10/2/26 Friday Money Moves: Markets, Cash Apps & JJ's Legacy

The Moneywise Radio Show and Podcast Friday, October 2nd 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 https://www.moneywiseguys.com/ facebook: Moneywise_Wealth_Management https://www.facebook.com/moneywiseguys/ LinkedIn: Moneywise_Wealth_Management https://www.linkedin.com/company/moneywise-wealth-management-bakersfield/ Guest: Lori Malkin, CEO/Founder of JJ's Legacy website: https://jjslegacy.org/ 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. Lori Malkin & JJ's Legacy are not affiliated with nor endorsed by LPL Financial or Moneywise Wealth Management

• 0:00Speaker 00

  Live from the basement inside the historic Woolworths Building in downtown Bakersfield. Call or text in at 661-396-1000.

• 0:09Speaker 01

  I need a dollar, dollar, dollar, that's what I need. Hey, hey. Well, I need a dollar, dollar, dollar, that's what I need. Hey, hey. Said I need a dollar, dollar, dollar, that's what I need. And if I share with you my story, would you share your dollar with me?

• 0:29Speaker 02

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

• 0:37Speaker 00

  Now, let's start the MoneyWise Show.

• 0:40Speaker 03

  Hey, welcome to the Friday edition of the MoneyWise Show, live from the basement of the historic Woolworths Building in downtown Bakersfield.

• 0:49Speaker 03

  Here for the next hour, you're on News Talk 96.1 and 1230 AM, KERN, streaming live at MoneyWiseGuys.com. Call or text into the show anytime, 24 hours a day, 661-396-1000, 661-396-1000. We've got a couple of questions that popped in, we'll go ahead and get to those here in just a moment. We're your hosts, though. I'm Justin Leland here with

• 1:11Speaker 04

  Dustin Weaver.

• 1:12Speaker 03

  Dustin, how you doing, man?

• 1:13Speaker 04

  It's, you know, it's Friday.

• 1:15Speaker 03

  It is Friday.

• 1:16Speaker 04

  Yep. Fair's still going on. I just heard that before we came in here, they're expecting a lot of people. It sounded like it had a slow start.

• 1:24Speaker 03

  And it's gonna be warm this weekend, too.

• 1:26Speaker 04

  Definitely. Yeah, no thanks.

• 1:27Speaker 03

  Yeah, I think I might

• 1:29Speaker 04

  Super hot, man.

• 1:30Speaker 03

  It's gonna be super hot. Super hot. I might be passing

• 1:34Speaker 04

  Have you, have you went to the fair yet?

• 1:36Speaker 03

  Uh, no, no, no. Uh, yeah, the, the wife took the, the little guy to the fair on Saturday while I was in the air flying to Nashville, so I got out of it.

• 1:45Speaker 04

  Lucky man. I'm volunteering on Saturday.

• 1:48Speaker 03

  Oh, stay well hydrated.

• 1:49Speaker 04

  Come get a cold beer from me.

• 1:50Speaker 03

  Yeah.

• 1:51Speaker 04

  Nice.

• 1:51Speaker 03

  Dustin will be very well hydrated with Michelob Ultra.

• 1:57Speaker 04

  He's pick a good beer.

• 2:00Speaker 03

  Oh, man. Um, yeah, it's, it's, it's gonna be a bit warm today. Hey, have you been watching the, uh, Major League Baseball playoffs there, Stevie?

• 2:09Speaker 04

  I did until the season ended for my team.

• 2:11Speaker 03

  Yeah.

• 2:11Speaker 04

  I did see the, uh, the Braves got by.

• 2:14Speaker 03

  Braves made it. Uh, Yankees took out Boston.

• 2:18Speaker 04

  Which is always good.

• 2:19Speaker 03

  Always good. So the Braves, uh, playing the Dodgers, who you got in a, in a, in a five game series?

• 2:25Speaker 04

  I gotta go with the Dodgers on that one. It should be a good series, but the pitching and, yeah. If it would have been a, yeah, I, I thought the Phillies would have got by, but, you know, Atlanta is not a pushover, especially when they play the Dodgers.

• 2:40Speaker 03

  They're scrappy, too.

• 2:41Speaker 04

  It, it won't be an easy one, but I, I, I think the Dodgers could pull that out in a series.

• 2:46Speaker 03

  Yeah, in a five game series, I mean, you're, you got, you know, you're gonna wind up going with your three best pitchers, basically. Uh, maybe four. I mean, the Dodgers have, what, seven starters at this point? Um, so it's, their, their starting seven, let's call it, you know, their, their starters.

• 3:03Speaker 04

  Seven different teams.

• 3:04Speaker 03

  Yeah, your, your, your sixth starter could be the number one starter on half the league is, is how good that they are right now, so.

• 3:11Speaker 04

  My, my real question is, is do you see the future of baseball getting a big pause after the, the playoffs?

• 3:17Speaker 03

  Yeah, unfortunately, I do think that there's gonna be the lockout. Um, I think that's a foregone conclusion. I don't think that the owners and the Players Association are anywhere close to being near enough.

• 3:30Speaker 04

  Yeah, that's sad.

• 3:31Speaker 03

  To have any, an agreement.

• 3:32Speaker 04

  They are so far apart, I think you're probably right.

• 3:34Speaker 03

  They, they are, I mean, the, the owners are basically saying, we need to have a salary cap and the, and the players are like, uh, no, contraire mon frère, we're not doing that. And they're just, that, that, that's a, that's a non-starter. And i- if, if that's the way they're gonna be, and, and, you know, obviously, there's, there's no budging on either side. You know, you either have a salary cap or you don't, and both sides are diametrically opposed.

• 4:00Speaker 04

  We'll circle that one when they start losing money and see how close they can get. So is this a new fight or is this something that's ongoing?

• 4:07Speaker 03

  Well, their, their, their collective bargaining agreement for the Players Association and the owners, uh, their collective bargaining agreement is, is run out now. They've done all of the extensions and everything, so they're, they're renegotiating the next CBA. Um, and the two parties are just so far apart in what each other want and what are each other are demanding, uh, from a labor dispute kind of a standpoint. Um, you know, it, it may very well be the same thing that happened in like, what, 94 with the, with the owners having the lockout, uh, then? And they just had a bunch of, uh, college ball players come in and play ball.

