209. Building Wealth Through Mindful Money Management w/ Guest: Stoy Hall

What if redefining your financial mindset was the key to unlocking personal and professional success? This episode features an enlightening conversation with Stoy Hall, the visionary behind Black Mammoth and the No BS Wealth Podcast. Stoy's path, shaped by his family's entrepreneurial ethos and his educational journey at Drake University, offers profound insights into making financial literacy accessible and engaging. Discover the power of mindset training, the importance of candid financial advice, and how Stoy is breaking down barriers to education through his innovative podcast approach.

As Stoy shares his experiences growing up without role models, we explore his journey in defining success beyond traditional metrics. He candidly discusses the challenges this posed and how these experiences now shape his parenting style. Tune in to understand how imparting financial lessons and embracing failures with transparency can equip the next generation to tackle future challenges. We also touch upon the role of diverse sports training and the delicate dance of balancing entrepreneurial ventures with family life.

Emotions play a critical role in financial decision-making, and Stoy helps us navigate this intersection with wisdom and clarity. From addressing financial trauma to the benefits of starting financial education early, Stoy shares practical tools like the Greenlight app to teach kids about money management. We also delve into the essentials of financial organization in business, offering strategies to avoid disorganization pitfalls and maintain distinct personal and business finances. Wrapping up, we explore the power of shifting financial mindsets, prioritizing long-term wealth, and fostering open communication to elevate personal and community growth. Join us on this journey to financial empowerment and shared prosperity.

https://www.blackmammoth.com/how-to-become-rich-guide

Chapters

• 0:00 Entrepreneurial Mindset and Financial Growth
• 6:17 Teaching Success and Financial Literacy
• 13:38 Emotional Intelligence and Financial Success
• 20:29 Financial Organization for Business Success
• 23:45 Financial Mindset Shift for Wealth Building
• 35:40 Support and Share Financial Growth

Transcript

Speaker 1: 0:00

Yeah, it's mindset cafe. We all about that mindset. Gotta stay focused. Now go settle for the last. It's all in your head how you think you manifest. So get ready to rise, cause we bout to be the best. Gotta switch it up. Gotta break the old habits. Get your mind right. Turn your dreams into habits. No negative vibes, only positive thoughts, thoughts.

Speaker 2: 0:36

What is up guys? Welcome to another episode of the Mindset Cafe podcast. It's your boy, devin, and today I'm excited to bring this special guest on. You know, I know all of our guests are special, but this one, you know I had a real connection with you know, I was a guest on his podcast and I told him I was like you know what? I really want to run it back and explore the mindset of everything that you've got going on. So I want to welcome Stoy Hall to the podcast today. He is an entrepreneur, he's a financial expert and he is the founder of Black Mammoth, the no BS Wealth Podcast. So honestly, without I don't want to dive too much into it I want him to kind of explain some of the things that he's accomplished, but without further ado, you know, soi, thank you so much for taking the time.

Speaker 1: 1:15

Hey, I appreciate it and, yeah, we had a blast on mine, so I'm glad to be here and to provide more clarity, more depth. This is going to be fun, so let's dive in a little bit.

Speaker 2: 1:23

You know where did your story begin in the entrepreneurial space. You know, were you raised by entrepreneurs or were you the first in your family that was an entrepreneur?

Speaker 1: 1:33

Kind of both, a little bit of both. And I say that because when I was I want to say 10, maybe my mother and her mother had like a cleaning business, if you will. And this is where I say kind of right, because as an entrepreneur, sometimes we just do things for other people. That's considered a business. They never really ran it properly like a business that we know of today. But that's kind of where I got the spirit of hey, you can do, you can do your own thing, right, you can have a service, you can provide something for somebody and that's how you make money.

Speaker 1: 2:04

But really it came into light when I was at Drake and got my degree in finance. While I played football there, I worked at the Boys and Girls Club off campus for four and a half years and when I was the this is my title, get this, this is my title Professional Teen Development Officer. Okay, I babysat teenagers is really what I did at the end of the day. But we went through a lot of like financial things and understanding how things operate. And from there I knew, hey, my like purpose in life is to help educate others in the money game and how do I go about doing that. It started out, you know, selling insurance like a lot of us start, and then I like quickly understood, like no, I'm going to build my own practice the way I see it fit and best. And it's just been, you know, ever since then. That kind of jumped off.

