12/12/25 Trusts, Connections, and the Ultimate 'What Not to Do' with Your Money

The Moneywise Radio Show and Podcast Friday, December 12th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Radio Show & Podcast" call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Management LinkedIn: Moneywise_Wealth_Management Guest: Janelle Capra, President/CEO of the Greater Bakersfield Chamber website: https://bakochamber.com/ The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Janelle Capra and their company are not affiliated with nor endorsed by LPL Financial or Moneywise Wealth Management].

• 0:00Speaker 00

  From the second floor of the historic Woolworths Building in downtown Bakersfield, here is Money Wise. Call or text into the show 661-396-1000.

• 0:30Speaker 01

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

• 0:40Speaker 00

  Here is Money Wise.

• 0:43Speaker 02

  Hey, welcome, welcome, welcome to the Friday edition, weekend edition of the Money Wise Show. We're live from the second floor of the historic Woolworths Building in downtown Bakersfield. So for the next hour, we're going to take you into the weekend. Can't wait. You are here on KGO Money Talk. Money Talk, because you know, for 20, you know, for the other 23 hours of the day, you get sports talk, but for right now, you get money talk. Right? From 12:30 a.m., 101.1 FM on KGO, and always streaming live on MoneyWiseGuys.com.

• 1:21Speaker 02

  You can call or text into the show 24 hours a day, 661-396-1000, 661-396-1000. We did get some great questions over the past few hours, so we're into those here in just a little bit. We've got a wonderful show for you today. We have our wonderful friend, Janelle Capra, joining us from the Greater Bakersfield Chamber of Commerce, coming up in the next segment, taking us into the weekend, telling us all wonderful things about what's going on in our business community, all things Chamber. So we've got a great show for you today. I'm your host, Justin Leland, here with...

• 2:00Speaker 00

  Frank Lee.

• 2:01Speaker 02

  Frank Lee, Frank's taken us into this. Yeah. Hey, before we get into the, the numbers and doing what we do best, it is a sports talk, you know, station. I gotta ask Steven, uh, and, and Frank,

• 2:17Speaker 02

  Philip Rivers? Philip Rivers?

• 2:20Speaker 00

  Hey.

• 2:21Speaker 02

  Was Dan Marino not available?

• 2:23Speaker 00

  I mean, he, he was, but he, he just couldn't, he couldn't walk. So.

• 2:27Speaker 02

  He couldn't get his walker on to the.

• 2:29Speaker 00

  Football is way different those days, but I, I mean, the kid, the guy's got like, what? Nine, 10 children. He probably wants a, a break.

• 2:36Speaker 02

  Yeah. He, he needs a Sunday off, right?

• 2:38Speaker 00

  He's got grandkids now. I mean, I mean, Tom Brady even came out and said, Hey, I think I could do it too, but I'm not about to, you know, unretire.

• 2:48Speaker 02

  Oh my goodness. And what was your take on, uh, Cam? And what he said afterwards?

• 2:55Speaker 00

  Someone a little, uh, sour grapes.

• 2:57Speaker 02

  Someone a little butthurt.

• 2:58Speaker 00

  A little bit. I mean, he, he kind of reminded me of a Colin Kaepernick type guy where he was like, but they didn't call me.

• 3:06Speaker 02

  Well, yeah, because you weren't good when you played.

• 3:11Speaker 00

  Good. And the, the backstory with Philip Rivers is he not only has worked with the coach of the Colts.

• 3:17Speaker 02

  Mm hmm.

• 3:17Speaker 00

  And I mean, come on, a couple of years ago.

• 3:20Speaker 02

  Before there.

• 3:20Speaker 00

  It was Joe Flacco before that. I mean, Aaron Rodgers is still playing. Give him a chance. He's got three or four weeks. So. I, I know he hasn't played in five years, but all he's got to do is just sling it. And that's what he does. He slings it.

• 3:34Speaker 02

  He slings it, but yeah, I, I was a little bit taken aback. I'm like, dude, the guy retired. He was, he's eligible for Hall of Fame votes at this point. He's been out of the game so long.

• 3:44Speaker 00

  Maybe he knew he wasn't going to get in the Hall of Fame. This is his final chance to maybe push his voters to get him in.

• 3:49Speaker 02

  He's going to get a push from the, uh, from the legacy crowd, right?

• 3:53Speaker 00

  Exactly.

• 3:53Speaker 02

  Oh my gosh. I.

• 3:57Speaker 02

  I don't know. I I was like, just the question to me was like, man, was Joe Montana not available?

• 4:03Speaker 00

  When I first read it, I I thought it was like an AI like quick bait. I was like, this ain't real, really? No.

• 4:09Speaker 02

  It's gotta be.

• 4:09Speaker 00

  It is real.

• 4:11Speaker 02

  Oh, man. Hey, all, hey, good, you know, all power to them. Go for it. Have fun. Uh, don't break a hip. Um.