• 4:43Speaker 04

  Yep, call up the scrubs.

• 4:44Speaker 03

  Yeah, call them up, because they've done it before, and it's not like they're not gonna do it again.

• 4:47Speaker 04

  I mean, we've seen it in other sports, and it usually, it will go through a week or two, and then they're like, all right, we're losing too much money, let's just meet in the middle. But this one seems

• 4:58Speaker 03

  This one seems a lot more, yeah, and I think it, it, the, there's so much bad blood between the two, uh, sides. Um, this, this might take a while.

• 5:09Speaker 04

  Yeah, and I mean, I've seen so many fans, if you're not a Dodger fan, then you're like, uh, anti-Dodger, because they've kind of pulled the, the same time, type of thing that the Yankees have done for years. Where, okay, well, there's no salary cap, we're just gonna buy the best players, and then if you're a Dodger fan, then they play the Yankees. And I, I think it's probably better for the smaller teams, the smaller teams, but

• 5:34Speaker 03

  The Dodgers, this is the reason I really kind of, I, I mean, I like the Dodgers, I'm, I'm an Angels fan, but, you know, I respect the Dodgers. The thing that really bugs me about the Dodgers' ownership is they have literally gone out and bought players just so the other teams can't get them.

• 5:48Speaker 04

  Yep.

• 5:49Speaker 03

  They have literally spent, oh, we'll pay the luxury tax on this top of the line, you know, uh, A-plus player, just so the, just so he doesn't sign with, uh, San Diego.

• 5:58Speaker 04

  And they're getting him, scouting him at 12, 13 years old. It's part of baseball, baby.

• 6:02Speaker 03

  Yeah. So I don't know, I mean, it may very well be the same thing that happened in the, the 90s, where, what was it? They had, uh, a congressman or a senator, what was it, George Will or somebody like that, had to like negotiate with them and get them back together.

• 6:16Speaker 04

  At the end of the day, it's all gonna be about money. Once they start losing that money, they'll be, they'll figure something out.

• 6:22Speaker 03

  Once they start losing the cheddar.

• 6:24Speaker 04

  Yep.

• 6:25Speaker 03

  Well, anyhow, we're gonna do what we do. Dustin, we got some numbers coming up on the screen. It looks kind of green at, at the moment.

• 6:31Speaker 04

  There is more green, so obviously, it's not closed until 1 o'clock our time, but, uh, US stocks are rallying today. S and P's up about 0.7%, the Dow 0.3, NASDAQ at 1.1, and the NASDAQ reached a record high today, intraday, actually.

• 6:49Speaker 03

  Yeah, and, yeah, earlier in the morning, it did reach up to that, that upper high, and that is probably attributed to the weaker-than-expected jobs numbers that came out this morning.

• 6:59Speaker 04

  I saw that.

• 7:00Speaker 03

  You get bad news for the economy, good news for the stock market.

• 7:03Speaker 04

  Right. They were expecting 90,000 jobs, but it came in quite a bit less than that at 29,000 added in September.

• 7:11Speaker 03

  They downerly revised August and July. July actually now is a loss of 10,000 jobs for the, for the month.

• 7:19Speaker 04

  So there's that, and then unemployment rose to, what, 4.2%?

• 7:22Speaker 03

  Right.

• 7:23Speaker 04

  So that actually shifts what the expectations are for the Fed, who controls interest rates, which we talk about a lot. Uh, they've reduced the probability of an increase to 15 to 20% uh, next time around, which they were expecting more than that, but

• 7:38Speaker 03

  Yeah, if, if the, if the jobs numbers came in still relatively warm, then we probably could have seen an October rate hike. Now that the numbers have been downwardly revised and unemployment's starting to, you know, peak up a little bit and start to kind of go that, the opposite direction.

• 7:57Speaker 03

  There's a lot of folks right now saying that October's off the table. Doesn't mean that December's not still out there. November's not still out there, but, uh, October's probably off the table at the moment.

• 8:06Speaker 04

  Something else that's unusually high is Treasury yields, so the 10-year Treasury is hovering at 5 and 1/4, which is its highest level since 2002.

• 8:15Speaker 03

  It's, uh, yeah, and there's the reason why your mortgage rates are over 7%.

• 8:20Speaker 04

  That's right. Yeah, it's the 10-year that they look at the most. I mean, they look at different rates around the world, but the 10-year Treasuries

• 8:26Speaker 03

  That's kind of the bellwether. So right now, interest rates are what, 7 and 1/2, 7 3/4?

• 8:31Speaker 04

  Yeah, on the 30-year.

• 8:32Speaker 03

  On the 30-year?

• 8:33Speaker 04

  Yeah, north of 7, north of 7 on the 30-year.

• 8:35Speaker 03

  Oh, jeez. What's a 15-year nowadays? Probably still the same.

• 8:38Speaker 04

  Not much less than that.

• 8:39Speaker 03

  Not much less. I mean, that was always kind of the thing. It's like, oh, I might save a little money and I'll get a lower interest rate. Yeah, I pay a little bit more on a monthly basis, but I can get a 15-year mortgage at, you know, hey, it's 7 and 1/2, maybe I can get it at, you know, 5 and 3/4. That, that's a material savings to do that. Now, the interest rates are the same, so you're not able to really kind of, to do that, so.

• 8:59Speaker 04

  Yeah, even going with the adjustable, I hear it's not much, much different, and then you're taking on the risk of what happens in the future.

• 9:05Speaker 03

  Yeah, and I don't think anybody wants to relive 2006, 2008 kind of, uh, arms and adjustable, adjustable rate mortgages.

• 9:16Speaker 04

  There was a lot of them at that time, for sure.

• 9:18Speaker 03

  I think we've, most of us have learned our lesson from doing those. Uh, hopefully, we don't have a repeat of, you know, what is it? The, the no income, no verification, you know?

• 9:29Speaker 04

  Oh, yeah.

• 9:29Speaker 03

  Loans, like, that's not a thing anymore, but

• 9:32Speaker 04

  The term they kept throwing around was stated income.

• 9:34Speaker 03

  Yeah.

• 9:35Speaker 04

  Meaning just state your income. Okay.

