11/22/24 Community First: Chief Greg Terry on Leadership and Bakersfield PAL Initiatives

The Moneywise Radio Show and Podcast Friday, November 22nd BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Guys" podcast call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Management instagram: MoneywiseWealthManagement Guest: Greg Terry, Chief of the Bakersfield Police Department website: https://joinbpd.us/ Bakersfield_Police_Activities_League

• 0:00Speaker 00

  From the padded radio room off Stockdale Highway, here is Money Wise. Call or text in at 661-396-1000.

• 0:09Speaker 01

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• 0:29Speaker 02

  Securities offered through SEF Securities, Inc., member FINRA/SIPC. Investment advisory services offered through SEF Investment Advisors, Inc. SEF Securities, Inc. and Money Wise Wealth Management are independently owned and operated.

• 0:39Speaker 00

  Now, let's start the Money Wise Show.

• 0:42Speaker 03

  That's right. Welcome to the Money Wise Show. We are live from the padded radio room off Stockdale Highway. We are live on ESPN, Bakersfield, 1230 AM, 101.1, and always streaming at your favorite podcast locations. Today is getting down to business. We didn't come in without, or what?

• 1:03Speaker 00

  Yeah, my program that hits all the sound bites crashed yesterday.

• 1:07Speaker 03

  So, no fun.

• 1:08Speaker 00

  I was almost gonna sing it, but I don't have the voice.

• 1:11Speaker 03

  Come on, do it. Bless our listeners. It is Getting Down to Business Friday. I am really excited about our guest today. It is Chief Greg Terry, Chief of Police, Bakersfield Police Department, gonna be coming in and talking about B-PAL, which I am on the Board of Directors of B-PAL, near and dear to my heart. As most of you listeners know, it's been a little bit of a crazy year, so I haven't even been able to be quite as involved as I wanted to be this year with B-PAL, but it's a wonderful organization in our community that...

• 1:41Speaker 00

  Did they change that name?

• 1:42Speaker 03

  B-PAL?

• 1:43Speaker 00

  Because I remember a long time ago it was PAL.

• 1:46Speaker 03

  Yeah, maybe.

• 1:47Speaker 00

  I don't know, I was just wondering.

• 1:49Speaker 03

  Well, because now there's a Sheriff's Activities League.

• 1:51Speaker 00

  Sal.

• 1:52Speaker 03

  Sal. So, they might have added the B to specify. The Sheriff's has an organization as well, and this one's for the Bakersfield Police Department. We're older.

• 2:02Speaker 00

  Yeah, been around for a while.

• 2:04Speaker 03

  We started in 1994, just saying.

• 2:05Speaker 00

  I remember when they used to do the boxing. Do they still do that?

• 2:08Speaker 03

  Oh, yeah.

• 2:09Speaker 00

  Oh, really?

• 2:10Speaker 03

  That's the corner, that's the cornerstone piece of B-PAL. Still to this day, and the cool thing is, is one of our major fundraisers is Battle of the Badges.

• 2:19Speaker 04

  Oh, yeah.

• 2:19Speaker 03

  Where police and firefighters and different people. Um, will jump into the ring and fight and it's a big fundraiser for us. So that's been going on for, for years. So. Um, I'm excited to talk to him about it because there's some really exciting news about some, uh, new stuff going on. And also like we are trying to build out of, you know, the whole COVID thing, just all nonprofits. Plain and simple. And when you're a nonprofit, that's also. That's offering a location for after school activities and all that stuff. You can think about the chaos of 2020. Trying to build relationships with those kids in the community. Um, it's been a wild ride, but really, really excited about some of the things. Um, that Chief Terry and some of the wonderful people that work over there at B-PAL have been putting together.

• 3:02Speaker 03

  Um, to, to, to push it even up to the next level and the, the major generosity of our community. So. We'll talk a little bit more about that, uh, when he comes in. I don't know if he's going to come in earlier, maybe after the half of the hour, but we will talk about some. Great things until he joins us. So stick around for that. Um, we're going to talk a little bit about the markets. Um, what's going on? I do see green on the screen, man. The Dow jumped up almost 1% today. It's at 44,296. S and P 500 is up about three tenths of a percent, three and a half percent. Um, uh, I mean, I'm sorry, three point, point three five, geez.

• 3:38Speaker 04

  Point three five.

• 3:39Speaker 03

  Yeah, I said three tenths of a percent and then turned it to three and a half percent. That's a little bit of a difference there. But we're under the 6,000 mark on the S and P 500 is at 5,0969. NASDAQ is at 19,003. That's just slightly positive. The VIX. Dropped like a rock today. Did you see that? VIX, VIX is volatility, kind of, um, you know, consumer sentiment, you know, people. Things moving around, it go, if it's, if it's crazy, it goes up. If it's settling out, it goes down. It was down 9.6 today.

• 4:09Speaker 04

  Smooth.

• 4:09Speaker 03

  Yep. So, so smooth selling, not a whole lot of volatility there on the market. Gold went up one and a half percent, 2017. Oil is at $71. Dollars a barrel. Gold and oil went up almost the exact same amount. Look at that, 1.59, 1.57.

• 4:27Speaker 04

  We're missing one. We're missing one.

• 4:29Speaker 03

  What are we missing?

• 4:30Speaker 04

  Bitcoin.

• 4:31Speaker 03

  Bitcoin is climbing closer to 100,000.

• 4:35Speaker 03

  Up 165% the past year.

• 4:39Speaker 04

  Ooh, you know, the reason why I'm going to bring Bitcoin into this conversation, I'm talking about the markets. And excuse my, my voice, I'm kind of under the weather. I think I got my guy Chris sick over here a little bit.

• 4:52Speaker 03

  You did.

• 4:53Speaker 00

  You sound better. You have the deeper radio voice.

• 4:56Speaker 03

  You have that radio voice, baby.

