The Art of Building Wealth: Noah Kinsey's Journey in Film and Coffee

In the episode, the guest speaker emphasizes the importance of diversification in both personal finances and professional careers. They highlight the risks associated with being dependent on one sole thing and stress the need to constantly seek new opportunities and sources of income.

In terms of personal finances, the guest speaker references the book "Rich Man Poor Man" as a catalyst for their understanding of making money work for them. They emphasize the significance of diversifying investments and not relying solely on one source of income. By diversifying, they explain that the risk of losing everything in the event of a failure is mitigated. They also emphasize the importance of having multiple clients in the sales world, as relying on just one client can be risky if their marketing strategy changes or their spending reduces.

Professionally, the guest speaker emphasizes the need for continuous growth and avoiding complacency. They assert that in business, one must either grow or face decline. They stress the importance of diversifying skills and not depending solely on one job or business venture. They argue that over-reliance on one thing can lead to failure if it ceases or becomes obsolete. They encourage listeners to adopt a mindset of constant learning and adaptability to minimize the risk of failure.

Overall, the episode highlights the risks associated with dependence on one sole thing, whether in personal finances or professional endeavors. The guest speaker emphasizes the importance of diversification and continuously seeking new opportunities to mitigate risk and increase the chances of success.

In the episode, the host and guest emphasize the importance of educating oneself and taking calculated risks to achieve success in business. They discuss how fear can hinder starting a business, but by acquiring knowledge and understanding business ownership, that fear can be diminished. They emphasize that the more one learns and prepares for success, the less fear they will experience.

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Transcript

Stoy Hall, CFP® 0:00

All right, here we are. No BS wealth with your host story hall. This time we got a guest who comes from a different background than we've had before. And I cannot wait to hear about his journey and show you with his industry and ours, but without further ado, Noah Kinsey, welcome. Once you tell us about yourself.

Noah Kinsey 0:18

Yeah, thank you so much for having me. I'm really excited to be here today. Yeah, my name is Noah Kinsey. I am both a filmmaker and owner of a production company and coffee company, Spartacus Coffee, and my production company is Pure Love Productions. So I have a background both in the art and business world. Did a lot of both business to business sales and business development that definitely helped me. Both in both of my companies and both peer left productions as well as my coffee company

Stoy Hall, CFP® 0:54

and before I get into asking questions, my son, my youngest Croy is in love with Captain America. So he's gonna be just see how big your shield is. Just saying. How did you get? How do you coffee? We'll get to coffee. Everyone loves coffee. But sure. How did you get to Production. How did you, how did you get to there and obviously where you're living now, because I know your background a little more than everyone listening, but how did you get out there? And did you do what everyone does in terms of I'm going to go be an actor and move out and see what happens. Talk, talk to us about your journey.

Combining art and business successfully

Noah Kinsey 1:25

Yeah I've known since I was very little that this was what I was supposed to do, working in the entertainment industry. And definitely, what you said I thought I was coming out here as an actor. I've been a, a trained actor since I was like, six or seven. And just did the usual high school musicals and plays. Studied theater arts in college. with a minor focus in public relations. Main, my main subject or whatever I majored in was technically communications, but focus in theater arts and public relations. And yeah, I, you know, I, I did all that stuff, but I'm from the Midwest. So in the Midwest, there's this belief that like you find a safe job that you're, you know, you go to college to get a good eight to five job. And that's just what you do, you know, and then you, you buy a house, you get married, you have kids, you retire. The end and that's what you're supposed to do. So even though I knew and always felt compelled to Pursue work in the arts and I've been a self or a bit. Sorry not self. I've been a published writer since I was 21 so arts has always been a part of me, but That Midwest mentality definitely made me feel there was a specific path, specific course for me. And, you know, I did some of that stuff. I did the sales job. I worked in TV advertising for three years pretty soon after college, about a year after college, and it just. You know, as much as I tried to stick with what the Midwest says you're supposed to do it just, it just didn't feel right to me. So I found a sales job that moved me out here to Los Angeles to pursue acting for sure. That's what I thought I was going to do. And I did, you know, I did some TV shows. I'm in the actors union, but really while I was pursuing, you know, networking with, with producers and writers and executives. And When talking with them about my background, I would bring up the sales stuff to the point where they would, a couple of them suggested you should really maybe pursue producing or looking into the business side of it. And there was some independent production companies that brought me on to help with product placement and endorsement strategies, literally developing their startup independent production company from the ground up and building that. Foundation I had a knack for speaking with investors cause I could speak their language. And really from that, I learned that sure. I love acting and I still do, but I learned really where I stood out is with my business background of doing that for about 15 years at that time, because I didn't move out here until quite late. Almost. I was almost 30 by the time I moved out here, but I learned that with my business background, along with my artistic background, I was able. To see both sides and health, you know, healthily merge them together. So I could speak the language of the projects, both on the creative side, but also see the business side of it to craft them, to be more marketable because at the end of the day, it's show business, not show art or show philanthropy. It's all about. Building wealth for the investors or for the studio. And so it, you know, it took maybe five or six years of being out here to learn that that's really a lane that I had that not a lot of people have. Cause either they're very business minded out here or they're very creative and it's really hard to get both sides to talk and see. Things in a win win. So that was definitely my lane. And that's what I focused on starting my own production company and things have been going great.