• 4:23Speaker 02

  Just have fun, I guess. But hey, we'll get into the numbers here. Frank, what's going on in the old, in the old stock market today?

• 4:32Speaker 03

  Well, a little bit of a, well, I shouldn't say a little bit, but it's a sea of red today.

• 4:39Speaker 02

  Blood in the streets.

• 4:41Speaker 03

  Yeah, yeah, yeah. Dow's down about fifty one basis points, S and P one hundred and seven, and then the Nasdaq one hundred and sixty nine. So not, not a good day to end off the week.

• 4:55Speaker 02

  But what I did read was that intra-day, the Nasdaq, the S and P, and the Dow all hit intra-day record highs, right? And then fell back.

• 5:05Speaker 03

  Yes.

• 5:06Speaker 02

  So it's interesting. I think that from what I saw, it it looks to me, and maybe, you know, tell me if I'm wrong here. Looks to me like the AI rotation out of tech and into value.

• 5:27Speaker 02

  Going out of growth, out of AI, and rotating into more of the value stocks like the Nike, the Verizon, the the not sexy stocks, right? Leaving Nvidia, leaving Broadcom, leaving some of those stocks and going to the more.

• 5:47Speaker 02

  You know, the safer stocks, if you will.

• 5:50Speaker 03

  Yeah, yeah, your value blue chip stocks and it could be the sense, especially with the news of Oracle. And then we were just talking about it earlier. Oracle came out and announced that saying that there's delays in their data center production. So with that type of news, you're you can only guess is like, well, shoot, if there's delays in that. What's what's that going to cost on the the investments in OpenAI, Anthropic, all these?

• 6:19Speaker 02

  What's the ripple effect?

• 6:22Speaker 03

  Is that going to play into the the Mac sevens, Nvidia, Microsoft, Apple?

• 6:28Speaker 02

  AMD, yeah.

• 6:29Speaker 03

  AMD, yeah, exactly. So you're gonna, I think. That's where a lot of the shift is going is is away from. This whole AI boom to now, okay, let's let's take a look at those under value stocks is. Are we going to make that rotation?

• 6:49Speaker 03

  That's what I think.

• 6:51Speaker 02

  Yeah, I think we're starting to see that that capitulation and starting to move towards the value stocks. Which, you know, you leave these momentum stocks, the growth stocks, and you see this from time to time. Where the growth stocks are out of favor and money flows from there. People take the profits off the top. They've made their money, they've made their their growth, right? They take the they take that money off the top and then they rotate that back into some more of the value stocks. It's the safer, the safer bets. You know, yeah, and then and then, you know, the growth stocks come back to some level of, you know, reasonable pricing, you know. And then you'll see that rotation back out from, you know, the value stocks back into the growth.

• 7:34Speaker 02

  You know, so you see this back and forth from time to time. And so that's kind of what you're seeing right now is that, you know, a lot of folks are kind of. You know, wondering is this AI bubble?

• 7:49Speaker 02

  Is that bubble starting to show the signs of maybe, I don't want to say the word burst, but we'll say burst, right?

• 7:56Speaker 03

  Deflate or something.

• 7:57Speaker 02

  Deflate, yeah, the, you know, the helium's being let out of the balloon. Kind of a thing, so, but that's kind of what's going on in the market today. And, and so, you know, here we are, two weeks before Christmas. Hopefully, everybody's got their shopping in, because if you don't, you've got two more weeks to do it. Right?

• 8:20Speaker 02

  And we haven't quite seen what we would term in the markets, what we would call the Santa Claus rally, you know? You know, typically, you know, that the after Thanksgiving, into the Christmas timeframe and even up until the New Year's timeframe, and sometimes a week or two after, you'll see what's known as the Santa Claus rally, right?

• 8:48Speaker 02

  Where the stock market will tend to, you know, under normal circumstances, that, that, that stock market will, you know, press up by, you know, a few percentage points. And it's deemed as being the, the Santa Claus rally. And we haven't seen that this year. You know, Black Friday, Cyber Monday, you know, all of the, you know, all of the data that comes in from, you know, all these people are spending all this money. We haven't seen it. We haven't seen it this year. And so, interesting to see that, you know, here we are, you know, two weeks before Christmas. We haven't really seen that rally. It doesn't mean that the stock market's down. Like I said, we just, you know, intra-day today hit record highs before the markets then turned around

• 9:32Speaker 02

  and kind of came back to normal and finished the day down. We're not seeing that, that high-flying rally. So I think maybe the market's getting a bit tired. We've been hitting those all-time highs for the last few months. And so, at some point, markets get tired and we start seeing some, some profit-taking. So we might be seeing that right now. We did get a couple of questions that came into the, into the old interwebs. So Frank, you want to read one of those?

• 10:05Speaker 03

  Yeah, let's, let's, let's tackle the first question here.

• 10:10Speaker 03

  How often should a trust be updated? Ooh, okay, I like this. Uh, can I disinherit someone and what are the steps to follow? That's, that's, uh, that's always a good conversation to have with the client.