Speaker 2: 2:55

No, that's awesome. I mean I wish I, as a teen, I had someone that was coaching me on financials and so forth. I mean I didn't come up from an entrepreneur background. You know as much either. I mean I later found out some of my aunts and, you know, uncles and stuff like that were in the entrepreneur space, had some celebrity family members, but it wasn't anything that was really taught to you, right. And so you doing that and really making sure that you're teaching the youth about finances and about you know, money management all that kind of stuff is super interesting, you know, for from that experience you know you start to learn and see that things click as a coach and as a as a mentor. But what was that next step from? You know really teaching essentially the youth in launching a podcast? And you know, building Black Mammoth.

Speaker 1: 3:41

Yeah, more reach. Ultimately, I started to realize, like going into schools or on campuses or there's a couple of nonprofits I'm involved with, you're really getting like a one to five ratio, one to 10 ratio. Maybe sometimes in a big auditorium it's one to 40 to 100. But you're not really able to continuously give them that same content and those ideas. Right, as a former athlete, you don't just learn one move once and then it's stuck there for the rest of your life. Like right, we have to train and train and train.

Speaker 1: 4:12

And I just looked out there and didn't really see any platform, any person that was really attacking podcasts or the way they run their business around, like truly coaching and helping someone, or the way they run their business around like truly coaching and helping someone. Now we have business coaches and obviously trainers and stuff like that, but not in our space. That truly had that background and so I was like God, there's got to be something here. So my staff, at that point we challenged ourselves. We're like, hey, let's do a podcast. We actually launched two.

Speaker 1: 4:40

We launched one called no BS Goon Squad, which is like our sports betting and sports talk, because we're all D1 athletes, so, but we did those at the same time, and just the fun and joy of being able to have a platform that can bring all of this knowledge and content continuously was much needed, because in our industry we do a really poor job of it. Like look around, right, we're talking about money and mindset and stuff like that, because we don't get taught that in school and it's not like just in our blood no, definitely, and I do love like the names of your podcast, you know, because, like everyone's so sensitive on you know how they name it.

Speaker 2: 5:14

They want, especially in the financial space, you know, be super elegant and super, you know, make it sound a superior name and you're just, uh, you know, no bs. It's like straightforward, no fluff and no fluff. And I remember even when we were talking to it it's like you know, no, no fluff. Or run around the bushes Like what, what, what is it? You know? Um, what I do want to know and what I'm really curious about too, is like you come from. You know what it sounds like a humble beginning. And how did your, your upbringing and stuff really shape your mindset around money and around success and around growth?

Speaker 1: 5:47

Both negative and positively Right. I knew where I didn't want to go. My cousins and stuff like that went more of the gang route. I knew I didn't want to do that. I was an athlete, wanted to go pro At some point. You know that dream popped in your face real fast. But I also knew that, like looking at like my mom my mom's love language is always buying me things right. It was gifts, bats, cleats, whatever. It was just like a tangible item as opposed to like experiences and being around as much. So I knew, like growing up, all the things I didn't want to do or accomplish but never really had.

Speaker 1: 6:22

The thing of like this is exactly where I want to be and that's where kind of the negative comes into play, because I've had to adjust and adapt and I still fight that today. Of like what does successful story in his business look? Like Cool, I know the numbers, I know like success from a numbers perspective, but like as a human, like when will I feel like I've achieved something? And part of that comes back to the root of my childhood is I never had like. I never put people on pedestals, I never had that like ah thing. It was just always like you just grind, like you're just going to keep going and eventually you'll get to where, wherever that's supposed to go. And so that's when I talk about my childhood. It's positive, negative. It's's positive because I learned all the things I don't want to do and that's helped me. But the negative part is I never had that person to look up to, and that's that's difficult to overcome when you're a child. Now that you're an adult, looking at it, Are you, you know, just curious.

Speaker 2: 7:17

Are you? Do you have a family like you know of your own now, or what's that look like?

