Wealth is more than money in the bank and this episode challenges the idea that you have to rush, grind, or chase quick wins to build it. Dr. Sev is joined by Stoy Hall, founder of Black Mammoth, for a grounded and insightful conversation about redefining wealth and building financial confidence in a healthier, more sustainable way.
This discussion centers on minority women and women business owners navigating overwhelm, responsibility, and high expectations while trying to grow their wealth. Topics include practical wealth-building steps, the emotional side of money, philanthropy as part of financial growth, and why customized financial planning matters.
Listeners are encouraged to rethink what wealth truly means and to embrace a definition rooted in peace, purpose, generosity, and freedom rather than pressure or comparison.
Stoy Hall is the Founder of Black Mammoth and host of the No BS Wealth Podcast. With over a decade of experience in financial services, Stoy focuses on helping business owners and families build wealth in a way that aligns with their values, emotions, and long-term goals.
His work centers on financial education, implementation, and the Modern Family Office approach, designed to remove overwhelm and help clients live freely, give back, and build lasting legacies.
Contact Stoy at these places:
https://www.blackmammoth.com/our-family
His free resource: https://www.blackmammoth.com/how-to-become-rich-guide
He is Stoy Hall on every social media platform.
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The Dr. Sev Talks Money podcast’s mission is to empower women to approach money confidently, reframe their financial habits, and build a future where their money is a tool for opportunity and security. Through Dr. Sev Talks Money YouTube channel and Podcast, I provide actionable advice and inspiration to help you achieve financial freedom. Join me for one-on-one coaching, group sessions, workshops, or speaking engagements as we journey to financial empowerment together. It’s never too late to begin again—let’s make it happen!
Here is one way you can support the Dr. Sev Talks Money podcast and YouTube channel:
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Hey, hey, hey, Savvy Squad. Welcome to another episode of the Dr. Sev Talks Money, YouTube and podcast, where we empower women to manage money confidently. Today’s conversation is about practical ways women business owners can build wealth without chasing quick wins. How giving back fits into the wealth journey and what true wealth really looks like when you define it for yourself.
My guest today, is Stoy Hall, founder of Black Mammoth and host of the NO BS Wealth podcast. Stoy brings a refreshing, no-nonsense approach to wealth building that goes far beyond numbers and focuses on purpose, clarity, and living life on your terms.
Stoy, welcome to the Dr. Sev Talks Money podcast.
Thanks for having me. I’m excited.
I like to kick off with an icebreaker. So before we talk money, what is something most people would be surprised to learn about you?
Ooh, this is a good one. Usually it’s always like, what do people want to know about you?
But that people would be surprised about. I would say it’s, I have driven across the United States for a total of almost 2 million miles in my lifetime.
Wow. Now you have to share a little bit more about that.
Yeah. I grew up with, with a single mother, but my grandfather was a truck driver, and so during the summers from the age of two to about 12 when sports really kicked in, I would go almost all summer with him,, from coast to coast.
And so I’ve gotten to see, 40. 42 of the states or something like that, and I would just ride with him for weeks and weeks during the summer. And so that’s really how I got a lot of the numbers. But then when you add in sports it pushes me over 2 million miles.
Wow. I love that. That’s gotta be so exciting for a young child. Right? So for listeners meeting you for the first time, tell them a little bit about who you are and the kind of work that you do.
Absolutely. So, I’m Stoy Hall, born and raised in Omaha, Nebraska.
And I was raised by a single white mother actually. And my father really wasn’t around. My mother taught me a lot about being there for others, right? And that’s where a lot of that comes from. And so being raised by a single mother, getting involved with sports and being raised not only by her, my grandfather, which I just talked about, my grandmother, but also other families, right?
My mom couldn’t be there for every trip I had. She couldn’t be there at every game and every practice. And so what it allowed me to do is build an understanding of different cultures, one. A way to live in a different way of life for others, not just myself. And it’s transpired into what I do now with Black Mammoth.
Black Mammoth’s. Only been around since 2020 roughly, but I’ve been in the industry since 2011. Really, the focus has always been about bringing financial literacy to everyone, right? I wanted to rid the world of financial illiteracy. That was my goal when I started in 2011. Now, it’s changed a little bit, right?
It’s more about financial education and not necessarily educating you on what you need to be doing, but how you can implement it. That is the weakest thing we have as humans is the ability to implement something that we know, because our emotions get involved. So I started a firm Black Mammoth as a modern Family office designed around that specific thing, bringing that mindset to you, helping you implement those plans.