• 10:23Speaker 02

  Uh, yeah, and it's always an after Thanksgiving question that we get.

• 10:30Speaker 02

  You can always tell how good Thanksgiving dinner went by, hey, can I disinherit somebody?

• 10:35Speaker 03

  Yeah.

• 10:37Speaker 02

  From my estate.

• 10:38Speaker 03

  Thanksgiving dinner.

• 10:40Speaker 02

  Um, no, so, um, the, the rule of thumb I have on updating your trust.

• 10:48Speaker 02

  You should at least look at it annually. You should at least have a, a, a checkup and look at it. You know, not with a lawyer or somebody like that, but you know, you should look at it. From your own standpoint, you should be looking at it on a, on a fairly regular basis. Usually once a year, this is about the right time to do it, you know, end of the year. You know, it's a good time to kind of do that checkup, right?

• 11:14Speaker 02

  How often it should be updated? If there's a major change in your life. A birth, a, a death, a divorce, a marriage. Uh, you know, kids moving out of the house. I, if there's a, you know, a major change in your life that you need to update that.

• 11:35Speaker 02

  Change, then by all means, make that change.

• 11:40Speaker 02

  Disinheriting somebody.

• 11:44Speaker 02

  Is as simple as going in and making that amendment and updating it and just deleting that person's name from the beneficiary list. Right? And now make sure though, and if, if we're truly being honest here, it's not just the trust that needs to be updated. Right? The trust takes care of things like your home, your checking account, your savings account, your non, all of your non-qualified after-tax assets.

• 12:12Speaker 02

  It does not change, however, your IRAs, your 401Ks, any of those assets that you have, you would have to physically change those as well. Just because you have a trust does not mean that you've changed the beneficiaries on those accounts as well. So if you want to truly disinherit somebody from your estate, you want to, you know, cut ties, you would have to also change those accounts as well. The trust does not take care of those contractual beneficiary accounts for your 401K, your IRA and those types of things. So hopefully that answers that question. We had another question that came in.

• 12:52Speaker 03

  Okay. Yep, let's do that. Does an individual Catholic church qualify for funds for a qualified charitable distribution from your IRA?

• 13:05Speaker 02

  Nice, this is a great question. So I'm guessing, Stephen, that there was a question, talking about what's known as a QCD yesterday, qualified charitable distributions? And that's where this question came from? So a qualified charitable distribution is, a lot of people that are required to have required minimum distributions, this is the time of year where you want to do that. Does a specific Catholic church, like St. Philip's or some other Catholic church, does it qualify to receive funds for a qualified charitable distribution? Yes, yes.

• 13:45Speaker 02

  Almost every Catholic church has its own EIN number from the diocese, okay? Diocesan, EIN number, tax ID. You would basically need to call that parish or that diocese to find out what the EIN number is for that specific church. You need to make sure that the funds are not going to, let's say, the church has its own quote-unquote donor-advised fund. You want to make sure it's going specifically to the church itself, not to their donor-advised fund. So, but yes, you can do a QCD, a qualified charitable distribution,

• 14:27Speaker 02

  from your IRA to the Catholic church of your choice. Just get that, that, that EIN number, the tax ID number, to go ahead and make that distribution.

• 14:41Speaker 02

  But it has to go from your IRA directly to it cannot flow through your hands to do it. That's just those are the rules. So hopefully that answers those two questions. We have a wonderful guest coming up here. Janelle Capra, the president, CEO, grand poobah of the Greater Bakersfield Chamber of Commerce will be joining us when we get back. Stay tuned.

• 15:10Speaker 02

  Welcome back to the Money Wise Show. I'm your host, Justin Leland. Here with Frank Lee. We'll be joined here just momentarily by our good friend, Janelle Capra from the Bakersfield Chamber of Commerce. We did get a message that popped in right in the break there. Frank, would you mind reading that real quick?

• 15:29Speaker 03

  Yeah, yeah, this is an interesting one. Yeah, it's a good one. My family always said investing is one of the riskiest things we could do as an adult. So I was so scared and nervous into my late 30s. And now that I have a small have a small put away, I'm wondering how I would even begin if I wanted to invest. My friend is my friend is a friend of one of the Money Wise guys. So I started to listen to the show, but I'm still so nervous. I later learned that my father was screwed over by his financial guy when he was really close to retirement. So they put the fear in us growing up. He ended up working well past his retirement goal and passed with nothing except his childhood home. Thank you for continuing to do your service. Yeah, that's, that's a tough one.

• 16:13Speaker 02

  That is a tough one. And I, you know, and I feel for you. And I, I've, this is not the first time I've heard a story like this.

• 16:25Speaker 02

  And it is, it's heartbreaking

• 16:29Speaker 02

  to hear that. And so I'm sorry to hear that of your friend or and family members. And unfortunately,

• 16:40Speaker 02

  like I said, not the first time I've heard a story similar to this.