Speaker 1: 7:26

Yep, I do do. Um married my wife. She played d1 soccer. We have two boys. They're about to be 10 and 8. Um currently 10 and 7 and uh trying to show them as much as we can, uh that we didn't have, but also providing those things that I know I wish I had as well.

Speaker 2: 7:40

So, uh, what sports are they playing? You know, know, these future D1 athletes.

Speaker 1: 7:43

Yes. So soccer, obviously my wife got them into soccer first and foremost. My youngest plays basketball as well. We do a little bit of wrestling for training for football but as we all know, like football isn't something you have to play at an early age 24-7. My oldest is going into tackle this year for the first time, so that'll be. You know, that's where I strap up and get involved. But I told my wife early on, all the sports leading up until they go to college are for training for football. So soccer is great to be. Stamina, foot speed, wrestling. Obviously we all know that and I just said it's in training so they can go play football at a higher level.

Speaker 2: 8:26

That's awesome. Yeah, I mean, I mean I do agree like football, as great of a sport as it is, like I can, like I never got into it myself. You know I was more of the rugby and and mma, you know, one out of my brothers but like my middle brother was all about tackle and he got into a young age and he got actually got, you know, disqualified in high school because of too many concussions, like he was a center and you know it's like it sucks because that could have killed any dream of you know that he had. So putting them in at such a young age and watching these kids that are, you know eight, you know seven, eight, nine going out there and tackling each other head first, it's like, oh, you know, but I get it. So I think that's super smart, that everything is leading up to it is, you know, board football and training in different aspects of it?

Speaker 2: 9:06

Now, from your, from your upbringing, now having to you know two kids like, what are you trying to do differently? Because I mean, being an entrepreneur is difficult, right, it's time consuming. It's not just, you know, physically being in a location, but mentally, like your, your mind is always going, it's always on? How are you trying to separate you know what you experienced from what you're giving to your sons.

Speaker 1: 9:33

I'm not trying to separate it as much as I'm trying to integrate it and teach them the right way, right, I think that's also where kind of we've went wrong. We yeah, not me, obviously, but the rest of our generation, right, our parents and the boomers and whatever. They tried to shield us from certain things, and we can see that in our society now of all the crap that's going on. But I don't believe in shielding. I believe in telling exactly how it is right, very transparent, and saying this is why this is what I went through, because at the end of the day, we're all humans, right, they're still humans. They might be children, but they're humans and as humans, we always want to try it our own way. Right, we always are going to try it our own way, regardless.

Speaker 1: 10:16

If someone said don't do that, right, don't stick that paperclip in that outlet At some point in your life, you did it anyway, right. But now you have that knowledge of oh, that's why I don't. And now, hopefully, it locks in once that failure occurs, and so we try to teach them as much as we can of you. Know success and failures, get them inside of the business, understand things Like. I've went through paying off a lot of debt, getting a lot of debt because I had to pay off my you know my former business partner. I've lost, you know, 80, a hundred thousand dollars in you know investment deals, like talking through all of those things with them so that, hopefully, that their failures are smaller. But that whole lesson sticks a lot harder than than it did for me.

Speaker 2: 11:01

No, that's awesome and it always interests me that, that that whole topic, because I mean I have a three year old and we have one on the way actually, and it's so interesting because you know, we experienced certain things, our parents experienced it, you know, maybe a different way, and it's like not separating it, like I was saying, but you know how do we take what we've learned and still teach them what we learned, but maybe not having to have them go through those same experiences. So it's super. It is super interesting. Now you're in, you're in the financial space, right? You know from the podcast and you know your coaching and all that kind of stuff. What would you define wealth as?

Speaker 1: 11:38

Yeah, that's a great question and I answer it totally different than anyone usually does. Wealth is defined by your happiness, your joy, your memories and experiences, while being able to provide for others throughout that time. That's what true wealth is. True wealth has nothing to do with the money or the dollars behind it. It has everything to do with you and how joyous of a life that you are living, based upon what you want, not what society tells you no, I love that and I, I, I agree in the line with that so much.