• 9:37Speaker 03

  Yeah, I make a half a million dollars a year.

• 9:38Speaker 04

  Yeah, here it is.

• 9:39Speaker 03

  Okay. Here you go. Oh, my dog also makes 100 grand a year.

• 9:44Speaker 04

  Does he have a pulse? He's qualified.

• 9:46Speaker 03

  There's, yeah, can he fog a mirror? Yeah, good. You know, here's your loan. Can't do that anymore.

• 9:51Speaker 04

  Yeah, so Treasury yields are higher. Uh, oil fell a little bit. We've got the Brent hovering 99 to 101, fluctuating today. WTI, uh, around $91, so a little bit less.

• 10:02Speaker 03

  We have, uh, yeah, so we're gonna go, uh, get to a quick break here just, uh, for a moment. But, yeah, at the bottom of the hour, we have Lori Malkin, uh, founder and chairperson of JJ's Legacy, coming in, uh, talking about all things, uh, you know, JJ's Legacy, uh, when we come back.

• 10:25Speaker 03

  Welcome back to the Ustin Show.

• 10:29Speaker 04

  With Justin.

• 10:31Speaker 03

  Justin and Dustin.

• 10:33Speaker 04

  This is your music.

• 10:35Speaker 03

  Well, Stephen, are you get tickets to this one?

• 10:37Speaker 04

  I am as soon as we get paid.

• 10:40Speaker 03

  That's next Friday.

• 10:45Speaker 04

  It was either this or Slipknot, because they both went on sale today, but I've seen Slipknot.

• 10:52Speaker 03

  Yeah, I would do Perfect Circle.

• 10:53Speaker 04

  Yeah.

• 10:53Speaker 03

  I would do that. It's like Tool Light.

• 10:57Speaker 04

  It's the Diet Coke of Tool.

• 10:59Speaker 03

  It's the Diet Coke.

• 11:00Speaker 04

  Where are they playing, Stephen? I believe it's a Hollywood Bowl.

• 11:03Speaker 03

  That'd be a good show. Honestly, I'm saving up my pennies for when Tool plays at the residency at the Sphere. Because that's the concert I want to go to.

• 11:14Speaker 04

  It's either gonna be this, or I also heard Sharon Osbourne come out and say she's returning with the Ozzfest next year, and you know they are gonna go big next year, so I might have to go to that, too.

• 11:26Speaker 03

  Well, I mean, don't you typically go to Aftershock?

• 11:29Speaker 04

  I do, but they've kind of softened the rock lineup, so I'm not gonna go pay for the soft rock.

• 11:37Speaker 03

  Yeah, I mean, if Pantera's not there, you don't want to go, right?

• 11:40Speaker 04

  Or Korn or any of those. Nah, I'll wait until next year.

• 11:43Speaker 03

  If it's just nothing but Hall & Oates, then you're just not gonna go.

• 11:48Speaker 04

  I've had enough of Yellow Card.

• 11:51Speaker 03

  Oh, man. All right. Well, we're back. Welcome to the Money Wise Show. It's Friday. We're kind of taking it easy, heading into the weekend. We did get a couple of questions that have popped in that we kind of wanted to just chat about briefly. The first one is, and I don't know how far we want to go into this, but how will Prop 40 change taxes? I'm gonna be real blunt here. It's probably not going to change anybody who's listening.

• 12:19Speaker 04

  Right.

• 12:20Speaker 03

  Right? If you're a billionaire and you're listening, maybe it'll affect you.

• 12:25Speaker 04

  So, talk about that. What is the high-level view of Prop 40?

• 12:30Speaker 03

  Yeah, Prop 40 is ostensibly the one-time tax on anybody who was a billionaire in January of this year, who had California as a primary residence.

• 12:41Speaker 04

  So, that's about 200 people.

• 12:43Speaker 03

  About 250 families or so, right? And it's retroactive, so it's like you can't have this, let's just say Prop 40 passes for some reason. It passes. You're not gonna be able to, if you're a billionaire, you're not gonna be able to really escape it, because it's going back to basically January 1st of this year. So, changing residence at this point would be impossible to do. Doesn't make it right. I mean, there's probably other ways to raise the revenue, right? Through different modes of taxation, and I won't get into the political aspect of that,

• 13:20Speaker 03

  but if it's a one-time, or at least what they're saying is a one-time 5% tax on all assets if you're a billionaire, how do you calculate that? And are they gonna use that, is the state government gonna use that for what they claim to use it, which is healthcare, early childhood education, you know, all of the other wonderful things that they want to use it for? Is that actually being done? And is that going to, is that one-time 5% going to effectively close that gap? Maybe, maybe not. So, to answer the question of, is it gonna change your taxes? No.

• 13:59Speaker 04

  Right.

• 14:00Speaker 03

  It's not gonna change any of our taxes. Although, if I was a billionaire, it's a good problem to have, I guess.

• 14:06Speaker 04

  Yeah, right.

• 14:08Speaker 03

  Right? Like, oh, okay, how do I, not it.

• 14:12Speaker 04

  Yeah, so most likely, no.

• 14:13Speaker 03

  Yeah, most likely no change to your state income taxes.

• 14:17Speaker 04

  We did get another one. It said, "Good afternoon, guys. So, I have a weird question that I would like to hear what your thoughts are. I'm a small business owner with a staff of 11. I have found it easier to pay my staff using Zelle or Cash App, but I wanted to hear your thoughts on if it's okay to continue to use these apps when paying staff."

• 14:33Speaker 03

  Uh, you need to stop doing that. I'm just gonna throw it out there. Here's the reason why. So, Cash App and Zelle are great. Now, the caveat to this is you're saying you have 11 employees. My question, my first question would be, are they true W-2 employees? Or are they 1099 contractor employees? California has made the laws very difficult to have 1099 employees if there are only, you know, there's a bunch of criteria to whether or not you can call them contractors. If they're not contractors and they are W-2 employees, Cash App and Zelle, to my knowledge, does not have a way for you to be able to do Medicare,

• 15:15Speaker 03

  FICA, state disability, all of the taxes that are withheld, right? That you show on somebody's pay stub. And that's one of the requirements in California, is you have to provide a pay stub. You can't just be like, "Hey, I'm just gonna pay you via Cash App," and, you know, there's no backup to it that shows, hey, here's all of the...

