10/27/26 Outsmart the Scammers, Rethink Retirement & Embrace AI

The Moneywise Radio Show and Podcast Tuesday, October 27th 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/ 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.

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  Live from the basement inside the historic Woolworths Building in downtown Bakersfield.

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  Call or text in at 661-396-1000.

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  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.

• 0:37Speaker 00

  Now, let's start the Money Wise Show.

• 0:40Speaker 03

  And welcome to the Money Wise Show. We are live from the basement of the historic Woolworths Building in downtown Bakersfield. For the next hour, you're on News Talk 96.1, 1230 a.m., KERN, streaming live at MoneyWiseGuys.com. You can call or text into the show 24 hours a day at 661-396-1000. We are your hosts. I'm Sharad Waite and

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  Sammy Abiyawi.

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  Dream team.

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  Dream team.

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  We are also experimenting now with a little video. If anybody starts paying attention.

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  I wish I'd known. I could have trimmed my beard. I could have shaved. I could have done a lot of stuff.

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  You don't need to do anything.

• 1:18Speaker 00

  Steve said I look good, so I trust.

• 1:20Speaker 03

  That reverb, the reverb coffee hat looks great. Looks great on you.

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  That's the OG. That's the OG hat when they first opened.

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  I like it. I like that style, whatever cap style that is. Looks solid. And so we're excited to do the show today. We've got a few listener questions and comments. I'm excited to get to those. Plus, the Fed is getting ready to meet, or they actually probably already started their meeting today and tomorrow. So we'll hear more about where, what direction the money supply is going in the country. But before we get to that, let's start with the questions.

• 1:51Speaker 00

  Yeah, yeah. Hey, Money Wise guys, I wanted to share this so maybe it will help some listeners. But my mom almost got talked into sending money as someone called using some type of AI voice changer and made it sound like a kid asking for her to send money. But luckily she called to check with me and I told her never send money. But they are getting really good. Be aware.

• 2:14Speaker 03

  Yeah. I mean, we've talked about this a lot lately. We are getting a lot of alerts from our industry compliance people as well as regulatory agencies. There, it is just crazy how much is happening right now in part because of AI. And this is a good example, our listeners having, you know, where they're mimicking voices. They're mimicking voices of people that they

• 2:44Speaker 00

  Trust.

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  Trust.

• 2:45Speaker 00

  Kids, they know. Like, it's crazy with the advance of AI and the changes and, and, but this is a, this is a great reminder, especially for elderly, like the elderly abuse. And I was a banker for 25 years and one of the things we've always got trained on at least two to three times a year is be aware of elderly abuse and recognize that either at the teller line or talking to clients. And make sure that, ask questions to make sure that not, that person is not being taken advantage of. And sometimes it's, it's a close person too, Sharad, not just somebody calling, but somebody close to you that sometimes lives with you or caregiver.

• 3:27Speaker 03

  That the voice is mimicking, is that what you're saying?

• 3:28Speaker 00

  Correct, yeah.

• 3:29Speaker 03

  Right. Yeah, it can like pool from wherever social media, whatever public information's available and it can mimic that voice. So, so grandma is getting a call from who they think is Grant, you know, Jimmy, their grandson.

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  Little Billy is calling me for a little bit of cash. I'm gonna give some cash to Little Billy, but it's not Little Billy.

• 3:49Speaker 03

  Yeah.

• 3:50Speaker 00

  It's someone else, somewhere in Nigeria or, or whatever.

• 3:54Speaker 03

  Yeah, I mean, at least before whoever it was, whatever this, whoever the scam artist was, you know, was a human on the other end. But now it can be a human that's just has a thousand bots out there mimicking voices, trying to get somebody in a vulnerable position to get the money. You know, a good, a good safe bet is don't send money over the phone. Like, don't, don't give your information like that. There's any like bills that you're paying, like there's, there's legitimate sources to pay them through versus like giving your credit card number over the phone. Or what's really common, and we've heard this from clients, this has happened over the last year where they get you to send the money via a gift card.

• 4:40Speaker 03

  So you put, you know, you, you charge up a gift card somehow.

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  It's untraceable at that point.

• 4:45Speaker 03

  And then it's untraceable. Yeah.

• 4:47Speaker 00

  That's it. I mean, you, you, it's not like you keep the receipt or whatever. Whoever has that gift card is now able to spend it.

• 4:55Speaker 03

  FTC, so the Federal Trade Commission and the FBI in talking about how much more annual fraud is being taken for Americans over the age of 60. It's up 400% between 2020 and 2024. So basically 100% a year, four years in a row between 2020 and 2024.

• 5:19Speaker 00

  Is the, is the segment that's being taken advantage of the most? Is it still elderly?

• 5:23Speaker 03

  Yes, it's still elderly, over 60. And, and it's, it used to be before 2020, so in 2019, it was about $2 billion a year that was stolen from people through these fraudulent activities. In 2024, almost $8 billion, so, you know, quadrupled in the amount of money that people are getting, getting taken from them.

• 5:47Speaker 00

  And, and with the advances we're making now in banking, for instance, you can wire funds through your app. You can ACH through your app.

• 5:55Speaker 03

  Yep.

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  These, these people are taking advantage of that. Because in the past, you're gonna have to walk to the bank, write a check, get a cashier's check, send a wire. Like, that's gonna trigger a conversation and maybe a stop.

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  Right.

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  Now you sit on your couch, you get a phone call while you're watching TV. And if you're an elderly person living on your own, then all of a sudden you hear Little Billy's voice, you're gonna trust it.

• 6:19Speaker 03

  Yep. And it's just a couple clicks away on your app. The, the amount of money, the average loss per victim, per older victim is $38,000.

• 6:32Speaker 00

  Yeah, for, for, for an elderly person, $38,000 on a fixed income, that's a lot of money.

• 6:37Speaker 03

  There, there were 12,000 seniors that reported losses over $100,000. The other, the other part of this, you talk about apps, is cryptocurrency and crypto trading is become something that some of the older generations is tiptoeing into. Like, they, they're hearing this all the time, so I don't want to miss out on this.

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  Let me get onto this, yes.