Stoy Hall, CFP® 5:17

Love to hear it. Yeah. And then that's, that's a unique perspective and probably these are Midwest roots, who knows, but to have that. That I guess both minds. And I think part of it is we all think growing up, we want to do something and we go all in, and then if it doesn't work out, we don't, we don't pivot to see, Oh, I have a different skillset, right? And that's what you did, but let me back up to investors. I don't think a lot of people listening, understand the inner workings of production and being an actor and what it all goes into it. More so on the business side let alone that, you know, actors do what they do, but talk to us about when you say investor, what does that actually, what does that mean in your world?

Noah Kinsey 5:59

So there are different types of investors. There are. Individuals that might invest in a project. But really, when you look at all the big studios, they're all part of, or in an, in themselves publicly traded companies. So they have a board that it's, it's very business minded. I know the misconception is that Hollywood's filled with liberal elites, but I got to tell you the ones holding. The, the calculators definitely aren't necessarily liberal minded and I'm not necessarily thinking politically, but I'm thinking financially. That's why you see a lot of IP or intellectual property that they invest hundreds of millions of dollars in because those are the ones based on. The box office making the money. People complain all the time. Oh, Hollywood's run out of original ideas. No, but the ones that everyone knows are the ones that people go to and you vote with your dollar. So if you're complaining, the Hollywood ran out of original ideas, but you're going to see fast X. Sorry, but you're part of the problem because you're voting with you. You can complain as much as you want on Twitter, but at the end or X or whatever it's called now, but at the end of the day, you voted for the unoriginal idea. So when it comes to, sorry, I'm going down a rabbit hole there, but when it comes to investors, there's a lot of different, it can come from a production company. It can come from a studio. It can come from an individual, but really. I think maybe what people don't get is when you fund a movie, let's say you fund it for 5 million, which in my world is a low budget film, the investors expecting that you to make anywhere between three to four times that to make a profit, because not only are you paying, cause you're not paying. I had this, I'm going to keep, I'm going to keep things very, anonymous, because obviously I don't want to yeah, anyway. So I had someone who's outside of the industry who potentially came, who came to my production company to pretend potentially fund of movie. And basically part of that is we get. Profit participation. Me as the filmmaker, as the production company, we get that investment and we get a percentage of the profits. And in fact, we usually get a pretty big size of the profit. And this person outside of the industry was a little confused. Why? If they're paying us, why are we getting anything because they're outside of that? And it's a little bit different if you're giving someone 5 million to make you a house, you're saying at the end of the day, give me a house that if I get this appraise, it's worth 5 million. But in my world, if you give me 5 million, And investors not expecting a product that cost 5 million. They're expecting a product that's theoretically worth 15 or 20 million. Because of the advertising, because of a lot of different things. So it's, it's not like a, it's not a purchase. It's quite literally an investment. That's interesting. There's a lot of different aspects. Sorry. Like I went down multiple paths there.