• 4:59Speaker 04

  Ah, that Barry White. Anyways, crypto, man, I keep telling people that the days of you investing a hundred dollars into Bitcoin and it climb into 200,000 dollars or 50,000 dollars, turning into, you know, millions and millions of dollars, you know, it's over. I don't care if this thing is like bullish right now. We have all these cryptos, you know, going parabolic and all this other stuff, you know. Bitcoin, you're not going to have that drastic move anymore. It's, it's, it's no different from some of the, uh, the top stocks that we see in our NASDAQ, you know, is, is a hundred percent move is, it's going to be a big move.

• 5:41Speaker 04

  It's sufficient enough for Bitcoin to move. But like I said, if you put in a thousand dollars, that's only 2,000 dollars. A hundred thousand to 200,000 dollars is, that's 2,000 dollars, maybe, of a thousand dollars.

• 5:52Speaker 03

  Right.

• 5:52Speaker 04

  So, you know, everybody's like, oh, Bitcoin, I want to get on this, even on the ETF, the IBIT.

• 5:57Speaker 03

  Which, yeah, and it's, it's difficult because we've talked about it before. We couldn't even discuss Bitcoin as an investment option because it was not a registered investment option on the exchanges or anything like that in our world. And now that it is, we can discuss it more. But it's one of those things where you have to remember, you have to look at it like anything else we talk about, like an asset class, right? So what's funny about it is all investment advice, when you see something go up 159% in one year.

• 6:28Speaker 03

  Most times, you would say, be getting out or trimming back or having a plan, which unfortunately, so many people that are big proponents of it, they don't follow any guidelines. It is, it is buy as much as possible because it's going to continue to go up. And, and it's a lot of, um, bad investor behavior. Um, and it, and it truly is, uh, highlighting, um, it's only worth as much as people are willing to put into it. So, you know, when times are good or when it's going up, more money flows into it, which pushes it up even higher. But then if it starts to go down, people start to pull their money out of it because the ones who got in late are losing money. So everybody starts to pull out their money. And, um, some people say, well, oh, big boys are getting involved now.

• 7:12Speaker 03

  You have ETFs with it in there. And I'm like, well, when big boys get involved, they're good at not losing money. So they, they follow a pattern. They follow a strategy where most people that are pouring money into it aren't. So it almost sounds like I'm completely against Bitcoin. I'm not, but I am against bad investor behavior. And it is one of those things where I've been doing this a long time. Um, Bitcoin's a little bit unusual, but there's always been stocks or there's been different things that have had this same kind of feeling. Yeah. And the, my frustration is it's usually the individuals and the people who don't have money to lose with their investment strategies. They get hit the hardest, uh, cause they put it into the wrong time and then they, they, they panic and pull out at the wrong time.

• 7:55Speaker 03

  And so I, I just, people like that talk to me about, cause I have some friends that are very, very like all into it and other people, you know?

• 8:02Speaker 04

  And it's always late, you know, you, you get friends and family calling you when, you know, Bitcoin, like I said, Bitcoin, Dogecoin, all these different coins or whatever. They, they made these parabolic moves. A retail, you can have a whole bunch of retailers, you know, with the exception of GameStop and all that other stuff, like buy into something. But the major institutions, they entice the retailers to push market up, to push, push the price up on whatever instrument they want to. That's because they, there's a phase called distribution that has to take place. When things are extended, distribution is going on, those big players, those big institutions have to have hands out. Ready to, you know, absorb some of those cells.

• 8:41Speaker 03

  Yeah.

• 8:41Speaker 04

  You know, so that so they can chip in on their profits. So it's it's like you said, it's those games that are going on. You just got to be careful, you know, you just can't just plunge into there. And people tend to talk about this after it made us run already.

• 8:52Speaker 03

  Yeah, yeah, it's, and I'm not, you know, we don't, we don't advise one way or the other or whatever, but it's just some of those things to always be cautious of. Uh, the other two commodities um that that we talk about here, gold, gold's at two thousand seven eighteen, up about one point six today. I mentioned that earlier. We did have somebody uh call in last week about silver, silver's at thirty one dollars and eighty five cents. It's up about one and a half percent today, so.

• 9:17Speaker 04

  It's another thing right there, silver.

• 9:21Speaker 03

  So um, one of the things that I wanted to talk about, which uh we can talk about before we go um into break, or we can at least uh kind of bring it up is uh, a lot of times, you know, you you look on um social media, you see people going on these fancy trips, you know, somebody's gone on a Mediterranean cruise and you're like scratching your head like, is this person like really doing that good? Or are they just maybe uh, you know.

• 9:50Speaker 04

  Questions that go through my head watching social media.

• 9:52Speaker 03

  Yeah, I mean, are they just ignoring the whole retirement savings thing, you know, what in the world's going on? So uh, the one thing that I was gonna talk a little bit about today is the upper class. And so, you know, a lot of times, you know, we don't talk about classes and different things as far as wealth, but it is something to be considerate of in the sense of like, some of the planning realities for different we- wealth situations, different things like that. And so what is the average retirement nest egg of what would be considered upper class? What does that even mean? What is upper class? Um, basically, it's kind of looking at the wealthiest twenty percent um, of the country.

• 10:34Speaker 04

  And we're talking about nest eggs.