• 15:38Speaker 04

  Yeah, where's the withholding?

• 15:39Speaker 03

  Where's all the withholdings, right?

• 15:40Speaker 04

  Social Security, Medicare. Right? And then with the state requiring retirement plans now, too. You're talking company matches and things for, if you're on CalSavers or another type of plan.

• 15:52Speaker 03

  And if you're just doing Cash App, and it's like, okay, here's your $1,000 for this week worth of work, there's no backup on it. So, very, very careful if using those types. There's a reason why they have direct deposit. If your guys, if your employees don't have a bank account, well, how are they getting, right? Direct deposit is super easy to set up.

• 16:16Speaker 04

  Definitely.

• 16:17Speaker 03

  And you should be using a payroll company, whether you use QuickBooks, or Paylocity, or ADP, or Paychex, whatever you use, lots of different options. Gusto is a good option. There's a ton of these different payroll companies and options that will help do the reporting to make sure that you, as the business owner, are staying compliant. That's the biggest thing. You need to make sure you are compliant when it comes to payroll and withholding, and making sure that those taxes are withheld and sent to the proper authorities.

• 16:47Speaker 04

  Not to mention, if you're using that type of thing, I mean, if there's no pay stubs, there might not also be a W-2. You have to have that. That's a downside for an employee if you don't have your W-2s.

• 16:57Speaker 03

  You have to provide that.

• 16:58Speaker 04

  And then the other thing I'm thinking of is the risk with the app itself. You know, some of the Zelle payments are irreversible, and there's very little fraud protection.

• 17:07Speaker 03

  Right.

• 17:08Speaker 04

  So, if you make a mistake, send it to the wrong phone number or email, I mean, that money could be gone for good.

• 17:14Speaker 03

  Well, and that's the thing, I think, with direct deposit, at least for the employer. Let's say if I'm employing Dustin, and he's a W-2 employee, and I have him set up on direct deposit. Let's say that my payroll person puts an extra zero on the end of his pay stub, gets fat-fingered and kind of, you know, puts an extra zero on there. I mean, I love Dustin, but he's not worth that much.

• 17:37Speaker 04

  I appreciate that. I disagree. Love you, Stephen. Love you, too. One of Vegas, right?

• 17:45Speaker 03

  But if that is found, the employer has the right to be able to claw that back.

• 17:51Speaker 04

  Right.

• 17:51Speaker 03

  Right? And that's one of the criteria when you sign up for direct deposit, that there is a bilateral, goes back and forth. So, if there's a mistake, they can pull that money back out of the account. So, that's...

• 18:03Speaker 04

  Yeah, and depending on the level of this position, like you said, you add an extra zero. We've got, if somebody's getting $3,000, you give them 30, that might be a ticket to take off.

• 18:12Speaker 03

  Yeah.

• 18:13Speaker 04

  Might not be seeing that back.

• 18:14Speaker 03

  Yeah. So, I mean, yeah, and that's the thing, is if it's in Zelle and you just gave them 30 grand, well, you're not getting that money back. Yeah, I would just be very, very careful about using some of these apps like that, because whether it be Zelle, Venmo, any of those types of things, once that money's gone, it's gone. And there's no reporting necessary to state and federal for withholdings. So, yeah.

• 18:43Speaker 04

  We got another comment that basically was a very long, "Go Dodgers."

• 18:48Speaker 03

  Boo.

• 18:49Speaker 04

  Stephen, was that you?

• 18:50Speaker 03

  No, no. If it was the Mariners, you'd be all over it. Yeah. I don't want to see a three-peat. I mean, that's the kind of thing I just, I mean, Dustin, Stephen, what are your thoughts?

• 19:13Speaker 03

  Right, that's the thing. Like if the Dodgers wind up winning and it winds up being a three-peat, you know, good for the Dodgers and everything, but bad for baseball.

• 19:22Speaker 04

  The owners will be like, see, we're, see, we're being timed to tell you.

• 19:26Speaker 03

  Well, and the thing is, like, look at the teams that actually made it into the postseason. Like, you look at some of the, like, the Cleveland Guardians made it into the postseason with, like, a bottom, like, a bottom quarter payroll. They were like the bottom six.

• 19:39Speaker 04

  Moneyball.

• 19:40Speaker 03

  Yeah, it was like, it was, but they really have no chance. They really essentially had no chance. Right? Um, but you're, you're gonna see the cream rise to the top with the playoffs. You're gonna wind up seeing these folks that are, you know, paying 200, 300, 400 million for their payrolls. They're gonna be the ones in the final four.

• 20:03Speaker 04

  Right? I mean, that's, that's how it's been.

• 20:06Speaker 03

  The way it's always been. I think the last team that actually won a World Series, where it was not a, like, top half of the payroll scale, 2002 Angels.

• 20:18Speaker 03

  I mean, if you look back and you see since then, it's 25 years, it's, it's, it's top quartile payroll that wins the World Series. So, like, the Pirates are never gonna win under this scenario. The Cincinnati Reds are never gonna win under this scenario. The A's are never gonna win under this scenario.

• 20:33Speaker 04

  I know my, our guest coming in will have probably a different comment about that.

• 20:38Speaker 03

  Yeah, I know. She's probably, she's probably coming in wearing all of her Dodgers gear.

• 20:43Speaker 04

  I know we have a, a hard break here coming up in a minute, but you said the word payroll three or four times, and it made me think of that other question. And I just thought of something else about the paying over the cash apps. So, the other thing, just think about risk as a business owner. You know, if you don't have solid records there, how are you going to defend against, you know, overtime or a minimum wage kind of claim?

• 21:07Speaker 03

  Right.

• 21:08Speaker 04

  Workers' comp premiums are often tied to, to, you know, reported payroll. So, definitely a lot of risks with off-the-books kind of wages. I can see a lot of problems coming from that.

• 21:18Speaker 03

  I mean, as business owners, we'd obviously take risk just from opening business, but then the whole point is to limit as much risk as possible. You're taking risk of being a business owner, you probably want to reduce as much as you can.

• 21:29Speaker 04

  Definitely.

• 21:29Speaker 03

  We'll be right back with Lori Malkin.