And then we also had to talk about it a lot. So we started No BS Wealth, to bring in experts to talk to you in a no BS manner to make sure that you are feeling those, you can implement it into your own life.
Yeah. Now, when you said that about implementation, that’s my word for 2026 because I love to learn, I’m a lifelong learner and I’m one of those who get excited about learning, but the implementation has been a little bit lagging.
It’s very important that we implement what we learn because what is the purpose of learning if we’re not going to apply to our lives, right? Wealth means more than money. We know that it really is more than money.
So in simple terms, could you define for our listeners what you consider true wealth and why does that definition matter so much?
True wealth to me, and to those that I speak to all the time is truly this true wealth equals your ability to live freely the way you want, give back to others, and live a joyful life.
And why is that so important? One, in our world, in our lives, as humans, we naturally are givers. It’s just who we are. We naturally like to do things that bring us joy. What we don’t naturally do is live our lives the way we want to. And so if you can just live life based upon that definition, then you’re going to be wealthy, right?
You’re gonna have what you want in life. It’s when we start throwing in zeros and and dollars signs everywhere, that we lose the whole focus of what life is for and what life’s about, and how we can be wealthy. Then we’re just talking about being rich. That’s not all it’s cracked up to be.
Yes. You and I know that money comes at the back end.
Understanding the emotions and the beliefs and the things that we have attached to money is so key. So I love that you said that. So let’s talk a little bit about minority women and women business owners,
what are some practical steps that they can take right now to start building real wealth?
First, understand that you aren’t alone. Yes, there are a lot of us out there feeling the exact same way, right? And are overwhelmed and don’t know what we’re doing. So first you’re not alone. The second, tip that we always tell everyone to do is sit down and truly reflect.
And I know we’ve been raised to always do that, and we never implement that part, right? But truly, you need to sit back and reflect on what and who’s in your life and what in your life that brings you joy that you wanna accomplish. Once you can separate those things and figure those things out, then you can truly do the next step.
That is to either delegate, hire a team, or figure out someone in your life, or if it’s someone outside of your normal circle that can truly align and help you implement those things. I know we’re all business owners. We stay up late at night, a hundred different things going through our heads all the time, and we just need to be able to implement something.
You need to have that person to help force you to implement, and once you start going. Then it all starts happening. Just like you had said, Sev, right. It’s going to come, but you have to start somewhere.
I love that. Because, , going back to that, emotions and the beliefs, ’cause we’re so tied to our businesses, it’s our babies, right?
And we want the best for it. And sometimes we can overfeed the baby and the baby become overweight. But we have to learn how to balance. Managing the baby and when to bring in the doctor and when to bring in the helpers to help make sure that baby and us, have balance and that we are heading in the quote unquote right direction the right direction won’t be the same for everyone, but at least really as you said, it’s looking at our big picture and seeing.
How can we bring in helpers to make sure that we are on the right track for the goal that we’ve set for ourselves? And, that leads me to my next question, which is that beliefs and emotions around money really shape our financial decisions. So how can these internal factors either help or hurt wealth building?
So we always lead with this question. The question is, what’s your first money memory? Everybody, right? Think about that. What was the first thing you remember about money?
And I’ll tell you my story, but I just wanna say that in our podcast we bring on some mental experts and some money experts, and they align with why we ask this question and I’ll get to it. But mine is, I was about eight, 10 years old. I finally made money, not, just from your chores and stuff, but I finally made money, and I wanted to have something for my mother, right?
Because she provides so much to me. So I took her to McDonald’s and I went to buy her an ice cream cone, which yeah, I know they were cheap back then, but. Bear with me. So, I bought it and I was walking out to give it to her and my friend jump scared me. I crushed it and it went to the ground.
That hurt me so bad internally. Like to this day it still hurts me. And the reason for that is ’cause I wasn’t able to get her another one. Now a lot of you listening are gonna go, well, they’re not that expensive. Go get one. And yes, McDonald’s gave us a free one ’cause I was an 8-year-old kid. But that wasn’t the point.
The point was I was trying to provide for my mother. I couldn’t provide if something happened to the first thing. And so in my life, I’ve tried to do everything I could to be able to buy it again. Doesn’t mean you have to buy 10 of them, but I need to be able to buy something again. Right? And to this day, that has now translated into with my kids and how I teach them and how I do my business.