• 10:36Speaker 03

  Talking about nest eggs, talking about some of the different things to consider when you're talking about um, you know, like what does the upper class's nest egg look like? So we're not even talking about an age necessarily because there might be somebody in the upper class that's younger, right? So first things first. Let's define what upper class even means. And, you know, we here at Money Wise, we've prided ourselves on loving and caring for every single person in our community, regardless of stature. We want to educate all people to help all people become money wise. There definitely is some things that change and become a little bit different as you climb the wealth ladder. We do not think people's importances or meaning gets more important the more that they gain. That's the

• 11:20Speaker 03

  one thing that I've always loved about working here at Money Wise. But there are things that do change as you you gain wealth, as you move up the economic ladder. What we're hoping here at Money Wise is no matter where you are, if you're listening to this show, you're becoming more money wise and you're going to start making actionable steps towards becoming more money wise and moving up that wealth ladder. But that does not necessarily improve your self-worth. We believe it's bigger than that. But anyways, one of the things to consider. So when you're talking about upper class, what does that mean? It's basically, some of it's defined as your income. So a household that has an income of $256,000, you know, $256,000 basically in 2022,

• 12:05Speaker 03

  was what made somebody be considered upper class. Another wealth factor that can be looked at when you're defining the upper class is a total net worth of about $770,000. So net worth, what are we talking about? It is one of the best barometers of your financial situation, of your financial picture. It's the basics of your assets minus your liabilities. So I tell people all the time, you could have a million dollars in your 401k, great, but if you owe a million dollars to banks and different people, well, guess what? Your net worth is zero, right? And most of the time, people's biggest, yeah, biggest net worth that they talk about is their

• 12:49Speaker 03

  house or their home. And net worth excludes the value of equity that you've built up in your primary residence, because you're typically not wanting to view that as As I guess as part of your net worth because you're not necessarily saying, well, if things get tough, I'm going to sell it. Now, do people do that? Yes. And is it okay to consider how much equity you have in your home? Yes. But when you're talking specifically about net worth, you're going to subtract out, you're not going to look at the fact of what equity you have in your primary residence. Now, if you have a secondary home and you have equity and it has worth, yes, it's going to be part of your picture. If you have an investment property and it's creating income for you, obviously, yes, of

• 13:32Speaker 03

  course, that's going to be, you know, part of the picture. So, uh, so the top 10% of households have medium net worth of this 20% we've been talking about of 2.7 million. The 11th to 25 percentiles have a median net worth of about 790,000. So obviously between the top 10% of the 20%.

• 13:55Speaker 04

  Huge disparity there.

• 13:58Speaker 03

  Right, right. But so, uh, just kind of wanted to bring that out. The top 10% median balances in their nest egg is about $900,000. Okay. Next tier, 75th to 90th percentile is about 269,000.

• 14:13Speaker 04

  So we're talking about liquid net worth.

• 14:14Speaker 03

  Uh, yeah, it could be in their retirement account, which is kind of considered liquid other than the fact that if you're under 59, it's a penalty and taxes. If you're above 59 and a half, it's just taxes that comes out. So just to kind of give you some perspective. So we're going to take a break real quick. When we come back, we'll continue to talk about this a little bit.

• 14:36Speaker 04

  Then we got two questions too.

• 14:37Speaker 03

  Yep. And we have a couple of questions that we wanted to get to from our listeners. So you too can join the show if you have any comments or questions. We're talking about upper, uh, middle class or whatever we're talking about here. Or if you have another question that you too want to throw at us, you can reach us 661 396-1000, 661-396-1000. We'll be right back.

• 14:58Speaker 00

  Are you an employee with a company-sponsored retirement plan? Do you fully understand how you're invested and whether or not you are maximizing your retirement plan's options? For more information on a free assessment, contact MoneyWise's 401(k) Specialist, Justin Leland at 661-847-1000. That's 661-847-1000.

• 15:23Speaker 03

  Yeah, we're getting down to business here at Money Wise. Having the sniffles like everybody else out there. It is Getting Down to Business Friday. We are going to be joined shortly after this next segment with Chief Greg Terry, Chief of Police for the Bakersfield Police Department. Going to be getting down to business about all things BPAL, Police Activities League. Very, very exciting. Wanted to finish up the conversation real quick about kind of the top 20%, upper middle, upper class, whatever you want to call it. In reality, like I've said, wherever you're at on the wealth discussion, it's good to understand like net worth, right? You know, anything that you're doing that's improving

• 16:05Speaker 03

  your net worth, which is A, saving money, investing money, whether it's retirement account, or brokerage account, or whatever it is, anything you're doing to build assets, rental property, right? Anything like that, you're wanting to be careful about the assets you're buying. If you're buying cars, those depreciate, those go down in value. You're buying stocks, you buy a good mix of stocks, you buy a fund, you know, do some homework, those are going to go up over time, even though, yes, they do fluctuate. Long story short, anything you can do to improve your net worth is going to keep you moving forward in this whole process. Paying down debts is another way, right? It's your assets minus your liabilities. If you're paying down debts, you're decreasing your liabilities, you're

• 16:46Speaker 03

  increasing your net worth. Net worth is the best barometer for your true financial health if you want to get, you know, a better understanding of where you're at. So, that's what we try to focus on here at Money Wise. It's like, somebody may have a lot of debt, but let's look at your overall picture. Can you afford that debt? Can you manage that debt? You know, risks that that comes with. Obviously, people like Dave Ramsey is like, no debt, which could be great, but, you know, it can limit you. A lot of businesses operate in debt, but they do phenomenal job of managing risks and different things. So, we kind of try to have a holistic view of each different person has a different plan and stuff like that, and we try to advise accordingly. Real quick, the thing that I wanted to highlight is, what sets the upper class apart?

• 17:32Speaker 03

  So higher incomes, obviously. Yeah. Bigger savings are able to be had because you have higher income. I will say, a lot of times, what happens with higher income, though, is lifestyle creep. It is a risk. Yeah. Which means you start to make a little more money, you start to spend a little more money. And then, all of a sudden, your lifestyle is very expensive. So getting ready for retirement becomes even more difficult. So you want to make sure your income and your retirement savings plans and planning, it goes in line with your income. We have people that never made very high incomes, saved accordingly, and are living a wonderful retirement now. Yeah. Living within their means with what they, you know, were used to living in and did a phenomenal job. They never had high income. You don't have to have high income.