• 21:39Speaker 03

  Welcome back. So, Steven, is the police playing it, uh, Aftershock? Is it too soft for you?

• 21:46Speaker 04

  Sting's birthday. I love Sting.

• 21:51Speaker 03

  You've been stung.

• 21:53Speaker 04

  It reminds me of, uh, 4th grade chorus class with Mr. Maine.

• 21:57Speaker 03

  Oh, man.

• 21:58Speaker 04

  Oh, yeah, I remember him.

• 21:59Speaker 03

  That's going back.

• 22:00Speaker 04

  Me and the, and the Ranger Boys. Remember those days, Justin? Jim and John, you bet.

• 22:06Speaker 03

  Nice. Mind like a steel trap over there remembers names and everything from, like, 35 years ago.

• 22:12Speaker 04

  I also remember passing out in the choir. That was a whole nother story. We'll save that one for another day. Don't lock your knees. Just say that. Or don't, don't play basketball right before a concert.

• 22:26Speaker 03

  That would probably not, that'll be the one. We did get a quick message popped in, said, "Thank you for covering my question." So, just stay away from payment apps. Not saying stay away from payment apps, just don't use it for business purposes.

• 22:37Speaker 04

  Yeah, payroll and probably not the best idea.

• 22:39Speaker 03

  Right. If you want to do it because you want to pay your daughter back because she bought pizza, then that's, that's what those things are for, right? But, you know, I wouldn't use it for payroll.

• 22:48Speaker 04

  It was meant to be a peer-to-peer, not a business.

• 22:51Speaker 03

  Well, we are back. I'm your host, Justin, joined by Dustin Weaver. Uh, going into the weekend, only another 20 minutes or so before we hit that wonderful number. But we are joined right now by a good friend of the show, founder of JJ's Legacy, Lori Malkin. How are you?

• 23:06Speaker 05

  I'm great. Thank you. How are you?

• 23:08Speaker 03

  Doing wonderful.

• 23:10Speaker 05

  It's a good Friday to be here.

• 23:12Speaker 03

  It is a wonderful Friday to be here. A little toasty outside, but it's good. It's good.

• 23:16Speaker 05

  Yes.

• 23:16Speaker 03

  So, first off, and I know we've, we've had you on the show many, many times.

• 23:21Speaker 05

  Yes.

• 23:21Speaker 03

  Um, but, you know, new listeners, new, new folks listening in, um, tell us a little bit about JJ's Legacy. I will tell you right now, I've got the dot. I know that Dustin's got the dot. Does, does Steven? Steven's got the dot. Tell us a little bit about JJ's Legacy and what created it.

• 23:39Speaker 05

  Well, um, yeah, it's been 17 years ago, which has been a long time. My son was Jeffrey Johns, JJ. And he was, um, in an automobile accident, and he actually passed away, and he became brain-dead. And so, when you're brain-dead, that's the opportunity to give the gift of life. So, he did donate five organs, save five people, tissue, and he enhanced over 50 people within, um, you know, being able to give bones and chylia tendons and veins and heart valves and all of those different things. So, he, he enhanced over 50 people there, and then plus his corneas.

• 24:18Speaker 05

  So, those who received his corneas, which is a very common transplant, can now see sunrises and sunsets.

• 24:25Speaker 03

  That's gotta give you some real peace with knowing that, right?

• 24:29Speaker 05

  Yeah, it really does. And what happened is that he was not a registered donor.

• 24:34Speaker 03

  He was not?

• 24:35Speaker 05

  He was not. Age 27, did not have a pink dot on his driver's license.

• 24:39Speaker 03

  I did not know that. So, how did they?

• 24:40Speaker 05

  So, this is how it start, this is how, well, my purpose afterwards.

• 24:44Speaker 03

  Right.

• 24:44Speaker 05

  So, what they do is they, um, they go through all of their legal part, all the hospitals. And then the hospital calls in one legacy who's an organ procurement operation here in Kern County, in San Bernardino, seven counties in LA, and they assess the whole situation. And then they come to us, and they say, um, he has passed away, he was brain-dead, and he has the opportunity to be an organ donor.

• 25:09Speaker 03

  What do you want to do?

• 25:10Speaker 05

  Yeah, and they share that with you. What does it mean? You know, think 17 years ago, there wasn't a lot out there, but it was happening. And so, then they explained it to me, and they said, "But we need the parents' authorization to do it."

• 25:22Speaker 03

  Yeah.

• 25:22Speaker 05

  So, we said yes immediately.

• 25:24Speaker 03

  Yeah.

• 25:24Speaker 05

  So, then it became my purpose to educate the community, and especially the youth, about getting a pink dot on their driver's license and registering.

• 25:31Speaker 04

  Yeah, educate you have. I, I thought about the main organs, but I did not realize how many people can be impacted through all the tissues and corneas and such.

• 25:40Speaker 05

  Yeah. And now, in 17 years later, because of the brilliant doctors and the scientists out there, it can enhance over 100 people when you give tissue.

• 25:51Speaker 03

  Really?

• 25:52Speaker 05

  Yes.

• 25:52Speaker 03

  So, one, one person's tragedy can be life-saving for upwards of 100 other people?

• 25:59Speaker 05

  Yeah, well, eight organs.

• 26:00Speaker 03

  Eight organs, right? Heart, liver, kidneys, yeah, all of that.

• 26:03Speaker 05

  Yeah, pancreas. So, eight organs and to save lives, and then also saving lives with tissue.

• 26:10Speaker 03

  Yeah.

• 26:11Speaker 05

  So, there's so many, so many different ways.

• 26:12Speaker 03

  Skins grafts and things like that that need to be done, yeah.

• 26:15Speaker 04

  If you're badly burned, I mean, you'd have, I mean, a graft can be really life-changing.

• 26:20Speaker 03

  Yeah.

• 26:21Speaker 05

  And every burn victim has a graft.

• 26:23Speaker 03

  Right.

• 26:23Speaker 05

  You have to have a graft.

• 26:24Speaker 03

  Yeah. So, you know, and obviously, through tragedy that you've personally lived through, that tragedy has also brought forth a certain level of, of life-giving, uh, purpose, right? And so, you know, being that, you know, like, the last 17 years of, you know, Kern County and Bakersfield life has, has been, "Hey, we all go to these events. It's JJ's Legacy," and it's kind of the go-to event that a lot of people will circle on their calendar, the, the couple of events a year for JJ's Legacy. So, you guys have another one that's coming up here very shortly.