• 6:58Speaker 03

  I want to get onto this. And then when you get into that world, it becomes much more complicated. Again, it's untraceable in many cases, you know, whatever you're sending out is, you can't, you can't track, track it. And so it's, it's, that has brought on more problems is just the cryptocurrency stuff.

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  Be aware, for me, the message is just, if you have elderly parents, just check on them. Check on them and just talk to them about, hey, if you get a phone call asking for either your social security or donation or whatever, call your kids first and see if it's legit or not before you do anything. That's, that's the simplest way to protect yourself.

• 7:36Speaker 03

  Yeah.

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  And nobody's gonna call you from a bank or social security asking for money.

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  Right.

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  Never.

• 7:42Speaker 03

  Yeah. And, and, and never would they ask for it right away with an urgency. Because that's a big part of this, of this fraudulent activity is catching you and either building you up into a state of sort of semi panic or it's gotta happen now, like, hey, listen, we're, we can call the police and we can send them to your, we can send them to, you know, collect from you right now, or you can just, you know, give me that card number and we'll take care of it.

• 8:08Speaker 00

  My sister, my sister is a dentist and, and she got multiple phone calls that her IRS bill was passed to. And, and it sounded legit.

• 8:20Speaker 03

  Yeah.

• 8:20Speaker 00

  Like, like she called me, she was like, hey, I got this, what, what do I do? Can I talk to a CPA? I'm like, okay, just calm down. The IRS will never do that.

• 8:29Speaker 03

  Right. You would have gotten a letter.

• 8:31Speaker 00

  You will get a letter.

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  Get multiple letters before.

• 8:33Speaker 00

  Correct, before you get a phone call.

• 8:34Speaker 03

  Yeah, right.

• 8:36Speaker 00

  But, I mean, this is an educated person, I mean, late 50s, not, not retired, not older. And, and she's still kind of like panicked when she received a phone call like that.

• 8:46Speaker 03

  Yeah.

• 8:47Speaker 00

  So, they take advantage of the fear and that's what helps them get to their goal.

• 8:52Speaker 03

  Yeah. The other part, and if it's not fear, they'll use affinity and they'll, they'll, they'll use like, what is it? What's, I can't remember what the name of the scam is, but essentially like they get you to fall in love with them. There's a lot of people that are lonely.

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  Intimacy.

• 9:09Speaker 03

  Yeah, yeah. Where it's like, oh, I, I know this, no, I know this person. And, you know, somehow you've never been able to, you know, connect over FaceTime or you've never been able to connect in person. There's always some reason for that. But in the meantime, you have wonderful, long conversations with them.

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  I've gotta be honest with you. I've gotta be honest with you, you know? I think through our conversations, I think I'm falling.

• 9:28Speaker 03

  Yeah, yeah. You're so special. And I just feel special when I talk to you.

• 9:32Speaker 00

  Seriously, this is, this is where, when you talk to people, this is what, what happens. And unfortunately, if after the money is gone, this person now feels guilty and embarrassed. And they don't bring it up. So it becomes just that. That's why a lot of people, you know, they commit suicide at times, especially when they lose a lot of money, unfortunately. This is reality.

• 9:52Speaker 03

  Yeah.

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  So, yeah, be careful out there.

• 9:55Speaker 03

  Definitely. Good stuff. What's the next message?

• 9:57Speaker 00

  I have been listening and really love that you guys post each episode because there is some days where I miss the second half and the show, of the show. But I will be 62 in January and I'm still working. Can I start taking social security next year while I'm still working part-time?

• 10:14Speaker 03

  Yeah, this is great, great question, a great time for us to kind of revisit the rules around retirement and social security. And there's a ton of misconceptions. So first of all, there's nothing that stops anybody from continuing to work before or after their full retirement age, before or after you receive social security. You can always work. What will happen, however, is if you work and earn above a certain amount of money before you have reached that full retirement age. So for most people, it's 66. If you were born in 1959 or, or before, it's age 66. If you were born 1960, it's 67. So I guess for most of us, it's, it's 67 is your full retirement age for social security. Then you, you

• 11:01Speaker 03

  If you receive, if you, if you receive and you're still working before that age and you're receiving social security, your social security benefit is reduced.

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  Okay.

• 11:11Speaker 03

  The amount of, the amount, monthly amount that you receive will be reduced if you, if you earn more than 24, it's roughly $24,000.

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  So if you're working part-time earning more than $24,000, now your social security is reduced.

• 11:26Speaker 03

  It's reduced.

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  And is that reduced permanently? Was that reduced just for a period of time until you reach that age?

• 11:31Speaker 03

  Yeah, it's just reduced until you reach that full retirement age. And it's, you lose a dollar in social security benefits for every $2 that you earn above that limit. So it could be substantial.

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  Yeah.

• 11:43Speaker 03

  You know, you could lose, you could lose half of your social security if you're still working and you're below that full retirement age. Now, the year that you reach your full retirement age, they give you a little bit more leeway. You can earn now $65,000 that year before your benefit is reduced. For every $3 earned, it's reduced $1, just for that one year, that year that you are in full retirement age. After full retirement age, it doesn't matter. It, they're not gonna-

• 12:18Speaker 00

  Your social security benefits are your social security benefit.

• 12:20Speaker 03

  That's it, yeah.

• 12:21Speaker 00

  Because that's what you've paid into, that's what you've earned.

• 12:23Speaker 03

  Yes.

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  Got it.

• 12:24Speaker 03

  And so there are no penalties for that. However, it could be taxable. It could be that you still are earning income and so your social security benefit could be taxable because you have, you know, you're still working and you still have income. So that's the, that's the gist of it.

• 12:39Speaker 00

  Got it.

• 12:40Speaker 03

  Definitely can be confusing. I mean, the, the, basically, the government is trying to incentivize people to not, not retire too soon. They don't want people, there has to be some disincentive to not get that social security too early.

• 12:58Speaker 00

  Because while you're working, you're contributing towards social security, which, I mean, I don't want to open this can of worms again, but while you're contributing, the government wants that, right?

• 13:09Speaker 03

  Yeah.

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  Because, because all this talk about social security running out of money or, or reducing, as long as people are working and contributing, that problem keeps, that can't get kicked down the road.

• 13:22Speaker 03

  That's right, yeah, that's right.

• 13:24Speaker 00

  That makes sense.