• 18:17Speaker 03

  On the opposite end, if you're an entrepreneur and you're a go-getter, go get higher income. Yeah. Figure out a way to get into a career where you're going to be benefited by continuing to get better at what you're doing. Your services are going to be needed by more people, and your income is going to go up over time. I mean, you don't have to do one or the other. Yeah. But you do want to always make sure your planning is in line with what your income is. Obviously, higher income does allow you to do bigger savings, but it doesn't always happen. We see it all the time, that somebody's income has gone up over the last 10 years, but their income or their savings did not change. Um, market control, remember that the top 10% uh, own nearly 93% of the stock market.

• 18:59Speaker 03

  So a lot of times, you may say, "Oh, well, those are the filthy rich people and this and that." Well, guess what? You can get in on the action. Yeah. You don't have to have a huge amount of money to start investing in high-quality stocks. There is very, very cheap ways that you can do it on your own. Even here at Money Wise, we feel we justify our fees and our services. So, so, um, I mean, a lot of times, we're typically working with people who have kind of gone through that process and have that wealth built up. But it's one of those things where now, if, you know, we're working together, we're going to try to keep fees and expenses as low as possible and manage those investments for you. Participate with the success of the economy, of the stock market, of these companies that have taken on risks and are seeing the fruit.

• 19:41Speaker 03

  From those services that they offer to our economy. The one thing that definitely sets them apart is consistent saving habits. Okay, make savings a priority. Simplify it. Automate it, make it becoming out of your paycheck or a percentage of your paycheck going into some sort of retirement savings account. If you don't have access to that, automate your savings. It is very hard to do at the end of the month when you're just making a decision. Tax advantaged accounts. Upper class takes advantage of IRAs. A lot of times because their higher income levels, they're not necessarily using Roths. They might even be not able to use Roths because their income levels higher because there is income restrictions with certain accounts like that.

• 20:27Speaker 03

  But they take advantage of those accounts. I've talked about it all the time. One of the things that's funny to me is like with with social media influencers and financial gurus. And even with some of the like Yahoo Finance and some of the websites, you know, you'll see these things like is the 401k outdated? Is the 401k even a good idea anymore? And it's like, my goodness. They're trying to get you to click on their article, but sometimes people start to believe then that, oh, the 401k is not a good.

• 20:54Speaker 04

  I like Grant Cardone. He always talks stuff about 401ks.

• 20:58Speaker 03

  Yeah, I mean, and I we've talked about that before a few weeks ago. We talked about that that, yeah, you know, maybe for some people, whatever it's worked out for you. But for the large majority of folks that can just make regular savings a part of their behavior. Consistently when in the stock market over time. More and more and more people can do that. The amount of people that can maybe follow his processes and become, you know, ultra-rich, it's probably a very small percentage. So I'm not saying I don't ever want to stifle somebody's entrepreneurship, but at the same time, hit the singles and doubles and have a good plan to be somewhere at 60 or 65 to be ready for retirement. Because unfortunately, many are not.

• 21:37Speaker 04

  Exactly.

• 21:37Speaker 03

  We are in a retirement crisis.

• 21:39Speaker 04

  Hey, Chris is on a roll, Stephen, man.

• 21:43Speaker 04

  You know, I'm gonna let you continue to be on a roll.

• 21:45Speaker 03

  No, we gotta, we gotta get to our questions. We gotta get to our questions.

• 21:48Speaker 04

  No, I wanted, I wanted you to debunk this for me. I wanted, I wanted him to play that clip that two is like a one minute 30 second snippet. Of a guy trying to put together portfolios for for people. Can we throw that on real quick? I want to see I want to see Chris's opinion on this because he's on the roll right now.

• 22:06Speaker 05

  I always tell everyone the easiest formula for investing is to invest in two index funds, select the Dow, S and P 500, and then two technology companies. Always recommend Apple and Microsoft. And every creator is like, why Apple? I'm like, Apple built their business off the back of creators. Pro Tools, all the tools you can use to create. But most investors don't, or most creatives don't invest in the products they're buying, which is a huge mistake.

• 22:32Speaker 06

  You're saying now we need to invest in two technology companies?

• 22:38Speaker 05

  The two biggest.

• 22:39Speaker 06

  The two biggest. Are you saying you can do that whenever?

• 22:42Speaker 05

  If you want the best returns, I'll always give the prices when to buy in. These are the prices that I'm looking to get in for myself. So I'll tell you the prices where to get in. Like, I'll text you every month if you want me to.

• 22:53Speaker 04

  We're good. Yeah. What's your thing about that?

• 22:55Speaker 03

  Well, so one of the things that sets the upper class apart is financial advice. They seek professional advice. They're they're not above working with a professional where this is an individual that's obviously doing it himself and then is actually giving advice based on him knowing it. So one of the things about financial advice is you have to make sure to do your research to know who you're listening to. And some of the things of what he's talking about, there may be a little elements of truth in it and stuff like that, but you can't just blanket throw out comments like that. And so definitely one of the things where you want to be a little bit more diversified, maybe than just two stocks. Now, you have some diversification in what he talked about, the S and P 500. I think he said the Dow, which we've referred to as the dumb Dow.

• 23:41Speaker 03

  So there's definitely some research that needs to be done there. But a couple of things to close the gap, just start saving as early as possible. Employer matches, absolutely make sure you're maximizing those benefits. Open an IRA if you don't have a retirement plan. Diversify your investments. So sometimes that can be as simple as a target date fund or maybe just, you know, like he even said, the S and P 500, you are spreading it out over 500 companies. So it might make sense for you. Do some homework, do some research and look into some ways to diversify your investments. Increase your savings rates, try to have a goal, whereas you're maybe paying down debts, you then are starting to increase your savings. And if you are over 50,

• 24:24Speaker 03

  try to take advantage of catch-up contributions, which they allow for folks over 50 to do, which gives you a tax advantage. And they're even doing the super catch-up for ages 60 to 63. So if you've paid off your house recently, or maybe gotten rid of a car loan, and you can take advantage of that, you can even go above and beyond what they're allowing those savers to do. So, anything you can do to improve your net worth, I just wanted to kind of talk about the upper class a little bit, kind of some of their numbers. But like I said, just because you have high income, does not mean you're getting ready for retirement, because sometimes, if you're used to living in that higher-class lifestyle, you have to be doing even more to set yourself up to be able to live off your nest egg in income. So I don't think we're going to have time for our questions, yeah?

