NoBS Wealth
Welcome to the NoBS Wealth Podcast—where we ditch the BS, cut through the noise, and get real about what it takes to build wealth, especially for women, minority business owners, and those standing on the edge of their financial journey, ready to take that first bold step.
We’re not here to sugarcoat it. I’m Stoy Hall, your host and Certified Financial Planner, and I’m bringing you conversations that go beyond the spreadsheets. We're talking about the emotional, psychological, and real-life challenges of money—and how to crush them.
Why You Should Tune In:
- No Fluff. Just Actionable Advice: You don’t have time for complicated, jargon-filled nonsense, and I don’t have the patience to give it to you. Here, we’re breaking down strategies you can actually use—whether you're managing cash flow in your business or figuring out how to start investing without feeling overwhelmed.
- Your Money, Your Mindset: If you think the key to wealth is just about saving and investing, you’re missing half the game. We’ll tackle the inner work—overcoming financial fear, breaking generational money cycles, and adopting a winning mindset to keep you in the game long-term.
- Real Stories You’ll Relate To: We’re bringing on guests with stories like yours. Women and minority business owners who’ve been where you are, taken the risks, and come out on top. No “overnight success” garbage—just honest journeys filled with ups, downs, and everything in between.
Who This Podcast Is For:
If you’ve ever thought:
- “I want to build wealth, but I don’t know where to start.”
- “I’m ready to grow my business, but I need guidance on the financial side.”
- “I don’t come from money, and it feels like I’m playing catch-up.”
Then congratulations—you’re exactly who this podcast was designed for.
What You’ll Get Out of It:
- Breaking the Fear: We’ll help you face that first step head-on and show you that building wealth isn’t just for the rich or privileged—it’s for you.
- Alternative Wealth Strategies: From real estate to investing in your business, we’ll explore nontraditional ways to grow your money without drowning in “just invest in the S&P 500” advice.
- Practical Tools: Whether it’s tax hacks, cash flow management, or scaling your business, we give you the tools to act, not just dream.
It’s time to bet on yourself. Tune in, get inspired, and most importantly—take action. The life you want? It’s within reach.
Visit nobswealth.com to catch our latest episodes and join the NoBS movement.
And yeah, we get a little explicit around here. You’ve been warned.
NoBS Wealth
PAY YOURSELF OR DIE BROKE | Let's Get Real Ep. 15
Think you're a real entrepreneur by pumping every damn penny back into your business? THINK AGAIN.
In this raw, unfiltered episode, I rip apart the dangerous myths keeping you broke while your business thrives. You're working yourself to death, paying everyone BUT yourself, and calling it "hustle" when it's actually just slow financial suicide.
The hard truth most won't tell you: If you're not paying yourself, you don't have a business—you have a job. And if you collapse, your entire operation goes down with you.
Learn why:
- "Real entrepreneurs reinvest everything" is complete BULLSHIT
- Paying yourself isn't selfish—it's essential survival
- Waiting until you hit some magical revenue number is a recipe for bankruptcy
Stop running yourself into the ground. Your business should operate WITHOUT you—that's the whole damn point.
Watch the full episode: https://youtu.be/1Gbxmh2kNlI
Want more brutal financial truth with zero fluff? Hit up nobswealth.com for the strategies that actually work.
As always we ask you to comment, DM, whatever it takes to have a conversation to help you take the next step in your journey, reach out on any platform!
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DISCLOSURE: Awards and rankings by third parties are not indicative of future performance or client investment success. Past performance does not guarantee future results. All investment strategies carry profit/loss potential and cannot eliminate investment risks. Information discussed may not reflect current positions/recommendations. While believed accurate, Black Mammoth does not guarantee information accuracy. This broadcast is not a solicitation for securities transactions or personalized investment advice. Tax/estate planning information is general - consult professionals for specific situations. Full disclosures at www.blackmammoth.com.