• 13:24Speaker 03

  Yeah, and, and so they want people, yeah, working as long as they can, continue to contribute to social security and then don't pull from social security until as late as possible.

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  Yeah.

• 13:35Speaker 03

  That's what the government is hoping for.

• 13:37Speaker 00

  That makes, that makes total sense.

• 13:38Speaker 03

  Yeah, it's, you know, it's, it's just, you gotta be really careful. Around that time that you're getting close to that full retirement age, again, for most of us, it's age 67, just be really careful about the decisions that you make. Because it could be lifelong lasting.

• 13:53Speaker 00

  I'm a, I'm a big believer of experts or field experts, so at 62 years old, it's probably a good time for you to sit with a financial advisor if you don't have one. And if you, if, potentially you're, you, you have an account at a bank, Chase, Wells Fargo, a community bank, or maybe let's say Valley Strong, maybe you have a choice to sit with somebody and go through your options. I always recommend that, especially at that age, before you start making a decision that might affect your, your income.

• 14:26Speaker 03

  Yeah, what would be, what's far more devastating to your social security benefit isn't if you're still working before your full retirement age, it's how early you are when you start getting that benefit. If you wait until your full retirement age, you get, you get that full benefit. And then if you can even wait beyond that, you get about an 8% increase for each year that you wait beyond that age 67. And you can get that, you know, for several years. So we're talking about 8% per year for life. Like, do the calculation on the, on the, on the present value of that, of that money. If it's gonna increase, if it's gonna be an 8% increase every, you know, for the rest of your life, that's huge.

• 15:08Speaker 00

  Especially with longevity. I mean, we're, we're living longer, a lot of people are living longer now. I mean, it's no longer that 75, 80. People are going into their 90s.

• 15:17Speaker 03

  Yeah, yeah, yeah, and, yeah, so you, you, that's the biggest factor in determining when you take your social security, whether you delay it or you take it right when you reach the full retirement age, is how long you think you're gonna live. If you know you're gonna live, nobody knows how long they're gonna live. But if you, some people know that they don't have long. Maybe there's health issues, family health, you know, history, then you would say, I'm not gonna risk it, then take it as soon as possible.

• 15:43Speaker 00

  Yep.

• 15:43Speaker 03

  And, you know, you're willing to roll, roll the dice. And if you have, the opposite is true, if you have longevity in your family and you, you're very active and you're, and you're, you're very healthy, it could really pay off if you delayed it a little bit. But if you die beyond, if you die before your expected, your normal life expectancy number, 70, let's call it 78 or 79, then you, you, you beat the system if you can live beyond that. And then it's, then it just, you can, you can recover very quickly the amount of money that you lost by deferring and, and waiting to take it. So, good stuff.

• 16:21Speaker 00

  Good stuff.

• 16:22Speaker 03

  Yeah.

• 16:23Speaker 00

  The last one, before we go on a break?

• 16:26Speaker 03

  Yeah, let's do it.

• 16:27Speaker 00

  My mom recently had surgery and afterwards she developed some serious complications. The doctor told us these things sometimes happen, but we can't help wondering if something went wrong during the procedure. She's now facing more medical bills and may not be able to return to work anytime soon. How do we know if this is just an unfortunate complication or actual malpractice? Thank you.

• 16:47Speaker 03

  Gosh, it seems like something that would be very difficult for the average person to know, and we're not doctors.

• 16:52Speaker 00

  Yeah.

• 16:53Speaker 03

  And we don't know everything that's gone, going on behind the scenes. And, you know, for better or for worse, we have to take our doctor's word for it. Hopefully you trust your doctor enough that, that, you know, they're being honest with you. I think we can give some advice though here, Sammy. We had some, we had attorneys, we had Shane Cohen-Clark on yesterday.

• 17:09Speaker 00

  Yeah, we had Matt Clark and Chris Hagan yesterday, great show, answered a lot of questions. That's probably, I wish they, they were here today, it would be a great question for them. What comes to my mind, especially I put myself into the shoes of this listener and the question, and let's seek a second opinion. Let's talk to another doctor and see what they say. And, and then that would be my first step.

• 17:35Speaker 03

  Yeah, right.

• 17:36Speaker 00

  Right?

• 17:37Speaker 03

  Yeah.

• 17:37Speaker 00

  I mean-

• 17:38Speaker 03

  You can, you can also, everybody's entitled to their own medical records.

• 17:41Speaker 00

  Correct.

• 17:42Speaker 03

  So you can request the complete medical records, the surgical report, the anesthesia records, nursing notes, all of that stuff is, is you're entitled to. California requires that doctors give that information within a 15-day period that, from you requesting it. So you're, you're legally entitled to get all of those records. So that, that could be helpful in taking it to another healthcare professional that had nothing to do with it, somebody that's completely detached from, from your healthcare provider, but they're, but they are a healthcare provider. So they, they can interpret and read this and like, give you an idea of whether it's something you should be concerned about. And then, I think then, at that point, if you, if you're, if you're getting information

• 18:24Speaker 03

  from, from that doctor that says, yeah, this is, this is not good, there was a, there was, you know, very obvious issues here with what service they were providing, then, then you can go look for a, you know, get legal advice from an attorney.

• 18:42Speaker 00

  Medical practice attorney and just get a free consultation.

• 18:45Speaker 03

  Yeah.

• 18:45Speaker 00

  And talk about the case. The, the, the difficulty, according to my research, is, it's just hard to prove, and, and, and a lot of the time, attorneys don't take, that's why I wish the attorneys were here to answer that. They see this as maybe a lengthy process and they might not take the case or pass on the case. That's, that's the-

• 19:04Speaker 03

  Yeah.

• 19:04Speaker 00

  What could happen. However, I think your advice is, is, is spot on. Just, just get your records, talk to potentially an attorney, and then get your options.

• 19:16Speaker 03

  Yeah, the, the, you know, I think you guys talked about this on yesterday's show, about the limits and the caps for malpractice, medical malpractice.

• 19:25Speaker 00

  Yes.

• 19:25Speaker 03

  I think this year's-

• 19:26Speaker 00

  State of California.

• 19:26Speaker 03

  State of California is $350,000, right? Which is like, sounds like a lot of money at first.