• 16:45Speaker 02

  Now, I will say

• 16:48Speaker 02

  there's risk in everything that you do. There is risk in waking up in the morning.

• 16:56Speaker 02

  There is risk getting into your car and driving to work. There is risk stepping out of your front door. Okay. It is what are you comfortable with as far as risk is concerned? And what I have found is that um the more you know about a certain thing,

• 17:20Speaker 02

  no matter how risky that thing is,

• 17:25Speaker 02

  the the uh the less scared you are of that thing. Right?

• 17:34Speaker 02

  It's very risky to get in your car and and drive if you've never driven before.

• 17:42Speaker 02

  Right? Imagine a sixteen year old kid getting into the car for the first time and trying to drive a vehicle that they've never driven before. Right? But the more often you do it, the you don't think about it. You just do it. Right? It's the same thing with investing. Right? The more you educate yourself and the more you do it and the more you spend time learning about the things that you're investing in, the less you think about it.

• 18:12Speaker 02

  And that is, in essence, what takes that fear away. Right? So, like I said, you know, I'm very sorry to hear those stories. Uh but what I would say is dip your toe in the water. The water's fine. Right? And it is always the uh it is the type of investment that you are in. You know, when you say investing is risky, well, are you investing in bonds that are ultra safe? Or are you investing in cryptocurrency that is ultra speculative? There are different kinds of investing.

• 18:54Speaker 02

  Right? And so just the the word investing in general carries with it so much more meaning than just the word itself. You can invest in real estate. You can invest in stocks. You can invest in bonds. You can invest in futures. You can invest in options. You can invest in uh whether or not uh Cam Newton is going to get a phone call from the Ravens to come and be a quarterback again. Never gonna happen, right? That's that's a lost investment, right? But there's there's so much more to that question than whether or not that is a a true investment.

• 19:34Speaker 02

  So um yeah, by all means, give us a call. I mean, we'll we'll walk you through it step by step. Right? We'll educate. That's what we're here to do. Keep listening. You'll learn through osmosis.

• 19:46Speaker 03

  It's it's unfortunate that that they had their father had to experience that uh when they were close to retirement and just to be, you know, uh just to find out that, you know, he he couldn't retire on time uh to New York.

• 20:00Speaker 02

  Those are heartbreaking stories, but they really are.

• 20:03Speaker 03

  Yeah.

• 20:04Speaker 02

  Um shifting gears.

• 20:07Speaker 02

  Janelle, thank you for joining us today. Long time no see.

• 20:12Speaker 04

  Hey, I just got to jump in there and say an investment can also be in designer handbags. And I have found a great ROI. I'm not joking. They will someday maybe be given to my daughters. But if not, I have returned those around and made money. So I'm just putting that out there.

• 20:29Speaker 03

  Collectibles, arts and collectibles.

• 20:31Speaker 04

  Yeah.

• 20:31Speaker 02

  Whether it's Michael Kors or.

• 20:33Speaker 04

  Oh, no, no, no. I mean, all brands, all brands have a a place. But you know, let's just say some of the other higher end.

• 20:41Speaker 02

  Yes.

• 20:46Speaker 02

  Nice, nice.

• 20:47Speaker 04

  But no, are your ears still burning? Are they still ringing from ringing the bell?

• 20:51Speaker 02

  Oh, man, they were.

• 20:52Speaker 04

  I just saw you.

• 20:53Speaker 02

  Yes, we just saw each other. In fact, Janelle and I were teammates. We were downstairs here at the Woolworths Building, ringing the bell for Downtown Rotary for the Salvation Army. And so I was standing out there since about 8:30 this morning in the ice cold weather before the sun finally showed its face for the first time in three weeks. And so, yeah, it was definitely cold. Janelle joined me from, what, noon? You came out at noon?

• 21:22Speaker 04

  So what I'm hearing you say is I brought the sunshine.

• 21:25Speaker 02

  You did bring the sunshine in more ways than always.

• 21:28Speaker 04

  I'm wearing my Mary beanie and it's the season to bring the Mary.

• 21:32Speaker 02

  It is the season. Bring in the Mary. And so, yeah, so it was a great, great cause, a lot of fun. The inaugural bell ringing at the Woolworths Building. And we're going to continue doing that every single year, I think, for the Downtown Rotary Club. So, good to see you again, and thank you for joining us. Tell us kind of what's, what's, what's new at the Chamber other than waiting for some construction to happen?

• 21:56Speaker 04

  Oh, that, that'll all work out. It's all good.

• 21:58Speaker 02

  That'll work itself out. What's going on at the Chamber?

• 22:00Speaker 04

  I'm manifesting all kinds of good things for our building itself. But no, what I can share is, as we finish this year, 2025, wow, it's amazing that we're in this final month. And it just feels good to be past our, our signature events, past our mixers. You know, I'm sure many of you out in our community are still attending holiday mixers, as I think I went to just only, you know, 100 this last week. But no.

