On this episode we explain Black Mammoth, our wealth management entity, in its entirety.
We go over budget reconciliation, cashflow optimization, debt analysis, employee benefits, our costs, and much more.

We both explain things you can do now to help build your wealth, and things we can do if you were to work with us. Reach out for more information!

The whole focus of the NoBS Wealth podcast will be changing your money mindset and building wealth. We will also be talking about markets, news updates, business planning, employee benefits, 401k’s, benefits and much, much more with a No BS approach.

Episode Transcript:

  I want everyone to close their eyes. Okay. We’re all going to close our eyes here. Don’t cheat. Are we going to sleep? This isn’t like church. Everyone close your eyes. I want you to envision your financial picture, where you’re at in life, finances, everything, right? And I want you to picture all the things that happen and how you get attacked, right?

So we’re going to go on this little journey. And this journey is going to take us across different lands. So I want you to envision yourself right now in, I don’t know, New York City. I was thinking Hawaii. Shut up! This isn’t your thing. I want you to, I want you to envision New York City right now, and the hustle and bustle of all the cars honking and in your way, and how frustrating that is.

Right? Maybe get hit. Maybe get mugged. You never know. Okay? You’re walking through. Now? Now, now you’re in the forest, right? What are some things that can attack you in the forest? A damn bear, one of them, uh, avalanches, whatever you want to do, okay? And you’re, you’re still going on this journey and you’re, you’re traveling around, um, and things happen, right, in our financial world.

We’re not going to get details with those, but they happen in our financial world. And you’re frustrated, you, you feel alone. Kind of like you’re all alone in a desert. Desert’s a hot, muggy, you’re thirsty, you’re always searching for water, not knowing where to go. And then, while you’re in that desert, not figuring out where to go, some big ass black mammoth comes in and it offers its trunk to you with a little nod and a little wink and you accept.

Black mammoth picks you up. It’s a big ass trunk, puts you on its back, nice and warm, comfortable, all that noise, all that stress just kind of goes away. It’s still there. It’s a bumpy ride. It’s a damn mammoth, so it’s going to be bumpy. Things are going to happen. And as you’re on this ride, you realize that you’re no longer thirsty because there’s no water in your hand.

You’re no longer hungry because there’s food in your hand. You no longer have those stresses of what’s going on. In life as much because this mammoth is not only leading you to prosper, but it’s taking care of you and protecting you away from those bears kicks shit out of them. Those lions in the Serengeti sharp ass tusks pierces them.

Those cars, they don’t try to run over a mammoth because they’ve never seen one. You can open your eyes and that’s who the hell we are. That’s black mammoth. This is the part of the journey is going on a ride. It’s going to be bumpy as hell, but we’re here to be that little nice little wool blanket. Keep it warm and safe.

All right. So to start this journey, everyone needs to know that it starts before you work with us. It starts with watching our content, watching other content, following us, asking questions. Because before you can get on a journey, you have to be able to accept that mammoth’s ability to grab you and put you on the stand back.

If you’re not willing to be accepted, we can’t lift you up. We can’t help you. We can’t do anything that’s involved with that. So we’re going to push everyone to our content. Understand what’s going on. You’re going to have some education there. You’re going to figure your own stuff out just a little bit before you can really commit to coming on the journey with us.

Because if you can’t commit, then we can’t really help you. And it won’t work out well. Yeah, you have

to be a partner in this. You can’t, we can’t drag you along.

Or the mammoth can’t drag you along. The damn mammoth on our backs, right? So let us, let us take that pressure off your back. And know, this is a lifelong thing.

It’s even longer than that as we get through this. It’s going to take time. It’s okay. Um, that it takes time. You have to be okay with that. Now, our first tier and how we start things. How do you start things in life? What do you need to have? A good

foundation.

Yes. Da da da. So, in our foundations tier, what are, what are the essentials?

One of the biggest essentials, and we had a huge episode about it not long ago, is budget reconciliation.

Hmm. Hmm. You just went through that with That’s a big word. We’re going through all that with our clients right now. That’s a whole lot of

words.

That’s a big word. What the hell does that mean? What does that mean?

What does budget reconciliation mean? I don’t even know what a

budget is. What are you talking about? Like we gotta start basic.

Basic. What’s a budget? I think Byron knows. You don’t know what a budget is. No. Akita. Akita. Joke. A joke. Yes. What kind

of income you got? What kind of expenses you have? What else goes in a budget?

What’s coming

in? I mean, same basic with it. It’s what’s coming in. What’s going out. That’s what we’re really looking at, but we do it in a very, very detailed one page snapshot that we’re going to send out that encompasses all those incomes coming in, all those debts going out, all those Netflix subscriptions, all those cell phone payments, Amazon, exactly target.

I mean, the list goes on, right? So the list goes on and on. Um, and, but it’s everything from. Uh, consistent stuff that you’re paying every month, whether it’s a loan payment, that’s basically the exact same and it’s fixed every single month or miscellaneous stuff. You go out and you have entertainment this month or you have a vacation plan, something like that.

That’s going to throw your budget for a wonky, you know, a spin. That’s what we’re going to do is we’re going to keep you on a month to month basis there.

I think once going in also is about your income, it could be W2, could be a side gig, could be a business. There’s lots of ways to bring in some income too.

Why is it important, I don’t know, let me back up, is a budget something negative that people should worry about or is it something positive help them grow?

I mean, I view it as positive to help me grow. I, we talked about it in the one episode. And what does a budget mean to you? It’s a goal planning tool for me.

I mean, if I don’t have that budget and that action steps that I’m taking, then how am I going to reach my financial goals?

Yeah, for me, it’s a big self awareness tool. To know what I, where I’m at now and where I need to go, it gives me a good picture. It gives the client a good picture. Lindsay, definitely.