• 19:31Speaker 00

  Yeah, so, yeah, it is, unless, unless it's got something to do with, you know,

• 19:38Speaker 03

  Lifelong disability.

• 19:39Speaker 00

  Lifelong disability, medical bills, you're losing wages, those are not capped, according to the attorneys from yesterday.

• 19:47Speaker 03

  I see.

• 19:47Speaker 00

  So that, that becomes a bigger case.

• 19:50Speaker 03

  I see.

• 19:51Speaker 00

  So- Having somebody die, you know, you get capped, but if you have a long lifelong type of issues, then that's not capped, according to what I've heard yesterday. The other thing too, I thought about from this question is if your mom is not able to go back to work, then that that might qualify her for some type of a disability, a long-term disability. And if she has been working, she's been paying into that.

• 20:18Speaker 03

  Right.

• 20:19Speaker 00

  So she she is entitled to potentially a long time, long-term disability.

• 20:24Speaker 03

  Yeah, yeah.

• 20:25Speaker 00

  Right?

• 20:25Speaker 03

  Glad you brought that up. Yeah, a lot of people don't think about that, definitely.

• 20:29Speaker 00

  And that could be an option, especially if she's not able to work.

• 20:32Speaker 03

  Yeah.

• 20:33Speaker 00

  So don't, I mean, that's just explore all your options.

• 20:35Speaker 03

  Yeah.

• 20:36Speaker 00

  Get the medical records, create the timeline, sit down with an attorney. The attorney might even tell you, hey, let's get onto this disability while we're looking into the case, see if we're going to take it or not take it.

• 20:49Speaker 03

  Yeah.

• 20:49Speaker 00

  That's what I would do.

• 20:50Speaker 03

  Yeah. Good message here from a listener. It says, don't get catfished. I have been there and thought it was my son asking for grocery money and sent someone $500, but didn't know until it was too late. They're getting tricky. And we hear a perfect example, like literally listener right now is, yeah, it happened to me.

• 21:07Speaker 00

  Little Billy.

• 21:08Speaker 03

  Lucky that it, I mean, 500 bucks, yeah.

• 21:11Speaker 00

  Little Billy, man.

• 21:11Speaker 03

  Fake AI Billy took.

• 21:12Speaker 00

  Oh, yeah. I'm gonna, I'm gonna, AI Billy, be careful with AI Billy. That's my new line. AI Billy. Yeah. I'm, look, I feel bad, especially for elderly people, like they, and some people lose thousands of dollars.

• 21:26Speaker 03

  Yeah, yeah.

• 21:27Speaker 00

  I, I, I had a case when I was at the bank one time and I had to go to the police station. And I was talking to somebody at the police station. They were there to file a report. Hundred thousand dollars. This, this, this person was old, frail, hundred thousand dollars shared.

• 21:48Speaker 03

  Yeah.

• 21:48Speaker 00

  That was, that was not good to see.

• 21:50Speaker 03

  No, we've had, we've had this with Money Wise clients over the years where, you know, we weren't aware of it until later in the game, but they were catfished or they were, they were scammed out of hundreds of thousands, multiple hundreds of thousands of dollars.

• 22:07Speaker 00

  These people are really good. They look, that's, that's why social media is dangerous in a sense, because you post your stories, you post your life on social media, and now people can deduct or deduce what's going on in your life. Now, with the advance of AI, they can put all that stuff in and tell me about this person. What's their trigger points? And then they, they're so good that they develop a plan.

• 22:30Speaker 03

  Mm hmm. Yeah, right.

• 22:32Speaker 00

  Right? They invest a lot of time into this. And guess what? When they invest that time, the end goal is to just rip you.

• 22:39Speaker 03

  Yeah, yeah.

• 22:40Speaker 00

  Take every penny away from you.

• 22:42Speaker 03

  Yeah, and then they disappear.

• 22:43Speaker 00

  And then they disappear.

• 22:45Speaker 03

  So there's no consequences and there's nobody that's even thinking about what they may have done to somebody.

• 22:50Speaker 00

  And FBI is so busy, police is so busy. I mean, they're not going to get into this unless it's substantial amount of money.

• 22:58Speaker 03

  Right. Yeah. And even then, yeah, even, I mean, it's got to, even if it's one, if it's substantial, even if it's like millions of dollars, they're, they're just so limited in what they can do. We've heard this from, again, going back to some of the compliance companies that we hire that, that help, help us on our, our security with the, within Money Wise, have told us how much of an increase they've seen in cases over the last couple, just two or three years, I mean, dramatic increases. I mentioned some of the FBI statistics. It's, it's really shocking. And, you know, by, by just being able to not, don't get caught up in a frenzy, don't buy anything in a panic, don't buy anything under duress.

• 23:41Speaker 03

  It's, you know, almost everything can wait the next day. Almost everything can wait until you just check in with your family or friends. Don't, just don't rush into it.

• 23:52Speaker 00

  Hang up and call Little Billy back and see if he answers.

• 23:54Speaker 03

  Yeah, good luck. Good luck with that.

• 23:57Speaker 00

  You know, and, and just call your son like this listener did, like call, she called her son to ask the question. That's what you need to be doing.

• 24:06Speaker 03

  Yeah, yeah, just, yeah. And, and it's not just our elderly. I was reading some statistics earlier today that is young, younger people, it's everybody. Everybody's getting taken advantage of these technologies and AI is becoming much, much, much more advanced than, at a, at a faster rate than any of us ever thought it could be.

• 24:26Speaker 00

  Difficult to track, too, yeah.

• 24:26Speaker 03

  Yeah. Well, good. Excited to take a quick break now. Want to remind all our listeners, by the way, you can find all of our podcasts, wherever you stream your podcasts, whether it's iTunes or Spotify. We're going to take a quick break. We're Money Wise and we'll be right back.

• 24:51Speaker 03

  Everybody's waiting for break. Thanks for tuning in. We're Money Wise. We're your hosts today. I'm Sharad here with Sammy, welcoming your questions and comments, 6613961000. Just got another one here, Sammy.

• 25:05Speaker 00

  We did, sorry. A comment or a question?

• 25:09Speaker 03

  I think it's a comment.

• 25:11Speaker 00

  All right.

• 25:11Speaker 03

  Or a question.

• 25:13Speaker 00

  Any input on the Anthropic IPO?