• 22:25Speaker 02

  Yeah, I know.

• 22:26Speaker 04

  It's great to show up where you can. It's also okay to say no thank you when you can't be everywhere. But for the Greater Bakersfield Chamber, it feels good as we finish our 105th year to, you know, set things up for success as we go in the new year. We're looking forward to Leadership Bakersfield, our annual luncheon, all those good things.

• 22:46Speaker 02

  You know, it's, it is amazing to me to see just how much.

• 22:54Speaker 02

  It almost seems like every single week, there's something going on at the Chamber of Commerce. And in other, in other communities, you almost never see the Chamber of Commerce really in, in doing anything, really. You might see a mixer once a quarter or something like that. And the, the Bakersfield Chamber, it seems like every single week, there's some event, whether it's the Government Relations Council, or the Ambassador Committee,

• 23:30Speaker 02

  or a mixer, or the, you know, some major event that's going on, beautiful, all of the things that are going on. How do you, when do you guys sleep is what I would like to know. You have such a, you have a small crew, you have a small team.

• 23:48Speaker 04

  We do. We're, we're small but mighty.

• 23:49Speaker 02

  Small but mighty.

• 23:51Speaker 04

  I would say to that, Justin, is that I really believe, I've heard this term recently, and I've been using it. Connection is currency. And so as your Greater Bakersfield Chamber, for our members, we want to show up for you. But we want to show up in ways that fit your needs. Not everyone can attend an Ambassador's Luncheon once a month. If you, if you want to, it's your ticket in, being a Chamber member. And it really is fantastic because the fourth Tuesday of every month, we rotate in speakers and opportunities for you to connect and network. Um, we have mixers, we do our ribbon cuttings. We also provide education on labor law. I mean, you know, because California makes it really easy for every business owner, right?

• 24:32Speaker 02

  Super easy. That law's never changed in California. It's super easy to open a business and run it here in California.

• 24:39Speaker 04

  We want to, we want to stay on top of that and provide you that education. And for GRC, we have very active, you know, political advocacy. We also have a PAC, our Bakersfield, uh, known as Backpack. And, you know, going into next year in 2026, an election year, there's a lot of movement locally and, and what we'll be looking to. I heard you and Frank sharing earlier. I, I feel we're going to go into kind of a disinformation era. AI, no one's going to believe this anymore. We're tired of seeing the videos of, you know, this, um, Fake news and, and, and not to just use that term, but I saw one recently where a, a lion jumped in a car and like the grandma was petting it. I'm like, okay.

• 25:24Speaker 02

  Yeah.

• 25:24Speaker 04

  We're gonna need to seek some real information. And I bring that up as an example that Greater Bakersfield Chamber is gonna try and, and move forward with that for you. Be your trusted source. Be able to come to us, our website, our socials, our newsletter, so that you know what's real and what's not. And just know that, you know, when it comes to connection and comes to information, we're trying to help you. And as we've mentioned before, and especially California's law for next year with our 401k and our multiple employer plan, that's an important part, too.

• 25:59Speaker 02

  Yeah, absolutely. And, you know, we're, we're gonna take, thank you for bringing that up. So, I mean, that, that's a good lead. You know, the partnership that MoneyWise and the Chamber of Commerce, the Bakersfield Chamber of Commerce have, you know, it's a fantastic partnership and we've been working on this for a long, long time. Um, I do wanna talk about it in, in detail, but it's not something that we can do in two minutes. So, we're gonna take a quick break and we'll be right back with Janelle Capper from the Chamber of Commerce.

• 26:32Speaker 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 401k Specialist, Justin Leland at 661-847-1000. That's 661-847-1000.

• 27:04Speaker 02

  A little bit of Sturgill.

• 27:07Speaker 02

  Welcome back to the Money Wise Show. I'm your host, Justin Elin, joined by Janelle Capra and Frank Lee. Before we went into the break, Janelle, talking about a great benefit that is available for members of the Chamber of Commerce. Janelle, tell us a little bit more about the benefit of, you know, not just that benefit, but just benefits in general of being a member of the Chamber of Commerce.

• 27:39Speaker 04

  Of course. Well, you get to be a network of, you know, 1,000-plus members. And so you're in that directory. And when anyone goes to our directory and they search local flower shop, or this time of year, they may be waiting to the last minute. I know it's not you or Frank for shopping for Christmas, but you may want to shop local, which we recently did a really great press campaign and partnered with our friends at the Arts Council of Kern and all 18th Street, they're doing things. But as a member, you're in that directory and searchable for those reasons. We also, you know, provide value in your opportunities to network at ambassadors, our Government Review Council, labor law,

• 28:22Speaker 04

  and then we do have our signature events. And I could even tell you now, this just in. Well, okay, it's been in. But you can nominate for beautiful Bakersfield Awards. Any work being done in 2025, you would then be able to nominate an individual, a corporation, a business into next year. So we've had, we have signature events, and we have, you know, different programs to support your membership. Our goal is a better business, is to, you know, build something better for Bakersfield and to give you those tools as a business owner, whether you're an entrepreneur, first-time business, small business, large corporation, nonprofit, to have those tools for success.

