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
The Truth About “The Big Beautiful Bill” | Let’s Get Real Ep. 22
You didn’t ask for this bill. Hell, most people didn’t even know it got signed.
But now it's here—and it’s coming for your wallet, your business, your health benefits, your loan rates, and your damn peace of mind.
In this raw breakdown of The One Big Beautiful Bill Act, Stoy Hall exposes the top 5 financial threats buried in this 900+ page mess—from Medicaid cuts and IRS overreach to the gutting of clean energy credits and immigrant exclusion. But we don’t just stop at what’s broken—we show you where the loopholes live and how to take advantage of what little is actually useful.
This episode is for the real ones: Black and Brown communities, LGBTQ+ families, gig workers, service industry warriors, business owners grinding for generational wealth.
No fluff. No sugarcoating. Just the unfiltered facts you need to navigate this mess.
🎯 Want help applying these changes to your real life?
Book a Power Hour session now → https://www.blackmammoth.com/powerhour
📺 Full Video Episode: https://youtu.be/ZZnfynvzytM
🔗 Learn more: https://www.blackmammoth.com
Welcome to the No BS Wealth Podcast with Stoy Hall, your candid guide to financial clarity. In our third year, we're spicing things up by enhancing community ties and bringing you straight, no-fluff financial insights. Connect with us on NoBSWealthPodcast.com, and follow Stoy on social media for the latest episodes and expert discussions. Tune in, join the conversation, and transform your financial journey with us—no BS!
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.
Today we're diving in that topic that I talked about last week that's gonna affect everyone's dollar and every dollar you have in your pocket. And that is this bullshit. I mean, the one big beautiful bill act, it's a massive bill. I think there's like 900 something pages. It's messy. It's gonna hurt a lot of people. It does have some benefits to it, which we'll get to, but they're not handing out any guides. This is gonna be something that we have to fight through. So in this episode, we're gonna hit the top five biggest threats right now that I've read, uh, that the bill creates. Some of the, the loopholes that we can hopefully exploit. And, uh, just let you know, this is a starting point. We're gonna dive deeper into future with future episodes to unpack how this affects you. It's going to take us time to dig through this from a financial planning perspective. Alright, so let's dive in. Start with some facts in the five biggest problems, uh, that it's gonna affect us, especially, um, our black and brown L-G-B-T-Q communities First Medicaid snap cuts. Well, the bill imposes strict work requirements for access to Medicaid and snap. Food stamps. And if you're between 19 and 55, not disabled, do not meet, uh, new job requirements, and you're at risk at losing your coverage. And that's even if you're doing gig work, raising kids or facing barriers of lack of childcare, transportation. So it's gonna impact about up to 21 million people, many of whom are black or brown, or living below the poverty line and. If you're dependent on public assistance as a stop gap, this is, this is gonna hurt. Two, the loss of clean energy incentives, the repeal of the info inflation reduction acts, incentives, including tax credits on ev, solar panels, et cetera, uh, is going to hurt a lot of the entrepreneurs in the clean energy sector. It's also going to hurt new generational wealth builders that have some of these in there, and it's gonna punish, uh, consumers who have historically been redlined or, or in the polluted areas. Number three, we're gonna see increased IRS surveillance. Okay, so this bill expands enforcement and verification of credits such as the earned income tax credit, the child tax credit, excuse me. And, and now you must show tighter documentation, social security number, income proof. Dependent residencies. All of it sounds great on paper. Uh, but in practice, the problem is people of color, low income earners, those that are not upper income whites already are subsequent to audits at a five, to four to five times higher rate. So this makes every refund season even more stressful and the risk of losing money due to paperwork errors. So let's think through that as we go. Big one, obviously, as we know, is number four, exclusion based upon citizenship. Status. The shit that we have to deal with with this is just. Insane to me anyways. Um, if you're a legal immigrant using an I-I-T-I-N or your family's mixed status, you're probably gonna be disqualified from the benefits and credits of having a social security number, so that's awesome. Um, it will affect our dependents, our businesses, and our households. So again, more power to us and as we've heard a lot again. People there are more than just these five. I'm just hiring five to get this out to you'cause it just was signed on Friday, the 4th of July. Okay. So I'm trying to get some stuff out. We're gonna be updating you as we go and figure out more. And then the, the fifth one we've heard a lot. Just the national debt explosion, right?