• 25:15Speaker 03

  Yeah.

• 25:16Speaker 00

  Is that the one?

• 25:16Speaker 03

  Yeah.

• 25:17Speaker 00

  From Scott?

• 25:17Speaker 03

  Yes. Yeah. So I'm glad this came out. We were actually going to talk about this today. So Anthropic is, that's your, that's your, your boyfriend's parent company, Anthropic. Emily, Claude is also Emily's boyfriend, AI boyfriend. A lot of people love Claude.

• 25:35Speaker 00

  Yeah, I do. I do. It's, I'll, I'll be honest. I mean, it's, I think it's making me a better, just a business person.

• 25:42Speaker 03

  100%.

• 25:44Speaker 00

  Using it correctly, and I'm still learning, and it's learning me and I'm learning it. And it's, I feel more centered when it comes to business decisions, business processes, how fast I can move in making decisions of the tools that it gives me.

• 26:00Speaker 03

  Yeah.

• 26:01Speaker 00

  To make better decisions, especially financially. Amazing. That would take me a long time. Or sometimes I'll just put the project on the side because I don't have the time for it.

• 26:09Speaker 03

  Yep. Yeah, it's, it just basically, it, it, you can, you can concentrate your time in much more, much more valuable areas because you're not spending hours, for example, working a spreadsheet, you know, from scratch and, or multiple sheets and integrating large data together and trying to wrap your head around it. You know, you can, you can, AI can do that very effectively, which then frees up your time for the, the human.

• 26:42Speaker 00

  The human interaction, yes.

• 26:43Speaker 03

  Human stuff, which is so important. And, but.

• 26:47Speaker 00

  Building better relationships in my, in my, in my case, as far as just clients, coworkers even.

• 26:52Speaker 03

  Yeah, there's, there's something though that's happening with all of these AI companies where they're, their value, the, the value of what they, what these companies are is going through the roof because of how much these companies are spending for these data centers. It's incredibly expensive to run an AI company because you have to buy all these chips, you have to buy these huge data centers that require an enormous amount of power. It's just, it's, it's a lot. It's very capital intensive. And so now you're starting to see where investors are going, hold on a minute, how, how are these companies

• 27:32Speaker 03

  worth trillions of dollars, have already committed to all of this spending for these data centers? What if this doesn't pan out? Like you and I see, and millions of other people across the world see, oh, wow, you see the, the benefit of this sort of technology and you see how much more efficient it can make a business, a city, a county, a whole country can make it much more efficient. But there is a limit, like it's, it's not unlimited potential yet. We don't know exactly how far this will take us. And so are these companies getting ahead of themselves and spending billions of dollars and committing billions, hundreds of billions of dollars towards infrastructure build out, anticipating

• 28:17Speaker 03

  the, the continued growth that they have? There is a risk there.

• 28:20Speaker 00

  Yeah, I, I, I see the risk. I see the risk and, and I agree with it. I mean, you cannot ignore it. But I also see the potential of what AI is doing. I mean, my $20 a month subscription is not making the billion dollars that these guys are talking about. That's not it.

• 28:40Speaker 03

  No.

• 28:40Speaker 00

  No, we're talking about federal government's

• 28:42Speaker 03

  Right.

• 28:43Speaker 00

  level of, of, of money.

• 28:46Speaker 03

  Right.

• 28:47Speaker 00

  Anticipate, I mean, some of these things are being used in defense.

• 28:51Speaker 03

  Yep.

• 28:51Speaker 00

  You know, just, just the calculating, the amount of missiles we need to be sending, the positions of the missiles, where are we going to send them from? Things that will take a human a lot of time to compute. Now it's computed really, really fast.

• 29:07Speaker 03

  Yeah.

• 29:07Speaker 00

  I think some, some might argue that this is the unfortunate side of this technology is, is the war side.

• 29:14Speaker 03

  Yeah.

• 29:15Speaker 00

  But let's not be naive too. War has always been a catalyst in economic change. And I think AI is going to use that as a step in. Stone to get to that next level.

• 29:30Speaker 03

  Yeah.

• 29:31Speaker 00

  And that's what's gonna make it survive, in my opinion, is the investments coming from federal government, not just the US, and the US is banking on this. But overseas as well, we we see China, China is investing heavily on this as well.

• 29:42Speaker 03

  Yeah.

• 29:43Speaker 00

  I think we had Representative Fong, I think a year ago, a little over a year ago on the show. And he said this specifically on our show that enemy number one is China for the US. And we need to beat China, especially when it comes to AI.

• 29:58Speaker 03

  Yeah.

• 29:58Speaker 00

  I think that's what's might be bankrolling AI companies here in the US.

• 30:03Speaker 03

  Yeah, it's like the space race, you know, but now there's an AI race.

• 30:06Speaker 00

  Yes.

• 30:07Speaker 03

  And it's between the two, two global powers, US and China, China has their advantages over the United States and US has some advantages over China currently. So there, yeah, and so that now it's, you, you, you have both AI being a defense. Uh, for defense and protection of a country as well as attacking a country as we're seeing with Ukraine and Russia. And how these, these, these technologies are impacting that, that war. And you also have the, uh, you know, Anthropic, the first half of the year, I believe they lost eighty billion dollars. So they had a net loss for the first half of twenty twenty six of eighty billion dollars. Now they're getting ready to what appears to be their first IPO, so they're gonna, they're going to.

• 30:52Speaker 03

  Have a, an initial public offering where the public is gonna be able to get a piece and jump in on this estimates. Say that it's about a hundred billion dollar stock offering. But if you take that hun, that's not all their shares, right? They're gonna keep some of this, but they're gonna be offering a hundred, raise a hundred billion in their stock offering. That puts the valuation of, of, uh, Anthropic, the owner of Claude. Somewhere around one and a half to two trillion dollars. So it immediately puts it up there in the top ten, you know. Valuable companies of all time.

• 31:28Speaker 00

  How long did it take Apple to get to that trillion dollars?

• 31:31Speaker 03

  We've done this, we've looked at this before, it took them a lo-

• 31:34Speaker 00

  A long time.