Same for me. It’s a goal planning tool. It’s guidelines, right? Um, and then being open to it changing too, right? Like when you have major life events going on. I mean, we had one fairly recently. Like we just had a little girl and that changed

the budget. Those damn

diapers. Diapers and daycare. Diapers, daycare and formula.

I was just

thinking about if I was investing all that money going to daycare.

Don’t do it. And you start, you start putting a price tag on your child and you’re like, you better get a damn scholarship. You’re going pro because I don’t have any, I need a return out of this thing. Right. So, I mean, all those are great.

Those are exactly how we, uh, perceive it and how everyone should too. And on the reconciliation side is every month, every year, every quarter, all those things. Going through each transaction to make sure it’s in its right bucket. But also while you’re doing that, you start to understand how we can optimize the cash flow.

Right. So it’s not only recognizing what the expenses are and the income and making sure it’s all kosher, but now it gives us an actual insight on to what we can do with that cash flow. Correct. So when we say cash flow optimization, we love big words. I promise you off camera. We don’t use them. Um, when we mean that, what, what do we, what do we mean by that?

Legitimately, what is cash flow optimization? Can someone answer that simply? Making sure that we’re,

I’m going to say just cutting the stuff out that you don’t really need and you’re not using. So subscriptions is where I start, right? Like, do I really need that box that shows up every month?

Absolutely.

Depends on the box.

What’s in the box?

What’s in there? But you’re right. Um, we, I don’t know what episode it was. Cause we’re bad at remembering what those was, but it’s, it’s trimming the fat, right? We’re going to talk about food a lot. You want to trim the fat to a quarter of an inch, right? There’s still gonna be fat there.

You still have that flexibility. Things are gonna happen. That’s life. But you don’t want that inch plus, right? That’s not gonna help, help you at all. Also, cash flow optimization saying, where the hell does it go? Right? Not only trimming some of it, but now we have it. Where do, where do we put it? And where does it go?

Um, And that’s where we get into, you know, part of the tier of review options for savings and investing, right? Um, so once we optimize it, there’s going to be cash left over. Now, what can we do or where do we go with it? Um, is a very important piece and we’ll hit upon. Uh, previous episode of traditional verse Roth IRAs.

That’s a good start, right? Regular ass savings account, something we’ve always driven home. Have an emergency fund, right? Some type of emergency savings. Those will be some of those. So those options, I think the next biggest one for foundations is the debt analysis and pay down strategies. Right now, obviously we cleaned up the budget and whatnot, but now it’s like, okay, well, you’ve got 14 credit cards, a car or seven house, uh, 700 student loans, but that was that call.

That was that call. Yeah. Good call. Uh, I mean all of those bigger things and what can we do about it? So someone took me through. Just generically, right? We’ll get in detail video of our debt analysis and pay down strategies, but let’s um Why don’t we go through some of the strat not go through the strategies But some ideas when someone’s to look at their debt and what the hell they do with all of it

I think first off it’s important just to get statements understand how much they owe and Where the interest rate is at and that gives us a really good initial picture to start and then we can move on from there

Yeah, and like you said, it’s it’s organizing.

Okay, we need to organize this however the person wants to do it whether they want to organize it by you know, the the biggest payoff that they have or whether they want to organize it by you know, the highest interest rate and Then it’s gonna be our job Next to dive into, okay, what’s that threshold and what do we need to, you know, attack first and then roll onto the next thing?

You

also have to look at what are they trying to accomplish? Like what’s the reason that we’re needing to get them out of the debt situation that they’re in, right? Are we trying to buy a house? We trying to put more towards retirement. We trying to, what are we trying to do here? Because that really ultimately drives what we do next as far as.

That debt analysis and making sure that we’re putting their money to work the right way

Absolutely, and then the other part of it is is the mindset behind what is debt? That was me. No, that was me. Oh, right because you have the volume I got the email at same time the way The next piece is is the mindset behind debt, right?

Our philosophy with debt is there’s bad debt credit cards student loans Everything else is an asset that can go to work for you, right? alone Is an ability to make you more money, right? We’ll use an example of Lindsay right now. Getting a little loaner on her little, uh, piece of land, little, little, uh, minuscule thing in, in Illinois.

It’s a little bit bigger than that. Um, but it’s an asset to the world, right? It’s an asset that is sitting there that yes, it’s getting rented and all that stuff, but what else could we do? What we can do is take that equity out and let it go to work. To make it pay itself off the actual debt of it and make a greater return.

And guess what happens once it pays itself off, you do it again. And so the same asset is making one. It’s paying for itself, making you money and repeating itself over and over and over again. Right? So that mindset about what is debt. It needs to flip for the majority of people and that’s what we work on educating because your home, for example, is the same thing as that land, there is equity in it.

You want to pay it off as fast as you can. Again, doesn’t make much sense because then it’s just sitting there and not doing anything for you, right? Because if you revert back to episode With Brian episode with Brian and we really hit home the fact that your primary home is a losing asset if you don’t use the equity for what it’s worth and I’m a simplify that before we move on is most well, interest rates are going up.

We’ll just, we’ll take four and a half percent. It’s take a little while for interest rates to get up there. If my home is at four and a half percent. Do you think I can take some equity out of it and get a higher return than four and a half percent or just four and a half percent, let alone higher. Is that doable?

You sure hope so. I mean, obviously we know that from one of our bank counts that gets us 8 percent just in a fixed account, right? So we know that, for example, is a win, let alone all the other things you do. So if you’re sitting on your house and you’re not doing those things, it’s not paying for itself anymore.

It’s not getting you return your money. Is just sitting there hanging out hoping that the house is a place. Yeah, so like Texas Texas is very high in homes. Ours are high, too Okay. Yeah. Is it going to keep on that pace to keep you getting your appreciation? I don’t know. You should look back in history.

