The Get Ready Money Podcast

The Get Ready Money Podcast with Stoy Hall: Change Your Money Focus

• Tony Steuer

Share episode

Send us a text

On the latest episode of The Get Ready Money Podcast, I spoke with Stoy Hall, the founder and CEO of Black Mammoth about changing the way we think about money and focusing on memories and experiences. 


In this episode we discussed:

  • Focus on what brings you joy.
  • Why true wealth is happiness. 
  • Understanding that money is just a tool, to help you get to your goals. 
  • The importance of investing in yourself (financially, physically and mentally)
  • Why it takes a team to be successful. 

Stoy Hall, CFP®, is a distinguished figure in the realm of financial planning, recognized for his innovative approach to wealth management and his dedication to promoting financial literacy. As the CEO and Founder of Black Mammoth, Hall has carved a niche in the financial industry by focusing on inclusivity, collaboration, and the holistic well-being of his clients. His expertise is not limited to financial advisement; Hall is also the Founder and Fund Manager at Kālā Capital, where his strategic insights drive the firm's success.

Hall's approach to financial planning extends beyond numbers, emphasizing emotional intelligence and the psychological aspects of wealth management. This philosophy is evident in his work with Black Mammoth, where he introduces a Modern Family Office approach, offering comprehensive services that integrate seamlessly into all aspects of his clients' lives.
 
 As the host of the NoBS Wealth Podcast, Hall shares his insights and experiences, engaging with industry leaders and innovators to uncover the realities of wealth and mindset. The podcast serves as a platform for transparent discussions, aiming to demystify financial concepts and empower listeners with knowledge and strategies for financial success and personal growth.

Connect with Stoy Hall:


Facebook: https://www.facebook.com/stoy.hall/

Instagram: https://www.instagram.com/stoyhall/

TikTok: https://www.tiktok.com/@stoyhall


LinkedIn: https://www.linkedin.com/in/stoyhall/

Twitter: https://twitter.com/Stoy_Hall

YouTube: https://www.youtube.com/@stoyhall


Black Mammoth website: www.blackmammoth.com


Newsletter: 


Own Your Money Mindset with Stoy Hall, CFP https://moneymindset-stoyhall.beehiiv.com/

Substack: https://stoyhall.substack.com/


Podcast:


NoB$ Wealth Podcast: https://nobswealthpodcast.com/

Spotify: https://open.spotify.com/show/5hRolFyn4QkcTXPCqyDNbp?si=4b07b6c931554a3d

Apple: https://podcasts.apple.com/us/podcast/nobs-wealth/id1598154326

Support the show

Speaker 1:

Are you looking to get ready, be prepared and transform your financial future? Then you've come to the right place. This is the Get Ready Money Podcast with Tony Stewart, where Tony has insightful conversations with financial experts who are changing the way we think about money. Catch up on the latest financial trends and hear practical advice from Tony and his expert guests so you can build healthy habits that work, Be empowered with tips for implementing small changes that can have a big impact on your financial future. So sit back and get ready to hear from today's guest. So sit back and get ready to hear from today's guest.

Speaker 2:

Welcome to the Get Ready Money podcast changing the way we think about money. I'm pleased to be joined today by Stoy Hall. Stoy is the founder and CEO of Black Mammoth, as well as the host of the no BS podcast. In this episode, we'll be discussing Stoy's insights on how we change the way we think about money and ridding the world of financial illiteracy. Stoy, welcome to the Get Ready Money Podcast.

Speaker 3:

Appreciate it. Thanks for having me.

Speaker 2:

Yeah, excited to have you on here today. So you know, let's get started with a little bit about you. What is your origin story?

Speaker 3:

Yeah, absolutely. Born and raised from Omaha, nebraska. I was raised with a family that was a single mother working 12-hour shifts and really didn't have one financial literacy or that financial freedom or cash flow that we all think of and dream of now. Right, those are all the key trigger words. Those weren't words back then, but we use them now and I learned early on that for my mother, money mattered a lot, and not money per se, but being able to buy certain things for me. And now, as a father, I can understand that but also need to recognize that gifts and items aren't what's important when it becomes.

