#138 - The Three-Bucket Wealth System w/ Stoy Hall - Authority in the Wild

Episode Transcript
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(00:00):
There's not one rich person on this planet that doesn't have a
team behind them to support their decisions to move them
forward. Stehal is the founder and CEO of
Black Mammoth. He leads a Modern Family office
built for women and minority Places owners who wants to take
control of their money, build real wealth and stop feeling
alone in the process. The mindset of living wealthy is

(00:21):
not meaning hey, I'm just out here living life on a beach
somewhere. You still have to put in the
work, but it frees up your mind to understand the things that
actually matter. And today he defined what true
wealth mean to him, how to become financial literate.
If we build it into your lifestyle now, it's something
for the rest of your life that'sbuilt into you and then you

(00:41):
won't have that overspending issue or debt issue again
because you've changed and growninto the new you.
He's upbringing from a humble surroundings, growing up without
a father and being raised by a hard working single mom dreaming
of becoming an NFL player and Navy SEAL to demand us today a
financial planner that's educating everyone around the

(01:04):
topic of wealth. This is a topic close to my
heart because I always had some sort of scarcity around money
and in the same time, I know that a lot of people struggle
with this topic. Why?
Because lack of education, Moneybeing seen as a tool.
But steak comes with a differentperspective.

(01:24):
Money as a partner. I will spill the beans, but I'll
invite you to join our conversation and see how this
will change your perspective around money.
And who knows, it might make youwealthier.
But this is not the financial advice.
This is for educational purpose only and take it as it is.

(01:47):
Hey, if you're new here, thank you so much for joining us in
this episode. You learned a lot about wealth.
But before we dive into it, I would like to ask you a small
favor if you can subscribe to this channel and share this
message with someone that you care about because every single
one of us needs to be educated around the topic of money and
has impact in every aspect of our life.

(02:08):
And tell us, what do you find helpful in this episode?
What messages related with you? What didn't?
Everything helps and now let's get into it.
Enjoy the episode. Still here?
Welcome to the Tortilla Wild. Thanks.
Thanks for having me. Please define for us wealth.

(02:29):
So I define wealth as living life on your own means being
able to live happily, give back to others.
And a lot of that definition hasnothing to do with dollars,
right? Everyone usually thinks wealth
means billions of dollars or whatever zeros, and yeah, that
might be the tool to get to that.
But ultimately, your true wealthis around your happiness, being

(02:52):
able to give back to others and living life on your own means.
I resonate a lot with that. For the past 5-6 years I tried
to apply a similar definition tomy own perspective on wealth and
I truly resonate with that. But what happens to all the
others that probably because of society or the upbringing and so
on, have a totally different definition, a totally different

(03:15):
perspective on wealth? It's tough.
So the reason my definition is what it is.
In 2011, when we went over to Tanzania with my college
football team, when we arrived, people were happy, right?
But women were sweeping out mud floors and living life to the
best of their abilities. And obviously they have a lot
less than anyone in America really does at that perspective.

(03:37):
But it changed my thought process and it changed my
perspective because they don't have a lot of money.
They don't have aspects of be able to get a lot of money, but
they're happy, they're joyful, they have a sense of community,
and they're focused on living the life that they have.
And that's why it's transitionedfor me that way.
And so when you talk about the lower income or those that just

(03:59):
have bad upbringing, bad experience in life, any one of
us can grasp onto something in our life that is truly wealthy,
that is truly something that we can stand behind.
And if we can't do that, then weget caught under the minutiae of
money matters more than people. And if we get to that degree,

(04:19):
that's where narcissism kicks in.
That's where, you know, a lot ofviolence kicks in is because we
care more about money than we dopeople.
And when you start doing that, you actually lose yourself.
And that's a lot of what happenswith people, is we lose ourself
because we don't know who we are.
And it all wraps around what money means to us.
Indeed. But still some people will

(04:39):
argue, like, all right, but I need to put food on the table.
I'll need to pay my bills. I'll need to do that in order to
grow my business. I need to keep the cash flowing.
And what you share, it's true. But still the others will say,
like, yeah, it's easy for you tosay.
What do you tell them? They're not wrong, but it's a
mindset over physical things that are happening, right?

(05:02):
The mindset of living wealthy isnot meaning like, hey, I'm just
out here living life, you know, on a beach somewhere, which I
would love to do personally. You still have to put in the
work, but it frees up your mind to understand the things that
actually matter, and that is you, your family, your
experiences and whatnot. You just know that I have to do

(05:22):
this work. I have to grow this business.
I have to put in my time in order for me to continue doing
the things that bring me those joys.
The flip side of that, and I always revert back to asking
people is OK, if that's the case, right?
You think I have to put in so much work to get so much money
to achieve those things, then how do you really feel every
day? And a lot of those answers are

(05:44):
I'm tired. I don't want to go to work,
right? I'm rundown and all of those
things. And that's because their mindset
is so focused on the dollar and not focused on what brings them
joy, those experiences or their loved ones.
And so it's a mind shift is whatit is.
It's not necessarily, hey, I have a bunch of money so I can
live this way. It's no, I got to put in the
work, but I'm doing it for this reason, not just because I know