Investors expect high returns

Stoy Hall, CFP® 9:24

Oh, you're good. We'll roll with it. Absolutely roll with it. I think what's huge there is you're saying three to four X a return for an investor in, in an R investor world, like That's fantastic, right? That's a great return. And I wanted to hit upon that because a lot in investing now we're going to get into the money side a little more. We think of the stock market averages 8 to 9%. People who are building their wealth will go back to our Midwest roots of just be conservative, put it in the bank, grow, you'll be fine. When you start diving into investments and we call them alternative investments, that's outside of stocks and bonds, that's really where you build your wealth. And the reason is because the anticipation and expectation of the return is Three X four X, not 10% a year, you know, and that's really where you build your wealth. And that's where I think across that bleeds a lot of industries is a simple fact of when I say I need to make enough money for my investors, we're not talking about a measly 10%. We're talking about three to four X. And if I don't hit that, then there's some really big issues. So I'm glad that you brought it up and went that route with it. I also think it's important for everyone to know, like when we say it takes 5 million to, to have a movie. And the box office, it makes X it's not as simple as 10 minus five. There is, I'm sure a shit ton of other expenses in there. So can you allude and shine light on when someone sees, Oh, box office did 10 million, it costs 5 million to produce like really what goes into those. Sure.

Film box office numbers are complex

Noah Kinsey 11:03

So it's insanely complicated. But let me back up just for a second. So typically with investors in film, they might get that 10 to 15% or 10 to 12%. It depends on what deal. So with I'm investors with peer left are fortunate because. I've created an infrastructure for my production company where investors really come in as a profit participant. So typically for these monster size movies, an investor is hoping to get that 10 to 12 back and the rest of it, or a large chunk of it goes to any of the big actors that get backend participation. And same thing with directors and producers, and usually that money then. Goes back to the production company and for sure my, it's the split is a way where there's a, you know, like the production company itself gets its own piece in order to be able to fund and keep itself going to really keep that foundation. But at the end of the day, the investor for peer left ends up making substantially more money. Because we include them as a participant versus just, I hate saying just an investor, but by that I mean they're not getting their like 10 to 12 percent. But there's so much that goes into it to your point, so when a movie comes to the theater and this is also why Movies that used to be 20 million movies aren't made anymore. Like the home video market has completely collapsed the DVDs or, you know, VHS. If you're old, like me, you remember those things like the secondary market, isn't what it used to be, but when it comes to making money. When you see The Flash, The Flash costs about 200 million dollars. Same thing with Black Adam. But when you see these movies, and that they maybe made 400 million dollars worldwide, you're thinking, great, they made a profit of 400 million, er, 200 million dollars. But that's not the case. The reality is they lost money. A good example is Batman Vs. Superman costs 250 million dollars. And it needed to make a billion to break even and it made just short of 900 million and that was maybe not to break even, but for them to be comfortable that it made a little bit of money. Deadline. com does a great job at the end of the year or beginning of the year of the previous years, like most profitable movies. I definitely recommend your audience to check that out. Maybe like January, February when they compile that. But when you When a movie is made and goes out to the theater about the deals are once again, this is all complicated, but about 50 ish percent of the box office receipts goes to the theater. So if it makes, if it costs 5 million and made 10 million right now, we're back at what it costs basically, because five of that goes to theaters as the weeks go on the, the percentage splits a little bit different. But also with. Print and advertising is usually about the same amount of money. So if the flash costs 200 million and the marketing for that was about 150 to 200 million alone. So you have, so that adds an additional expense there. You go from the flash costs 200 million to now it costs 350 to. 400 million. And usually there's reshoots that they maybe conceal. The studio conceals a little bit how much it actually costs. So let's say it costs like 400 million. Well, the fact that the flash hasn't made 400 million worldwide means. Warner brothers who produced the movie are now at a loss. They're at a loss about they're probably gonna lose about a hundred, 150 million on this feature. And once again, that's because everyone gets a piece that all these additional expenses and You know, that's super complicated and a lot of information and it, there's even more to it, but I think that's probably a good place for me to shut my mouth. No, but