Speaker 3:

When you talk about wealth or financial freedom or whatnot, it comes down to experiences and memories, and I learned that on early, early childhood wanted to get out of that. Sports were my way out. I was a baseball player first. That was my first love but became better at football, ended up going to Drake University to play football as well as while I was on campus I worked at the Boys and Girls Club for about four and a half years while I played and really learned that same philosophy that I had really stretches upon everybody, right, especially those in the mid to lower income levels, but then now, within being in the industry for what? 11 years now, 12 years now no, sorry, 13 years now you recognize that it doesn't matter how much money you have or income you have. It's the same philosophy. It's the same understanding or lack there of understanding of money, and I knew I wanted to help that, so started in 2011 at an insurance broker, worked my way up to managing partner within a year and a half and then, about four years after that, realized that I wanted to do financial planning like holistic and let the plan dictate what we do not.

Speaker 3:

Life insurance right. Life insurance is very important, we can all agree to that, but it shouldn't be the first and only main important thing you do. The plan itself, depending on everyone's situation, dictates what you should do, and so left them, joined a firm out of Houston which is now Centric Advisors buddies of mine and started to grow up here in Iowa, get my feet wet understanding how the RIA space works and how to work in that realm, and then, in 2020, launched Black Mammoth, my firm, the Modern Family Office, with the same concepts, just honed in on everyday life and helping you make those decisions and push those buttons for you, so you can focus on the two things that matter for you your family and however you make income. So that's really a quick version of my background story. Again, if you guys want more details, go ahead and Google income. So that's really a quick version of my background story. Again, if you guys want more details, go ahead and Google me. But that's definitely who I am in a nutshell.

Speaker 2:

Well, that's cool. Well, we could definitely talk football, and that might be a little more interesting than financial literacy to some people. That's an awesome story. You said a couple of things in there. Well, you said a lot of cool things in there, but one I want to highlight is that it's not really about gifts and items. It's about experiences and memory, and I think that's available to anybody. You know, money can maybe give you different experiences and memories, but you can still have experiences and memories, but you know, it's coming from your background. I mean, and now you know the family office, you're dealing with extremely wealthy people. How can people, I guess you know, see themselves in a different light or start to change their own financial status?

Speaker 3:

Yeah, and that's why I've called it a modern family office, right? Traditional family offices are ultra high net worth people. We've created it, so it's not that way. It literally is run of everyday business owners, if you will Mom and pop shops, obviously all the way up, but we've modernized it to where everyday business owners can really participate and have that same feel.

Speaker 3:

A lot of it comes down to, you know, we talk about mental mindset or wealth mindset a lot, and it really comes down to when you can transition yourself from always worrying about expenses, always having that bad gut feeling every time I purchase something, to how can I create long lasting memories and experiences? You naturally tend to not spend as much money. You naturally tend to care about those events and focus on those more than you do. The next pair of shoes, right? Or that great big house and that's usually what I have my clients focus on is when we talk about goals. I'm not talking about, hey, you want to retire at 65 and 67 or whatever it is. Those are important too. But while you're living, right, what do we want to achieve? What do we want to accomplish? What do we want to see? What do we want to do? How do you live as opposed to you know, hey, we need to cut down on this expense and do this Because, ultimately, if you have the right passion behind what I want to achieve for example, my family and I, we go to Hawaii every year for two weeks I know that to do that, I have to make a certain amount of income.

Speaker 3:

Right, not cut down expenses. I need to make enough money to make this goal or this experience for us every year. You know, achievable and doable, and that is the same mindset we all should take right. Whatever our thing is right. It could be just getting kids to play sports, because that's expensive as hell. It could just be, you know, minimal things like that, if that passion and that experience and memory you want so bad, will help you get over the hump of figuring out how to make the correct income. And that could be changing jobs, that can be being a business owner, whatever it is. If that core thing is strong enough, naturally, as humans we're going to figure it out, and once we can flip our mindset to not being so focused on where our money is coming from and more focused on our experiences and memories, as soon as you can do that, the quicker you can turn your wealth journey around, if you will.

Speaker 2:

Well, that's cool. Well, and it sounds like you know, a big part of that is what you're talking about is mindset and changing the focus, as you said is, you know, and this is my experience as well is people aren't necessarily interested in the retirement process, but they're interested in being comfortable when they stop working, and that's, you know. That's the thing is what does your retirement look like, rather than what number? Yeah, I mean, the number is a tactic, tactic, but you know, and did that kind of come from playing sports, as you know, that being oriented on the goal, like winning this game, winning the championship, yeah, it did, and it really comes back to the journey.