• 27:01Speaker 05

  Yes, we do.

• 27:02Speaker 03

  But before we get to that, um, talk to our listeners about, we, we've kind of touched on it as far as the importance of getting that, that dot.

• 27:14Speaker 03

  Do you have some statistics in mind of, of the need here in Kern County for these types of services?

• 27:23Speaker 05

  I do, yes. Um, so, one of the biggest needs is kidneys.

• 27:29Speaker 05

  But right here in Kern County, there's about 425 to 430 that fluctuate. It has even been as high as 450, waiting for a life-saving organ. Out of that 400-ish, it's usually around 380 that need a kidney. So, kidneys are very, very prevalent in Kern County and, and all over the United States. It's just one of those organs that, um, people, you know, if you, yeah. It's just one of those organs that's needed. Yes, thank you. It's a big need. And, um, so, with that, you can be a living donor, because you have two kidneys. And so, we're really educating the community about living donor, and then also, of course, a deceased donor.

• 28:11Speaker 03

  Yeah.

• 28:11Speaker 05

  But within our high school program, um, which we have, is we, we educate them to be advocates for,

• 28:18Speaker 03

  Organ donation.

• 28:19Speaker 05

  Organ donation and, and the gift of, we call it a lot now, "The gift of life."

• 28:22Speaker 03

  It is.

• 28:23Speaker 05

  Because it is a gift of life. And so, there's like two or three hearts, three or four lungs, pancreas.

• 28:30Speaker 03

  But kidneys are by and large the most.

• 28:31Speaker 05

  Are the, mm-hmm, yes.

• 28:33Speaker 03

  I just, I remember I was actually about 12 hours away from donating a kidney to one individual. I was on a registry and I got selected because it, and I was literally about ready to, to do this. And, um, unfortunately, again, a tragedy happened. Somebody was in a car accident similar to your situation, but had, uh, a kidney that would be able to be used. And so, I, it was a match as well. So, I was like, "Oh, I guess that's good for me. I get to keep that kidney." But it's bad for that family. So, it's just, yeah, those kinds of tragedies do happen.

• 29:06Speaker 05

  It does. And you know, when you are a living donor, um, the person, it's usually, there's a lot of altruistic donors. You know, they just give a kidney for the good of it.

• 29:14Speaker 03

  Yeah.

• 29:15Speaker 05

  And then it goes into like a kidney bank, and then it goes around what they call the chain. And so, whatever kidney and the A type of blood that's needed, then it goes to the first person.

• 29:25Speaker 03

  Yeah, the most, most necessary.

• 29:26Speaker 05

  Necessary, yes.

• 29:28Speaker 04

  One of the other things that always fascinates me, and I think you have some of this on your website, are some of the myths that are floating around out there. What would you say is a top myth that, or misconception that somebody might have around organ donation or tissue donation?

• 29:42Speaker 05

  Number one is that if you're in an automobile accident, or if you're in an accident or whatever, and that they're going to not save your life.

• 29:53Speaker 03

  Oh.

• 29:53Speaker 05

  You know, they, they think that if you're an organ donor, they're gonna see that I have a pink dot on my driver's license, so they're not gonna save me. Well, that's the biggest misconception, because there's, there, the emergency rooms are there to save you no matter what. And they would never even know that if you were a registered donor until the opportunity came, if you were brain-dead. And that's when they check the registry.

• 30:17Speaker 03

  Yeah.

• 30:17Speaker 05

  So, there's a whole process. So, the biggest one is, um, They won't save me. Yes, they will.

• 30:24Speaker 03

  Yes, they will.

• 30:24Speaker 05

  You will always save you.

• 30:25Speaker 03

  Yeah, that's their, that's their, that's their responsibility is to make sure to, unless you have a DNR or something like that, but how are they going to know? Do you have a DNR from an accident like that? They wouldn't know either.

• 30:37Speaker 05

  And the next big thing that we educate is, is that you are brain dead.

• 30:42Speaker 03

  You're not coming back.

• 30:43Speaker 05

  You're not coming back. No, you are brain dead. And that is proven by two different doctors in the hospital. They do different tests. They do eye tests. They do reflection on your eyes. And they do so many different things. And then, once that is determined, then that's when they would check the California DMV registry.

• 31:00Speaker 03

  Right.

• 31:01Speaker 05

  So it's, yeah, at that point. And then also, when you have that, you want to educate them that it's part of brain death to be an organ donor. So it's educating the myths and the misconceptions. And then how? Now, there is 25% of all deaths that can be like death after cardiac arrest, yeah, and different things. Yeah. Or you can pass away from a heart attack if you're, if you're a donor. And if there's a time that's, the time that's there, I think it's 24 hours, you can be a tissue donor.

• 31:37Speaker 03

  Yeah. I highly recommend, I mean, it's, you know, one of those things and everybody's own, you know, situation, but I highly recommend, take a look at it, you know, if you're not already an organ donor and you kind of are in a position where it's like, I kind of don't care what happens to my physical vessel after I'm gone. I'm no longer here. Put that, put that pink dot on your, on your license, right? Become a, become a donor and save the lives of, of eight individuals and, you know, positively affect 100 others, you know, through your donation. That's, I mean.

• 32:13Speaker 05

  And if you ever have any questions, you can go to our webpage, jjslegacy.org. And we have all the stories. We have all the myths and the misconceptions and, and you could be educated.

• 32:23Speaker 03

  That's the best thing, being an educator. So let's talk about the gala that's coming up. We have, we have an event coming up very, very soon, the 11th Annual Grillin' and Bruin. I love the name Grillin' and Bruin. There you go.

• 32:37Speaker 04

  People in Bakersfield love Grillin' and Bruin.

• 32:39Speaker 03

  So here's the thing, we're actually going to give away a couple of VIP tickets

• 32:47Speaker 03

  to anybody that, not anybody, but we'll pick the name and we'll, we'll name, we'll name names at the end of the show. But if you text in or message in a question for Lori right now about JJ's Legacy, and we'll, we'll take one of the listeners and give you a couple of VIP tickets to the Grillin' and Bruin Gala.