Stoy Hall, CFP® 15:16

that's, it's pretty good. Cause you know, from the outside looking in, we, we see production, we see box office. And anytime that I've read production, I don't, I think of it as there's marketing and advertising in it too. Like I always think it's always built in like an overall cost to the project as opposed to. Just production, just, you know, all of those. So it's very enlightening to know that cool. You see those numbers, but you also have to have, you know, your P and a, and then there's some other cuts in there that you just don't, we just didn't know of, right? Like theater's taking 50%

Noah Kinsey 15:47

tiered down and we're not even talking about the actors. If it turns a profit, they get backend participation as well. There's a lot of individuals in the filmmaking process that get a piece of that backend. So yeah, so they're, you know, they're going to be hurting. Pretty bad with that one. And which seems crazy. Cause you're like it made more than its budget, but when you break it down, it's pretty quickly, you can see that, yeah, not a great scenario. No,

Stoy Hall, CFP® 16:14

no. And don't want to be involved with those. Well, you said for, for your production company, if you're left at there, your investors get a bigger return or a better return, usually because of how you built it why don't you talk us through that process of how does an investor get involved if they wanted to?

Investors can get better returns

Noah Kinsey 16:33

Well you re, it's tough, it depends on if you're talking huge movies or do you want to just like if you're a production company like myself, you would reach out to me have a meeting with myself and my producing partner, Spencer Rich and we would talk terms, but... It's different for it's, I'm more accessible, I guess I should say, than a lot of production companies. So a lot of production companies and we, you know, you still need to get lawyers involved. You still need to vet each other, but really the way, the way it's funny, so my sales background is really. What I looked at and how a sales, like a sales individual's commission and salary is determined where you have that base as well as you have like the commission over it. So I've structured my production company and luckily we're small enough where we can really do that at this point to investors take a risk in film and a lot of times the reason that they invest in a lot of different movies at a time is because they know they're going to lose money on some. It's no different than like the stock market where you diversify your portfolio because you know you're going to take it, you know, you're not batting a thousand or a hundred or I don't know, baseball anyway. But what I did with my production company is I. I have structured it in a way where the investor gets, essentially gets their money back first before other people get their cut. And then from there, we are, you know, we, we are partners in the profit. So we do a more beneficial split for our films than most production companies. And we're a little bit more transparent because once again, we're in a position to Be that way. We're very scalable. So it's, we're very investor friendly and I'm, I think it's because of both the position we're in and my background where I can see, once again, see this from the business side. You probably have talked about this on your podcast, the concept of like, when you're talking sales or business, when you're talking to someone and you're asking for their money or talking to whoever's in charge of money, you gotta tackle the what's in it for me. For the person holding the purse. So that's the same way that approaches. So my sales background, even though once again, had I not listened to that Midwest I don't want to say brainwashing, let's say a Midwest mentality. I probably, I would have come out here about 10 years earlier, but because I have that sales background, I definitely have benefited from speaking the business language and. You know, it's, it's fun talking with investors and seeing their eyes get big because they're getting a bigger piece of the pie with us. And we've structured this in a way where, you know, we're not padding the budgets for things they see. And they've seen like the short film that we have going on in the festival circuit, when they find out how much that costs, they're blown away because it looks way more expensive. So that makes them think, wow, if it costs that, and it looks like this, imagine if I gave him a check for this, how that's going to look so that. Definitely take some of that worry off of their plate. So I really, like I said, I'm speaking business language when I talk with these investors.

Stoy Hall, CFP® 19:51

And as, and as you have to, right, like you alluded to, you have to speak to investors a different way than you would any of your artists ultimately. So is it something as easy as Hey, I got a hundred K Noah, I have a hundred thousand. Can I give it to you? Do you throw it in a film? Is it something like that? Or is there a project always tied around it?