And that is always being able to do that thing again. Buy that thing again, have that experience. Again, and the psychology behind all of that is, is typically us as humans. Whatever that first money memory was, trauma event or whatever, when you reflect back onto it, that’s the age you are with money, right?
So for the longest, until I broke that and understood I was a 10-year-old kid with money, I look back at my college days and I go, yeah, that all tracks, right? That tracks. So when you think through your story, what age were you? think through how you operate with money now? I bet it pretty much aligns with you being your 10-year-old self.
And to me, 10 year olds should not be making money decisions about businesses or adult stuff. So, you definitely have to address it and you have to understand that that’s where it comes from.
I love how you frame that. Because our money memories, I know for me it, it really shaped my save, save, save, save, save, tendencies, which I didn’t realize until after I really started doing the work and now I have to put reminders to myself to spend.
It’s okay to spend the money. And people will think, oh, it’s great. You’re a saver. Yeah. But if you’re a saver to the extreme, how does that help your life? You’re really not living your life. And so I love the way you frame that and you using your personal experience as a way to tie it together.
So friends, we’re gonna do a quick pause right now and. If you are enjoying today’s show, I’d love for you to show your support. And the best way to do that is to share it and leave us a rating on your favorite podcast platform. And you know, we love the number five, and don’t forget to subscribe if you are watching it on YouTube.
So Stoy, let’s go back to looking again at. Women and business owners and some of the things that we encounter, why does one size fit all financial advice fall short for women and business owners, and what should they look for instead?
It doesn’t work because we’re all unique, right? We all have different things going on. There’s a difference between men and women, right? Women are more nurturers. Men are just. We’re different. But naturally women are more nurturing. So when it’s more nurturing, they’re gonna care for more things.
And if you try to fit that into one thing and do it this way only, it doesn’t work. Business owners, we have different types of businesses. Different outcomes, right? Some of us want to keep it as a legacy and have our kids involved forever. Some of us wanna sell it in two years for 10 x what it is, right?
There’s too many variables for us to say, media tells us, you know, one size fits all type situation. And so that’s where, the modern Family office that I talk about a lot, what we do at Black Mammoth comes into play. But I bring that up because the traditional family office model is the Rockefellers, right?
It is all your very, very wealthy, rich people. They all have a family office. What that does is they don’t have to worry about their lending. Buying things, investing, running their business to a degree. They are focused on what brings them more wealth or what they wanna focus on, depending on their family.
Everyone else, the 99.9% of us that really don’t have one of those, we’re not able to do so because we’re also making decisions. We’re also trying to do everything ourselves, and I will promise you this. I know my compliance will not be happy about this, but I guarantee there’s not one successful person on this planet that has done it by themselves.
So why are you trying to do all of this by yourself?
I love that you’re speaking to that. And let’s talk a little bit more about the Modern Family Office. And then I also wanna share your websites where, they can get more information about that.
Let’s delve into what that is. And what someone who hires you or work with your team can get from the modern family office system.
Absolutely. So I want you, everyone to envision and think about this, right? Think about your life right now, business owner or not, but I speak a lot to business owners.
Think about all the decisions you make every day. Let’s first start when you wake up. Gotta brush your teeth, pick out your clothes. But while those are going on, how many thoughts are going in your brain of, I gotta make sure payroll’s done. I need to get with my marketing team. This client needs this, this product needs this.
I need to hire someone else down the road. I gotta do projections. It’s January going into February. So now we’re talking about taxes. Do I have that money set aside? Am I doing the right tax strategy? I wanna make sure benefits. Oh, I should eat breakfast. It’s noon. I forgot to eat breakfast. Oh, that’s okay.
I’ll grab something real quick to eat. Right. You see how all of that overwhelming thing happens? And guess what, then if you do have kids, now we’re talking about youth sports or feeding them and throwing all of that. That is a lot. It’s too much for any one person to handle. It’s too much for a couple people to handle.
And so where does the modern family office plug in? We take a lot of that chaos off your shoulders, right? So my team and the team that I vet out specifically for you is going to handle all of those things. We got the legal side, we’ve got the lending side. We’re doing tax planning monthly to make sure that your taxes are in line with what you want, but also taxes strategies, we’re gonna make sure that your structure is set. We could become your CFO or your operations. If something was to happen to you, the business can still run. You’re then asking, what about investments and insurance and planning?