(06:08):
that dollars answer everything. And how did you change that
mindset? Because I assume you weren't
born with it. No, you're not.
None of us are, right? It's a lifelong journey, right?
There is no flip of a switch type scenario.
I know a lot of us look for that, right?
We look for the nugget of a podcast.
If for example, that just all ofa sudden changed my life.
Those really aren't out there. There's no such thing unless you

(06:29):
win the lottery of course, but it's everyday working towards
that in asking yourself what am I doing this for?
What truly brings me joy? One of the bigger exercises that
we do with all our clients is when they first come on, we ask
one question and that question is what's your first money
memory? And then the second is we do a

(06:49):
12 month little process, little project if you will take 12
months of your credit card billsor your bank statements,
whatever you have expenses, income coming out of.
Highlight everything green for everything that when you see it
makes you smile. Highlight everything red for
everything that doesn't make yousmile and kind of pisses you off
a little bit and add those up. At the end of the day, if you

(07:12):
have more red than green, then your mindset is focused on
something that is not actually aligned with who you are.
And so then you can start to work on improving the green
areas, improving those things. And then as you start to shift,
you're going to be more happier,you're going to be lighter,
you're going to be freer, and then your mindset continues on.
Then it's just part of your lifestyle from that point

(07:34):
forward. And that's the power of it,
right? Like once you build that muscle
as you do the small exercises and you not just do it before
the New Year's Eve and next yearI'll do this every end of the
week or whatever, but you'd never do it.
Nothing change. And that's you need for that
consistency to keep on moving a bit more towards a better way of

(07:56):
looking at things. And Speaking of looking at
things, I know you grew up in a such a different environment
from the one that you're living today.
Can you get us back in time a bit and share a bit about your
upbringing? Because I think that would do
things into perspective when it comes to people who are
understanding who you are. Yeah, I grew up with a single

(08:17):
mother. Father wasn't in the picture
really at all. A single white mother I should
say because that dynamic actually matters.
But single white mother who worked 1214 hour days did the
best and most she could for me. In general, I was raised by my
grandparents and my friends families right?
Whether it was sports or whatever.

(08:37):
I grew up in more of a communityof culture from others then I
did directly with parents and having two parents in the home.
But what I learned from that is 1, my mom's love language was
making sure I had food on the table, making sure I had my, you
know, equipment or stuff for school, but necessarily didn't
value time as one of those metrics, right?

(09:01):
And so growing up in that way, Ikind of flipped that.
I cared more about being around people.
I wanted to have my loved ones around.
I didn't care about stuff, right?
I'll wear the same pair of shoesfor four years, right?
That stuff does not matter as much to me.
And so then I end up going to college.
I Drake University playing football.
I worked at the Boys and Girls Club here for 4 1/2 years and

(09:24):
that same thing came back up, right?
It came back to working. Parents don't have the time to
truly raise their children specifically around money, but
also don't know enough about money to know how it reflects
and then builds trauma in their kids.
And so I knew, hey, I needed to get into an industry that we
could attack, that we could be transparent with, that we could

(09:46):
truly understand and educate people on the positive and
negative effects of money in ourlives.
And so that's what I do every day now.
Thank you so much for sharing that.
And I truly wanted you to do that because often people think
like, oh, maybe, yeah, still sharing all these things because
he had certain upbringing. But knowing all that and looking

(10:11):
at you now running a successful business and educating others
around money and so on, it's such an important thing that you
learn during those times. And obviously you're playing as
well the role of the man in the family and the role of trying to
play a sport in order to see where you believe that.

(10:31):
And I think you mentioned at some point that you dream to be
a Navy SEAL and so on. And at what time in your life
did you have a male role model, and how'd that change your
perspectives? Yeah, I had one main male role
model and then a bunch of subsidiaries after that.
My grandfather, who's actually technically my step grandfather,

(10:53):
he wasn't by blood was in the Navy and I spent majority of my
childhood with him either travelling on the truck or at
their house and learning kind of, I guess an old school
mindset, right? Like he was in the Vietnam War,
was in the Navy. So there were certain things
that we did. But then the others male role
models in my life have always been my coaches.

(11:14):
I've had amazing coaches growingup, which is not normal for
everyone, but every coach at every level I've had has been a
great man and a great father to in general, right, Let alone a
great coach. And I just started learning and
following them and picking up onwhat they do.
And being been taught from all these different perspectives

(11:36):
actually works in my favor because now when I'm speaking to
everyone, I can have an experience or understand from
different points of views than others, right?
It's not just like one track. I didn't have just one father 1
male figure. I've had five or six from all
different walks of life be able to teach me who to be and who I
should be as story hall, right? And what father I want to be,

(11:57):
what man I want to be, not necessarily just what 1
upbringing was. And I see it as a benefit.
Some people are like, well, you didn't have a father around.
Yeah, granted, I could see how that's a negative to some, but
for me it's a positive because Iwas able to get more and learn
more from a lot of others. Yeah, I couldn't agree more.
Even that I grew up with a father.
I luckily had multiple people that I look up for when it comes