Look at 2008. Let me know if that’s, uh, if that worked out well for those people. For you young people, it didn’t. It did not work well. Um, it’s called housing crisis. Look it up. It’s on Google. You’ll be fine.

So I think the value, what this brings up for me is clients come in asking about how to prioritize.

And I think the value we can bring as planners, as advisors, is really to have that conversation with them and help them break it down. What is important? What should we tackle first? Because it gets confusing. I have debt. Do I need to invest? Should I pay down the debt? All those questions they come in with.

So I think this is a good, in this foundation planning, it’s a really good tool and really good value that we add for them.

Absolutely. Next piece.

Employee benefit review and analysis. Oh, this one’s fun. Yeah.

I love employee benefits. I mean that came from HR. Yeah. Huh.

Okay. Take it, HR. I mean if we had IT, although, she couldn’t even

turn her on.

Well I just think, so employee benefits, you know, you get a huge packet, or you get, it’s on, it’s on the computer somewhere and Are the clients reading everything? Are they taking advantage of everything that they could be using? So I think it’s a really good time to optimize, take a look at that, help them optimize it and pick what’s best for them, their family, and make sure, again, the benefits are working

for them.

Yeah, I think one of the ones I saw, um, I had a client who, uh, was a nurse at the VA, which is amazing. Love the VA. And I’m like, Hey, just send me your stuff. Well, we’ll go through optimization because you have like two weeks. Didn’t give me much time. She flops it down and it is 30 health plans, 30 choices.

You know what people are going to do? They’re going to go. Cheapest one. This is the cheapest one. Let’s just go with it. We’ll figure it out later and not realizing, okay, maybe. This one, I think, for example, didn’t have Mayo coverage, right? And one didn’t have maternity. One like there’s all these bits and pieces that you don’t look into that need to go towards your financial plan, and that’s why it is part of the foundations because it can be detrimental and really get you going as well.

Um, even if we’re saying, Hey, don’t take your benefits like that is part of it, too. You might not need to take all of them. It might not make sense. Right? If you have disability, we did this with one of our clients of, you have one that you’re paying for and you have another one that you’re paying for.

Guess what? With disability, you can’t double dip. You can’t double dip on disability. So why are you double paying? Let’s keep the one that makes the most sense. Um, those are just some of those little bit of philosophies. I think

even if you’re married or have a spouse partner that has benefits and you’re able to go on one of the other.

It’s good to check which is better, which is providing the better coverage.

Or both, right? What if Right. Or each one and each other. Yeah. You go in each one because maybe they’re giving a better discount or it’s 50 50 for individuals only, but the spouse has to pay a hundred percent. Fine. Let’s take 50 50.

You may

actually find that you’re surprised by some of the benefits that you do have when you don’t read through the packet and don’t understand everything that’s there. You might be missing some pretty awesome benefits too.

So you send it to us and let us do it. Right?

So do we include looking at retirement plans?

The workplace benefit. Yeah, all benefits. We didn’t talk about it. Student loan, student loan pay down. So it’s whatever benefits your work offers your flexibility, how you want to negotiate your next deal by deal. I mean, contract trinity brain’s going the other way. Um, which goes into, obviously we are already mentioned the Roth IRA part.

So that’s, that’s our foundations, right? Um, it’ll eventually be on our website.

Um, but people are going to ask, like, what is, what does that cost me? Well, just like everything depends on complexity, complexity. I almost said complexity. You guys, I’m not doing well. It’s Wednesday. It’s a county. They’re counting today just destroyed my brain. They’re not doing well. Uh, so the planning essentials, our foundations, uh, tier starts at 300.

Now that’s a lot of money. Nope. It’s really not, but you get us, you get unlimited texts, calls, just don’t do it at night. Um, and Slack, right? You get all of us, you get the whole team, um, leading into that. So as we go through the other tiers, revert back to the foundations. We’re not going to go through all of them, right?

All the way back. They’re going to add different things as we go through. So what’s next? Now that we have a foundation. Gotta

elevate. Ooh. Gotta rise. Gotta rise. Rise

up. Go Falcons.

Maybe next year.

I

mean, it might take a few years. Let’s not kid. Let’s not say next year. However, best quarterback in the land right now, Matt Ryan doesn’t have any competition in the NFC South.

So, we’re good. We diverge. Alright, elevate. Go ahead. You you led with it. So, you have to take it.

So this is where we get into your investments and optimizing that and then also looking at your insurance. Do you have insurance? Is anything missing? It could be life insurance, disability, long term care.

Analyze those and provide recommendations. Then also, everyone’s favorite, property and casualty. Taking a look at your home, auto, all the good stuff. Full

picture. Do you want to, um, okay, so when we mean optimize an investment portfolio. In foundations, we’re obviously going to do your investments too, right?

But it’s going to be more on the traditional and basic to get you going side. When we get to elevate, it’s time to, for lack of a better term, elevate. So now we are diving into those investments and other investments that you can get involved with. Outside of the traditional standpoint to get you prepared for actually growing your worth because growing your net worth, you, you can do it inside of, you know, ETFs, mutual funds and whatnot, but not to the degree at which you think you can, right?

So to elevate you, we’re going to dive into that a little more. And that’s huge, huge piece of it. Um, obviously our background with Trinity and commercial real estate, Kala with hedge fund, um, as well as Kala Capital with some Forex stuff. Like there’s going to be a lot of ways to, to grow, um, your net worth in that regard.

Um, we’re going to let the insurance gal take the insurance analysis and recommendations. So explain to the audience what we, uh, what do we mean by that? Um, and why is that? In this tier, sure. So

making sure that you have all the right insurance in place is a really, it’s kind of this blend between foundations and elevate because you can really accomplish both things with the right type of insurance, but specifically with the life disability and long term care stuff, right before we can really take big strides in building your net worth, we have to make sure that something happens.