Speaker 3:

We used to call it a process back then in sports, but every season right, if you will which is every year for people, is a grind. It has its own goals, it has its own theme, but it also has its own process. That has its ups and downs. Right, they're never the same, and in football we relate it back to, we teach our kids this all the time, too is in football specifically, we would train for eight to nine months without the ability to play a game. Then we had about three and a half months to four months of actually being able to execute 11 times right.

Speaker 3:

So you think about something in life that you only get 11 opportunities all year round to execute what you've been practicing and doing right, to execute what you've been practicing and doing right. That is a very long time of training and practice and want to and desire for 11 opportunities that you're not even guaranteed because you can get injured or something else happens right. And so I tell everyone that of like how much we had to train and how many hours it took for 11 opportunities. The great thing about your wealth journey is those opportunities come every day and you can still train and practice at the same time, right, so you can learn from your mistakes and your successes a lot quicker in the wealth journey, which means you can change your mindset and your desire quickly than if you were an athlete, when you only have 11 opportunities, right, and that all comes down to everyday decisions and thinking through those processes, knowing sometimes, hey, I'm going to, for me, my vice is meat and food. That's where I will overspend and not feel any, won't worry about it at all, but budget-wise it'll hurt me.

Speaker 3:

And so for me, I know that, hey, meat is my vice, so I'm going to be OK with me spending on it, right, and not let that hey, I just spent twelve hundred dollars on beef this year or this month be what drives me down. But to realize that that makes me happy and that's OK, right. Where else in my life am I spending money that doesn't bring me joy? Is it watching too much TV? Is it too much time on social media? Is it you name the thing? I will adjust my joy to that and I will steal that joy from Larry Sprung and I now use joy a lot more because of him. But, that being said is find what makes you joyous and happy. Those are the things to focus on and reduce everything else, and you'll see that it changes your mindset as well.

Speaker 2:

Well, that's awesome, and I think the bottom line there is it's a trade-off. You're making the trade-off for what gives you joy, and I think that's something that we need to think about. If we have limited resources, it's still okay to spend money on something you don't need to give up your daily coffee. That's what brings you joy, but you may have to give up something else to make things work. So that's awesome advice.

Speaker 3:

A lot of the things that we give up or we don't think to give up is just run-of-the-mill things that they think everyone does right, whether it's, you know, having Netflix or whatever you name that thing, like we all just have it to have it, but really does it bring you joy or is it just filling a void, right? Wouldn't it be nice to spend more resources on the thing that brings you joy, whatever that may be, and be okay with it and like that's what you get to do, as opposed to looking every month and going man, I don't, I can't spend more money on meat or I can't go see this concert because I don't have it. Well, choose, choose the things that make you joyful.

Speaker 2:

That's awesome, that's great advice. So you know, know, just to back up for a second, is you know? Uh, you've used the term family office. Um, can you define the term family office?

Speaker 3:

yeah, yeah, that one's always the tough one, right, because family office to us in the industry, we know what it is, right, um, but the the normal public doesn't, by design, right, family office is supposed to be private. You're not supposed to know what's going on, and ultimately, that's why I wanted to modernize it. I wanted everyone to know that. I believe everyone should have a family office, or at least a service tier of a family office. Right, and really, what a family office does is everything else in your world that you don't want to do, and I say that simply. It's a very complex thing, right? We're talking about tax planning, the bookkeeping, all the accounting to that. Your investments, not just your traditional investments stocks, bonds, mutual funds but your real estate dealings, your business assets. Mutual funds, but your real estate dealings, your business assets, and the biggest one of them all, the legacy side of it making sure that these assets, or this plan, continues on past this generation.

Speaker 3:

Your run-of-the-mill everyday conversations and ask of hey, I need a vehicle, where the hell do I start? Family office takes care of it. Paying your bills family office takes care of it. Setting up your travel and doing all those concierge things that takes time out of your day. Family office takes care of it. Have a random ass question about you, name it? Family office is there to take care of it. To go find the answer for you, vet out whoever it needs to be to fill that gap. It's literally like having you know that bodyguard right next to you at all times that can deal with all of the nonsense so you can focus on again the two things that are important, usually your family and whatever means of income that you have. Right, those are two things that we can do and that's what a family office does. Right, it's very complex but, simply put, it's just your bodyguard who can take care of all the back things for you that that's awesome.