(12:22):
to male role models and from teachers to coaches used to play
basketball and all these meldingmy life shape a part of me and
ultimately kind of influenced mewithout realizing until I start
to realize and so on. And which one of them LED you to

(12:44):
dispatch or into the financial world?
I don't know if everyone's ever asked me that before.
That's a really good question. I would say if my last college
coach, defence coordinator, he was a boxer in previous life, we
had a similar upbringing and I was telling them because I got
injured my fifth year so had to figure out it's time to go get a

(13:04):
career. And he had talked to me about
the Boys and Girls Club and like, like, what do you want to
fight for, right as an athlete, just like you, like we fight for
something. There has to be an end goal.
There has to be something that we're going after.
And I said immediately, I said, I want to be able to rid the
world of the financial literacy.I want everyone to be able to

(13:24):
have enough base knowledge to understand money so they can
take care of their loved ones orable to seek out good
information to help their situation.
And he's like, so go do it. Like what's stopping you?
And that was really what triggered me.
I think that was in 2011 that really triggered me to say, hey,
let's go attack this industry. Let's go do these things, but

(13:45):
let's do a different right. It's clearly not working the way
it should be, you know, so we'vegot to do that.
So I would definitely say it wasCoach Ward who who pushed me to
do that. And in the name of those
listening, I want to thank him. I will really want to dive deep
into your expertise since seeingpeople around me that
financially, Tracy, it's such a tricky topic, especially at

(14:09):
least in the country that I was raised on.
It's like almost missing in educational system and not sure
how it's in US, but I assume it's not that extensive and not
everyone has access to it. What people start with when it
comes to become initial experts,or at least having the basic
knowledge around how to manage money, how to start educating

(14:32):
themselves and so on. Yeah, we are luckily enough now
in today's day and age that there is so much information on
the Internet like it. It's kind of crazy, right?
So I have to make everyone startwith one.
What's your first money memory? Always go back to that.
Next is figuring out who you truly are and what you want from

(14:53):
life. If you don't figure those two
things out, it doesn't matter what you learn financially or
whatever moves you want to make,it won't align with your
lifestyle. You need to turn financial
lifestyle into your lifestyle. It just needs to be a part of
you. And right now the majority of us
across the world, by the way, lack education in our school
systems and lack governmental help, lack just in general.

(15:15):
The conversation of your money is you, right?
We've been raised, I don't know if you're raised this way, but
growing up it was always separate your financial
decisions from your emotions, right?
Keep those separate. Keep those as different
decisions. We're humans.
That's physically impossible, right?
We're emotional human beings. We need to be able to link those
together. And when they're together, then

(15:37):
that's when things move, right? We always see people say, oh,
they got lucky and started a business and now they're worth
millions of dollars, right? Well, they didn't get lucky.
They aligned themselves with their purpose to make the right
decisions to achieve where they wanted to go.
And so first and foremost, you all need to get that done first.

(15:58):
Then we can go learn one plus 1/2 plus two bank accounts,
checking accounts, etc. Absolutely.
And what I'll add to that is thefact that you truly need to put
in the work to actually level upyour skills and everything is
just Speaking of starting a business.
Like you cannot just start the business.
You'll be successful. Or you mentioned some point like

(16:18):
winning at lottery windows, that's winning at lottery.
If they have no idea how to dealwith money, just throw them down
the drain. Once you understand that, once
you realize like, all right, so I built some skills.
I have a clear vivid memory of my first money memory and the
lifestyle that I want to live. The better that I want to go
what they should do next. Is create those plans.

(16:41):
So first and foremost, everyone,we should start to figure out
your goals and memories are going to have a cost to them,
right? Whether that's buying a house,
travel, whatever, lay those out and start building a savings
plan towards those. I'm not a proponent of always
one track mind like I want this.So I'm going to have all my
savings goes towards that bucket.
I like to put money in all my buckets.

(17:02):
And just to give you an analogy of the buckets, right, we have a
short term bucket and that should be able to cover all of
your expenses for three to six months.
So that way if you get fired, your business goes poorly, you
get hurt, you're good for three to six months without even
thinking about it, right? So we have that bucket, then we
have our midterm bucket, which is anywhere between 6:00 to the
next 12 months of savings. And then we have the long term

(17:26):
bucket, which is 12 plus. Your goals fit into each one of
these buckets and each one of your savings plans should be
designed around that. But because we've done the work
with knowing our mindset, figuring out our first money
memory, we've aligned all our decision makings, then we can
attack those savings plans. But on the other side of it is

(17:46):
all other financial decisions mean our expenses are going to
go out of control. We're not going to overspend on
Amazon or all those things. Plus, since we're in that
mindset, when an opportunity comes up, we'll be prepared for
it. As opposed to us that are kind
of in the dumps or have a negative money mindset or just
feel like the world's collapsingon us.