• 29:06Speaker 02

  Yeah. And, you know, and so being a member of the Chamber of Commerce, just it opens up certain doors that, and networking opportunities that I think as, as business owners, you know, we, we tend to kind of get our blinders on, and we just have this kind of myopic view of our business, and we have to run our business our, our way. And

• 29:36Speaker 02

  We we don't do a good enough job of of networking with other businesses and it's through the Chamber of Commerce that is able to help us to, you know, reach out beyond ourselves and talk to other businesses to be able to meet those other business owners and to, hey, look, you're having similar problems with HR that I'm having.

• 30:01Speaker 04

  Yep.

• 30:01Speaker 02

  Right?

• 30:02Speaker 04

  And and recognizing that not everyone can come in person. I mean, if you're a small business, you're keeping the lights on, you're keeping payroll going, you're, you know, you're wanting to make sure that you keep moving your business forward. So we give you tools to do that where you can still join, you know, via online or connect with each other in other ways. But we did mention before going into the break about our multiple employer plan and one of the reasons, of course, our partnership. But I love to share this one as when I was faced working for a nonprofit and, you know, the state was telling us, okay, if you have five or more employees, that's going back a few years, you have to offer

• 30:42Speaker 04

  a 401k plan. So the intention's good, right? To have financial literacy, to set your teams up for success, to be forward-thinking. But CalSavers was not going to be my choice. And so thankfully, through our relationship with with all of you at Money Wise, we have a multiple employer plan that is now grown to, how much money are we allowed to say?

• 31:03Speaker 02

  I don't think we could say, but it's large.

• 31:06Speaker 04

  It's doing quite well. And let's just say it gives you better value and you don't have to pay the state's registration fee. Instead, this is a free benefit with benefits for Chamber members.

• 31:18Speaker 02

  So, yeah, and I let's, this is a program that was set up back in like 2021. So it's been going on for about four years. You know, CalSavers came around and, you know, and it's not just California. So that's, I know a lot of people like to bash California for a lot of, a lot of liberal policies and such, which, you know, trust me, it gets, it, it deserves a lot of that bad. Press, right, uh, for a lot of different reasons, but this is not necessarily one of them. Um, there are forty or forty-five states that now require,

• 31:57Speaker 02

  and now on a federal level, require businesses to offer some form of a retirement plan for their employees. And CalSavers was California's way of of implementing this. And so, you know, in this twenty twenty-one, middle of COVID kind of, you know, reasoning, uh, you know, uh, I got together with the Chamber of Commerce and we were able to put together this plan. Um, to to kind of combat, you know, combat that.

• 32:30Speaker 04

  For for seeing that value and and Nick Ortiz for you and and Justin for you to sit down and say, okay, this is going to be something we're going to partner in to make opportunities for Chamber members.

• 32:43Speaker 02

  Right. And so putting together this plan was was really kind of paramount, you know, with looking at it from a standpoint of, hey, this isn't going to be a benefit for the community at large. Right? The business community at large. And so it's been a fantastic, uh, thing. I think now we are up to fifty-five or fifty-six different, you know, companies that are participating in this particular benefit, right? Um, and I like to say this is that, you know, hey, if you're a member of the Chamber of Commerce, if you're a business and you're a member of the Chamber of Commerce, um, that's your golden ticket. There's no other additional cost for you to join on to this, you know, uh, this 401K platform.

• 33:29Speaker 02

  Um, and that was done by design, right? That was done by design is to kind of combat this this CalSavers, uh, platform. Um, and, you know, it's been.

• 33:42Speaker 02

  You know, I guess a labor of love. It's been a, you know, a pretty, pretty big undertaking to put that together, but you know, here we are.

• 33:53Speaker 04

  Yeah, and without, you know, I, I know this could be a whole program to talk on, on this, but to just anyone who's thinking about this in the new year. All you have to do is have one employee and then you have to find a 401k. So just know that your chamber is here for you. Connect with us, we'll connect you with Justin, Frank, and our friends at Money Wise. We'll make sure that happens for you. They take care of 99% of the work of it. So that's what's key for a business owner.

• 34:21Speaker 02

  Yeah, we try to do it all, but we can't, we can't get that last 1%. So you gotta, you gotta do something.

• 34:27Speaker 04

  You have to have some skin in the game. You have to have some skin in the game. But no, I just want any, any, you know, listener right now, or even small business that has been considering this, join our chamber and, and that's a value for you immediately.

• 34:41Speaker 02

  Right. And it's a great platform. It, it, you know, there's a, yeah, it is, it's been, it's been a, a joy to put that together. And actually, it's been a joy, you know, working side by side with the chamber.