Noah Kinsey 20:12

It's usually it's there's a project attached to it. But if it's something and I hate saying small because 100, 000 is not small to either of us. But in the grand scheme of filming, when it comes to that, that's, you know, a smaller amount. That's basically enough money. That's like the first in. So a lot of times you have a film where You're pitching it to a studio production company or an investor, and it's really good to have that first in saying, we already have 100, 000 towards the budget because then other investors feel more comfortable because someone else believed in it enough to put money in that there, then, you know, that usually really helps with that. But yeah, investors sure can put that in to say, I want. I want this to go in whatever you think is beneficial because I know at the end of the day I get a percentage, but it's a little tough also because with investments you have expectations around X amount of years or how many quarters before they start to see some sort of benefit from that and without necessarily being attached to a film that's about to go into production, there's not really answers to that. So for sure they can do that, but it's, yeah. Usually better to have that attached to a film and when there

Stoy Hall, CFP® 21:35

is a project what's the timeframe? What is, what does that kind of look like from obviously production side, but more from an investor? If I'm going to, you know, invest in this project right before, you know, before production. When is that return come? What does that usually look like? It's

Noah Kinsey 21:51

usually about one and a half to two years after the investment. It depends. It really depends if it's something that's ready to go into pre production once funded. We have a handful of projects that are at that place that once funded, we can just hit the ground running and start filming. But there's so much in pre production that usually pre production is like anywhere from three to six months. Once again, depends on the size scale, how much work goes into it with our short film, we just did VFX visual effects. So that was pretty minor and simple, but for some projects who require CGI those, those are going to take longer. So even with our short film, we filmed it in December and it took three days to shoot, but it wasn't ready to start. Submitting to festivals until about May. And this was, this is an eight and a half minute short. It, you know, it does take time. And also it depends on when you can get distributed. Whether it's gonna go straight to a streamer like, say, Netflix. Whether it can get theatrical distribution, which is, which is, when it comes to Pure Love Productions, that's our plan A, shall I say. But obviously there's some streamers out there. It's just, they just pay a bulk. You don't get. You don't really get like box office returns, things like that. So it's a smaller amount of profit. But yeah, so I think I'd say one and a half to two years, if it's a huge movie, maybe three.

Stoy Hall, CFP® 23:21

So we're talking about now the credits at the end. And there's like usually 16, 000 people, right? How in the world does a film have that many people involved with it? Obviously, lots on the CGI side would assume, but like, how the hell is there you know, 160, 000 people when this thing scrolls at the end? How are that many people involved with the film?

Noah Kinsey 23:45

Well, yeah, so it definitely takes a village to make a film, that's for sure. I think another misconception about the industry And I think one of the reasons that some people maybe are skeptical of the, the dual strikes going on right now is they think, Oh, these, these are done by these huge production companies. Everyone's a millionaire. Anyone in the business is super duper rich. And when it comes to, and I know that I've had debates with people and it's frustrating because I'm talking from within the industry. They're outside of it, but when we talk about piracy and who that truly hurts, people think, Oh, that hurt. Who cares? Warner Brothers makes so much money. Oh, poor Tom Cruise, Mission Impossible being hacked. That's, but the fact of the matter is the vast majority of this industry is, it's a cottage industry. There's so many aspects of production, whether it's sound color grading, all films require that at the end, special work to make, you know, things pop and work on the lighting. Practical effects might be a separate house. They used to work for a production company that would make the like physical props. There's so many different things that get outsourced to smaller entities and the people who work there usually are making minimum wage or barely more than that. So those are the people that piracy hurts. And those are the. That's why if a movie suffers a loss, like it doesn't necessarily hurt the big guy. Cause once again, like you think of Warner brothers, how many films and TV shows do they have? They've diversified their own portfolio. We're talking, you know, smaller people or maybe types of certain types of film aren't going to be made anymore. So some of those smaller companies might have to close their doors. They got really hurt during the pandemic. So there's so many different aspects of production that happen outside of the

Stoy Hall, CFP® 25:43

How do you protect those people? How do you protect the, the little guy, if you will, that really make the movie the movie?

Protect the little guy in film industry

Noah Kinsey 25:51

For one, don't, don't pirate movies. Don't do that. Those, those sites really hurt the, the little guy. Yeah, I just... For me, once again, I'm a smaller production company. I want to make sure everyone's paid fairly in a way where once again, we're protecting the investment, but I'm doing right by the people that are helping me create something of value for the investors. That's really the heart of the. Of the fight right now with the actors and writers striking is just the minimums these big names striking. They're not striking for them. They're going to be fine. They're striking for the day workers. The, you know, the writers who have a one week contract on late night shows that who Which is nuts because with apartments, you have to show consistent income. And if your contract's only a week at a time, how are you going to find a place to live? You know, making sure things are livable for people. So for me, I make sure, and I work with my line producer who puts together the budget, make sure things are Fair for the people who are working for me. But if you're saying like, how can we all protect those small people? Don't pirate movies. Don't watch those, those sites that just hack stuff. Go to the theater, see movies you want to see, see the small movies that, you know, might not be your Pixar's or your Marvel movies, which we all love for sure, but definitely. Support the smaller films because once again, you vote with your dollar. And if you're going to support the art community and support those original ideas, that's just going to be better for everybody. And you're going to be happy because more of those will be made.