• 33:07Speaker 04

  Which she's going to tell us more about. What, what's the 32nd on Grillin' and Bruin?

• 33:13Speaker 05

  The 32nd is, it's November 21st. It's a Saturday night. We have Joe Peters as our entertainer. We have a southwestern style dinner this year, and which is going to be fun and different.

• 33:25Speaker 03

  So wear your cowboy boots and cowboy hats?

• 33:27Speaker 05

  Cowboy boots and your hats. And we're going to have a nacho bar and a silent auction and just come out and have fun. Come line dancing, come dancing with Joe and, and you'll, you'll remember it forever. So it's Saturday night, November 21st.

• 33:40Speaker 04

  So is there a limit on number of people that can show up or?

• 33:45Speaker 05

  We, we can, we can have about 410, which is good. And it's out at the AIS and RBI facility, which is out by the airport. It's a big, huge, it's, it's a big, huge hangar. So it's really fun. Yeah.

• 33:58Speaker 03

  That's, that's a pretty cool little bit area.

• 34:01Speaker 05

  It is. That makes it casual.

• 34:03Speaker 03

  It does make it casual. So yeah, again, cowboy boots, cowboy hats, you know, the snap, you know, buttons, the whole thing, the whole thing. Just do the whole thing.

• 34:11Speaker 05

  We're also going to have Penny Jims there. She sells cowboy hats and she decorates them. So that'll be a fun thing too to have. And we have Rooster's Chicken. Is it Rooster's Chicken? No. The Rooster's Cantina with the, yeah, sorry.

• 34:24Speaker 03

  With the bar, with the beer and the bar, the wine and, yeah, all that stuff.

• 34:27Speaker 05

  The whiskey, yes.

• 34:28Speaker 03

  Yeah, there you go. Bourbon and whiskey. There, that's, that sounds cowboy enough. Right? That works. That works. So yeah, that's, I mean, that's coming up real soon. You know, if there was anything that was, because you have multiple events throughout the year. But this one, you know, is always a really fun event. Country music, live dancing and

• 34:51Speaker 05

  Casual.

• 34:52Speaker 03

  Casual.

• 34:53Speaker 05

  It's not a gala. It's not black tie. It's just casual.

• 34:56Speaker 03

  But you're helping folks to save lives.

• 34:59Speaker 05

  Yes.

• 34:59Speaker 03

  What's, what's more, what's more beneficial than that?

• 35:01Speaker 04

  Speaking of which, somebody sent in a question that says, if I don't have the dot on my ID, how would I get one?

• 35:07Speaker 05

  You can go to jjslegacy.org and there's a big pink dot on our webpage, on the main page, and you click that and you can go register.

• 35:17Speaker 03

  Okay, there you go. Go to California DMV and get that, get that changed over, get that dot on there, get on that registry.

• 35:23Speaker 05

  Yeah, it actually goes through JJ's Legacy. We have an e-campaign and then it then, once you register, it'll go into the California.

• 35:30Speaker 03

  The database?

• 35:30Speaker 05

  Yeah.

• 35:31Speaker 03

  That's awesome.

• 35:31Speaker 05

  Yeah.

• 35:32Speaker 03

  So what's next for JJ's Legacy beyond the events that are coming up? What's the, what's the, the next thing that you guys are?

• 35:41Speaker 05

  Well, we just started a brand new program and it's called The Gift of Life Thrive. And it's for those recipients that had a life-saving transplant. And they would like the opportunity to get back into the workforce.

• 35:53Speaker 03

  Okay.

• 35:54Speaker 05

  So maybe they've been out of work for a while because of their illness, but JJ's Legacy is going to, for a two-year program for them, they will go to the Bakersfield Adult Center.

• 36:01Speaker 03

  Oh.

• 36:02Speaker 05

  They will, we will teach English to Spanish. They will get their high school degree if needed. And then also they can choose which class, vocational class they may like to take. And JJ's Legacy will support them 100% through that process.

• 36:15Speaker 03

  And then help them, you know, get placed in, in the workforce.

• 36:19Speaker 05

  With the workforce that we're working with. And so if, if they want that opportunity, we're here to help them with that, just that need. And then also for their caretaker. If those that have the transplant, if they're not ready, then we can always help the caretaker. Because their lives have totally been changed.

• 36:37Speaker 03

  You know, and that's the one thing I think that most people don't even realize is they think about the one that's, you know, the, the person who's ill, the person who has the need or needs the kidney or needs the liver or whatever. The caregiver essentially stops their life as well during, it's, it's not just one person that's affected and that being the person who's ill. I mean, it obviously affects them, but the people that are caring for that individual, and it might not just be one, it might be multiple family members that are helping this individual.

• 37:08Speaker 05

  So we have a process. They have applications, processes that they need to go through and what they want to do. And then we're also, just to say the transplant recipient's not interested or the caretaker, but they have children. And the children need assistance with their education. So we want to help them too. Because we see a lot of kids growing up with their parents, mom or dad on dialysis, and that's all they know.

• 37:30Speaker 03

  Yeah.

• 37:31Speaker 05

  So we want to be there to help them get back into society, the workforce, and giving them that great opportunity to be able to do that.

• 37:38Speaker 04

  You know, we've said the word sick and ill a couple of times. I feel like one of the other misconceptions that I've heard before is some people are hesitant to become a donor because they feel like, oh, I have this autoimmune condition or some kind of illness. I don't know what the list looks like, but isn't it true that actually you, you can be a donor in a lot of cases, even if you do have some, some illnesses?

• 38:02Speaker 05

  Yes. And that's all up to the doctor's decisions and the, and the recovery and, and the transplant hospitals or transplant physicians. They examine everything and they know.

• 38:13Speaker 04

  So don't write yourself off. Look into it. Talk to your, your doctor and, and figure out if it's a good decision for you.

• 38:18Speaker 03

  Yeah. And as far as the tissue donation as well, it's not just skin, it's marrow as well, right? Or is that, is that not? Bone marrow is definitely part of the, for people with leukemia or something like that, to get a bone marrow transplant.

• 38:32Speaker 05

  So bone marrow is a totally different registry than organ donation.

• 38:36Speaker 03

  Yeah.