• 34:54Speaker 04

  Yeah, and to see it grow.

• 34:56Speaker 02

  And to see that grow. It is, you know, been a, a, a great, great platform. So, um, you know, for, for those that are, you know, crawling out from underneath a rock, how can, if you're a business owner and you've never heard of the Chamber of Commerce, uh, how would a business owner get in touch with the Chamber of Commerce, Janelle?

• 35:19Speaker 04

  Well, and I love this question because if you're, you know, listening in and you're from a different city, I love when I get to share best practices with our other chambers. So our chamber, Greater Bakersfield Chamber, 105-year legacy continuing to go strong. We're also a part of Cal Chamber and the US Chamber. So we collaborate a lot with our other bigger entities to make sure we share best practices and, and that we stay, you know, pro-business. That's really what it's all about. So if you're looking to find us, we're at bakochamber.com and And that's really the easiest way, our socials, you can find us on Instagram, LinkedIn and Facebook. We just did a report, our LinkedIn is like off the charts. So, thank you friends for following us.

• 36:03Speaker 02

  Right.

• 36:03Speaker 04

  And then I would just share with anyone, I know there's many businesses that need to make a decision with a year end gift. We are a 501(c)(6), but we also have our(c)(3), which supports Leadership Bakersfield. An amazing program for anyone enrolled or anyone that wants to learn more about various parts of of Bakersfield and industry from ag to education to media. I mean,

• 36:29Speaker 02

  Healthcare.

• 36:30Speaker 04

  Yeah.

• 36:30Speaker 02

  Yeah, I'm a graduate. I am a graduate, yep.

• 36:33Speaker 04

  So we will be sending out an opportunity, kind of a year end appeal for anyone who wants to contribute to that as well. But if you want to find us and get more information, I would start with bakochamber.com or shoot us an email. That still exists right now, I think, right?

• 36:49Speaker 02

  I think so, yeah.

• 36:51Speaker 04

  At [email protected].

• 36:54Speaker 02

  Nice. We'll make sure that's on the pod notes, podcast notes. We'll do all that for you. We're going to take a quick break right now. Thank you so much, Janelle, for being here. And thank you for ringing the bell today with me.

• 37:07Speaker 04

  Yes, of course.

• 37:08Speaker 02

  And thank you very much and we will be right back.

• 37:16Speaker 02

  Now, this is the way to bring in the weekend. A little bit of Metallica for you before we go into the weekend. Hey Frank, we got the last little segment, couple of minutes. Hey, I got a question for you, man.

• 37:29Speaker 03

  Shoot, go for it.

• 37:31Speaker 02

  What would you do with a billion dollars?

• 37:36Speaker 03

  Ooh, a billion dollars? A billion with a B, not a million?

• 37:41Speaker 02

  Yeah, a big old B. Now, of course, after taxes, you'd wind up with like 400 million, but.

• 37:48Speaker 03

  Yeah, little, little less than half.

• 37:51Speaker 02

  What would, what would be the first thing that you buy if you won the Powerball?

• 37:57Speaker 03

  Oh man, that's tough. I don't know. What would I buy? A new PC, maybe?

• 38:02Speaker 02

  A new PC?

• 38:04Speaker 03

  Yeah.

• 38:05Speaker 02

  No, I, I see you with a grill. I see you with a grill, coming in with a diamond studded grill.

• 38:10Speaker 03

  No, no, no. Hard pass. Hard pass. Hard pass. I first learned about a grill when that song came, uh, uh, who was it? Back when I was in junior high. Steven knows.

• 38:26Speaker 00

  Was it a couple of years ago?

• 38:28Speaker 02

  Which one?

• 38:29Speaker 00

  I have no idea.

• 38:31Speaker 02

  Oh man, okay.

• 38:32Speaker 03

  Um, this is by Nelly? Oh my gosh, I'm blanking on the name.

• 38:37Speaker 02

  You're blanking on it. So Powerball right now is, uh, now sitting at nearly, uh, actually I think it crossed over a billion dollars at this point. Uh, forty-one straight draws without a winner. So the Powerball jackpot now is over a billion. It's the seventh largest lottery win, uh, lottery in, in history at this point. Didn't we just talk about it being like the second largest in history like a month ago?

• 39:06Speaker 03

  Yeah, just recently.

• 39:07Speaker 02

  Just recently?

• 39:08Speaker 03

  Like two points of the billion. Yeah, this is what they're saying about why they're increasing the price of it too is because, um, it's, uh, given the chances, they're, they're trying to increase the amount of winners more frequently or something like that. I,

• 39:23Speaker 02

  How do you increase the number of winners?

• 39:25Speaker 03

  I, I don't know, but that's, that's exactly what they said. I was like, but how? Um,

• 39:30Speaker 02

  Yeah.

• 39:30Speaker 03

  It does, it does seem like there's been more winnings.