Speaker 2: 12:09

I was like looking through some of your stuff and I was like that that is awesome. So many people think wealth, money, wealth. You know rich, and it's like not everyone needs to have a wealthy life in. You know, be a millionaire, right, it's what? What is the life? What is your dream life? What does your happiness really look like? But I will say that you know financial literacy is there is a huge gap in many people's lives, right? So why do you think that traditional financial education fails so many people? I mean you, you went and taught teenagers and stuff about it. Why isn't? Why do you think that traditional schooling isn't really teaching that?

Speaker 1: 12:46

I mean there's a lot of conspiracies of why right? I mean, if you just look at how you control a population, you know you don't want them super educated because you can control them. That's the conspiracy side. My side of things is I just don't think that no one really wanted or knew how to teach it correctly Right now nowadays. So, like you know, I'm 14 years in the industry. We'll say a decade ago you started to see more schools take on financial literacy inside the schools and it's just been slowly getting better. Then you have, you know, covid hit and now everyone has oh crap, I'm going to take care of myself virtually. And now everything's on the internet. There's all this content, there's more podcast creators, there's all this stuff, and now it's less about, like, be able to get access to the information, less of like being able to, like, look up the definition of a Roth IRA.

Speaker 1: 13:38

The point that we've all missed in this industry is the emotional and the mindset piece of it, because we've been taught, and I'm sure you could attest to this remove your emotions from financial decisions. Remove your emotions, make business decisions. Remove your emotions as humans. That's impossible to do, because we're humans, we have emotions. Every decision we make has an emotional tie to it.

Speaker 1: 14:03

What we should be doing is understanding our emotions and how that ties to a decision that needs to be made that then, full circle, brings us joy and happiness into our lives, and not because of, we'll say, that quick little shot of adrenaline because I bought that new car or their shoes or you name it.

Speaker 1: 14:23

And so fundamentally, right now we need to go back to that. We need to talk through people, and I love how you brought up the childhood stuff, because we all have financial trauma in our lives, both positive and negatively. That start from us as childhood. That sticks with us the entire time, and those that are lucky enough to have parents and a family that can teach wealth concepts like how to actually build wealth usually have a higher probability of being more successful in life down the road than those that are coming from a family that never went to college or has no education in that space. And so we need to go back and in the roots of who are you, what do you care about and, ultimately, what brings you joy. Then we can start making decisions based around that.

Speaker 2: 15:11

I love that. So you know, going off of that, what age do you think that we should start teaching our kids? You know about financial literacy or financial management and so forth, because I've heard different things on social media of the successful people. You know, this is what I do for my kid and blah, blah, blah. But I mean you being in the space and you teaching teens. What age do you or maybe you're even doing with your kids already, but how do you go about teaching your kids about it? And also, what age do you think we should start teaching our kids about it?

Speaker 1: 15:45

I would say probably around three, when they can actually, you know, speak, walk. You don't have diapers, you can. You know they can actually grasp a concept of like if I have this and I give you this, I get this right Like buying something, probably around that age. Now, personally, what we do is we use Greenlight, the Greenlight app, which is a phenomenal app for all those out there. Go look it up. Banks now are actually paying for it for you, but it's a platform that has won all the educational stuff in there for you. But it allows you to set up their allowances, their job, they can invest, they have courses. It's just a really nice platform, a tool that you can use, that you don't have to come up with it on your own.

Speaker 1: 16:25

So we use that for chores, and when we say chores, there are chores that are like legitimate, just chores like hey, brush your teeth, type of thing. And then there's ones that are jobs the jobs they get paid for, and if they don't do the job, they don't get paid, and every Friday they get paid. A portion of that goes to their investing fund, a portion of that goes in their savings and then a portion they can spend on whatever they want to spend it on. And then once a month as a family, we go through and have a financial meeting as a family. Run through, you know where we want to go, what our goals are, you know what trips are coming down the pipe, where are our savings at, what do we need to work on? And then what was our spending like that month? Right? And so we start them at the bare just that bare concept. And I think if most of us had that under control, everything else comes in line, right?