Speaker 2:

Um, and really it sounds like, you know, a lot of times when people have advisors is it's sort of a piecemeal family office that you know we tend to just sort of gather and we have all these pieces. And it's cool with that concept that you're putting it together, that people can have a team of advisors who actually talk to each other. So you know, if you're an advisor out there, you know here's the message talk to the other advisors for your clients. You're going to help them out and give them, you know, maybe not the full family office experience, but you can give them partial experience.

Speaker 3:

Yeah, and I believe our industry is shifting towards that. Maybe not advisor to advisor, but I'm seeing a lot more of our advisors doing the extra work, doing those extra things. Um, some of them, uh, wrap is wrap it up as in financial planning. Whatever you want to do, we're starting to go that route.

Speaker 3:

Think we're in competition with each other, right, and that is one of the most false things in our industry, because how many millions of just adults are there in the United States? 133 million or something like that? There is what 19,000 of us, or 91,000 of us CFPs Do. The math. We can't handle that. I know I can take on about 40 clients and now if I add more people, yes, that can go up, but the average advisor in my eyes can't usually take on more than 60 if you are doing financial planning and the holistic side of things. So from a math perspective, there's not enough of us. So why are we not coming together to help each other expand that? Because some of us have different skill sets than the others, simply put, but I think our industry is moving that way.

Speaker 2:

I think so. I agree. I think it's slowly moving that way, but definitely moving so Stoy. How can people achieve the true wealth that they deserve?

Speaker 3:

It starts again. We go back to the mindset earlier where we talked about, but true wealth is happiness, ability to give back to others and live life basically joyfully, the way you want to. Now is money involved. Do you need income for that? Yeah, because money's in our grind with our lives in this day and age. However, it's just a tool and you need to recognize that it is just a tool For us as business owners.

Speaker 3:

We like to what we call business decisions. Right, it's not emotional, it's nothing to do with the person, relationship or anything Like. Sometimes it's literally just a business decision. When the normal, everyday person, when you talk about your personal finances, if you can start to operate it more like a business and understand that the money is just a tool, that you don't need to have emotions behind you know some decisions, that's when you can try to get your true wealth, and that means focusing on your, the memories and experiences, and so to start that is, flip that mindset. Look at your money as a tool and as just a business and don't say, hey, yeah, I really need to buy that, I really need to do this. When you come back to think about it, does it line up with what brings me joy and does it line up with my experiences and memories that I want to achieve. Then make the business decision right and say, no, I don't need Netflix, I don't need to spend 10X on a home right when I could have something smaller and I can travel more.

Speaker 2:

Right that's when you can start to get the true wealth.

Speaker 2:

There you go. I mean I love that and I think you know people who listen to the show hear this from a lot of the guests that money is a tool and to keep your eye on what you really want to achieve, rather than coming in product first. Um, you know, because I haven't heard you say you know like, hey, you know you need to get into atfs, as you're saying like, well, you know, etf may be a tool I mean, you haven't mentioned etfs but you know that ETFs would be a tool to get you to wherever you want to go but that's not the starting point and I think that's hopefully something that benefits people. I think it's a great point.

Speaker 3:

Yeah, I said this one on almost every episode. It doesn't matter how much return an advisor or anyone tells you they can give you. Right, tony, if I said I can give you a billion dollar or a billion percent return, you'd be like awesome. Well, if you had zero dollars to invest, it wouldn't matter what return I can give you. Right, and that's the same exact thing. If I don't have my regular thing, my cash flow, in order, and I don't have money to invest or to put towards something, it doesn't matter what fancy investment tool there is, it doesn't matter. Zero times whatever is still zero. And so people need to focus on themselves and get that in order and invest back into themselves and I don't just mean like 10%, I literally mean your mental, physical health as well before you think about stocks, bonds, mutual funds, etfs, real estate, etc. Because if you don't have that other stuff in line, it doesn't matter what those do, something's going to fail overall.

Speaker 2:

That's awesome, that's great advice and I think that's important, as you mentioned something, that all of this is intertwined. It's not just our money, it's, you know, our health. You know, and there have been so many studies about how money impacts our physical health, our mental health. You know the rest of it. So that's awesome advice. So, stoyan, let's jump into the get ready money questions. The first one is what basic money concept do you wish?

Speaker 3:

people knew Basic money concept, and I hate saying this one, but it is literally the one that we all have to say, and that is true budgeting, right and I don't mean in terms of looking at it and making yourself feel bad because your expenses and income, but like truly grasping what we're going to spend, going forward right From a budget perspective and what it means to me, and making decisions as well. We see it all the time. It's disorganization from clients, like that's the majority, I would say, every one of my clients that comes to me. The first thing we do is just organization in general, right, and so that's what I mean by budgeting. It's more organizing it.