Stoy Hall, CFP® 27:41

Alright, so transition a little bit. How the hell did you start a coffee company? You go from all of this, all this knowledge, business, everything in the film industry, and then coffee.

Noah Kinsey 27:53

Well, so for one, I am an addict. That's for sure. I am definitely addicted to coffee, definitely addicted to coffee. I just, there's, there's so many different industries that I also want to be a business owner in and I mean with, with the entertainment industry, you know, there's ups and downs to it and I wanted to find a way to diversify my own portfolio and really find ways to grow. And build my own additional entities outside of the industry, but also find ways to like, have them work together. So like Spartacus coffee, my coffee company funded as they're like their grand opening funded the short film that I did. Yeah, so I've always been fascinated. By, by owning my own company and with coffee, that's something I know. And I love, I don't want to start a business in something that I'm not passionate about or have an opinion about. I think you can always tell when someone has a company and you can tell that they're just doing it for the money. They don't even use it themselves or know anything about it. And for me, coffee was one that I could really take the ball and run with and start with. So that's just the first of many, but yeah. I wanted to find different ways of getting out there and creating my own success story. If

Stoy Hall, CFP® 29:17

you're an actor, you're supposed to do like tequila or, or vodka or something.

Noah Kinsey 29:21

You're not supposed to do coffee. Oh, we'll get there. We'll get there. There you go. That's, that's, might not be the next business, but that's, that's definitely on the agenda for the

Stoy Hall, CFP® 29:31

liquor market. So on the business side of things, really what you're doing is you're diversifying. That's really all you're doing in that regard. How important is it? And I guess, let me back up. Where did you learn to diversify like that?

Diversify for long-term success

Noah Kinsey 29:48

That's a good question. I think one book, maybe you've talked about it on this show or I'm sure you've read it yourself. One book that really opened my eyes was rich man, poor man, and really talked about making money work for you. Also when it comes to. Being in the sales world, you, you know, you as a salesperson, you have to have more than one client. Like with the TV advertising, I had a ton of clients and as great as one did, I still needed to go out and find more because maybe that company will change their marketing strategy. Maybe they'll spend less or go to another like channel or program for their stuff. So you can't just, you know, and I'm a restless person anyway, but just in general. Professionally, you can't just rest on your laurels. Either you're growing or you're dying as a business. And that's just how I see myself and yeah, so learning to make money work for you and just really not being dependent on one sole thing. Cause what happens if that one sole thing stops being? Yeah.

Stoy Hall, CFP® 30:59

No, I brought it up and I'm, I guess we'll harp more on the Midwest ideology, if you will, but, you know, growing up in Omaha and having that same philosophy as you, those mindsets that you just talked about with diversification aren't, aren't a Midwest thing. That's a, that's a coastal wealth building mindset that is so different for a lot of people, let alone, and I don't care if you're rich or poor. Right. To quote the book a little bit, that mindset of being able to diversify can be something very, very small, right? Like maybe go get a gumball machine and put it in the local barbershop. Right. Or as big as starting your own coffee company, having that ability to diversify, have different revenues coming in is what truly builds wealth. Having a farm that you keep buying farm equipment over and over again, and we keep getting droughts over and over again. That's not diversifying. Like you might have different crops. Cool. I'm good with that. But that mindset of just doing the same thing. And if you're an expert at it, keep doing it is not really, truly how you build wealth. It's having other avenues to do things. And it's not necessarily starting your own coffee company, but maybe investing in it. Right? You don't have to be the ones that actually doing day to day, but if you have passion for it Go do something because there's a way to make money in whatever passion you have. So I love how you alluded to that We're seeing it a lot more with actors. I know that's what's being talked about of whether it's tequila companies vodka. I don't matter They're just diversifying In the in a way that they want to because they have the passion to do so Now, a lot of you obviously have the means to do but I want everyone listening to know that if you have a passion, there is a way for you to do it and don't just let it die because you don't think you have enough money. There's, there's avenues to do so I just wanted to appreciate the diversification part that you spoke