Speaker 1: 17:15

People sometimes talk a lot of crap about my podcast because we don't go into the knee deep weeds of how an IRA operates or exactly how this fund is or what this investment does or is. We don't go knee deep because none of that matters. If you don't have the money to save or invest, it doesn't matter what you can or cannot invest in, because zero times any number is still zero, right? But if we can get your mindset and your emotions and understanding of how to save okay, then we can work from there, then we can start to grow. And if you're not there, you're living paycheck to paycheck right now. I know a lot of you are and you're always feeling like I'm drowning, like I'm never getting ahead. Well, it's because you don't have that under control. Your emotions are involved. Something's going on, maybe a past trauma. You need to sit down and just think through what's happening inside of your month to month budget.

Speaker 2: 18:14

No, I love that and I do love the fact that this is something I heard and I even sent it to my wife and I was like this is what we're going to do to the whole. You know there's chores and you don't get paid for chores Right, but you get paid for jobs, essentially, which is above and beyond, you know, and each one could have a different dollar amount and so forth. So it's like if you want to earn money and my parents actually did this for me when I got a little older, before I got an actual job, you know, and it was like you you want to mow the lawn, you know, before your dad does it, it's, you know, five bucks, whatever, and it's like you start racking it up to. You know, save for whatever it may be, and it does start to teach you that you know you have to work above and beyond. You know just sitting by and coasting by to get things that you want. So I think that is such a huge thing and it's funny because you've mentioned three.

Speaker 2: 18:57

Maybe you mentioned it because my daughter's three, but you know it's funny because she actually does start noticing like she has these rain boots and I was like, oh, there's, you know, so cool, like you know, can I, you know, can I wear them? And she's like, no, they don't fit. And I was like she's like you have to go to the store and buy some. And I was like, okay, sorry, so they actually do start understanding that you have to buy things. They don't understand what that all means, but they know, they get the concept of it. So I think that's so cool that you've already done that with your boys and I'm definitely gonna be doing that with my daughter soon. Now, as a business owner, I've spoken to a lot of other business owners. I'm part of networks and so forth. But what do you think the biggest financial mistake that business owners or entrepreneurs make and how could they avoid it?

Speaker 1: 19:45

Being disorganized. I mean, that is the one. Now, it's a very vague answer, obviously, but being disorganized is the top issue for most businesses in general, and that's the first thing that we attack for our business owners is getting organized and understanding how the procedure to operate actually works right. So, as a business owner, typically we start a business, we probably have our own bank account, our own personal credit cards and we're just buying stuff, selling stuff or services, et cetera, back and forth, and then, at the end of the day, you really don't know or it's not easy to tell hey, what is this a business expense? Is this a tax deduction? Is this not a tax deduction? Do I pay myself? How do I pay myself?

Speaker 1: 20:29

Right, when you're organized and you have those things set align, plus, you know exactly how to make a decision down the road, it makes business a lot, lot easier. Right, I call it a playbook, right, football player? Yeah, come at me, it's a playbook. I know what plays need to be ran, when, in what situation, you need to develop those exact same things as a business owner. That way, there is no like oh, this happens, I don't know what to do, and then you spiral. It's like, literally, I know my taxes are due in April, so what do I have to do before that? Or I know I have an influx of clients this month. What do I need to do to prepare for that? And that organization allows you to operate smoothly. But if you don't have that operation down and it's disorganized, that's when you're going to have your biggest issues and usually leads to most failing of a business is because it's disorganized. That's when you're going to have your biggest issues and usually leads to most failing of a business is because it's disorganized.

Speaker 2: 21:24

No, it definitely doesn't make sense. I mean, I know a lot of solopreneurs or self-employed entrepreneurs that essentially only have a personal account, right, and they intertwine everything. It's like you've got to get an LLC. I mean, even if you want to be a sole proprietor, that's fine, but it's like obviously there's different reasons why you shouldn't. But get a business account, get a business credit card. Let's separate your transactions and so you know how much is coming in, how much is going out, and everything like that, because otherwise you're mixing and matching your personal funds, your business funds. You don't really know how much you're spending on the business. So I definitely agree with that, because that is a huge thing.

