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

84 min • 4 augusti 2021

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.

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