(18:07):
Opportunities pop up, we can't see them because we're in the
wrong mindset. We're not prepared for those
opportunities. So when you do all of that work,
that's when things start to really flow.
And everyone says, again, back to the Lux story, like, oh, you
get lucky, this opportunity happened.
No, I was prepared for it because I was mentally free and
I was ready and looking for those opportunities.
And before we discuss a bit about all those 3 buckets, I

(18:31):
would like to dive a bit more into the mindset part because I
know I struggled with like I hadso many fears around money and
limiting beliefs and so on. Because you know, you grow up
with these things like, oh, money, don't growing trees like
money's hard, you need to work hard to make money and all that
stuff like how people address that apart from those things

(18:52):
that you already mentioned to truly fix those wounds around
money. You got to talk about it, OK?
That goes for everything in all relationships and everything
you're dealing with. You actually have to physically
talk to somebody about it, right?
Whether it's an expert like me, whether it's going on a podcast,
whether it's a friend, a loved one, you need to be able to talk

(19:12):
through what's going on, good, bad, or indifferent.
Because by being able to talk about it and get it off of your
chest and out of your mind, thenyou're able to see it and hear
it from a different perspective.Then you can attack it and
hopefully change your mindset orat least attack the situation at
hand. But we are so individualistic

(19:33):
when it comes to our money. We all love putting money on our
chest and never talking about it.
That's when it snowballs, right?People get in debt and then they
get deeper in debt or they have a gambling habit or that, you
know, name the situation. We would rather just deal with
it ourselves and think we can fix it.
Well, here to tell you, you don't have the tools to fix it

(19:54):
because we've never been taught the tools.
The tools that are out there that you will see on the
Internet might not be best for your situation.
It can actually detrimentally hurt you.
And the third thing is, there's not one rich person on this
planet. That doesn't have a team behind
them to support their decisions,to move them forward.
So why are you trying to think that you can do it yourself when
the most rich people in the world can't do it themselves?

(20:16):
Right. And those are the three things
that we talked about the most. It's like you got to be able to
have a team, but you have to figure it out for yourself in
order to be able to build that. Yeah, absolutely.
And even if you think about the best of the best and not just in
financial, we talk about about sports.
Like if you look at the grades, like Michael Jordan, he had a
coach even that he was the best,right.

(20:38):
Like and people say like, oh, but I'm so good at this.
Like why I should talk to Someone Like You should because
you always can learn and different perspectives always
help. And Speaking of tools, like what
tools to use with your clients when it comes to changing
mindsets. And when they come to you, and
let's have an example here, theymaybe hear their parents fight
around the topic of money or they've been told the things

(21:00):
that I just told you, like moneydon't grow in trees and so on.
And it's you need to work very hard to make money and you
should never spend, I don't know, on things that you enjoy
and stuff like that. How do you approach that
situation? We asked why.
Like, for example, yours was money don't grow on trees.
Yeah. Why is that still sticking with

(21:22):
you? Because I hear it so many times.
Like for years. More more than 10 years.
Like when you hear it now, what does that mean?
Like what does it do to? You associating money with
something that is scarce, even that I don't believe it anymore.
But when I think about it as like, oh, actually, yeah, you
don't go walk on the street and you just see, I don't know, a
stack of cash floating around. Yeah.

(21:45):
And so scarcity was what came out, right?
Like that was the term that viscerally you felt.
So when you think of scarcity, do you feel like there's only an
infinite or there's only an finite amount of money?
Is that what it makes you feel, or is it you're only able to
create in so much money? Kind of boats.
At least that's what I feel. Again, lucky I'm over that.

(22:08):
But what I was feeling was like,yeah, there's no enough money in
the world that everyone has abundance and everyone is
wealthy from that perspective. And the other one was like,
yeah, it's so freaking hard to make money consistently every
single month and not think aboutthe fact that or how I'm going
to pay the bill this month and so on.

(22:29):
That was the world that I was living in.
Yeah. And so when you think about
that, go back to that world, obviously you've changed now,
but this is the exercise that wego through is exactly the
conversation I would have is howdo you make money currently,
right? Go back to that time frame, but
how do you make money? Like how do you achieve money
creation now? Yeah, offering my services,

(22:51):
consulting and so on. Yeah.
And so when you create that money or you get a client on
etcetera, how does that make youfeel?
Good. Like I win something like a
celebration moment. Yeah, right.
We want that feeling. Take that feeling right?
Hold on to it. How many people are in the world

(23:12):
that could use your services? A lot.
Yeah, there and there keep it keeps growing, right.
Like there's, there's more and more and more.
And so we try to breakthrough that feeling and grab a good
feeling and tie it to that big fear.
That fear for you was scarcity, right?
And we pulled out a feeling of, oh, I do good.