Speaker 3:

Where's my money coming in, where's it going out and why? Right, why is it doing that? A lot of us don't have all of that in one picture, right, we know I do have 401k or I do have this, but have you ever looked at it globally and organized it so that you know exactly what's happening? The answer is no, right, I even fail on that myself personally, I don't do it all the time either and so the first one is just budgeting, but being organized and knowing where what comes in and what goes out.

Speaker 2:

That's awesome and for everybody watching and listening to the show. You know that I write about this all the time and that's what my last book was about. It's just getting organized and seeing how everything fits in together and that's behind the whole Get Ready movement. That's the whole point here. So I'm really glad you brought that up. But I think the other thing you brought up that is really critical is why we don't ask that question very often is why do we want to do this?

Speaker 2:

And you alluded to this earlier is why do you want that house? Why do you want that experience? Um, you know, and sometimes you'll go, eh, maybe I don't need that new pair of shoes. You know, it's like that's not going to bring me joy and it's going to keep me from going on. Uh, that vacation, um, I also want to give a shout out to Stoy's newsletter, which here's going to be a link in the show notes to Stoy. You have an awesome newsletter where you cover these subjects. So everybody watching and listening I would urge you to subscribe to Stoy's newsletter. So just a quick shout out to that. Yeah, definitely.

Speaker 3:

Yeah, definitely. So. Next question is what is one simple thing you can do each year to set yourself up for financial success? That's, I love that question one because it's not always so simple, and I will always answer it this way because our industry loves this answer. It depends on your situation, but, honestly, one simple thing to do outside of what we just talked about with budgeting and organization, is figure out that thing that brings you joy, that you want to accomplish that year. Okay, I talked about it earlier with us, as athletes, we have a season, so we know every year we're going to play 11 games or whatever it is. You need to have that thing every year that you're prepping for, that you're looking forward to, that brings you joy, and it could be more than one, right, but to keep it simple, pick one and allude back to that at all times, because that's going to keep you, hopefully, within track and on the right path.

Speaker 2:

Yeah, that's awesome and I think sometimes people forget that is you know you set that goal and then you don't work towards that goal or you let it slip and you start working towards another goal and then all of a sudden you have a bunch of things going on. So that's awesome advice to find that one goal and I know I didn't play basketball at the same level you did, but that was always the sports thing is you know, like what do you want to accomplish and then you stick to it. So that's important, so that's awesome advice. So the next question is what is one habit that people can change when it comes to their money?

Speaker 3:

Yeah, this one's tough. This is the hardest thing to change. Okay, I don't want to give you a simple one. I want to give you the thing that is going to be the hardest to change and that is that feeling you have when you spend money. Now, I say that but that has a lot to do with your mindset and where you're at and what's going on and all the emotions that are happening in life.

Speaker 3:

But if you can transition from from I'm spending this dollar and, right, I don't know if I have enough, this makes me feel a certain way to changing it to.

Speaker 3:

It's just an avenue, it's just a tool that I need for my goal. It makes it different for you, right, because you put so much pressure and stress and anxiety on every decision financially that you need to have the freedom in understanding that when you go to spend that dollar, you've already organized and budgeted for it, or whatever you want to call it. You've already put it to work. You're just now moving the money to where it needs to go. It takes the anxiety and stuff away, and part of that is, I tell everyone you have to have a fun budget item. So a line item in your budget has to be fun. Money is what we call it, and that is literally money that, if you wanted to, you could just burn it. I don't care what you do with it, but it needs to have that flexibility in everyone's budget to just go spend and be happy, because something to do with your mental health is sometimes just having the ability to go do it right, having that flexibility and just do it and it makes you happy.

Speaker 2:

That's awesome, and I've had a few guests on the show who really were more into the fire. Financial independence, retire early, and that's one of the things and this is a question I asked you about the time machine in a minute is that they, you know, if they went back in time they would spend a little bit more of their money and not have lived in such austerity, even though now they're financially set. Is that? Yeah, it's definitely something they would go back and change and have spent a little bit of money on experiences and memories, and that's the other thing. When you're young, I'm getting a little bit older and there's some things I can't do now that I could do at your age. So you know it's great advice, so Stoy, what is one money myth you're trying to?