• 25:06Speaker 03

  So, we might have a small segment at the end of the show, after we talk to Chief Terry. We'll see if it goes into two segments or not, we'll just play it by ear, but we will try to get to those questions if we can. Stick around.

• 25:17Speaker 00

  Money Wise Wealth Management is the only locally-owned, independent firm that uses a comprehensive wealth, tax, and estate approach, working closely with a highly trusted CPA and attorney. For information on how Money Wise can help you invest and plan for your future, call 661-847-1000. That's 661-847-1000.

• 25:45Speaker 03

  Welcome back.

• 25:48Speaker 03

  This is the Money Wise Show. It's Getting Down to Business Friday. Like I mentioned, we are very, very grateful to be joined by Chief Greg Terry, Chief of Police, Bakersfield Police Department. I've had the pleasure of having lunch with him about once a month for the last couple of years. Nice. And so on the board of BPAL, so going to get into that. But one of the things I mentioned that I wanted to do was just talking a little bit more about you, the man behind the badge, the chief, you know, Bakersfield-born?

• 26:16Speaker 06

  No.

• 26:17Speaker 03

  No?

• 26:17Speaker 06

  South Louisiana is where I'm from.

• 26:19Speaker 03

  South Louisiana.

• 26:20Speaker 06

  South Louisiana.

• 26:21Speaker 03

  And so, did you think, did you think, uh?

• 26:24Speaker 00

  What part of Louisiana?

• 26:25Speaker 06

  Lafayette.

• 26:26Speaker 00

  Right on. I, uh, I, I lived out there in Hammond for a couple of years.

• 26:29Speaker 03

  Okay.

• 26:30Speaker 06

  Yeah, we're right between, uh, basically between New Orleans and Houston.

• 26:34Speaker 04

  All right. We got some Cajun in here.

• 26:37Speaker 00

  Beautiful land right there.

• 26:38Speaker 06

  I miss the food.

• 26:39Speaker 04

  Have you ever tried Budan sausage?

• 26:41Speaker 06

  I love it.

• 26:41Speaker 04

  Oh, man, this is my guy right here.

• 26:43Speaker 06

  Red beans and rice and crawfish etouffee and everything.

• 26:46Speaker 04

  There you go.

• 26:47Speaker 03

  Well, you learn something new every day. I didn't even necessarily know that history. So, what, uh, what ended up, did college bring you out here? Did, no?

• 26:54Speaker 06

  Got married.

• 26:54Speaker 03

  Got married?

• 26:55Speaker 06

  Got married. My wife wanted to come home. My wife's a West High graduate.

• 26:59Speaker 03

  Okay.

• 27:00Speaker 06

  Nineteen eighty-three, I think. And, uh, so we met, uh, in, in Louisiana.

• 27:05Speaker 03

  Yeah.

• 27:05Speaker 06

  And I'd started my career there, uh, in Lafayette in nineteen ninety. Went to work for the police department there. And we met, got married in nineteen ninety-four. And, uh, she started talking about, I want to come home. And I go, home? What's Bakersfield look like?

• 27:19Speaker 03

  Yeah.

• 27:20Speaker 06

  And, uh, so we came out here, uh, a few times. And, uh, fell in love with the city. I, there's a lot of similarity actually between Lafayette and Bakersfield. It's oil field, natural gas, some ag. Um, and so I go, this doesn't feel that much different, except that it's brown and there's no rain. And where's the water? And I drove, and I drove across the bridge and it said Kern River and there's no water. I go, that's weird.

• 27:45Speaker 03

  Beautiful sand river.

• 27:47Speaker 06

  So I went from a place that, we got five inch, we got five inches of rain here, maybe, a year. And Louisiana, it's five feet of rain a year, so.

• 27:56Speaker 03

  Yeah. Yeah, we've had, we've had some family do the opposite of what you did where they're getting out of California and we hear, they get like as much rain in one day as we get in a year and it's just like wild. So.

• 28:05Speaker 06

  Yep.

• 28:06Speaker 03

  Um, but good. So, so we're, we're, we're very blessed to have you, uh, moved back here. And, uh, and so did school take her to, to Louisiana?

• 28:14Speaker 06

  No, she was actually married first and married a guy in the oil field. He got transferred there.

• 28:19Speaker 03

  Oh, so work.

• 28:20Speaker 06

  And, uh, yep, that's what brought her there. And so, she said, let's go home.

• 28:23Speaker 03

  There you go. Yeah. Well, kudos to her. She brought back a wonderful law enforcement gentleman for our community. You've done a great job. I've really, really appreciated everything you've been doing, getting to hear some of the inside scoop, being on the board there. So, some exciting news for B-PAL, which to share a little bit, why don't you just talk a little bit about what B-PAL is, you know, maybe a little bit of the history, what it seeks to do, its mission statement. What is B-PAL for those who don't know?

• 28:50Speaker 06

  Yeah, B-PAL is Bakersfield Police Activities League. And so, there are police activity leagues all across the state. Our started in 1994 by a group of officers and community members that really wanted to find a way to connect cops and kids. That's kind of the tagline that you hear a lot around PAL is, how do we, and what we exist to connect cops and kids. And there's some obvious reasons that we probably can all think about, about why that's important. And it is, that those relationships and the trust building and all of those kinds of things that really impact our broader community, really, really important. But it really is about changing the lives of the kids. And so, 1994, B-PAL was started. And so, we've got a range of programs that are there after school every

• 29:32Speaker 06

  single day. You can go there after school and get a snack and eat supper if you need to. There's all kinds of tutoring programs. Years ago, there were athletic programs, a number of them. There still are today. Right now, there's basketball going on there. There's boxing, of course. Boxing is one of the premier, premier activities at the PAL. And we have, we have some great boxers.