(23:32):
Like I, I do help people. I do this thing for them.
And then we say, OK, well then scarcity is wrong because
there's not a finite number. It might be hard work, but it's
not true that it's not there or it's going away.
There is probably billions of people that could use our
services, right? I don't know the true number,
but realistically there are thousands, hundreds of thousands

(23:54):
of people that you could get to and to help in the way that you
want to help. So when we put that back on
them, they go, oh, well, then yeah, that's true.
And that's that first little crack in that defensive armor
that we can then say, let's workon that, right?
Let's talk about that as we go through our building, our plan
and as we talk every month and every week, like let's go back

(24:16):
to that feeling. Even if we have a negative
feeling and it wants to heal that wall back up.
Let's go back to that and let's keep talking about it and
talking about it until that wallcan crumble.
And then once it's crumbled, like we had talked about before,
once you've done the work, now it's just part of you and now,
you know, all the goodness happens.
So that is an exercise that we go through with everyone, our
clients in almost every situation that they have.

(24:38):
Love it, especially as it's bringing back to reality, right,
because there is abundance there.
People that are listening to us right now, they have first of
all Internet connection, right? That's a huge thing.
Like if you have access to the Internet, you have access to
opportunities and you're not probably like thinking, oh, I
don't have water to drink or something else.

(25:00):
Like there are people that are struggling with that.
And you've been to Tanzania. And I had a guest in the podcast
that in Tanzania, he was helpingan orphanage and he noticed that
people were walking for like, I don't remember exactly like 15
kilometers a day just to get access to free fresh water and
of course in that sun and so on.And you should be grateful for

(25:23):
what you have, especially this powerful thing that it's
Internet like have access to experts like you to be able to
learn things in a short amount of time.
And Speaking of the learning, let's go back to the buckets
because now let's say we fix, atleast we have a tool to fix the
mindset. But let's go back to the
buckets. What you put in the first short

(25:45):
term bucket a part of like a safety net or just a safety net
for the next 3-6 months? It's purely a safety net, but I
want it away from your normal accounts right now.
I know we're speaking to more ofa global conversation here, but
really you should have your normal bank account, your normal
checking account, the one that you use all the time, right?
We have money in there because we have spent money.

(26:06):
That's how life works. I want you to get an outside
one, right? Still connected and can
transfer, but you don't see it every time you log in.
That's where that short term bucket should go, right?
Because as humans, when we see money in account, we go, oh, I
really needed those new shoes. I really needed that, right?
We start to spend it and it's very hard to stick to your plan.

(26:27):
So automate all of this into different buckets that are not
easily available for you. It might take 24 hours to
transfer it, right? Something that takes an extra
step. So that first bucket is going to
be, yes, three to six months, but probably one 1 1/2 months
are in your normal checking account because that's easy
access. The rest of it is in a different

(26:49):
account that's probably a high yield savings account that's
getting you three 4% that maybe take 24 hours to transfer over.
But you don't see it everyday. It's just automatically set to
go there because then you're getting established.
Our biggest fears as humans specifically when it comes to
money is what if something happens and I need money to take

(27:09):
care of that situation, right? Well, majority of us, I don't
know what the stat was I last saw, but it was like 70
something percent don't even have $1000 in their short term
bucket to take care of situations.
Don't know about you, but with inflation, all things going on,
$1000 doesn't go very far anymore.
And so that's where if you can establish that baseline, it'll

(27:33):
not only help you emotionally, but it actually helps you
financially because then you cansay, hey, I'm good.
Like I'm taken care of within that first bucket.
Not to mention that Speaking of emotions, you'll make decision
from a place of calmness becauseyou have that, you're not scared
that, oh, I'm running out of money.
I don't have the next bill to pay or my next expense and so

(27:55):
on. And having that calmness gives
you clarity when you make decisions.
And I know because I was in the other situation where I had same
like those that you describe, I had no money put aside, things
happened and I was like, what I'm doing now.
Making decision from a perspective of and of fear is
never fun. So once you develop that, do you

(28:17):
set your national automation, you set some sort of automatic
transfer based on your income orpercentage of that, How should
build that initial safety net? You got to look at your overall
budget. All our budgets are different.
I don't really truly believe in,you know, 10 percent, 20% or
whatever that the numbers are different because my budget is
going to be different than yours, right?

(28:37):
My things are different than yours, but I want you to set it
to where hopefully by plan, within 18 months your first
bucket is filled. So whatever that looks like for
you, if it's means you have to save 10,000 / 18 months or
whatever the numbers are. But we try to get that first
bucket filled within the 1st 18 months of your plan, right?

(29:00):
Again, like I said, I don't try to go too fast, but 18 to 24
months to fill your first bucketis a pretty good plan.
So those numbers work out to you, right?
Divide, use the math. You know, if you need to save
$18,000 in 18 months, that's $1000 a month.
So think about what fits for you.
But really we try to do that within that first couple of
years. And I say a first couple of

(29:22):
years and a lot of people are like, woah, don't you want that
filled as fast as possible? The answer is no, not
necessarily. One, because you have other
buckets you need to fill, right?And two, this is a long term
plan. We don't do things
expeditiously. We're not trying to do it
tomorrow. We want to build a habit and a
new lifestyle for you. And so if you did it really fast

(29:44):
in the first couple months, wellthen you're going to be like, Oh
well, I can do it in a couple months.
So I might as well just spend that money now because I know I
can do it again, right? If we build it into your
lifestyle now, it's something for the rest of your life that's
built into you. And then you won't have that
overspending issue or debt issueagain because you've changed and
grown into the new you and I. Want to talk a little bit

(30:05):
because the way I do it, it seems that it's not your
approach and I want to ask you why it might be wrong the way I
approach it. So when I build my safety net
after my experiences of not having a safety net, I build
just that. So I don't put it any other
buckets. In my case, I want to have 6 to
12 months of runway at the current lifestyle expenses that

(30:26):
they have including running the business.
So why is this approach not ideal and we need to fill the
other buckets as well? Yeah, one, you're actually doing
2 buckets at the same time. So you're doing the same thing,
right? So let's go back to the three
buckets. First bucket is 3 to 6 months,
Next bucket is 6 to 12 months and then the third is 12 plus.