Speaker 2: 21:59

And even business owners that do have a business card, I've seen them start to intertwine like expenses. I was like that's not how that works. Them start to intertwine like expenses as that. That's not how that works. Like you don't just have extra credit, you know to to spend. Like it's no, those keep the funds separated. If you don't have the money sucks to suck like go make the money, yeah.

Speaker 1: 22:19

As as business owners, we are employees of our business. Like treat yourself like one, right? The business can be profitable, have their own savings, its own thing, its own entity thing, but whatever it pays you, that's all you can use personally. You start intermixing, then you I mean it's a slippery slope and typically we all start that way. So if you're going to start a business, or you have one right now, and maybe getting a business account is too far above or business credit although it's relatively easy to do all those things right now today at least open up another personal account and just treat it as a business account. Might be the easiest thing to do right now, but you need to have those separate, otherwise you're going to run into big issues and I promise you the IRS loves loves when you're disorganized.

Speaker 2: 23:04

Okay, they really do. I don't doubt it. And then you're sitting there trying to backtrack and figure it out and make it make sense. And now you're confused too and you know that's yeah, don't go down that road. I do want to explore, you know, because going into the, we're going to retie back what we just talked about into this next part. But someone that's just starting off on their financial freedom journey, right, what were, what would be the three steps? And, whether they're an entrepreneur or, you know, just a W-2 employee, what would be three base level steps that they could start today?

Speaker 1: 23:39

Yeah, absolutely. First and foremost because when you get emotional, it takes a lot of toll. So the first step that everyone does, that everyone should do, especially since it's beginning of the year is go back through all of your credit card statements, bank statements, anything that you spend money and it goes in and out of for all of 2024. Okay, go through and highlight all of the expenses that brought you joy and happiness and make you feel good, and then go ahead and highlight the ones that you're like why did I do this? That was pointless. That doesn't bring me any joy. Okay, sum those up at the end of the day, right. Sum up the joy ones, sum up the not joy ones, okay, and ask yourself truly are you spending your money in the right categories? Am I spending more money on things I don't care for or more things that actually bring me joy? Ok, and then the second step to that is can you delete all the ones that don't bring you joy? And if you did, what would that do to your income? Start there.

Speaker 1: 24:38

What's going to happen during this process? That's why we get into step two. Right after it is, you're going to start to understand like, oh, like, I don't really care for my Netflix subscription, or I go out to eat a lot but I love to cook, like what is going on. You're going to start to learn who you are as a person and what you want to spend your money on truly, and not things just because your friend group goes and does this, or your parents do this, or society told you to do this. You're going to start to figure out what you truly care about and who you are.

Speaker 1: 25:09

And that'd be the step two and then the step three once you have all of those things in order or thought about or looked at. Now it's time to organize them and change the way you make decisions. Right, so, if we need to set up different accounts or you need a credit card or whatever, set up the organizational piece. But then, when you start that step three, change your mindset in terms of when a decision needs to be made and ask yourself is it in line with the things that bring me joy or is it not? Am I doing this purely because Devin told me hey, let's go, let's go to you know, let's go out. Is that aligned with what you want to do? And that'll help you start to change the decision makings. But those would be the three steps that I tell everyone all the time.

Speaker 2: 25:53

No, that is awesome. Now, if people let's cause some people think you have to invest in stocks, some people you know say the stock market is not where you know you need to invest your money by real estate. Obviously, there's a different plan for every single person, right One? The reason I wanted to tie it back to what we were talking about before is, like they're having your separation of accounts right and being smart about the mistake right Can also help you in other ways. For example, like, if you have an LLC, you can actually open up a stock portfolio for your LLC under a special brokerage, right it? So? Like we have one for our gym and all that kind of stuff. So it's our savings account essentially is part of it.

Speaker 2: 26:32

It's in the stock portfolio, right, and so there's different ways you can go about it, but you have to know how much you're spending and what brings you joy, just like you said, in both of those things. So I think that is like so crucial, right? And what would your take be on? I get it's going to be a generic question and it's an opinion, right, you know for you, right? So don't, if you guys are listening to this, this is not, you know financial advice in terms of you have to make this decision, but in your opinion, how has the stock market benefited you or you know, not benefited you or do you not go into it at all?