Speaker 3:

break. Um man, there's, there's a few out there. I will say this that investments are just also a tool. We focus so much in our industry about the returns you can get and all of that. Guess what? None of that matters, it doesn't. It doesn't matter if I get 10%, if I beat the S&P or not.

Speaker 3:

What matters when I'm investing, and what I mean investing also, is, yes, stocks, bonds, mutual funds, etfs, real estate, et cetera, businesses, et cetera, but also personally, which also means travel, my mental health and my physical health, all of those. When I'm talking about investing, it only makes up a certain portion of your overall wealth journey and the growth of your actual wealth. And that is why it's the biggest myth, because it doesn't matter if I get 10%, 20% return. If I got 5% return and still met my goal of whatever that goal is, aren't you happy? Aren't you full of joy? Doesn't it matter more to reach that goal than what the S&P 500 does compared to your own portfolio? We have driven that so much in our industry that people now only focus on returns, and we've seen it with the meme stocks, we've seen it with, just in general, the stock market is.

Speaker 3:

Everyone thinks that they need to have 10x, 20x, maybe even 30x returns now. Thank you, bitcoin, for that, and that that's the norm and that's what matters. It doesn't, none of that matters. Again, if I told you that I'm going to allow you to reach your goal, whatever that goal is, you're happy, right, ultimately, that's all that matters. But what if I told you, to reach that goal, really all you need is a 3% return? That person's going to go. That's it. No, I want a 9%. I want to beat the S&P 500 is what their answer is going to be right now. But again, that doesn't matter. Your goal reaching matters, so we need to do whatever it takes to do that. So the myth that I don't like or busting is investments are all that matters, your return is all that matters, and that's false. It is the exact opposite, in my opinion.

Speaker 2:

Awesome, and that's something I advocate as well, as it's. So many financial planners forget that they're financial planners and there's what the seven pillars of CFP. But the one pillar that they always talk about with their clients is investing. They spend five minutes on insurance, they spend five minutes on estate planning, and all this time and it gets back to what you're talking about is as a financial planner. Yeah, you can't do quite everything that you're doing in a family office, but you can come pretty close if you follow the seven pillars of the CFP. So not picking on CFPs here, but just saying for those of you who get a little bit overly focused on one area like investing, maybe spend a little more time on the other area. So I'm really glad you brought that up. So you know, let's get out the time machine now. What advice would you give your younger self if you could go back in time knowing what you know now about money?

Speaker 3:

Yeah, I would revert back to what I've been telling everyone is that it's just a tool. Money is just a tool. I believe that now, with my mindset, and if I had that back when I was younger or whatever it is, then there wouldn't be as much emotions, I wouldn't care as much about certain things and and I would focus and live more in the now, less of thinking, oh man, I need to make this money. I need to do this because in order to do this, I have to have money. I'd be focusing on, like I just want to have these experiences and I'll do whatever it takes Meaning. If I have to make a decision, I'll cut it quickly or I'll make that decision quickly because it's going to get me where I need to go.

Speaker 3:

And I know me as a person. I'm a very emotional person. I, you know, I usually care more about others than myself as a fault, and if I was able to understand that money is just a tool and not the only way of life, that I would be drastically different where I'm at now and I've seen that growth from where that mind shift changes has been compared to, you know, the first part of my career.

Speaker 2:

Well, that's awesome. Do you think part of this comes from your career in sports? You know? Because? To perform at the level, because Drake is D1, right?

Speaker 3:

Yeah.

Speaker 2:

You know that you really have to have a mindset and a drive. That maybe that translated to some of your money philosophy.

Speaker 3:

Yeah, it did, but it also took a little bit to come out of that right, I talk about this a lot with athletes and I make this analogy because people know more about this analogy, but it's not apples to apples by any means. In the military, when they're discharged, for whatever purpose, when it's over, you see a lot of depression. You see a lot of changes in their lives. Athletes are the same exact way. Okay, because you have this team that you've bled with, that you've sweated with, that you've gone through hell and back with, and when you graduate, you lose that. It's gone, the team's gone, and either you do one of two things. One you either find a team, build a team and keep going, or you're lost for a little bit of time.

Speaker 3:

And for me, I was lost. I got hurt my last year and never really found a solid team and really couldn't put that together, and so the only thing you can revert back to is what you've been trained for your whole life, and that is, put your head down, make a goal, grind away and just get things done. And once I got through the injury and got through all of that and picked up golf which really has helped me is you're able just to put your head down and understand that these are just tools and avenues to get to where you want to go. But I want everyone to know that I fail at that some days too. Right it's.

