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

<p><strong>IN THIS EPISODE, YOU’LL LEARN: </strong></p><p><strong>Rachel Podnos O'Leary</strong></p><ul><li>5:17 - What the key financial differences between millennials and baby boomers are and why those differences are important</li><li>9:25 - What millennials can do to overcome the economic cards they’ve been dealt with and achieve financial independence</li><li>12:31 - What the difference is between wealth and income&nbsp;</li><li>18:43 - What a “Personal Financial Audit” is and what Rachel’s five-step plan is to achieve true financial freedom</li><li>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</li><li>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</li><li>44:28 - What to tell people who are struggling to increase their savings rate</li><li>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</li><li>49:10 - If millennials should prioritize saving and investing over reducing debt, or if they should focus on their debt first</li><li>And much, much more!</li></ul><p>&nbsp;</p><p><strong>Clay Stackhouse&nbsp;</strong></p><ul><li>56:18 - What the benefits of credit unions are over banks and what makes them different from one another</li><li>64:50 - What a field of membership is and why it’s needed&nbsp;</li><li>01:07:46 - What red flags people should look out for if they are interested in joining a credit union</li><li>01:10:16 - Who a credit union might not work well for</li><li>01:11:02&nbsp;- What is unique about personal finance for military members</li><li>01:14:36 - What challenges servicemembers face when building savings that civilians don’t necessarily deal with</li><li>01:15:57 - How credit unions can help people g