Noah Kinsey 32:50

about. Well, thank you. And it's also really important to educate yourself. On the business world, you know, when you, when you look at small business loans and you look at the statistics, it's can be pretty terrifying knowing that in three to four years, the vast majority of those small businesses fail. But working with small business owners in the sales world, what I learned is a lot of times you have these small business owners that maybe worked in that industry and decided, well, I don't want to work for someone else. I want to be the boss. So they start a company to do that, but unfortunately they didn't. It's different being a worker and being a business owner. There's so many different aspects of that. So when you look at that and when you see how many of these people didn't educate themselves on like owning a business, it's less scary if you prepare yourself because that the lack of education or understanding that this might be your same world. But it's a different world when you're a business owner, you know, for me, as for the coffee company, I did research for almost an entire year before we even started this coffee company because I, even though, yes, I'm an addict, I drink it every morning. And if I don't, I get a headache withdrawal. So for me, even though the fact that I love coffee I knew that I wasn't prepared to start a coffee company because I don't know how to be that business owner. So I really had to educate myself on that industry. And to your point, there are a lot of businesses out there or investment opportunities or. Business strategies you can do. You don't need a lot of money. Sure. There are those like A list Hollywood actors that are big names that start companies. And the reality is usually they just attach their name to it for a certain percentage. Look at the George Foreman grill. That was invented before he came on and he gets a piece of that. It wasn't his. It was, it was almost Hulk Hogan's. First, but Hulk Hogan turned it down according to Hulk and it became a George Foreman's grill. And now he's super wealthy. He didn't invent it. He just slapped his name on it. So don't let that necessarily fool you into thinking that there's all these genius A list actors who've created their own company versus just more licensing their name. Don't, you know, exactly to your point, don't be afraid to. Look into, Hey, I want to be a business owner. I want to make money work for me. What can I do? Just educate yourself because that fear, the more you educate yourself, that fear gets less and less because you're preparing yourself for this and you're preparing yourself for your success. Yeah. And

Take risks and educate yourself

Stoy Hall, CFP® 35:40

you're going to have to take on risk life's about risk. Now obviously you can mitigate some of it, but you'll never take risk out of it. To your point on the sales side, you brought up sales a lot. I speak about this often is we're all in sales. Doesn't matter what you're doing. You're in sales. If you are just a staffer, you're in sales. You have performance. You, if you do not do your job well, You are fired, right? There is no guaranteed job. There is none of that. Now, is the likelihood of you getting fired lesser if you don't perform and all you do is mail room? Yes. However, you're in sales. You're still selling yourself to your employer to keep your job, to keep paying you. And if you, when you recognize that, you realize that you take on risk every day of your life. Right? And I'm obviously walking outside your home, breathing air, drinking water is a risk. But from your actual job and money perspective it is a risk every day. If you don't show up and do your job, it's no different than someone in sales or anywhere else. It's just that their job is different. And if you don't take on that risk, you're not, you're just back to your quote, if you're not growing, you're dying and risk has to occur to grow. And it's very important for people understand that you don't have to go jump off a building without a parachute risk, but you need to walk closer to that edge to understand the scenario that's around you. In order to make the best decisions,