• 29:55Speaker 03

  Yeah, we do.

• 29:56Speaker 06

  I mean, championship level, Golden Glove kind of boxers. It's awesome.

• 30:00Speaker 03

  One of the things I was going to ask real quick about the boxing program, is it, is it unique to our community where boxing is as big of a deal as it is for our PAL Center? Or is it kind of across the board, all throughout California, that boxing is a little bit of a highlighted thing? Or is it just here that it's a big deal?

• 30:16Speaker 06

  You mean with PAL?

• 30:17Speaker 03

  With PAL, with PALs across California?

• 30:19Speaker 06

  No, no, PAL, a lot of PAL programs have boxing, but not at the level that we do.

• 30:25Speaker 03

  Yeah.

• 30:26Speaker 06

  And we've got generations now. We've got coaches that are boxing our program that were PAL boxers in the past.

• 30:30Speaker 03

  Oh, wow.

• 30:31Speaker 06

  We've got officer, our officer currently assigned to PAL was a PAL kid.

• 30:34Speaker 03

  Yeah.

• 30:35Speaker 06

  And so, we've now, again, it's in its 30th year, 30th year. And so, we've seen this turnover and results of the investments that our community has made in PAL, into the police department, allowing us these kinds of programs. But, yeah, there's some exciting times coming for PAL.

• 30:49Speaker 03

  Yeah. And so, the structure of it a little bit is, So there's an executive director, Naomi, right?

• 30:57Speaker 06

  Yes.

• 30:58Speaker 03

  And then you mentioned that there's the department provides one.

• 31:02Speaker 06

  So the police department provides staffing. We provide the staffing for the executive director and the officer. Those are the two positions that are actually funded in the police department's budget. The rest of the volunteers and some of the part-time staff that are there, they're paid out of PAL. Of course, we have an executive board that we're so grateful for that gives us a lot of perspective about and representation across the community as well. They play a really critical role in helping to guide us. But the full-time staff is the executive director and the officer.

• 31:34Speaker 03

  Awesome. Yeah, it's a great, great team. You know, it's kind of gone through some tough times in the sense of 2020, all nonprofits. You know, I mentioned earlier, like, you can imagine the chaos of education and what was going on in 2020 and it, you know, it kind of spun every, a lot of organizations and stuff and fundraising and everything just kind of changed and went through some, some things. And so it's really great to see that we're still continuing to move in the right direction. And then here recently, I just watched yesterday, I watched it on Facebook Live. So if you're not following BPAL on social media, click and, click and follow. But there was some exciting news that came out, just released. Can you talk a little bit about?

• 32:12Speaker 06

  Yeah, happy to. Thanks for bringing that up. The Non-Legacy Foundation. We've had some connection with them before and some of the work that they've been doing in the community and particularly with the youth. But they made an incredibly generous donation to PAL. Going to re-turf our soccer fields and our baseball fields and bring the school board up, up to, up to working condition again. It's an amazing, it's like 50,000 square feet of turf and new grass is going to be out there. Just an incredible donation because it's going to allow us to bring back some of these programs that have really not been in existence before. Yeah, absolutely. Because, you know, I told, I told the people there last night, as I was sitting there

• 32:54Speaker 06

  and different speakers were talking about it, I reflected on my time working that area. I remember running through there at night and different things, going to different emergencies and shootings and stabbings. And unfortunately, those kinds of things have occurred in those, in those really challenged areas. And I remember, it just struck me as, as I thought about, and I remembered running lights and sirens through all of this and driving by PAL and PAL was silent. The fields were empty. There were no lights. The activity was in the street where it doesn't need to be. And this, and it struck me as they were speakers, I go, and this is where PAL is turning around. And we're going to move that activity off the streets back into the fields where it should be. Give kids a place that they can go of safety and security and grow and

• 33:39Speaker 06

  learn and be nurtured and be safe and all of those kinds of things. And so, yeah, we're incredibly grateful and excited by the donation.

• 33:46Speaker 03

  Yeah, and one of the exciting things, you mentioned the scoreboard. It's, you know, people may say, well, scoreboard, what's the big deal? Well, the cool thing is, is from what I understand, we're going to be able to put, uh, community events and advertisements on there. I mean, because one of the challenges that B-PAL has is getting the kids to the facilities.

• 34:03Speaker 06

  Yep.

• 34:04Speaker 03

  Um, and there's, you know, going back to the whole discussion I had about COVID. So, uh, it wasn't just, you know, the fact that fundraising and stuff was impacted, but it was like even the bus routes have changed because of some of the challenges that our education system has, where we used to have kids dropped off right in front of our doorstep. Now that that's not the case. So they have to travel a little bit, uh, to get to the facilities. And so getting the word out, letting the parents in the community know around there of what's available and what's coming up. That scoreboard is going to be able to be a little bit of a beacon as far as some of the different events and things that are available for the kids. Uh, sports, you know, signups and different information of getting that out there. Uh, just trying to, to, to do everything we can to get more kids involved in the community, um, so that

• 34:47Speaker 03

  they can have that positive experience, uh, with some great law enforcement folks and the great team there at B-PAL. Um, so again, that was the Anad Legacy Foundation making a very generous, uh, donation to, to get that grass on the field. I mean, we've been talking about this for years as a board. So we're very, very excited, uh, to see that. And pretty, uh, pretty aggressive planning. I mean, we're talking one month.

• 35:09Speaker 06

  By the end of the, yep, just a month. By the end of the year, they're going to have another sort of grand opening and maybe an inaugural game out there on the, on the new turf.

• 35:17Speaker 03

  Yeah. With that kind of a timeline, I thought you, as soon as the, uh, the event was over yesterday, that Derek Jeffrey was going to start rolling out sod right onto the.