For myself personally, we handle all of that too. So when you have someone in your court. IE us that you can go to with any question you have 24 7. It allows you to relax a little bit, right? It allows you to understand that someone has your back and is there to support you to make the best decision for you and your situation, your family, if you will.
Most of us don’t have that, most of us don’t have that person. Most of us don’t even know that those exist because that family office concept has been truly only for the ultra wealthy. We’re talking about if you have a minimum 25 million net worth, I don’t know very many people like that.
Well, I have no friends that are like that. I can promise you that. They’re all celebrities that I see on Twitter or something like that. We’ve been able to whittle that down to everyday business owners that way. You could have a sense of that. So more of us can be more successful, and that’s only gonna drive better for our own family’s legacies, our own communities, and down the road.
As a small business owner myself, believe me, an octopus has nothing on me with all the things that I have to do and all the pies that I’m touching and working on at one time. So I really, really love that concept. Now which website are they going to to learn more about that?
And I know, we’ll have all that information in the show notes along with details around each of these, but I’d love for you to share it verbally.
Yeah, you can go to Black mammoth.com. If you want to go directly to Modern Family Office, you can go to black mammoth.com/modern Family Office, but you’ll be able to get there from Black Mammoth website itself, right there in the services tab and learn everything you need to know about it.
Okay. And, what are they getting At the NO BS wealth.com
website, no BS Wealth, you’re gonna get an insight into my collective, within our whole network, right? So I bring on 31 people that I have vetted out that go and touch every industry possible, and we have conversations that drive into, you name it,
legal side, legacy Taxes, marketing, you name it, is on there. And some of their resources are on there too. If you’re getting on there, and this just came out in, let’s say late January, resources tab hasn’t been built out a hundred percent yet, but you’ll have all their books, their websites, their podcast way to get ahold of them.
But these people have been vetted out by me personally, top to bottom, so you can trust them with anything that you need.
Okay, love that. So let’s change , gears for a little bit. Many people, Believe they need to be wealthy before they can give. How can generosity and philanthropy be part of the wealth building journey from the very beginning?
Well, let’s be frank with it.
From a wealth standpoint, you kind of wanna do that because you wanna give donations for taxes. Like, let’s put it out there. That’s what most wealthy people are doing it for. The ones that don’t have all that wealth are truly doing it from a generosity standpoint and wanting to give back because that’s who we are and what we’re about.
When we talk about investments, I have a different way of thinking about investments. When you hear investments, you probably hear stocks, bonds, real estate, mutual funds, right? When I say investments and when I drill into my clients and people I speak to is investments mean investing back into yourself and back into your community, back into your business.
Then we talk about stocks, bonds, and all that. Why is that? Because not everything you do has to have an ROI in money. A lot of what we have to have is an ROI into our emotions and that gives us energy back because that energy then allows us to do what we do to make more money. And so if you’re a person that has that generosity and heart, obviously don’t give every dime you have ’cause you still have to operate.
But there are different ways to give, whether it’s your time, whether it is some of your resources, something you do in business, but that ROI comes back tenfold for your money mindset. For your own internal energy, which then in line will produce more money for you.
Yeah. So, so let’s circle back to that modern family office, because I think you mentioned this about the team that you have and you don’t have to go out and hire all these teams because they can go through the Black Mammoth
Com website to, to get access to that service. So who should women business owners have on their financial team, and why does it matter that they have these people?
Well, one, just hire me. We’re good, right? No, but seriously, everyone should have on their team. Women specifically, you need to have one, a business attorney. You need to have a really, really good tax accountant. And it doesn’t have to be a CPA per se, but they need to know tax planning and tax strategy.
That is different than tax filing, by the way, everybody, you also need to have some type of consultant or coach when it comes to operating and helping you mentally, but also structurally. Probably though I would say probably the most important one is you need some type of CFO, right? And I say some type because they’re different types.
There are ones that are just pure numbers. There are ones that are pure forecasting, and then they’re ones that can kind of melt it all together for you. You need to have one of those because you’re not able to oversee everything. When it comes to the financials, how money are moving because we’re so knee-deep in the weeds as the business owner, and that’s okay.
You’re supposed to be, if you’re the business owner that’s making decisions in the weeds with your employees, that’s fine. You need someone to oversee the top end. Vice versa. If you’re gonna look at it from a 30,000 foot view, you need that person that’s knee deep in the weeds to help make sure that gets done too.