Speaker 1: 27:09

Yeah, um, it's funny. So I treat the stock market as oh, how do I long-term stuff right, majority of my long-term stuff, kind of set it, forget it, come back to it Now. There, there's a lot that goes into which one you're picking and all that stuff. Which that's that's stuff. But I treat that as when we, when we talk about buckets with our clients, we have our short term, which is going to be you're like checking and your savings, and three months of your expenses that you can get to any day, any time of the day. You've got your midterm that are probably in high yield savings accounts or brokerage accounts that aren't into long stocks, et cetera. That covers the next six months. And then long-term is everything else right, your retirement stuff, all those things into the long-term stock market. Because I don't know if anyone's noticed this, but the stock market only does one thing over the course of time and that is it just keeps going up. Right Now, yes, we have bit down periods, but ultimately it just keeps going up. So if you look at it from a long term perspective which you should you're always going to make money in those, in those situations. But you have to understand that we're talking about long term.

Speaker 1: 28:18

Ok, now, I'm not talking to my day traders and swing traders or people that want to get involved with that. I'm talking about just your normal day portfolio. You should be looking towards the long term, and so that's what we utilize it for, because it's something I don't have to worry about every day. Then I back that down into Okay, what are my other investments? Well, one my physical and mental health are my first investment, because if I don't have those, I can't invest in anything else. And I got my business, then you know my kids, and then other businesses. All of those are built into your portfolio and guess what? Those are going to have a lot of ups and downs and zero returns or negative returns for a while, whereas your stock portfolio over time keeps going up. So you have something always working for you, while these other opportunities maybe take a little time to get going.

Speaker 2: 29:04

That's on point Now, with everything that we're talking about right now. Right, you've worked with, you know, people trying, you know, teens and people trying to figure out about finances, and then you've worked with some high net worth individuals, right? So what are some of the common habits or mindset shifts that the high net worth individuals have or do that you know the lower net worth individuals could be? You know, starting to apply.

Speaker 1: 29:30

They take risks. Okay, that's it. I mean, at the end of the day, that's the only difference between higher, a high net worth and not high net worth, rich, poor, socioeconomic divide, whatever you want to call it. It literally comes down to taking that leap. Whatever it's a step, a leap, a jump. That risk is the difference.

Speaker 1: 29:49

And the difference is that our lower economic people, the lower income and net worth, think of certain things as debt, whereas our higher net worth looks at it as leverage. Same thing, right, I'm still getting a loan for something or I'm still hiring somebody for something, but when you shift that mindset of it's leverage for them to make me more money, it's a lot different than I'm taking on debt. That's a very negative connotation. Willingness to take that risk and if you fail, you fail, you'll figure it out type of situation. That's what the wealthy, the ultra wealthy, they continuously do and they continuously feed that way and they keep going and going and going and going.

Speaker 1: 30:37

Now, I'm not saying they're taking undue risk, where they just going to jump off, you know, the Grand Canyon, without parachute. They are taking calculated risks with outs and stops and understanding that if it doesn't go this way, this is how I get out, might take a loss, but at least I'm out right, whereas the lower side, they don't see it that way. They say, oh no, I could be poor, I could get out of my house, I'm going to lose my car, I'm going to lose my job, like all of the negative connotation to it, and so, fundamentally, that is the difference.

Speaker 2: 31:05

So I mean, with that being the difference too, do you think that there's a fear of money or almost like a limiting belief around? You know, finances and wealth building that you know leads to that.

Speaker 1: 31:18

Not having that mindset shift, yeah, the scarcity mindset, right, the purely scarcity mindset, and it's the toughest one to overcome. Let's be real. But we've been taught for so often that in life we are supposed to go to school, go to get a degree, go work, get married, have kids, like it's supposed to be, like this fundamental thing, and it causes us to have a scarcity mindset because it causes us to focus on a job that's going to guarantee us money. I'm here to tell you that there's no such thing as guaranteed money. A W-2 is not guaranteed Same thing as being a business owner. It's not guaranteed. It's very much the same thing.