And you’re out there in the wilderness and you haven’t, you haven’t been picked up yet. You got to make sure that your plans are still going to

happen. I like what you did there. Yeah.

It’s my story. Oh, yeah. Yeah.

You see how I did that?

So that’s, that’s a big piece of it there. So whether you lose your job for a short period of time or injured, can’t go to work for a period of time, that impacts.

Everything in the foundation bucket, right? Your budget, cash flow, all the things. So we have to make sure that those things are taken care of. Same thing with long term care. A long term care event down the line can really impact what’s happening with you and your family. And so we have to make sure that we have those, those things covered, um, and really get into the nitty gritty of it with you.

And then property and casualty is more about making sure that you can’t be held liable for things. And that those liabilities aren’t going to come touch your assets. So we have to make sure your assets are protected under any and all circumstances. And so that’s really where the importance of those come into play.

Absolutely. And I think, um, going into even a little more complexity with that. Yes, we’re saying we need to protect everything and all of that, but also these tools can go a very long way in building your wealth while protecting at the same time. And so that’s where the optimization and the personalization that we bring.

comes into play. Yes, you can go get all these randomly. But does it make sense for your plan? Is it helping build your worth, your net worth? And also, is it making sure that your legacy lasts too? Because these are also legacy plays. And we’ll get to legacy obviously very shortly. But that’s the whole part of this journey is to get you started, elevate you, prepare you for the next stage.

And that next stage is cost, elevates cost. Minimum is? 500 per month. A hundo. Okay, here we go. All right, moving on. Now, after elevating, we

prosper.

Prosper. Prosper. I should be in the gospel. You think I can get away with it? So I think we should put

our Texas location in prosper because there’s a prosper Texas.

It’s just

not. There’s a prosper Texas? So you’re, you’re moving to Prosper then? No. I didn’t think so. No. What’s in Prosper, Texas? That

doesn’t work very well. There’s some really cool things in Prosper, Texas.

Are people prospering?

I believe they are.

Shout out Prosper, Texas.

Hey! Give us a call at Prosper.

All so, so many people are gonna be like,

prosper. Anyways, I’m gonna Google back to the Prosper

tier. Ryan, take it away. So in this teal or tier, geez, I can’t do that. We’re

losing it. We’re losing it

in this tier. As story mentioned before, uh, it’s gonna include all of those services that are in those foundations and elevate tears.

We’re not gonna go back your own butt. Just making sure that you guys know that it does include those. Uh, along with those, you’re gonna get some tax planning. Uh, Stoy is basically our resident accountant now, after today, I

got a, I got a minor CPA. That’s fine.

Uh, but no, we have, we have a partner firm that we work with, uh, you know, and a lot of that tax planning or all that tax planning will go through them, but at the same time working with us, making sure that we’re doing all those necessary things to not pay any

taxes.

Yeah, I mean the important piece of the tax planning is everything we’re doing is long term focused, right? Yeah, building your net worth even legacy. However, there’s a real big caveat there You need to do that correctly long term and also make sure that your short term Doesn’t get hurt too and short term is really all taxes because it happens, you know Like every year unless you just don’t pay which don’t do that.

It’s a felony. Yeah, I learned that yesterday go to jail for that Tax evasion is what’s called? Big deal apparently, uh, so you need to make sure that you’re optimizing your tax planning on the front end on the short term side But also while you’re doing that that it takes care of the long term things, right?

Right, and we revert back to the the whole Roth IRA traditional IRA conversation, which was episode Roth IRA IRA It was the IRA team. I need I need the numbers. I don’t I don’t know I’m not good at this but you can go back and look at it And that’s why our philosophy of, Hey, let’s put it into a brokerage, get through tax planning, then decide where it goes, right?

Because we don’t want to get stuck in one way or another because it could hurt your short term and your long term at the same time.

Correct. And I think that’s something that separates our partner, uh, in that tax plan. Shout out Brian Morrow. Yeah, absolutely. Also you and I grad. But something that separates him is.

Is he will look at retirement planning. He will look at that future stuff where a lot of accountants that you’ll see focus really just on those taxes and what’s in front of them and not planning for the future. Looking backwards. Absolutely. So he’s a very, very futuristic person and

plans for that future.

And for those business owners or people who should be business owners that have 1099s or just get money and don’t get a 1099.

Yeah. That’s an inside thing, um, that she’ll probably pick up in. Text me about, but that being said is, uh, I don’t even know where I was going with that because that was just, I, nevermind anyway, still you’re on fire. I am on something, not food. That is, I didn’t eat today. Um, so obviously the importance of taxing business owners and whatnot is let the experts do it.

And when I, when I mean that is legitimately, all we do is give Brian the tax returns, a couple of years of them. Um, current P and L and he just goes to work. There was one client I remember specifically. Handed it to him. It’s like one of the first ones. He handed it back. He said, I can save him 70, 000 in taxes and I won’t.

I’m like, huh? Like a 7 and a 0? 0, 0, 0? He’s like, yeah. And it’s gonna cost them, I think it was like 8K or 10K, something like that. I was like, wait. So, going with you, they’re going to save 70K and pay 10K ish. I was like, yeah, um, client, we’re doing this because that’s just too big. That’s too big of a gap.

And it’s because of the philosophy around long term planning, using short term things and also being, you know, everyone’s afraid of the aggressive term, but being more aggressive to the code of what it is and being willing to go to bat for you because he’s the one who’s on the hook for it. So that’s a very, very important piece.

And guess what? Brian will be on in two episodes, maybe. I don’t know what episodes come out in two weeks. Are we plugging tax? He’s coming in. I’m going to plug it throughout, but definitely right now. So after tax planning, obviously it’s important. What’s next on the list. So you

mentioned it a little bit before, uh, with long term care and, and some of those insurances, um, but legacy planning, what, what.