• 35:24Speaker 06

  Well, we actually did. And there were some pictures of us rolling out the sod. So. Over them at square.

• 35:30Speaker 04

  So how do you guys organize teams like if if you know some high schoolers or whatnot want to come and you know do something you know some sort of sport do you guys have teams you guys keep standings do you guys you know keep records you know things like that?

• 35:46Speaker 06

  Yeah, we have that organized with the leagues and that kind of structure now that doesn't exist because it really has been dependent on the kids that come in the afternoons and putting that together we have basketball programs for PAL kids that are signed up in the different programs officers will come there and play with them and that sort of thing but this is exactly why we're so excited because now PAL is going to be an amenity to the community in a place where some of those established leagues and players already exist that they'll have a place to go.

• 36:14Speaker 04

  Nice.

• 36:15Speaker 06

  PAL is also reaching out we had Kern Medical there on Tuesdays and Thursdays delivering some services to PAL not just the kids there but also the families that live around there and so we're really trying to expand the not just the programs dedicated to the youth but really making it an immunity and amenity for the community and so that they can come here and get just a wide range of services and be connected to the police department and learn from us and see what it's about and get connected and let us hear from them and those relationships that are so important to public safety another place and another way for those to get strengthened.

• 36:51Speaker 04

  In the past what has been like the average age of attendance?

• 36:55Speaker 06

  Six to seventeen is for who the programs are and so mostly it's it's elementary and middle schoolers that we that we see the most but the boxing program jiu-jitsu some of those are a little bit older kids and that's continuing to bring them in we actually have a waiting list on the boxing program it is so successful and so intense that these guys are great.

• 37:14Speaker 03

  Yeah, yeah it's it's exciting and and there's like leadership for boys and girls that they can get signed up for then there's also one of the things that's done is Junior Police Academy.

• 37:25Speaker 06

  Yes.

• 37:26Speaker 03

  So that's been growing and and so excited to have that what what time of year is that usually take place?

• 37:30Speaker 06

  It's in the summer.

• 37:31Speaker 03

  In the summer?

• 37:32Speaker 06

  I gotta share a quick story today today a a mother from the Junior Police Academy this past summer came to the police department intentionally to meet with the captain that was running it Captain Clayton Madden South High he would say is she says I have to tell you that my daughter attended Junior Police Academy this year and she goes when she went things were not going well at home. And she was kind of a little bit out of control, but she said those, those three weeks that she spent in the junior police academy, she goes, I have a different daughter.

• 38:03Speaker 03

  Hmm.

• 38:04Speaker 06

  She's disciplined, she's respectful, she's doing, she even brought her, her, her report card.

• 38:09Speaker 03

  Wow.

• 38:09Speaker 06

  And said, look, her grades have turned around.

• 38:11Speaker 03

  Nice.

• 38:12Speaker 06

  She has a younger sibling that's following in her footsteps now. She goes, I just had to come here and thank you for this program.

• 38:18Speaker 03

  Yeah.

• 38:18Speaker 06

  Those are the kinds of things that keep you going first, but also it shows the real outcomes of some of these, of this, of some of these programs and why they're so important.

• 38:27Speaker 03

  Yeah.

• 38:27Speaker 04

  I'll send my middle child your way.

• 38:29Speaker 06

  Good.

• 38:29Speaker 03

  That's awesome.

• 38:31Speaker 06

  Trust me, I got them as well.

• 38:32Speaker 03

  Yeah.

• 38:32Speaker 06

  I had them.

• 38:33Speaker 03

  Yeah. Let's take a quick break. When we come back, we'll talk about maybe some upcoming ways that you can get involved at BPAL or for the fundraising efforts. And so stick around, we'll be right back.

• 38:42Speaker 00

  Are you nearing retirement and currently working with a financial advisor? Are you not sure if you're invested appropriately? Call our offices at 661-847-1000 to sit down with a Money Wise financial advisor for a no obligation assessment of your investments.

• 39:04Speaker 03

  Welcome back. This is the Money Wise Show. We are polishing out this beautiful Friday. Blessed to have Mr. Greg Terry, Chief of Police at Bakersfield Police Department. Had a comment come in, so we're still trying to get to those other questions, but definitely wanted to share this one because it's for our wonderful guest. Says, is the police department hiring right now? If so, what are the steps to get in the academy? Wasn't sure if they hire year round or if there's certain times of the year. My grandson wants to be an officer but is on the fence between BPD and CHP. Thank you so much, guys. And Chief Terry, Bakersfield is blessed to have this man in this town.

• 39:42Speaker 06

  I agree.

• 39:43Speaker 03

  What would you like to say about hiring process?

• 39:46Speaker 06

  Definitely yes. And I would say BPD over CHP if you want to be a real policeman. Let's just start there. But yes, yes, we are hiring. We've got about, actually got about 45 vacancies right now. Joinbpd.us is our website that you can go to and learn anything about the recruiting, the recruiting process. All of the information is there, but yes, we're constantly recruiting. We actually run two academies a year, usually in January and July. So it takes about six or seven months to go through the process. And so we have a, we have an academy starting in January with hopefully about 35 positions. But those guys and gals have been in the process since probably early, early this year, you know, February, March, because it takes a while

• 40:30Speaker 06

  to go through the testing and then the backgrounds and all of the other, the physicals and all of those kinds of things. And so, yes, we're hiring and both sworn and professional staff positions. But joinbpd.us is the place to go. Single play, single stop. You can, you can sign up to get information.

• 40:48Speaker 03

  Awesome. Awesome. Thanks for sharing that. Great question and good luck to your grandson. I hope, I hope he pursues it and he's a good fit.

• 40:55Speaker 06

  Yeah, absolutely.