(30:48):
It's different types of investments.
That first 3 to 6 is going to behigh yield savings accounts,
those types of things. Your medium term bucket which is
6 to 12 months later should be in maybe a little more
aggressive stock market type stuff, a little more different
investments. 12 plus is your retirement funds, real estate,
you know something that is goingto be a long term plan and the

(31:09):
reason for that is because of liquidity.
So if I know of a major event happens that I've got three to
six months, no matter what easily in cash I can get to
within 24 hours. Well, if something, an event
takes me out for three to six months, I now am starting to
liquidate the six to 12 month bucket.
But I have time to do so. So I can do it correctly,

(31:30):
timely, etcetera. If I'm still disabled or
whatever the situation is after six months and then as the six
to 12 month bucket starts getting eaten up, I can already
be liquidating the 12 plus to prepare for that as well, right?
So you're doing 2 buckets at once, which is completely fine.
That's usually what we want. We want to try to do all three.

(31:50):
The reason we want to do more than one bucket specifically, at
least the 1st 2, is because you need to be planning for all the
other things going forward, right?
If we put them all into one bucket, then we're taking away
from later down Rd. plans and goals in six situations, right?
Like if your medium goal is to buy a home, well, if I'm saving

(32:11):
for the down payment of $20,000,but I first need to get my short
term bucket filled, what if thattakes me 1824, four years, five
years just to fill that first bucket?
Well, now I'm not even started on my next one that's going to
take me another four or five years, right?
People, as humans, we need to beworking towards something.
We need to see steps and progress towards whatever goal

(32:34):
it may be. And if we're not doing that at
any sort and we're only focused on one, then we're hyper
focused. It's like the same amount of
conversation we had about being narcissistic and only caring
about money. We'll hyper focus and we'll lose
sight of our goals and what matters to us in the long term.
And so that's why we tried to doat least the two buckets at the
same time. And whatever that looks like for

(32:56):
you is different, right? It might be I put $100 in my
short term and $50.00 into my medium term.
Fine. But if we're working towards
both, we're able to achieve thatquicker.
But as humans, we're focused on that long term goal.
Yeah, it did, because it makes so much sense when you explain
it, since you know already when you finish the first bucket that

(33:16):
you got traction in the second one, in the third one.
And it's much easier to not justcontinue, but to already kind of
see the end, like, oh, I'm getting closer to fill this
bucket as well. So feels nice if it's easy to
still put money into it. And we mentioned, of course,
this is not financial advice, but you mentioned investments

(33:40):
that should be in the second bucket or in the third one.
Both should be in both, right. So there are different types of
investments. There are investments that are
more liquid and we can buy and sell those every day or three.
I like those a lot more in the medium term bucket, right.
Depending on what they are, theycould be ETFs, they could be,

(34:01):
you know, a certain stock for example, not saying everyone go
buy this stock. Again, not trying to give you
financial advice, the SEC would kill me.
But for example, a few weeks agowe had found that a lot of the
airlines were trading at a very low rate and we know
historically airlines traded a very high number.
So we put positions in for our clients in their medium term

(34:23):
buckets, let's say at $15 a share, knowing that when it gets
up to around $2025 a share, we'll sell it and it'll be in
that bucket as a midterm, right?Because it was a shorter term
play, midterm play. Long term might be those
investments like real estate or other businesses that you know
are not going to turn around. We're not going to sell it for

(34:44):
long periods of time like years,35102030 years, right?
That's what you would put in thelong term.
That could be stocks and bonds, it could be real estate, it
could be vehicles, you name it. But you know that, hey, I can't
just go sell that thing tomorrowor in a year from now to get my
money out. It's something that's going to
be illiquid for a long period oftime and that's what the long

(35:06):
term buckets for, or bucket 3 orwhatever you want to call it.
Yeah. Thank you so much for sharing.
Yes, someone that's had almost zero clue about when it comes to
wealth, financial vehicles and so on.
It's always fascinating for me to see other perspectives and
especially talking to individuals like you from all
around the world, how this applies to everyone.

(35:28):
Like it's something that even ifI live in Europe, for example,
or if I live in Asia or Africa or South America, still applies
for me. What you just share?
Yeah, absolutely. It doesn't change.
The zeros might change, right? The amount of money might
change, but realistically, none of the buckets change.
The ideas of investments don't change.
It's just you're going to probably be investing in

(35:49):
something more local, right? Depending on where you live and
things that you do or a local business or something like that.
But in terms of the buckets themselves and how you support
yourself, none of that changes. Just the amount of money that
goes into them changes. Thanks for clarifying that and
speaking a bit more about money,how we should look at it.