What do you want for, what do you want to leave behind? What sort of legacy do you want to leave behind when, as morbid as it is, your time comes? When we

croak? When we get put six feet under? Uh, unless you get cremated and then you’re in the, then you’re going, then you’re going in the wind. Who said, geez, so morbid.

Talking about killing people? Not murderers. Murderer. Murderer. Murderer

who? Gosh, I could plug, I’d plug that in this one and the other one. That’s good. Those are funny.

We, we do this too often. This is an

important family conversation. Definitely. It

is. Absolutely. The entire family and not like, obviously for older, you need to get your kids and grandkids.

Um, you know, for around our age, it’s important for us. Our kids aren’t old enough to really understand, but we still should include them. But you want to talk about generational wealth building. You have to hit legacy plan. You have to, um, I know in the minority, specifically black households, there is no generational wealth really.

And that’s because of not having. Correct. Legacy planning. Yes, there’s other factors, but specifically not having something in place. And it doesn’t mean you have to be worth millions of dollars to have it. It can be worth 50, 000, 10, 000, zero. But you want to make sure that this gets passed on to the next generation to help them where they’re at.

And not just dollars. We’ve seen it many times. Dollars get handed over, dollars get spent very, very quickly, and then it’s gone, and then there’s nothing, and that’s usually what happens when you get to the lower income, even lower middle class, their legacy gets handed off, and they’re thinking it’s great, but it’s just now cash in hand with no rules or structure behind it, like a trust or will, preferably a trust, um, to make sure that that lasts for a very long time.

So not only

are we helping establish those four people, but if somebody comes in and they have it established, We’re still going to help them update those and continually look at those year after year, correct?

Absolutely. And I know Lindsay are talking about this is this week or last week. Anyway, no matter.

Um, no, I was talking to Cheryl about it. Hickerson shout out. I think this is every episode, every

episode, every episode.

You’re my girl. Um, anyways, Cheryl and I were talking about this. Because of the loss of her father and the fact that family members should not be the ones in charge of the legacy piece.

100 percent Leave that to the experts because the emotions and all the baggage gets involved and that’s how families get broken up, right? We talked about a little bit on my intro about legacy of why we launched Legacy Fiduciary Services. And it goes to deeper and every conversation had with. Advisors or family members who’ve gone through the terrible side of it, family members should not be in charge of it.

That is the experts and that’s us. That’s what we’re here for. So, like you said, if you currently have something, we’re going to help optimize it and make sure that it actually occurs. If you don’t, let’s get one set up, let’s go to work. And

there’s always family things that pop up or new things, another kid, something that could be added.

So you need to make sure you’re always checking on

that. Damn kids. Go back to the kids thing. Well, I think

this is a place to talk about how this is, this is how you separate yourself to from a legacy generational wealth standpoint. When you talk about wealth transfer with family members. That elevates your entire family in the wealth conversation because not enough families do that.

Even families in position to transfer wealth from generation to generation. They’re not, we’re not having enough dialogue about how to transfer wealth and what the family intentions are for that wealth going forward. So I think that that’s really important to talk about here too.

Absolutely. And we’re getting to the point in our society that there’s a lot of older people dying.

And they’re going to, because they’re getting old, it’s just how it works that don’t have anything in place and the other generations hopefully don’t screw it up. But two, it’s a cluster, specifically with some of the complexities, just a cluster, right? So we need to hit that. All right. Off that train.

We’ll definitely dive into that a lot deeper. Uh, one of my favorites. I

think you, I think you got to run with this one. This is you. Look at this. Look at the smile on his face. Like you have to do this, I

think. Self directed accounts, right? So in this tier, this is included. Outside this tier, as an add on.

By the way, tax planning, legacy planning, self directed, and some others are also add ons, which we’ll get to later. I just want to make sure everyone knows this. But self directed accounts, how much fun can you have with those? So, everyone knows what an IRA is at this point, I hope. If not, go back to, um, HSAs we haven’t really talked about as much.

We did a little bit. Not a lot. Um, did you guys know Oh, and solo case. Did you know that those could be self directed accounts? No. Did you know that they can own an LLC and go like buy businesses and real estate and all that fun stuff? And apparently LOIs, just learned that one. No. I didn’t teach you guys that.

Told Lindsay a little bit about that. No, Ryan was, Ryan was involved with that. I was there. I was in that one. You weren’t. But, whew, that was a fun one too. There’s a lot of different ways that your IRA, Self directed of course, and I don’t mean the self directed brokerage ones that you get at TD Schwab.

That’s not a self directed account This is go look it up. Google it shout out to Directed IRA KKK OS lawyers. I need I need some free hours because I’m kicking people either way Brian just had an idea and it’s gonna cost us 550 an hour. Yeah, so I’m trying to get

No. Okay. The ambition’s there. No, I don’t have attorneys like that. Nope. Just

checking. I’m just checking. You love it so much.

I didn’t know. But you get to use those. We implement those across everything that goes on, right? All these businesses, LOIs that apparently now new and cool, your IRA can invest in.

And guess what happens if you or IRA decides to be a 10 percent owner in that startup. And that startup ends up being a billion dollars in five years. It sounds good. I think you get 10 percent of that. Oh, you do. And that is a hundred million, right? Not only that, if it’s a Roth, now it’s all tax free, it’s all tax free.

Wait, I can invest and it’s all tax free. Cause it’s inside my self directed IRA. Yeah. Abso freaking lutely. So the wealthiest of wealth, they use these strategies all the time,

all the time. And in case you didn’t know, we are geeks about finance because Stoic just geeked out in the

worst way over this.

Hey, I, I say best way. It was the best way. It’s fine. It grows wealth. There’s all the cool little complexities that you’re gonna get with us. There’s a lot more

You know, I have that conversation with people about self directed. Most people haven’t heard of it, right? Yeah, so it’s like It’s opening up a whole new world, a whole new avenue for people to build that world.

