Robert Leonard does a deep dive with Rachel Podnos O’Leary and Clay Stackhouse about personal finance and credit unions. They discuss various topics such as the key financial differences between millennials and baby boomers, as well as servicemembers from non-servicemembers; the difference between wealth and income and simple steps to follow in order to achieve financial independence; the benefits of shared branching and credit unions over banks; and much, much more! Rachel Podnos O'Leary is a Certified Financial Planner and licensed attorney. While her clients span a variety of ages and backgrounds, Rachel is particularly passionate about working with other millennials to help them achieve financial independence through wealth building. Clay Stackhouse on the other hand is a Regional Outreach Manager at Navy Federal. Clay previously served in the Marines for 25 years, and has been a Navy Federal member for 34 years. Clay has a passion for interacting with military families on all things personal finance. IN THIS EPISODE, YOU'LL LEARN: 00:00:00 - Intro Rachel Podnos O'Leary 00:04:06 - What the key financial differences between millennials and baby boomers are and why those differences are important 00:09:05 - What millennials can do to overcome the economic cards they’ve been dealt with and achieve financial independence 00:12:59 - What the difference is between wealth and income  00:17:02 - What a “Personal Financial Audit” is and what Rachel’s five-step plan is to achieve true financial freedom 00:25:15 - 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 00:37:12 - 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 00:44:45 - What to tell people who are struggling to increase their savings rate and 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 00:50:01 - If millennials should prioritize saving and investing over reducing debt, or if they should focus on their debt first Clay Stackhouse  01:04:59 - What the benefits of credit unions are over banks and what makes them different from one another 01:08:01 - Credit union requirements and field of membership 01:10:54 - What shared branching is and how it allows smaller financial institutions like local credit unions to compete with big banks like Bank of America 01:14:07 - What red flags people should look out for if they are interested in joining a credit union 01:16:58 - Who a credit union might not work well for 01:17:55 - What is unique about personal finance for military members 01:21:50 - What challenges service members face when building savings that civilians don’t necessarily deal with 01:23:22 - How credit unions can help people get started on the right foot using products such as car loans and credit cards 01:27:00 - What considerations about financial planning must be taken into account for service members 01:29:51 - Clay’s top budgeting tips and how a credit union can be used in conjunction with those tips ✔️ Subscribe to Millennial Investing podcast show: https://open.spotify.com/show/7dnn22EWyo6MLsPaR492BM 🖊️ Access our free show notes and transcript here: https://www.theinvestorspodcast.com/millennial-investing/personal-finance-credit-unions ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ LISTEN 🎧 TO OTHER SHOWS FROM OUR NETWORK: ₿ If you're interested in Bitcoin, checkout our Bitcoin Fundamentals podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F8wOLjjwNCM5B1qFdrtTdTZ 📚 Dive into value investing and learn more about billionaires with our We Study Billionaires podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F9dDPFYGAHRbrWoToCe2uoU 🏘 Learn the ins and outs of real estate investing with our Real Estate 101 podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F8Yw_8xO2nk-RD7fhb3yktn 💸 Get introduced to the world of investing with our Millennial Investing podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F_p00VYv3psJ8rhDAGOvR5W ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ FOLLOW US ON SOCIAL MEDIA📱: 💻 Facebook: https://www.facebook.com/groups/theinvestorspodcast/ 👔 Linkedin: https://www.linkedin.com/company/the-investor's-podcast/ 🐦Twitter: https://twitter.com/TIP_Network ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📥 Download Stig & Preston's 1-page checklist for finding great stock picks: https://www.theinvestorspodcast.com/form-youtube-checklist/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.