• 39:33Speaker 02

  But it's the same, you're still pulling the same six or seven numbers, right? Six numbers with a Powerball at seven.

• 39:40Speaker 03

  Yeah.

• 39:41Speaker 02

  Like you're still pulling.

• 39:45Speaker 02

  I guess if you sell more tickets, then there's a better chance that somebody wins, I guess, but I don't know. It's it's one of those. So right now, it's the seventh largest in history and but it's a billion dollar.

• 40:01Speaker 02

  Billion dollars. So here's basically, there's five things that I would say you definitely do not want to do. If you win the big ticket and you're not sharing it with 20 of your office buddies. But here's five things you don't want to do. Item number one, here's this is just, you know. Dumb lottery winnings 101. Don't do this. Don't hand over an unsigned ticket to the store clerk or anybody for that matter. Because the law states, basically, anybody who is physically holding on to a winning ticket is the winner.

• 40:45Speaker 02

  Regardless of if you bought that ticket or not, if it's an unsigned ticket. And you hand that unsigned ticket to somebody, guess whose ticket that is? Theirs, right? They sign it, it's now theirs. So do not ever. Hand over an unsigned ticket to somebody. So first things first, if you are the winner, make sure you sign the back of that ticket immediately. Right? And what I would say is you take a photo of the front and back of that ticket and you save that in a secure folder on your phone. That you have access to it.

• 41:26Speaker 02

  Second item is keep that ticket in a very safe place. What I would do is I'm making sure I'm going down and I'm getting a safety deposit box at the bank.

• 41:39Speaker 02

  That's what I'm doing. I'm I'm getting a safety deposit box at the bank. Keyed entry. It's in the vault.

• 41:46Speaker 03

  Yeah, secured.

• 41:47Speaker 02

  It's secured. It's it's signed, but it's in a it's it's. It's literally in a bank vault. You know, secured and and gone, right? It's it's not. Anywhere where somebody can get to it.

• 42:09Speaker 02

  Next thing. Keep your big yap shut. Don't tell everybody that you won.

• 42:16Speaker 02

  Right? It's the security 101. Keep your big yap shut. Don't go telling everybody that you won the big Powerball.

• 42:24Speaker 03

  You mean you wouldn't post your winnings on social media?

• 42:27Speaker 02

  You know, yeah, you're not going to be the the Instagram influencer and taking a little selfie, you know. Influencers in the wild kind of style, you know, not not going to do that. Don't don't do that.

• 42:42Speaker 02

  Don't rush to go claim your prize. This I I can't stress this one enough.

• 42:49Speaker 02

  You basically the winners, you have anywhere from 90 days. Depending upon the state, you have anywhere from 90 days to a year. To claim the ticket.

• 43:05Speaker 02

  So. You have time and. Here's the thing. You know that you're the winner. You know you have hundreds of millions of dollars coming your way. So spend a little bit of money and put the team together that you need to have. Get the attorneys together. Put the attorney team together. Put the CPA team together. Get your financial advisory team together. Get the team together. Pay a little bit of money to get everything set up properly so that when that money comes, that you have everything set up and the I's are dotted, the T's are crossed,

• 43:44Speaker 02

  and that you don't have your great uncle Jimmy twice-removed showing up out of the woodwork, claiming that he has a claim to the ticket. Right? So make sure that you have that team put together first. So do not rush to claim that prize because it's not going to end up in your best interest to do that. And this is kind of, that was number four, but you know, four A, don't decide on how to take that payout too quickly.

• 44:22Speaker 02

  Right?

• 44:24Speaker 02

  Discuss it with your team. Figure out which one is the most beneficial to you because there's a couple of different ways to take this. You either take it as a 30-year annuity, which I heard I saw somebody had won a different winning, you know, ticket of some type, and this lady had decided to take the annuity payment.

• 44:42Speaker 03

  Yeah.

• 44:43Speaker 02

  Which may or may not have been the best option for her. But people are like, who, why would you do that? Well,

• 44:52Speaker 02

  maybe, maybe, maybe it was best for her. Um, but don't, uh, don't make that decision too quickly. Consult with the professionals first. Consult with the financial advisors, consult with the CPA. Uh, so for this particular payout, if you get the billion-dollar jackpot, the annuity payout would be $33 million a year. That's not a bad payment, $33 million a year. Ah, I don't like that. It's a nice payday.

• 45:26Speaker 02

  Each option kind of comes with a trade-off. Yeah, it does come with a trade-off, but you know, that's not too bad. It's not a bad payday for, for 30 years. Uh, so that's, but you don't get a raise. There's no, there's no cola adjustment, right? So, but hey, uh, just think about it before you do it. Anyways, have a wonderful weekend, be smart, be safe, be money wise, have a fantastic weekend. We'll see you on Monday.

• 45:53Speaker 01

  Securities offered through LPL Financial, member FINRA, SIPC. Investment advisory services offered through LPL Financial. LPL Financial and Money Wise Wealth Management are independently owned and operated.