(36:09):
You kind of paint the picture, but it's just a tool or it's
more than that. So I've been going back and
forth on this. I used to call it a tool all the
time, but my colleague, Dr. Preston Cherry has kind of
started shifting my mindset a little bit.
Money is a partner, OK? A partner that you're using and
leveraging for a certain purpose.

(36:30):
OK, some might say that's a tool, kind of still is, but
that's what money is. It's designed for a purpose.
It is not who you are, it's not what you are, and it's not who
you're going to become. It is, it has its role and it's
in what it's supposed to do. You are still in control.
You are still the one that can dictate what happens with it.

(36:51):
And and so at this point in time, like I said, I'm shifting
a little weight from tool to more of a partner, but that's
what money is to all of us and it should be to all of us.
Of that perspective and I came on asking this because I know a
lot of people need to hear it tonot associate money just with I
don't know the world we collapsefor whatever reason you cannot
make money for a while if you prepare yourself it's so much

(37:14):
easier to make decisions and so on so if you were to start all
over again why you still choose this bet?
Why? It's because it's one of the
most integrated things in every human on this Earth.
It affects us, all of us, right?Our money might be different, It

(37:34):
might have a different name, ourcurrency might be different.
I might be bartering services orsomething like that.
But at the end of the day, this concept of money effects every
human on this planet and will always affect every human on
this planet. The sad thing is we're not
educated like it's going to, right?
We're not educated that hey, youdo need to drink water and eat

(37:56):
food every so often or you'll die, right?
We are not educated on how moneyis so integrated with who we are
and our fibers of humans, but also how it affects us every day
in life. And so that's why no matter
what, if I restarted, I would still be doing the same exact
thing because it affects everybody.
And I want everyone to have the ability to at least have the

(38:18):
education to make that decision for themselves and not follow
someone else's advice or be toldsomething else or just do it
because someone else is doing it.
I want you to be able to make that educated decision for
yourself. And I love your passion about
this and I'm sure a lot of thosethat TuneIn resonate with it
where they should get in touch with you in order to work with.

(38:41):
Yeah. Go ahead and look me up Stone
Hall. I'm on all the social media
platforms possible. You can look up black mammoths,
go to blackmammoth.com, that's my business.
You can also go to nobswealthwhichismypodcast@nobswealth.com.
Again, all over the social webs.The only thing I ever asked when
I'm a guest or I'm hosting my own is engage with us.

(39:01):
Please comment, share, like, andnot because the algorithm loves
it, that helps us, but because we can't change our content.
We can't help you if you don't engage, right?
I can't do my job if you don't reach out and say so I need help
or I want to learn more about this.
So please engage with us so thatway we can all help you as much
as possible. Thank you so much for that and

(39:22):
indeed you speak so much truth and we are doing this for a
reason we are passionate about. We love to share this knowledge
and so on. And if you just can help another
person hear it, you'll help or make their day and so on.
And we are still not done here because I just want to pick your
brain a bit more because I know those that are tuning in and

(39:46):
listen to this point, they're like, all right, so I build all
these buckets. I start investing as well.
I'm in a good place and my relationship with money improved
and so on. What should be the next step for
them in order to not necessarilytake you to the next level, but
to ensure that they don't be just from their self, but they

(40:11):
leave some sort of legacy behindthem?
Legacy is different for all of us.
I think legacy gets this connotation that you have to
have a bunch of money or assets or something to give.
A lot of legacy can just be yourmemories that you create with
somebody, your experiences that you've provided.
You're going to have a legacy because of the podcast and
conversations that we're having.So don't always contribute

(40:32):
legacy with money. But however, when you do have
all of that, and I don't know all the legal terms and laws
from all the other countries, but build a trust, build a
legacy plan that follows exactlywho you would want to be and how
you would want it to be, right? If that's donating some of it
back to charity or to local businesses, if that's supporting
your family, let it be known that it's that way too.

(40:56):
But ultimately, you got to get it written down.
You have to have a team to help you and you have to start
building that in now, right? Regardless if you have money or
not, start working on your legacy plans now because we
could die tomorrow. You could die today and your
legacy still matters, no matter how many zeros you do or do not
have behind your name. Truly, I appreciate the

(41:16):
principle that you're being guided by and sharing this helps
a lot of people get a broader perspective since a lot think
about legacy. I should maybe get some money to
my kids. I should get the money to some
charities and so on. It's all good.
But it's more than that, right? And it's so different for every
single one of us. And when you actually plan it

(41:37):
and you have it legally somewhere, it's given that Peace
of Mind that you did the right thing.
And if something happens to you,your loved ones are protected
and so on, and you don't just put them in a situation where
they have no idea what to do. What's your perspective when it
comes to leaving money to kids? I saw out there so many, some

(42:01):
people say like, we should not do that because they shouldn't
learn how to make money or whatever.
What's your take? My take in what we're doing for
our kids, MY2 boys, is we're going to leave them money, but
we're going to leave them money and a trust that it has
different provisions. So like they're young, they're
11 and 8 right now. So the provisions will be you
get 0 income, right? We'll still support sports.