There is no such thing as a safe job

Noah Kinsey 37:10

I would high five you if I was in person right now, because you are, there we go. High five, virtual high five. So true. And also I would, I hope someday we can dispel this myth and call it as it is and recognize there is no such thing as a safe job that does not exist because at the end of the day, and This is gonna sound, maybe not to your listeners, because they're more intelligent and know this, but Businesses don't owe you a thing. They don't owe you one iota of anything. You, most people are a liability, not an asset to a business. So if they don't need you, you are gone. You know, my Midwest is you have to find a safe job. There is no such thing. thing. There really isn't. You know, even during the pandemic, when all hospitals or most hospitals were at capacity, they were firing employees because they were no longer taking on those elective surgeries. That brought the hospitals money. So if you think if anyone had a safe job during the pandemic, it's healthcare workers, you know, the frontline workers that for a month, we were cheering on saying, thank you. They were getting fired because they, the hospitals weren't making that money in order to keep it, which still like I'm saying that, and that's just in my mind, I'm like, that doesn't sound right, but that's right. That's what happened, you know, my mom was a school teacher and part of the, you know, safe job, all that thing is because come from a family of school teachers, my dad was a pastor, worked for a church denomination all of his life or most of his life even my mom. She had tenure and in the last couple of years of her professional teaching career, the school district wanted her to retire soon and threatened her pension that she was going to get less if she stayed longer because they wanted to save money by hiring newer teachers and they were also. Keeping new teacher from getting tenure by pink slipping them at the end of the year and letting them know close to when school starts again if they had a job there, if they had to go to another school district. So you, that should be the safest job out there, but there is no such thing as a safe job. I feel if we understand that there's always risk, even if you choose the safe job that you hate, you could still lose your job because it's not safe at the end of the day because businesses are there to make money for themselves. And, and yeah, the larger the business, the more ethics, there's going to be some questions there. But as long as they're doing the letter of the law, they're going to do what they do. Yeah. So it's better to your point. It's better to take that risk. If you have that in your heart, because you're taking a risk, going to the eight to five every single day.

Stoy Hall, CFP® 40:11

Yeah. And you don't have a choice if you get fired usually. It happens, but just like you being a small business owner, my, myself, we're the ones that really can do the greater good for people. Right. Small business owners usually have that, that servant heart of understanding. I want to take care of everyone. There's enough money on this world for everybody. Our industry likes to fight over AUM charges and our, our comp and fee structure all the time. Like it's insane if you go to Twitter and my argument is there is not, we're not competitors, there is. What three hundred million people or something like that in the United States? There's how many billion in the world? there's only 10, 000 of us like the numbers are just Insane and that all comes down to just taking care of people if you take care of people the right way You'll be taken care of in my off making millions and millions of dollars No, but do I then have a staff of 20 people who are making really good money? What's better for our, your legacy one, if you want to be selfish, but what's also better for our economy is more people making more money. Thank you for being one of those business owners that thinks that way and wants to build your brand and your legacy that way. Because truly there isn't that many out there and the ones that are, are usually not trying to be too loud because guess what? Media is awesome and can spin things different ways. So definitely applaud you and I appreciate that.

Noah Kinsey 41:36

Well, thank you, man. I appreciate that too.

Stoy Hall, CFP® 41:38

Yeah. Well, Hey, this is great. I think we could go for a couple more hours and I'm sure we're going to have you back on as we get through here. Might even get my kids on just to pick some more questions about Marvel to you, but I appreciate everything. You do big, small, and then different love following you. I'm going to learn a lot more from you and we'll be glad to get this out and let our audience hear from someone in your industry.

Noah Kinsey 42:02

Well, thank you guys. I really appreciate the time today and yeah, I'd love to continue talking to you for sure. Absolutely. The proceeding program was sponsored by black mammoth. Any awards, rankings, or recognition by unaffiliated third parties or publications are in no way indicative of the advisor's, future performance, or any individual client's investment success. No award ranking or recognition should be construed as a current or past endorsement of black mammoth. Information regarding specific awards, rankings, or recognitions is available on the Black Mammoth website, www.black mammoth.com. All investment strategies have the potential for profit or loss. Investment strategies such as asset allocation, diversification, or rebalancing do not assure or guarantee better performance, and cannot eliminate the risk of investment losses. There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strategies. This broadcast should not be construed by any client or prospective client as a solicitation to affect or attempt to affect transactions and securities or the rendering of personalized investment advice due to various factors including changing market conditions. The information discussed in this broadcast may no longer be reflective of current positions or recommendations. While information presented is believed to be factual and up to date, Black Mammoth do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. The tax and the state planning information discussed is general in nature and is provided for informational purposes only and should not be construed as legal or tax advice. Listeners should consult an attorney or tax professional regarding their specific legal or tax situation. Past performance is not indicative of future results.