• 31:34Speaker 03

  More than, Anthropic was founded in twenty twenty one, five years ago, five years it went from zero. To two trillion dollars in value. Now they, I mentioned they had eighty billion loss in the first half of this year. But if you look at their, at their quarterly revenue growth, just their gross revenues, first quarter of this year. Almost five billion, second quarter, almost twelve billion. And the last quarter, the quarter three of this year, almost seventeen billion in revenues, Sammy, like.

• 32:07Speaker 00

  And they lost, they lost the Department of Defense, I believe.

• 32:10Speaker 03

  Oh, there was a thing.

• 32:12Speaker 00

  Right?

• 32:12Speaker 03

  They had a thing.

• 32:13Speaker 00

  Yeah.

• 32:13Speaker 03

  Yeah, but I, I mean, it's, their, their revenues are just going through the roof.

• 32:17Speaker 00

  Huge, huge growth.

• 32:19Speaker 03

  That's enormous growth, uh, but as I mentioned, they have committed a lot of money towards going in. Uh, on, on some of these, uh, projects, future spending. Unfortunately, at least it's reported that Anthropic has about six hundred and fifty seven billion dollars in infrastructure agreements, including. Four hundred ninety eight billion in non cancelable commitments. Think of that from a banking standpoint, if you were their banker. And they've got already a half a billion, they've got half a trillion dollars in commitments already in debt, essentially.

• 32:54Speaker 00

  Commitment.

• 32:55Speaker 03

  Guaranteed because they can't get out of.

• 32:57Speaker 00

  Correct, yeah, so if you're gonna lend money to Anthropic, you're underwriting not just Anthropic, but these commitments as well to make sure that your, your, you know. Your risk is, is covered.

• 33:07Speaker 03

  Right, and, and but then you have these banks, hopefully we're not getting to a situation like we, we did during the Great Recession. Where these banks were like, we don't wanna miss the boat on this, and they started buying the, you know, these, um. These financial instruments, it didn't make any sense, that nobody really understood, they were just packaged more crappy mortgages. And then it all sort of fell out. We want, hopefully we can avoid that problem here where you don't have a bunch of banks and investor, investors going. I don't understand what this is, but I don't wanna miss out on what it potential could be. And then it all falls apart, and it turns out that, you know, China comes up with some model that's free. Or whatever, and that's better than theirs.

• 33:48Speaker 00

  And it happened.

• 33:50Speaker 03

  Yeah, yeah, it did.

• 33:51Speaker 00

  What's the name of that Chinese?

• 33:52Speaker 03

  CrowdStrike, was it CrowdStrike?

• 33:54Speaker 00

  I can't remember the name, but when, I remember when ChatGPT came out and it was becoming big, and all of a sudden, China came, came out with this.

• 34:03Speaker 03

  Yeah.

• 34:03Speaker 00

  And it was like a fraction of the investment that, that, uh, that was put in. Into coming up with ChatGPT or the models of ChatGPT, whatever it's called.

• 34:11Speaker 03

  Yeah.

• 34:12Speaker 00

  It was just super, super cheap.

• 34:14Speaker 03

  Yep, now I think there was, we later learned that there was some shenanigans going on, you can't, you have to always kind of like. Be careful about what's coming out of China because of how they regulate their free press.

• 34:25Speaker 00

  So what you're saying is it's team, team with ChatGPT?

• 34:28Speaker 03

  Yeah.

• 34:31Speaker 03

  No, it's, it's, you know, you, you just, you, you have, we had the, the guys, Cal State's, um. Uh, CTO and, and the guy from, um, lineal, um, AI company, local AI company on last week. And we were talking about the different models, and I mentioned how much better the models have gotten, I'm sure you've seen this with Claude. Just each, each iteration is so much better and, you know, than, than the previous one. But it was brought up by these gentlemen that, yeah, but if you go back just a few months. Like, they're all, they're, they were just as good. That, like, the ones that are, are three or four months old now are just as good as the best ones were at that time.

• 35:16Speaker 03

  Or, or, right, so I don't know if I'm explaining that right, but essentially. If you just wait a few months, you're gonna get the, what was the best model.

• 35:24Speaker 00

  I see.

• 35:25Speaker 03

  You only have to wait a few months, and now you're gonna have which, a, a model that was just as good as whatever. Whatever is best today to the public, wait a few months and it'll be free.

• 35:36Speaker 00

  I see.

• 35:36Speaker 03

  In a different mo, in a lower model for, for people.

• 35:39Speaker 00

  Because the advances are so rapid.

• 35:40Speaker 03

  Yes, they're so rapid.

• 35:42Speaker 00

  Industrial revolution, but now it's AI, and it's like fast, fast happen.

• 35:47Speaker 03

  Yeah, it's just like with, you know, the iPhone, like, Apple's really done a good job on, like, making people feel like they've gotta get the, the latest model. You know, and it's only been six months since we had the last model, like, how much better is it really? I mean, it's, it's like that much.

• 36:03Speaker 00

  Probably.

• 36:03Speaker 03

  It's miniscule, like, if you've got an iPhone that's only a few years old, it's still an amazing technology, you know, it's like. It was the best technology was available at the time, and what we have now, yeah, it's, it's better, but it's not that much better.

• 36:17Speaker 00

  I, uh, I, I found my first iPhone I bought in two thousand and six.

• 36:22Speaker 03

  Oh, yeah, you still have it?

• 36:24Speaker 00

  I still have it. I, I, Gabe looked online and to see how much, you know, if it were to sell it, it's like three hundred fifty dollars.

• 36:30Speaker 03

  But still?

• 36:31Speaker 00

  Yeah, but if it was in the box, it would be a couple thousand dollars.

• 36:34Speaker 03

  Oh, yeah, oh, yeah, because now it's like a classic.

• 36:37Speaker 00

  Correct.

• 36:37Speaker 03

  And that's a, that's a twenty year old iPhone.

• 36:40Speaker 00

  Mm-hmm, I still have it, I found it in one of the drawers, I never got rid of it.

• 36:44Speaker 03

  That's awesome, and keep it, you can put it in a box, shadow box.

• 36:48Speaker 00

  Yes, exactly.

• 36:50Speaker 03

  Yeah, so stay tuned, we're, we're gonna be following this Anthropic IPO, uh, again, they're hoping this will be, this will. This will be bigger than the SpaceX IPO, SpaceX IPO, I think, raised about eighty billion. This is anticipated to raise a hundred billion, so these IPOs are just getting bigger and bigger, bigger and bigger, it's really, really incredible, really incredible. Uh, is that, do we have another comment? Is that it?