To pay myself or to not pay myself. That is the question, right? Business owners, do I pay myself? Do I reinvest back in my business? How the hell is all this gonna work? Listen up here. Because if you do not pay yourself, then what happens to your business? We never think about those things. As business owners, we usually just keep pumping it back in and back in, keep going and going, and going and going. And for some of us, our business can actually pay for a lot of our living expenses. However, that's not true for most. It's not true at all. Here are three myths that we always hear when it turn, when it comes to reinvesting back into your business, one real entrepreneurs and reinvest everything. That's bullshit. Real entrepreneurs do not reinvest everything back in. They also take a. Profit and they live their life. They travel, they do those things. What real entrepreneurs actually do is they try to provide how their lifestyle is and create businesses around it. Therefore, it looks like they're reinvesting back into everything, but that's not always the case. They are paying themselves. Number two, paying yourself means you're selfish. That's not true. Come on, you are an employee of your business. You might be the boss, you might be the CEO, but you also are an employee. Therefore, you need to pay yourself. Remember, the business is the business. You are an employee of the business. If you feel like you are taking profits and and paying yourself more than others, one, you're the owner, you should. Two, the business should operate without me. That's the whole point. So if we can get you to where you're just an employee and you're paying yourself and the business is operational, that's a win-win. Number three, I'll just wait until I hit X in profits or X in amount of money we make in sales. Um, excuse me, what if that never happens? What if you end up going bankrupt or going broke before you get there? Come on, let's think about this. If you're not taking care of yourself. How in the hell is your business gonna take care of itself? If I'm not paying myself, take care of myself personally, then I will collapse. And if I collapse, my business collapses. Especially for all those with startups, newer businesses or the businesses that you are in. Everything. And what do I mean, you entrepreneur, you business owner right now, if you were to take the next month off and disappear, what would happen to your business? Do you see that? Yeah, it fucking crash. You know why? Because you are everything to your business, therefore you're not actually doing a business. It's a job. So until you can create that into a business where you could step away and it runs concurrently, then your true operational business. So what are some things we gotta weigh and things that we gotta look at when it comes to our businesses and deciding to pay ourselves or not? The first and foremost is always the tax side of it. You gotta do tax planning. You gotta understand how much you can't pay yourself, how much you should not pay yourself, how much you should reinvest, how much you should not reinvest all around what that tax bill's going to be. And in doing so, in that tax planning, you're also gonna figure out ultimately what you need to take home for. Hey, I wanna buy a home. I wanna buy a car that is not in the business, right? I wanna invest in something else. Well, most of the time, lenders like to see your income. Now there's lenders out there, creative financing that will look at you as a business owner and calculate that. But traditional banks wanna see your personal income. So if I'm a business owner and my business makes a million dollars a year, but I don't take any home, I make zero. So think about that. Those tax planning ideas will allow you to do that, that transition. The others talk about scaling and growth. If you're really trying to grow your business, you taking all the profits out for your own good isn't the right move either, right? So it's all a balance and everything that we look at. So story, what the hell can I do about it? Well, one. First, you need to address what your salary needs to be. Take a look at your personal, uh, expenses and what you need there. Then implement that strategy by starting small. So say, Hey, I needed like 500 a month. Just start with something small and start to do 400, 500, a thousand, 2000 as you grow. Then if you need to update it, you can. Number three. Or two A, however you wanna think about it. Do tax planning at least twice a year with your advisory team, CPA, your accountant, your financial planner, you name it. You need to do tax planning so that way you know what to prepare for. Number four, understand your growth and understand what you want to do and want to achieve for your business. Talk a lot with this, with business owners is you need to set up your business for how you want to exit, right? We get into business because we have a service or a skill that we're really good at, or a product we sell. But ultimately, at the end of the day, we wanna also sell it and make money and retire, right, or legacy, hand it off. If you do not build it right on the front end, it's gonna be really difficult to change it down the road. Therefore, if you know how you wanna grow, whether that's, hey, it's a lifestyle practice, or it's a billion dollar conglomerate with 300,000 employees, I don't know, don't care. But you need to understand that as you go through and determine what you are. What you're gonna pay yourself or what you're going to reinvest. And number five, look to reinvest not only specifically in your company, but all those items around your company, right? For example, what we do at at Black Mammoth with our modern family office is we will reinvest in creative lending, we'll reinvest in other investments that are outside of our actual firm, but supplement, supplement it very well overall. So overall, here's the truth. Your business is yours. Your business is a business as long as you can take yourself out and CR and create, create yourself as an employee. Otherwise, you are just doing a job and that job will fail as soon as you are able to fail. So think about this. Do I pay myself? Do I not pay myself? That is the question, how the hell do you survive without paying yourself? I don't truly fully grasp that, but here we are.