(42:24):
Like the trust will pay for yourschooling, your sports stats
stuff while you're before you're18.
When you graduate high school, you will get a $5000 bonus check
just to be able to spend becausekids will be kids.
If you go to college, we will pay for 50% of your college.
You will have to get a loan for the other 50%.

(42:44):
Once you graduate college, we will then pay off your student
loans for graduating, right? And then you're on your own from
after graduation until you either get married or it's been
five years. After that, the trust itself
will kick you off a little income that you can live off of
and then when you have kids and then and it just keeps, you

(43:06):
know, there's a lot more layers to it, but it's not here's
millions of dollars. Good luck, see you later.
It's already designed specific things that make them grow and
earn it. If you will earn the ability to
have the legacy or the money that is given to them as opposed
to 1 lump sum. Lump sums fail.
Like, we know this, we see it inthe media right now too, that

(43:28):
we're going to have this giant wave of money shifting hands.
I know if you look up, just lookit up, everyone thinks that this
giant wealth is going to change hands to the younger
generations. I don't think so.
I think a lot of them are going to be in trusts designed around
what I just said. And people aren't going to be
having the access they think they're going to have access to.
And that's vitally important because anyone who got given a

(43:49):
bunch of money is going to probably do poor things with it.
But if you build up your legacy plan like we are, with different
layers to it, then you can actually educate them even
though you're no longer there. And I think that's what's really
important when you're building out and giving money to
children. Speaking of education, at what
age do you actually start educating your kids around

(44:11):
money? Yeah, we started.
Technically it was always there,but you know, kids don't really
remember or learn anything before 3, right?
Let's be real. But we really started to hone in
on that around the age of three.The concept of money and how we
started is we would just talk about it, right?
We have monthly financial meetings as a family.

(44:32):
And So what we do is we just talk about the money, right?
And if we were going to buy something, we would say, do you
know where this money came from?Right?
At the age of three, as they started to get older, we would
use, actually we use the Green Light app and that allows us to
do allowances. Like we all have allowances as
kids, usually allowances, but they have to work for it.
They have to check things off. Then from there, whatever dollar

(44:55):
they're given, 50% automaticallygets sent out to investments and
then 50% they can do what they want with.
And we talked about that's kind of like taxes, right?
Immediately when we get paid, a lot of money's gone and we don't
really see it. Again.
Luckily for them, we invest it as opposed to take it and put it
in our pockets. But it teaches them that even
when I earn money, that full dollar is not mine.

(45:17):
It needs to go to places and it needs to have opportunities.
And so we do that. We educate our clients on that
as well. But it should start as soon as
they can understand words and hold dollars and coins.
It should start as soon as that.And I hope a lot of people,
parents and so on, or those thatare expecting kids to start to

(45:37):
apply this as it's so important.If you just think any of us that
are listening right now, like how do you, how did you grow up?
Did you have any sort of educational when it comes to
money or not? And just using that as a
benchmark, if you want like and start educating, you'll just

(45:57):
grow so different. The kids will be so different.
As we have that knowledge, you'll have the tools to
actually tackle this world from a different perspective.
Even if the world will change, we'll have different financial
vehicles, but the principles stay the same.
They do. And we're generations behind in
terms of having that knowledge be the basis of all of us,

(46:18):
right? And we need to start with the
young kids now. That's the only time we'll be
able to change generations is these young kids need to have it
now. So that way, when they're
adults, we can start to see thisgiant shift of just the
fundamental knowledge that I think we all should have.
Indeed. And I want to conclude with
something You just meet someone that you never met before on the

(46:40):
street and that person is playing a guitar with a box in
front of him, trying to make some cash.
Do you have any words of wisdom to that individual?
One, if they're playing beautifully, they're getting a
tip right. 2 is just keep working on yourself and your

(47:01):
craft. Keep putting in the time and
effort that you were doing because what you're doing is
what is best for you at this moment time.
Secondary to that, if they follow up with, well, I'm really
not doing well, I'm struggling or whatever, maybe then the
second part of that is why do you feel that way?
Right? And so those two things are the

(47:23):
advice I would give is 1, just keep doing what you're doing
because not a lot of people would put in the effort and that
effort will come to fruition at some point.
And then the second part of the why, just know your why what
you're doing to keep you motivated because that's the
hardest thing. We're all going to go through
UPS, but we all go through a lotof downs and it feels like we're
alone, but you're not. And first thing is to understand

(47:45):
why you're doing it because you're usually doing it for
someone else or a different purpose.
And you need to remember that soyou can keep your energy up and
keep going, but you keep puttingin the work.
Success will come. This was Stoi Hall on Authority
in the Wild. Thank you so much for tuning in.
Thank you.

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#138 - The Three-Bucket Wealth System w/ Stoy Hall

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}#138 - The Three-Bucket Wealth System w/ Stoy Hall