Oh my. That’s. Okay. I’m not joining you

in that one. I’m going to absolutely say this. Greatest Disney movie of all time. Ooh. That’s my, that’s my hot take of today. Hot take. Aladdin. Best,

best Disney movie. Okay. Okay. Okay. Sorry.

I

have so many questions about that. Just wait till you have your

baby.

That’s an off air situation.

Easy. Easy. Okay. So self directed and prosper. Right? We digress. That is, obviously, near and dear to my heart, really fun to deal with. So those are our initial three tiers. Foundations, Elevate, and Prosper. This next jump. Uh, sorry. Prosper is 900 a month minimum, starter, because of all those other things included.

This next jump is not only a jump in cost, but it’s a jump in wealth, legacy, everything in your life. And the reason we’re on this journey and pushing people towards this, because again, people who have wealth, the wealthiest of the wealth go this route. And the reason for it is because they can focus on the things that matter the most.

That making money, however they’re making money and being with their family, the rest of all their other decisions. Are made for them handled by someone else, and that’s where we get to the next tier of transcend, and it’s time to transcend time to delegate. We’ve went prosper transcending to transcend.

You have to have a team again. That team is still black mammoth. Uh, this mammoth is a little bigger, but it’s, it’s fine. Um, and that is the whole family on it. And that is a family office. We picked up the whole

family,

the whole family, the whole family. And then when someone dies, like, do we get it? Like we just hang them off the side and we just bury them somewhere.

And then we move on. How’s that work? Yeah. It was, um, so we get to the family office side, family office. Can someone give me a simple definition of a family office? Yes. I won’t cut it. Sorry. It’s a, it’s.

It means that we’re taking care of literally all the inflows and outflows that go through your family for you so that you can focus on the things that bring those inflows and outflows to your family.

Yeah, right. Kind of a trick question. It’s not very easy. It’s not simple to answer because this is very complex and very in depth.

So as we walk through the foundations and we were talking about cash flows and budget and everything that’s on the person. Right. And how they spend and all that stuff and actually doing the spending, um, is all on them, benefits, all of those things really are us saying this is what you need to do and then you either do it or you don’t.

We get into the family office side, it is the client saying, get it done, I just want to do this. I need to go make this money and take care of my family and that is it. I don’t

like outsourcing your accounting department, outsourcing finances.

It’s like outsourcing your entire finance, all your financial decisions.

Like all that is off out of your brain onto a team, right? Um, for like, for an example, Hey, I want to, I want to buy this, this truck. Okay. What type of truck? Cool. We’re going to find it. We’re going to get the color. You want the package? You want the lending done? All you have to do is sign and it will be delivered to you.

That’s one piece. Right? Um, other pieces can go as far as helping run your business, CFO stuff, right? Um, I don’t want to do this one, but college education, figuring out the university stuff, all the details, all of the things that we all don’t like doing, including ourselves financially, the family office takes care of.

Now, if that sounds like something you want, then that’s what we’re gearing towards. But you get into this realm and this is when a lot. You’re, you’re obviously prospering, you’re doing very well and now we’re transcending. We’re taking you to a level that you probably never even thought of. And a lot, a big piece of that is investment vetting on top of it.

People this, at this caliber are doing investments all over the place, right? And we don’t just mean real estate. We don’t just mean, um, you know, this type of business or that type of business, but they’re getting hit up all over the place. Hey, my buddy. In Egypt has a apartment complex that we, uh, that I want to get invested in.

Sure. Send it here. We’ll figure it out. We’ll figure out the tax piece. We’ll figure out how much you can do. How’s it going to work? Do you need to recognize the money in America? I mean, there’s so many things that go into a vetting of an investment and that is all included in the good old family office.

It feels cozy. It should good. It should should feel cozy. I mean, I think it

lets it lets the family be the family and go out and do what they need to do and just enjoy life and takes that stress off of them and Again continues to build their

wealth. Yeah Anyone else have anything to say about transcend I Don’t think so.

I mean

you definitely hit on the stuff. It’s You’re you’re you’re getting a lot for what it is and the only other thing that I can basically say is I mean, the cost of it

is what we’re talking about. That’s probably the biggest part, because I think we differ than some other family offices that are out there.

That differentiate us and

why that’s important to us. Let’s do the good, uh, the good salesman in marketing. Let’s take what people out there are doing, and then whittle it down to ours. Huh? Right? We’re supposed to do that. That’s what we’re taught. So, you guys looked it up. You did a little research. Um, a typical multifamily office, technically.

Um, What are the costs and how do you get into one from a numbers perspective? Do you guys remember?

Uh, so there’s two different kind of fee structures that, that I saw. One of them is basically 1 percent of all of your assets. Not, not just assets out your control, whatever it is. I mean, if you’re a family office, we would control that, but all assets, monetary, physical, tangible, anything.

Everything. 1%. So, that is one structure. The other structure was basically a flat fee of like 250, 000 a year.

Excuse me? 250, 000. Oh, okay. Is that a quarter of a million? A quarter of a million?

Yeah.

Not too shabby. And, and some of those, and I can speak for those two past, but a lot of them you have to have 25 million of net worth to even Talk about it.

even knock on the door. Again, Black Mammoth, what we do is we take concepts and we whittle it down to more people to build their wealth. So, our structure is, Mr. Fee Guy.

Fee right here, uh, family office and this transcend stuff starts at 4, 000 a month and then 750 per additional family member that you’re tacking on

to that.

And why are we attacking additional family member on? That’s, I’m And that’s an adult, obviously, and

that’s what I was going to say. Adult family, not my, not

my four, my four and seven year old. No, get the hell out of here with that. But why is that?

Because as they’re young adults, this now establishes since basically forcing them to now establish their own legacy and get that started and keep the legacy rolling.