So women, you have to have a team. You have to have a team that you trust. It can be internal, it can be external, but if you don’t have one, you’re gonna have that feeling of being overwhelmed, trying to make everything right for everyone. Your business is not going anywhere. And I have many stories about that and have seen it, firsthand with clients that try to do it themselves.
It, it just doesn’t work, I promise you.
And I can attest to that. It doesn’t. You get overwhelmed, bogged down, and then you either don’t do anything or make decisions out of urgency or some other thing other than really looking at the big picture of your business. You’re making decisions based on other things outside of what strategy will help my business right now.
So listen to Stoy and listen to me. Okay? All right, so let’s talk directly to that person that’s listening now who may feel behind, discouraged or tired of trying to get their finances together. Whether it’s the business owner or the individual person, there’s so much going on in the world right now.
I mean, it’s just crazy the things that are going on. And there are some people who are more prone to overwhelm than others. So how can we cut through the noise and speak to that person directly? What would you want them to hear today?
That you’re not alone. We’re all in it. We are. The way you’re feeling. We are all feeling that, and that is okay. Ultimately, it is okay to feel that way. The difference is you need to take that first step and reach out to talk to somebody. We have to be able to talk about one, our emotions, of course, but our emotions when it ties to our money are our business good, bad, or indifferent?
So whether you’re talking to a person like me or Sev. Or your best friend or your mom, dad, I don’t care. You need to now take this moment and open up to them about what’s really going on and where your brain’s at. And sometimes they can’t do anything about it because they don’t have the skillset to do stuff.
That’s okay. But you getting it out there allows it to come off your chest and now your brain will recognize it as an item that they can attack and go find out how someone can help you and get it done. So if you don’t take anything else from today’s conversation, it is gonna be simply that you are not alone in this whole chaotic world.
There’s a lot of us in your same shoes, and you just need to open up and talk about it because we’re here to help.
Yeah, silence is a killer. It really is. And, it keeps us bound, it keeps us thinking we’re in whatever it is by ourselves, that we’re the only one. And unfortunately, the suicide rate based on people who feel like they’re alone financially is rising.
And we don’t want that to be any of you. We want you to know we are here. We understand, because. We still have work to do on ourselves. So we are not here as this overlord expert. We’re here walking alongside you to let you know that we see you, we care.
, I’m gonna be sharing again, Stoy’s, websites. And you can reach out. I’m sure he has contact forms on there. I am sure that he will respond or somebody from his team will respond.
So again, I, I want to really emphasize what he said. You are not alone in your journey, and I know it sounds a little bit, pollyannaish, but there really is hope
You have a network of people behind you so Stoy, tell us a little bit about what you have going on right now
yeah, we got a brand new, , resource coming out. I believe the link is gonna be BlackMammoth.com/modern family services with an S by the way. And it’s a nice little form. I guess worksheet, if you will, we like to call things homework. It’s a little homework worksheet that you can answer all of these things and get a feeling for where you’re at.
Whether that is a feeling for where you’re at to go hire a family office or that’s a feeling for at in general, but it’s a nice little gut check for you, so make sure to check that out. Otherwise, we’re in all the social medias, right? Wherever you have social media, I promise you I am at, and I always ask when I’m a guest anywhere is please comment, like, share, and subscribe to this channel our channels.
But most importantly, and I always ask that for the algorithms this, I ask for myself, comment. Yeah, if you can reach out and say something to us, then we can actually help. It can help us dictate what content we push out to you, or maybe we can directly help you exactly where you need to be. But if you guys don’t say anything and we don’t get information, and we don’t have comments or engagements or dms or messages.
We can’t help you ’cause we don’t know what’s going on with you. So please reach out to us. Sev here. I’m here. My team’s here. Her team’s here. Our networks are here. Just please reach out ’cause you are not alone.
Yes. Yes. And I reiterate what Stoy said, because we could be doing other things, okay?
And we are doing this because we care about our audience. Please speak up so we can hear what it is that you need, so we can give you the help that you want. I wanna thank you Stoy for coming on the Dr. Sev Talks Money podcast and sharing your wisdom.
And for those of you who are listening. This conversation, was a needed reminder, that wealth is not just about money in the bank, and it’s a reminder for me too because I can get caught up. We can all get caught up in our doing, in our building, our businesses that we forget about.
The fact that there is more to what we’re doing than what we’re doing, right? So this conversation is about choice, it’s about peace, it’s about purpose and the ability to give without burning yourself out, because that’s what we want for you. So thank you for listening.
So until next time, please take care of yourself and your money.