$3.3 trillion in deficit over 10 years. That's going to be great'cause it's attacking public schools. Pell Grants. Housing subsidies, small business loans, public infrastructure, they're all in the chop. Chopping block happens with interest rate, uh, also spikes'cause it probably will. We'll see how that goes. Uh, the, the working class and the early stage benefit, uh, business owners are gonna affect. Here feel that effect the most because of their higher loan costs, credit cards, et cetera. Just saying, alright, let's get to the positive spin, right? A little more jovial, if you will. Well, if you're strategic, we have got about five flu polls or things that you can take advantage of as we get through this bill. Um, let's hope that you qualify for some of these. First is the 23% pass through deduction. So if you run a sole prop, LLC partnership, S corp, you might qualify for this 23% of your net income. And that's pretty big. So for example, if you net and net income of a hundred thousand and qualify, you'll only be taxed on 77,000. So depending on your tax bracket, that's a five to 8,000 in savings. But you need to set it up properly. Means you have to have an EINA formal business registration, specifically with your state separate business account, of course, in a clean book. Bookkeeping process. Make sure everything's easy to achieve. Number two, you've heard it a thousand different times. The tip in overtime deductions, whether they are going to be a game changer or not, it's to be discussed. But service workers now can deduct up to 25, 20 5,000 in tips and up to 12,500 in over time, um, a filing single. The big catch here is the fact that the shift from workers not, you know, you receive cash as tips. You don't usually report those. Now you need to report those for two reasons. One, to get this deduction, and two, the higher enforcement from the IRS is now gonna track that down. So while this is kind of a win, it's. Kind of a loss too. It just depends on how much you bring in in tips. Hey, seniors over 65, boom, you get an extra 6,000 standard deduction on top of their regular amount. Of course, that brings the towable to about 21 7 50 for single and 43, 5 for married over 65. That is a pretty big benefit for those that are over the fixed or that are living off of fixed income. And we're dealing with the social security changes as well. So hopefully for many, that'll reduce their taxable income to zero. Number four, auto loan interest deductions. A lot of us business owners love the hell out of these, um, but you can deduct up to 10,000 in interest, which is fantastic. This only applies to those used for businesses, of course. So ride shares, mobile, hair stylists, contractors, you know, your everyday business. Uses, uses, uses, uses. Anyways. But you must verify the car was built in the United States with the VIN, et cetera. And you must track your business first, personal usage, which if you're a business owner, that is, that's normal, minus the little spin of being a US built. We'll see how that comes out to play. And the fifth and final one we're gonna talk about today is the charitable giving without itemizing. Awesome. It lets individuals deduct to a thousand dollars in cash donations, or 2000 if you're married and you don't have to itemize. That's a win, right? We don't have to line and line by line, right? I donated this. I donated that. I donated that. It's just kind of a flat. 2000 cash if you are married. So it encourages middle and lower income to give back as much as possible it can. So I know it's an not clean win or loss. I think it's more of a loss than anything, but there are some advantages that we're gonna have to take care of, right? There are landmines that we have to avoid and we're gonna have to be here to support each other through. But there is advantages that we can take as much as possible, and we are going to do our damnest. I know a lot of. The people in my industry are diving into this trying to figure out what's the best for you. We're gonna try, right? We're gonna do what we can within this bill. Uh, but ultimately, if you want changes, you're gonna have to vote at some point to get some changes. All right? But once we, once we understand that in the coming weeks, we're gonna. Dive deeper. We're going to figure out how we can restructure our businesses to qualify for that. QBI, um, prepare your taxes for claiming more tips and overtime writing off the loans and diving into what else is in this bill and let me know if this helps, if you wanna see more of this, right? I'm not a tax expert per se. I'm learning and taking this information from the experts around me. These are resources that I'm providing to you. I wanna be able to answer all your questions as much as possible. Now, granted, I'm not an attorney either. Right. This is, let's get real. This is me taking information and giving it to you as directly and straightforward as possible without all the big things, right? Um, that's what I'm here for. So let me know if this is the type of content you want to go more into. We will pro be providing as much detail as we can in the coming weeks. As always, let's get real.