Cause that’s our big thing. Just like we talked about in prosper, you’re getting those things. We want to establish that legacy with you as well and keep that plan rolling.

Absolutely, and when the initial family, mom, dad die, it’s obviously going to, because we created it, roll into the next. Yeah. Right. And so that’s just how you can continue this legacy going and getting them involved as soon as they turn into an adult.

They’ll probably involve before that, but they won’t really understand when they’re 18 or whenever the family decides to turn that on is that’s when we’re like, okay, you’re at the table now. Yeah. There’s some big decisions that need to be made, right, and it gets them involved to help roll over to that, to that next generation, because this legacy Legacy’s supposed to last forever.

Um, endeavor. Amen. Um, so that’s, that’s that cost. Now, the last one, our last tier, um, on our journey is probably the one that I love, the name the best, right? Love me. Absolutely. A little, a little Ohana. I love Ohana. I love Ohana.

I use that at home. Lisa, Lisa alluded to that earlier when she said she wanted, her journey was in Hawaii.

Hawaii, right? So for, for the audience, uh, Ohana means what? Family. Family. Family. Which ties into Kala Capital, which Kala in Hawaiian means money and Ohana means family. You think we like Hawaii? Maybe. Maybe a little bit. We only go, you know, at least once a year, so no, no, no. So on this one, this is where now we’re in complete control.

We’re doing all of your bill pay, really taking care of everything, and including travel, right? Before, in Transcend, book your own travel, figure out what you want to do. Now, you’re saying, I want to go to Tahiti. Okay, what dates? Got it. Booked. You’re on your way. We’re on it. Bill pay same way now. A lot of things are on auto.

Of course, we recognize that but making sure that it’s balanced and kosher and going through all of that and part of that is What we do is we build I? Don’t want to get into details. I don’t give everything away but there is a structure with a certain credit card company that allows you as a family to have one and That’s the only card you need you don’t need Like my wallet has like four different things In one slot, like four in the other doesn’t help having a bunch of businesses and whatnot.

You get one, we take care of the rest and we continue to grow, right? So at Ohana, it’s everything that you could ever possibly think of. He’ll pay, um, travel and a lot of that ends up being something with the business too, right? Cause that’s how it works. So that wasn’t, we’re not much to say about that one cause it’s famous Ohana.

It’s easy, simple. Uh, that minimum is 5, 500 per month. And 1200 per additional family member. And then you’re done. It’s locked in, locked in. It’s how we do, it’s how we roll. So that’s, that’s our journey. We get you from foundations to, to Ohana and the whole way we’re here, you’re riding on our backs, making us sore, but Hey, we’ll take care of

it.

I love it. I think it, it finds a place for all different types of people, all different stages of life to be part of our journey together. Yeah, I think it

lays it out for people to like, what are you actually trying to accomplish when you’re sitting down and budgeting for the first time? Right? Like, what’s the ultimate goal that you’re trying to get to this lays it out really clear for them and gives them some aspirations to work towards.

I think people will notice a trend. Um, and a lot of the stuff that we’re talking about and that’s team family, um, you know, relationship, these kinds of things. Lindsay alluded to it a ton in her intro. Um, You know, we really do want to build that relationship and want you to be like a family member, like you’re my family now, like you said, and clients like, don’t just think that if you’re in one stage and you’re not an Ohana.

That doesn’t mean you’re not family to us. Just because Ohana means family doesn’t mean that you’re not family to us. We’re going to treat you like your family, regardless of the stage. Well, and

Lindsey’s mama bear, right? Yeah, exactly. We got mama bear

here. Also, inside joke. We’ll fill you in later, don’t worry.

What was in her episode number?

Yeah, I know. That’s why I said we’ll fill you in later. I don’t remember episode. Episode Lindsey. Lindsey episode. Episode niner. All right. So that’s the end of that. Now there’s this other big piece that’s missing. Um, and that we’ve alluded to a little bit and that’s the business side, right?

Um, and when we business, we also mean nonprofit legitimately, just a business, whatever type of business it is. Um, this is where we do more of a consulting. It can be an add on to any of these. It can be included. Um, again, doesn’t. It just happens to be that way, um, as Brian would probably say, if you’re going to do any of these, we’re going to run it through a business.

If you have a business, right? Because then you get a nice little deduction and, uh, that makes these numbers lesser to you benefit, right? Perks all about the perks here. Um, this is where it gets, this is where it gets kind of crazy and outside of the tax side, because we’ll let Brian go down that rabbit hole.

Um, yeah. What are some things that we can do for you and help you through, um, on the business side of the aisle? Well,

first things first, we’re, cause we’re about to do this for somebody or help them, uh, is setting up that business. Uh, the name, the docs, everything we’re, we’re going to help you through those, through that portion of setting that up.

Initial foundation.

Oh, absolutely. So, yep. Yep. So, if you don’t have one. It’s a good start. Yeah. Great start. Great start. Um, what’s next? So, well, we’ll use them from our last meeting. Employee benefits. Employee benefits. Right? Um, making sure that you can, what is it? Attract and retain. Retain, motivate. And motivate.

Ugh. Been in this industry way too long. Uh, that’s gross. Uh, which also comes into play with. Retirement plans. Those are all benefits together, but also those, I don’t want to use it alternative benefits. I need a better word. I gotta get rid of alternative. And what we mean by those is what if about student loan pay down, right?

That’s a, that’s a big one that’s happening. Um, Flexibility of hours. That’s a currently a pressing issue as we speak with a lot of places. All of those are alternative things that can be built in that don’t have to be on a piece of paper with 18 documents that says pick one, right? Those are those can be involved with it as well.

Well, duh, employee financial planning, right? Hey, business owner, here’s a really good perk. You might not want to spend thousands of dollars on other benefits, but hey, why don’t you pick up 50 percent of their financial planning bill and really build their worth? And guess what? They’ll probably stay with you longer because they’re happier because everything’s taken care of.