Speaker 1: 32:02

You can walk in tomorrow and get fired as your W-2. I could lose a client in 10 seconds. You know what I mean. They're the same type of risk. We just connotate a W-2. I could lose a client in 10 seconds, like you know what I mean. They're the same type of risk. We just kind of take a W-2 as like a guaranteed paycheck and it's not, and we keep getting wrapped into that over and over again. So then we get golden handcuffs, then you start to not take risks because you don't want to lose this guaranteed money, and it just spirals from there. So it really starts from that perspective.

Speaker 2: 32:29

No, I think that I love that link between the two because it is so true. People think that getting a career is safer, or trying to get a career is safer than starting a business, and it's like it might be, but also opening a business might be safer. It's like you never know. They are both a risk and you just have to make that calculated risk for yourself With the future in mind. What's your long term vision for Black Mammoth and what is the impact that you plan to make with it?

Speaker 1: 33:01

Yeah, it's, it's twofold One obviously, in building this thing, because one day I want my boys to take it over. That'd be phenomenal, right? So that's like more of the one side of it, but the other side of it is changing our industry and developing what a modern family office is. The emotional side of things tying that out and then having families have a team that is there for them in every walk of life is how we should operate. The ultra wealthy a majority of all of them have a family office of some kind. Why can't the rest of us? Well, we can. We have to just change our thinking, and so I want to use the platforms that we have and to build Black Mammoth for being that voice of what a modern family office is and changing how our industry does things, because I'm so sick of us only talking about investments and only charging people if they have investments. It's not how it should work and never should have worked that way. And so that's what the second part of what I want to do with Black man for the Future.

Speaker 2: 33:55

No, I love that. I mean, I think that's going to impact so many lives like now and in the future. You know, and I, you know, look forward to watching that journey grow. I do want to ask one question before we wrap things up, and that is you know the story legacy wall, right? This legacy wall is not a tombstone, right? I will say that, you know, because some people start to give a tombstone answer. I'm like no, no, no, no, like what is the message that you've learned along your life's journey that you would like to leave for not only your boys, but also for the future, up and coming generations?

Speaker 1: 34:26

This one's fun. You win some, you lose some.

Speaker 2: 34:30

keep going forward, that's it All right, explain it a little bit.

Speaker 1: 34:34

Yeah, so in life there's gonna be a lot of moments that aren't great, a lot of losses. There's gonna be a lot of wins too, right. But as long as you keep taking that next step forward, you're gonna win more often than you lose and then, ultimately, is going to get you to your goal. If you subsequently don't take that next step forward and you let those losses pile up and you lose your confidence, you go into depression. That's when things really start to turn for the worst, and that is a really hard hole to dig out of. So, regardless of what the situation is, just one small step forward will get you going right. That might be getting up and walking on the treadmill, it might be reading a book. I don't know about your situation, it just is something. So just take that next step forward.

Speaker 2: 35:19

I love that. Where can people connect with you and learn more about what you have going on personally as well as with Black Mammoth?

Speaker 1: 35:25

Yeah, go to blackmammothcom, nobswealthcom Literally every social media platform hit me up. For some reason, I'm locked out of Twitter, so don't hit me up there, because I kind of figured that out. But seriously, I'm on Facebook. All the Pinterest, I'm everywhere. Man, it's, it's, it's really fun. So all I ask of anyone is just reach out, right. Whether that's DM me, email me, I don't care. But the only way we can provide better content, the only way that I can physically help you or my resources can, is if we know what's going on, and so the more you reach out, the more you communicate, the easier it is for us to help you. And ultimately, at the end of the day everyone I talked to all the podcasts I'm on our one sole purpose is to help you.

Speaker 2: 36:07

So just reach out. No, I love that, guys. Make sure you guys share this episode with a friend. Not only should you be trying to improve your financial situation, your mindset around money, but also bring your circle up, and that's what we're all about is bringing our circle up as well. Maybe you know about separating business accounts, maybe you know about investing or saving, and you're already in that financial freedom, but that doesn't mean the rest of your family, your friends, are, so make sure you share it with them. And again so I just want to say thank you for taking the time out of your day to hop on and drop some knowledge. I stay on my grind, no time to be slackin'. I hustle harder, I go against the curve, cause I know my mind is rich to be collected.