• 37:14Speaker 00

  Yeah, just have one comment, and I think if you wanna go on a break, we can. Most attorneys who specialize in malpractice cases will already have second opinion doctors who are expert in the field.

• 37:23Speaker 03

  There you go.

• 37:24Speaker 00

  Good reminder, yes, thank you, Mr. Listener or Mrs. Listener.

• 37:27Speaker 03

  Yeah, I, I, I guess I would just be careful a little bit, though, because there are predatory attorneys out there.

• 37:35Speaker 00

  Yes.

• 37:35Speaker 03

  You know, like, I'd almost wanna talk to a doctor first.

• 37:38Speaker 00

  Yeah.

• 37:39Speaker 03

  I mean, because, you know, you go to an attorney, obviously you don't wanna have to pay, like, no, no free, free charge, first consultation's on me. But then you get in there and they're like, you know what, you've got the best case on the planet.

• 37:49Speaker 00

  I didn't wanna say this on air, but I'm gonna say this story, my sister calls me yesterday, she says, hey, do you know somebody had such and such? I don't wanna say the name of the company, I think they got, they got the wrong report for me and my scan. I'm like, I don't, but here's what you do. So I called our insurance guy at Money Wise, Troy, and he gave me great advice. It was like, look, you can need to reach out to her HR. She needs to reach out to the insurance company, and she did. Now she's gonna go and do the re-scan for free. But I told her, this is could be a HIPAA violation. She said, well, she's a dentist. She happens to be a dentist. She's like, no, I'm not gonna, I'm not gonna, I don't want, I don't want to get anybody in trouble.

• 38:27Speaker 03

  Yeah.

• 38:27Speaker 00

  You know, like a fellow doctor, I'm not gonna.

• 38:30Speaker 03

  Yeah.

• 38:31Speaker 00

  So that happens at times too.

• 38:32Speaker 03

  Yeah.

• 38:33Speaker 00

  Shared.

• 38:33Speaker 03

  Yeah, definitely.

• 38:34Speaker 00

  Right? So going to a second doctor, what I've done in the past is I go out of town.

• 38:40Speaker 03

  Yeah.

• 38:40Speaker 00

  I go to UCLA, or I go to Cedar Sinai.

• 38:46Speaker 03

  So it's just a completely different perspective.

• 38:48Speaker 00

  Yes.

• 38:48Speaker 03

  Yeah, they're not.

• 38:49Speaker 00

  Yes. And maybe they are looking at other things too.

• 38:51Speaker 03

  Yeah.

• 38:51Speaker 00

  So that's, to me, I agree with you. A doctor would be probably a very good first step.

• 38:59Speaker 00

  But sometimes there are good attorneys there as well too.

• 39:02Speaker 03

  Yeah, yeah, they're definitely great attorneys. They're, you know, good ones. I just, I just don't like the predatory attorneys. Usually they're out of town attorneys.

• 39:10Speaker 00

  That's right. That's right.

• 39:12Speaker 03

  You know, they'll just take any case and then, you know, if it doesn't work out, they don't care, you know. The Fed, as I mentioned earlier in the show, is meeting today and tomorrow. Will announce what they're going to do with interest rates tomorrow after their meeting. I think most experts are saying that it's going to remain unchanged. I think there's a slight chance that rates will go down. They just raised rates just six weeks ago. So hopefully, we kind of, we kind of like rates to stay low. We want inflation to go away. We understand that raising rates is the way we treat inflation, but boy, it would be really nice if they don't have to raise rates.

• 39:49Speaker 00

  Yeah, I mean, mortgages, average mortgage is in the 7.3.

• 39:53Speaker 03

  Yeah.

• 39:55Speaker 00

  That, that's a high, that's a high rate, you know, historically for the last 20 years.

• 40:00Speaker 03

  Yeah.

• 40:00Speaker 00

  So it's, it's potentially stopping people from buying houses.

• 40:03Speaker 03

  Yeah.

• 40:04Speaker 00

  Or shopping for houses.

• 40:05Speaker 03

  A year ago, so currently the 30-year fixed mortgage rate in, in the United States, 7.32. A year ago, 6.19. That's a big gap, Sammy.

• 40:17Speaker 00

  Yeah.

• 40:18Speaker 03

  And, and if you're, if you're looking at the, the average home or the median home price in Bakersfield in September, $420,000. A 1% interest rate change on $420,000 makes a huge difference on that monthly payment.

• 40:36Speaker 00

  That's correct.

• 40:37Speaker 03

  Essentially drops down what people can afford. We're seeing some headlines today, several news outlets reporting that it now takes twice as long to save up for a home than it did just 16 years ago. So, well, eight years ago, rather. So it's doubled. In the last eight years, it's doubled the amount of time that it takes for the average household in America to save for a home.

• 41:05Speaker 00

  Yeah. So, so, so the average, the average, so you said the, the price, the average price in California is $428,000?

• 41:14Speaker 03

  Uh, in Bakersfield, it's 420. In California, I think it's, it's almost eight, about 800,000. It's almost twice that.

• 41:21Speaker 00

  Nationally, it's 368,000.

• 41:23Speaker 03

  Yeah.

• 41:23Speaker 00

  Right? So, so to me, when, when, when I hear it takes you twice as long to save, what comes to mind, which loan are we using? Are we using FHA loan? Are we using a 10% type of down payment? Are we using conventional, which is 20%?

• 41:40Speaker 03

  Yeah, the reports that I'm, that I looked into and the data that I have shows the 3.5% down payment, which is usually FHA, right? FHA, I think FHA is the 3.5. So it's 3.5% down. Estimates are assuming that, not the traditional 20% down, teachers, firefighters, nurses, frontline workers, that takes them on average 10 to 13 years to save that 3.5% down. And this is on that national average, the 300,000, you know, national average.

• 42:11Speaker 00

  So, so I, I like averages. So if you, if you're looking nationally, let's say $80,000, you know, just salary per year.

• 42:21Speaker 03

  Right.