I love this idea because I think you see, you know, 401k provider or someone come in and do the. So, onboarding once a year, how do you set up that? And then it’s not again. So again, we’ve, we’ve talked about like this is lifelong learning. We’re there to be able to do that for the employees, which is

awesome.

Well, and if they’re, if they’re constantly focused on their finances and they’re probably not focused on producing for you, right? So I mean, if we help them in that journey with as personal financials, then. They’re probably going to be a little bit better of an employee on that

end, too. Right, financial stress is huge in the workforce, so.

Yeah,

it’s huge in marriage, huge in life. Everything, everything. Money is every, it’s not everything, but it is everything. It’s every stressor, huh? We’ll go with that. Obviously, the owner, their financial planning. And CFO services. Again, we’ll have Brian on more in detail with some tax stuff, which. alludes into some CFO work.

But when we mean CFO work, a lot of people think CFO and accountant are the same and they’re not. They’re drastically different, right? CFO is the visionary helping you put revenue models together, who to hire, why to hire, what structure. Um, that’s our expertise to really get the business moving forward and help you on a Day to day, week to week, it just depends.

Future, growth.

A lot

of cost benefit analysis. A lot of cost benefit analysis. So that’s what goes into the business planning side. Again, that tier doesn’t have a number to it because it all, that is a very customizable, complex, variable driven um, situation there, so. Alright, we’re going to wrap up soon. Um, but before we do, any final thoughts?

From the squad, the team, the Ohana, the fam,

the fam,

fam, nothing, nobody, I mean, so,

so I think one thing that I will mention, um, when we’re, when we’re in our processes and we’re sitting down with you initially and we’re trying, you don’t necessarily, people don’t necessarily have to start in foundations or have to start in Elevate or have to start in Prosper or any of those.

It’s It’s our job to figure out what’s in the best interest for you. So you might be past foundations and you might need a few of these other services or all of these other services. So we’re probably going to say, Hey, you know what? Prosperous prospers the best tier for you to be in. Um, just based off of the services that I think, you know, would benefit you the most.

Yeah, absolutely. And along with that, if you want to be in foundations or you want to be an elevate and you don’t necessarily want to jump up to that prosper. There’s some a la carte options on here to help, you know, pad those, pad those other tiers.

I love the a la carte menu at restaurants, so I think it’s good to add on, you know, add on like this, this year I may need X on top of what I’m already doing.

Absolutely. It tastes good. It sounds good. I’m adding it.

And in fun fact, we’ll use your accountant too. We’re not tied to Brian to the where you have to use them. We’re going to work with anyone’s accountant to get these things done, um, and maybe bring some different tools that they’ve never had before.

Just to let everyone know. A little plug. I just didn’t want to miss that out. Next. Anybody else? Cause Lindsay’s gonna finish it, so. She does, she knows, but she doesn’t know. Yeah, see that shocked face? Team, I want you to take that face, and I want you to like, do a clip of her shocked face. So we can reuse it.

That’s awesome. A meme of sorts? Thanks.

Oh my gosh. Well, I think, I think we bring it back to the beginning on your little journey you took us on. And, you know, you think about New York City, which I’ve lived. It is crazy stuff all around you. It’s distracting. Lots of people, like. In the financial world, that’s like in your head, if you’re stressed out about whatever’s going on.

And being able to find a team that can help you move through those stages and get to a place where you feel safe, you feel secure, you feel taken care of, is the best thing that we can do for people and that’s why we’re here.

Absolutely. So we appreciate it. We also appreciate connections that we have that bring us goods.

You don’t see it, but I need you to talk about this. This is how we’re ending it. There it is.

Okay. Go ahead. All right. So there’s this awesome company here in Dallas, Fort Worth called Ice Shaker. This is their logo. You can’t really see it on the white.

Can you see it on the black one? Yeah, you absolutely can.

I don’t know if the camera can. It’s not on it. You got to come.

Okay. But look at how awesome this thing is. This

tumbler. Oh, look at it. Look, I’m doing a sales thing for Ice Shaker. By the way, Chris, um, yeah, you need a meeting with Lindsay. Because I’m doing this, look at that, look at that. This has always been the problem.

Little ball gets stuck. You lose them. And you lose them, and then you got nothing. So, there’s a shaker included with it. So, audience, ice shaker. Ice shaker. Also, if you want Black Mammoth ones, they’re available for sale for 20 bucks. We’ll send them to you. We’ll ship them. Free shipping for you, not for us.

This is not how it works. Wish it did. Um, as well as we’ll have Colin Trinity available on top of it. And maybe if we plug him hard enough, I think Lindsey could maybe get him on our podcast. Are we going to try and get Chris on here? I think we should. I mean, his, his story of how this company even got to where it’s at, uh, is tremendous.

And I think we can go down some, some really cool paths that way. So I think, uh, I think you should try to do that, but, uh, Chris, no pressure. No pressure. No pressure. No pressure. All right. We’re out. We’re done. For the day. Who’s wrapping it?

Where, where can you find us?

Oh, yeah, we’ll do it. All right, do your job.

Well, I was waiting for you to But as always, everybody, we appreciate you. Uh, like, subscribe, follow, share. We’re gonna be on any, any, uh, platform that you can find your, your podcast. We’re on YouTube as well. Uh, a ton of different socials. Uh, No BS Wealth on socials, Instagram, Twitter. Um, we have our Black Mammoth Facebook pages, our Trinity Facebook pages.

TikTok. TikTok, we do have TikTok. So, if you guys might see some on there. Um, But as always comment, comment to us, uh, follow links, email us, call us, show up at our office,

full bar, promise you. Exactly.

So, you know, we’re, we’re here for you guys. So any questions you guys have, uh, shoot them our way.

Mhm.

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