• 40:56Speaker 03

  And another hero in our community. So we did want to talk about a little bit upcoming events. If somebody said, you know, I want to, you know, support BPAL or, I mean, obviously we're always taking donations as an organization like they all do. But some of the fun events, we joked a little bit about Battle of the Badges. We have Hometown Hero where we honor somebody that, that is being a hometown hero in, in a couple, you know, many different ways, but looking for ways to honor people and have a fun fundraiser once a year. But the, the next one coming up, can you talk a little bit about what's coming up in February?

• 41:33Speaker 06

  Yeah, Pull for PAL. And February 15th is the Clay Shoot. We really have three major fundraisers. The, the Clay Shoot, Battle for Badges, Battle of Badges, which is usually in May, and then Hometown Heroes, which is September, October-ish. Just a few weeks ago, our Hometown Hero that was honored was Beth Hoffman.

• 41:51Speaker 03

  Yep.

• 41:52Speaker 06

  From Hoffman Hospice. And so, yeah, we absolutely, to your point, look for those individuals that have really made an impact in our community and a place for, and a way for us to honor them. But yeah, we're excited about our fundraisers and we need them. We need the support of the community because outside of some of the positions that are supported through the police department's budget. Powell is really supported by our community and through these fundraisers and so, Pool for Powell, coming up February 15th.

• 42:15Speaker 03

  Yeah, and I've, the one that I've done the most, I try to make all of them, obviously being on the board, but Pool for Powell is fun and I just go out there and I shoot at those things. I don't actually hit any of them. I should go practice more often, but it is, it is really well put together. One of the funner clay shoots that I've done, it's out there by Buena Vista Lake, so. Yeah, and if you want to find out any more information about that, how do, how do people, folks find that out?

• 42:39Speaker 06

  283-8880 is the number to Powell and bakersfieldpal.org is the website. So all of our events, all of the programs, you can get information at those two places.

• 42:50Speaker 03

  Awesome. Well, Chief Terry, thank you. Do you have any other questions or anything?

• 42:53Speaker 04

  I was just thinking like, you know, my wheels are spinning over here. I was like, you know, something that could bring, resurrect my career, your football career, and Steven's back behind me. Donate some, some, some football helmets or something. Something to get, get out there, you know?

• 43:09Speaker 03

  Yeah, once we have the grass, that's why the, the, obviously all the indoor stuff and the basketball stuff has been, doing really well, but now that we're going to have the grass out there, we're probably going to be able to. Let's play some flag football or something, you know?

• 43:20Speaker 06

  Yeah, we're really, we're really going to be able to expand some of the services and the needs that, that are, that need to be met in the community.

• 43:26Speaker 04

  Right.

• 43:27Speaker 03

  Yeah, it's awesome. Well, thank you very much, Chief Terry, for joining us. We do have a little bit of time left, so I will try to jump into these questions, so feel free to hang out and listen or.

• 43:37Speaker 06

  I'll listen, I'll get some advice.

• 43:38Speaker 03

  You want some tax advice?

• 43:40Speaker 06

  Yeah, I'm going to hang on.

• 43:41Speaker 03

  We had some questions come in at the close of yesterday's show, and it said, let's see, where is it at?

• 43:49Speaker 04

  It says, do you have, this is a sports bet in the wild right here, it says, do you have foul sports gambling winnings? If so, how? If, under 10K and is it the same if you win it in a different state? I'm not clearly understanding that question.

• 44:04Speaker 00

  I, I talked to the, the listener, he was saying that he had won some gambling in a different state, and then he won big in Vegas and was kind of confused on if he had to, if he had to pay different types of taxes for different types of states.

• 44:19Speaker 04

  You definitely have to pay federal taxes, no matter what. But depending on where you're a resident, if you're, if I go to Nevada, win something out there and I live, take residence out here in California, I gotta pay California state taxes on that.

• 44:32Speaker 03

  Yeah, I mean, it's definitely something that you would talk to your tax professional and be careful. If you win in a different state, there might be state taxes that you have to pay for that state. But yeah, like federal, it don't matter what state you're in, federal taxes apply. So yeah, you know, definitely talk to a tax professional if you do have substantial winnings. If you do have substantial winnings, most of the time, they're going to come up and tell you right away, like if you win at a slot machine or something, if it's over a certain amount. So I don't know exactly what those amounts are, but usually they're going to tell you if you've won over a certain amount, because if you want to cash out, you have to address that. Another question came in and said, can I write off 100% of a work vehicle if it's a truck, but you drive it all over the state for your employment? So the reality with that, again,

• 45:14Speaker 03

  tax professional is always advised, but you can fully deduct things if it is a 100% vehicle for the business. So a lot of times, you know, a lot of us use vehicles for personal and vehicles. So then obviously not 100% of the vehicle's expenses are going to be a write-off. But if it is a dedicated vehicle for your business, and you only use it for business purposes, then yes, it's going to be a full 100% deduction. Eligible expenses could be depreciation of the vehicle, gas, insurance, maintenance, repairs, lease payments, registration fees, tolls and parking fees even, if you, as you're driving around, and interest on the vehicle loan

• 45:55Speaker 03

  if you're self-employed. So keep detailed records and always, like I said, I would advise seeking professional help with taxes. The one person you don't want to upset is the IRS, the tax man. They're pretty good at figuring it out and, and holding you, holding you accountable there. So again, thanks Chief Terry for joining us. So, so excited to have B-Pals new adventure in, in getting the, the grass back out there to serve the kids of that community and bridging that gap between the law enforcement community and the kids in the community. Love what you guys do and excited to be part of that board. And also you guys, the listeners of the Money Wise Show, you guys make this show what it is. You guys make it great with the great questions,

• 46:38Speaker 03

  listening in, sharing it on social media, which we'll have all This information about BPAL on social media sites so you can find out more information about BPAL and our upcoming events there. Thank you for making Money Wise what it is. As always, be smart, be safe, be money wise. Have a great weekend and a great Thanksgiving.

• 47:06Speaker 02

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