours, work whenever you want from wherever you want. If you're
	...

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