Speaker 3:

It's not like a hundred percent. Um, you knock it out of the park. You're always going to revert back to some things. It's a matter of now. Do you understand it, recognize it and have the skills to be like okay, that was a bad day, cool, we'll move on to the next right? I steal this one from the Navy SEALs as well, and I know it's a military. Saying is embrace the suck, and the Navy SEALs say easy day was yesterday, right, okay, that's what all that means is life is a grind. There's going to be a lot of suck. Just keep moving forward and you'll be all right.

Speaker 2:

I love that and I think that's important. When we think about our money and getting towards these goals, there are going to be some, you know, zigging and zagging. You know it's not a straight line. It's the bigger picture, but I think the big thing that you're saying is that it's a grind, and I think people need to realize that, that there's no easy solution. You know, and I don't think I've had any guest on here who said yeah, like hey, this is exactly what you're going to do and you're going to get rich, and so I appreciate that you're sharing that philosophy, because I think this is the kind of stuff that hopefully is helpful to everybody watching and listening, or advisors who are working with clients that you know help your clients understand this and you know it will help them reach their goals and it will help you, as an advisor, really change your relationship with your clients, and I think that's important. So, to wrap up, what is your number one tip on changing the way we think about money?

Speaker 3:

Yes. Number one tip it takes a team. It takes a team to be successful wealthy journey, whatever you want to call your thing, your financial plan it takes a team. Okay. So, whether that team is your family, if you have a solid family background, or friends, but regardless, it takes a team of people who have skills in different areas, because, when it comes to your wealth, it is so complex that a normal person's brain can barely wrap their head around it, and so you need a team of people to help you. Right, we have a team of people to help us from a planner perspective. Right, we have other colleagues, we have other professionals. You need a team, and however you build that, that's fine, but you need to have a team, and within that team, you need to have someone who is your right hand, who can help you, guide you through that entire journey, preferably a financial planner, by the way.

Speaker 2:

That's awesome. Yeah, I recommend that. Yeah, if you can find a financial planner. You know CFP is, you know, a good way to find a financial planner, but you know there are other good planners out there. So, stoy, thanks very much for sharing your insights and everything. So where can people learn more about you? Where we didn't get a chance to talk about your podcast? Where can they listen to the Nos podcast and find out about black mammoth?

Speaker 3:

yeah, absolutely go black mammothcom. You also can go to any social profile, except for um. Let's see reddit, because I got kicked off reddit. So twitter, tiktok, all of them, I'm on there. Search story hall or search black mammoth, we will be there.

Speaker 3:

Um thing I ask, with all of these socials and everything is comment, reach out, dm me. Whatever. I'm here to have a conversation. I know you are too, tony.

Speaker 3:

That's what we're trying to drive with all of our podcasts, and everything we do is we just want to have open conversations because we believe that open conversations are going to lead to the biggest change in our world, let alone, you know, the United States, of building that wealth and opening that up. As opposed to no BS. You can go to NoBSWealthPodcastcom as well. Again, wherever you get your podcasts, we're out there. We are also all over the socials at no BS Wealth.

Speaker 3:

What's unique about that one is we are driving you to our website for a reason because I have vetted professionals that are on that website that are here to help you with the same mindset that I have, and that is what we want our podcast to be is a resource for wherever you're at in your journey, and where you're at with help is we have the opportunity for you there and these people are already vetted so you can go ahead and trust them. Okay, if you need me to be there, I will lead you through those conversations too, but no BS. Wealth Podcast is there to be unfiltered financial advice from all exports, all experts across all industries and a resource for you to have some help.

Speaker 2:

That's awesome and for everybody watching and listening. As always, there will be links for all these things to connect with Stoy, to check out the no BS Wealth podcast and find out what Stoy's up to and, as I recommend it, I'm going to give another shout out to your newsletter. I've really been enjoying that and there'll be a link to be able so you can subscribe to Stoy's newsletter. So, Stoy, thanks again for joining us today on the Get Ready Month podcast.

Speaker 3:

Thanks for having me.

Speaker 2:

Yeah, it's been a pleasure and thanks everyone, as always, for tuning into this episode of the Get Ready Money podcast. If you learned something today to change the way you think about money, please subscribe and tell a friend. Until next time, let's change the way we think about money.

People on this episode

Head Shot

Tony Steuer

Host