• 38:36Speaker 05

  But every time that you have a transplant, you need a blood transfusion. So we do partner with Houchen.

• 38:42Speaker 03

  That was nice. That's very, very good.

• 38:44Speaker 05

  It's a great, yeah, it's great.

• 38:46Speaker 03

  Lori, thank you so much for joining us today. It's been amazing to talk to you and very much, definitely go, we'll make sure that all of the information is on the, on the podcast notes. Go down, download the podcast later today and we'll have all the information for JJ's Legacy and how you can get involved. As well as, you know, how to get tickets to the Grillin' and Bruin event coming up in November. So again, thank you very much for joining us.

• 39:12Speaker 05

  Thank you.

• 39:12Speaker 03

  Absolutely. So we had a couple of questions in here. I wanted to kind of hit real quick. One here says, I'm getting pretty close to retirement and keep hearing about these bigger catch-up contributions for people around my age. Do you happen to know of offhand who actually qualify for those? Yes, we do. And does it make sense to try and max them out if you can? I would hate to lose out on this. Thanks. Danny.

• 39:36Speaker 04

  I think his last statement there helps him decide. He said, I, I would hate to lose out on this. I think that's a good clue, Danny, that

• 39:44Speaker 03

  You probably should.

• 39:44Speaker 04

  You should look into, to this. So remind us, Justin, on some of the catch-ups.

• 39:48Speaker 03

  Yeah. So in your 401K, right now, if you're under the age of 50, you max out, it's, it's 24,500 that you're able to contribute. That does not include company matches or anything like that, but you get, you know, you can put in 24,500. Once you hit the age of 50, which I'm right around the corner, you can put in an additional 7,000, right?

• 40:12Speaker 03

  But that's just from 50 to age 60, 61. Once you hit the age of 60, you are then able to put in an additional like $3,250. So you can do a total.

• 40:22Speaker 04

  Yeah. So it's special catch up from 62.

• 40:26Speaker 03

  And I'm sorry, it wasn't 7,000. It's actually 8,000 was the catch up. So over 50, it's an $8,000 catch up. Once you hit the age of 60 for that four year window from 60 to 63, it's a four year window. You can increase that by $3,250. So you can do a catch up of $11,250, which is in addition to the $24,500 that you put in originally. So that is available to you for 401ks, 403Bs, 457s have a little bit of a weird kind of, but essentially it's the same. There's catch up contributions for those ages. But yeah, don't, if you have the ability and you have the opportunity to do it, by all means, use it if you can.

• 41:08Speaker 04

  Absolutely.

• 41:09Speaker 03

  It's a great opportunity. Now, the caveat is if you made more than $150,000 last year.

• 41:15Speaker 04

  Yep.

• 41:15Speaker 03

  There's a, the entire catch up contribution has to go into Roth.

• 41:19Speaker 04

  That's right.

• 41:20Speaker 03

  Right? So you can still do your pre-tax on the $24,500, but all of the money that you're putting in as a catch up contribution must go into Roth if you've made more than $150,000 in the prior year.

• 41:31Speaker 04

  And then I had somebody ask the other day, yeah, what about the money that my company's kicking in? That always goes to pre-tax.

• 41:36Speaker 03

  That always goes to pre-tax. There is some questions. So the Secure Act 2.0 did have the caveat, and I don't know how we're going to be able to administratively handle this. But part of that law was discussing whether or not an individual can choose if their, if their matching contribution was going to be treated as Roth or traditional pre-tax. So that has not come down. We don't have guidance from the IRS, but that's something that has been discussed and kind of bandied about that maybe in the future, if you want your employer contributions to go in into Roth, you can do that. You just have to be taxed on it.

• 42:14Speaker 04

  I love the spirit of Danny's question though, because I will tell you, one of the most beneficial things that you could do for yourself is to set money aside for later. You know, I've never had somebody saying, gosh, I just.

• 42:26Speaker 03

  I wish I would have started later.

• 42:27Speaker 04

  Saved me too much.

• 42:28Speaker 03

  Yeah, I wish I would have started later in life.

• 42:31Speaker 04

  Yeah.

• 42:31Speaker 03

  You know?

• 42:32Speaker 04

  So well done, Danny and anybody else that's thinking about contributing more to that retirement plan. It's, it's, yeah, your money today is, is less out of the paycheck you're getting, but that's your future self that you're paying.

• 42:43Speaker 03

  Right. And that's the paradigm you have to look at. It's like, I'm, I'm not paying myself. I'm paying my future 20 years down the road self, 30 years down the road self. You know, so if you have the means and the capability to put in those, those additional monies, by all means, do it.

• 42:59Speaker 04

  Hey, Stephen, did we get a couple of names or anybody teed up for those tickets?

• 43:05Speaker 03

  There you go.

• 43:06Speaker 04

  Perfect.

• 43:06Speaker 03

  We'll take care of that. Get some, get some VIP tickets to the grilling and brewing. So, yeah, no, it's, uh, i- if you have the ability to do it, by all means, do it. There was another question in here, interesting question, but I'm curious about the fuel efficiency of the rental car you recently used. I, did you get a rental car? I didn't talk about that.

• 43:27Speaker 04

  No, I didn't either.

• 43:28Speaker 03

  Nope.

• 43:28Speaker 04

  Stephen, was that you?

• 43:30Speaker 03

  Nope. Okay.

• 43:31Speaker 04

  All right.

• 43:31Speaker 03

  I have no idea what the MPG was because I didn't rent a car.

• 43:36Speaker 04

  Ferring to shared in Emily that were on yesterday.

• 43:39Speaker 03

  Oh, because they went to, they were in Scotland for like three weeks.

• 43:42Speaker 04

  Right.

• 43:42Speaker 03

  Yeah. So that was, that was a better question for them. Maybe they'll be on on Monday. Maybe you can ask them then. Uh, with that being said, it's nearly the weekend. The markets are still up. The NASDAQ is still up over one and a quarter percent. S and P is up about three tenths, uh, three quarters of a percent. And Dow up a half a percent. Uh, we're up for the week. That's a good thing. And we'll be, uh, coming back next week. Be smart, be safe, be money wise. And go, you know, be careful at the fair. Go have some beer.

• 44:15Speaker 02

  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.