• 42:21Speaker 00

  And you buy that $368,000 house. And your payment is gonna be about $2,275 plus the property taxes and insurance. That probably is gonna get you to about $2,900 per month. When an $80,000 gross income, that's 43% of your gross pay.

• 42:39Speaker 03

  Yeah. The bank will not lend that to you.

• 42:42Speaker 00

  No, I mean, the bank typically will be looking at 28%.

• 42:45Speaker 03

  Right.

• 42:45Speaker 00

  On, on, on average, right? So.

• 42:48Speaker 03

  So you'd have to save more money to put down on it to be able to afford the payment.

• 42:53Speaker 00

  Yeah. And, and I think it's achievable, you know?

• 42:56Speaker 03

  Yes.

• 42:57Speaker 00

  It's achievable in lesser time than what, what the article is saying, in my opinion. But we are still spending a lot more on, on, on things. So if you're gonna buy a house, and I talk from experience, I put that as a goal, my wife and I put that as a goal, and we kind of like squeezed the belt.

• 43:16Speaker 03

  Yeah.

• 43:17Speaker 00

  Like really squeezed the belt. I mean, if we're gonna go and eat out, we're not.

• 43:22Speaker 03

  Yeah, right.

• 43:24Speaker 00

  But we did it in three years.

• 43:25Speaker 03

  Yep.

• 43:26Speaker 00

  And this is 20 years ago.

• 43:29Speaker 03

  Right.

• 43:30Speaker 00

  But we really squeezed the belt to buy that first house. So I think it's achievable, as long as we're not buying trivial things, you know, that like, you, you don't have three subscriptions, you're not buying a Louis Vuitton, you're not changing the rims on your car, things that you could just like, get a car that, keep the car that takes you from A to B.

• 43:51Speaker 03

  Right.

• 43:52Speaker 00

  Because your goal now is that big investment, which has always been for, for, for Americans, hey, I'm gonna buy a house.

• 43:59Speaker 03

  Yeah, the dream is, is to get that home. And the numbers that we're quoting are, you know, like you said, they're averages. So the, yeah, because the average American has a hard time squeezing their belt. If they can squeeze the belt, financially speaking, they, they definitely can, you know, close that gap down from, from it taking 16 years to eight years, you know, what it was just in 2019.

• 44:23Speaker 00

  Correct. I mean, instead of going to Starbucks, guess what? You're doing Folgers at home, right? Those are some of the decisions, if you're getting into a big investment that you have to make, because you have to be realistic. We always talk on the show about being realistic with your budgeting process. We can't lie to ourselves while we're trying to make a huge investment.

• 44:41Speaker 03

  Yeah.

• 44:42Speaker 00

  There's some sacrifices that need to be made.

• 44:44Speaker 03

  Yeah.

• 44:45Speaker 00

  In order for you to get to that.

• 44:46Speaker 03

  The, the reason why it's, it's such a, a good financial decision to buy a home when you can afford it, not when the market is great, not when you get the timing right, but buying that home when you can afford it is because you get out of that renting treadmill.

• 44:59Speaker 00

  Yes.

• 45:00Speaker 03

  The rent, the average rent from 20, from 2001 to 2024 increased 30%. So nearly half of renter households now spend over 30% of their income on housing. So you have over half of renters already paying more than what they would pay if they could borrow from the bank. The difference is when you're renting, you're paying your landlord's mortgage.

• 45:26Speaker 00

  Yep.

• 45:27Speaker 03

  When you own a house, you're paying your own mortgage. So at least every month, a little bit's going towards principal.

• 45:32Speaker 00

  That's correct.

• 45:33Speaker 03

  And, and that gives you stability, financial stability, when you have that equity in your home, but you also have a roof over your head. There's also like, probably why you and Mary Ann were, were dead, you know, focused on this, because there's a, there's a psychological benefit to just owning your home, especially if you're gonna start a family.

• 45:50Speaker 00

  Yeah, well, being a banker, I understood that I'm paying the mortgage for somebody else. And I'm like, well, if I'm doing that, why, why not me? Why not me? And, and, and not that adverse. Just use debt to your benefit and be smart about it. Don't overborrow, save as much as possible, especially when you have these huge decisions to make, like buying a house.

• 46:11Speaker 03

  Yeah.

• 46:11Speaker 00

  Buying a house is probably the biggest investment for us Americans in our lifetime.

• 46:15Speaker 03

  100%. Just like it's the biggest asset for most Americans is what they have. And when they pass away, for most Americans, if they have, the home is their biggest asset. Whatever equity is in there, like that's what the family gets, and that's, that's what it is. It's so important to, to make that. Get yourself in a position where you, you can have control over your, over your housing costs. You don't have control over it when you're renting. You have control over whatever the term of your lease is, but after that, you're at the mercy of somebody else.

• 46:43Speaker 00

  Correct.

• 46:44Speaker 03

  And whereas when the mortgage, you can lock that in. You may not need to lock it in at what today's rates are. It's locked in at today's rate, but you're not married to the mortgage. You're married to the house. You can date the mortgage.

• 46:56Speaker 00

  Yeah.

• 46:56Speaker 03

  You can always change that later down the road. So.

• 46:58Speaker 00

  That's true.

• 46:59Speaker 03

  A lot of people right now are, are sitting on the fence and they're going, oh, I don't know, I don't know, I don't know if we should, if now's the right time. Well, if you can do it financially, and you can afford it financially, then that, that's the right time. Don't pay attention to what the Fed is gonna do with interest rates and how that's gonna impact your mortgage, your mortgage rate. Just don't worry about that. Well, good stuff, Sam. We covered a lot, man.

• 47:20Speaker 00

  Yeah, it was a great show. I, I love, I love sometimes it's just you and I bantering. It's, it's, it's really cool.

• 47:26Speaker 03

  I do too. I really like it. Well, we want to remind all of our listeners that if they'd like to listen to this show or any of our past programs, go subscribe to the Money Wise Podcast. It's commercial free, and it's on all major podcast platforms like iTunes, Apple Podcasts, or Spotify. Commercial free is pretty slick. Of course, we're gonna have another show coming up tomorrow. Don't miss it. We remind our listeners as we leave, these three things, be smart, be safe, and always.

• 47:52Speaker 00

  Be Money Wise.

• 47:57Speaker 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.