2/13/26 Beautiful Bakersfield Nomination Deadline + Understanding the Supply Curve

The Moneywise Radio Show and Podcast Friday, February 13th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Radio Show & Podcast" call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Management LinkedIn: Moneywise_Wealth_Management Guest: Kimberly Price, Beautiful Bakersfield Awards Event Director website: https://beautiful.bakochamber.com/ The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Kimberly Price and her business are not affiliated with nor endorsed by LPL Financial or Moneywise Wealth Management].

• 0:20Speaker 00

  Now, let's start the Money Wise Show.

• 0:22Speaker 01

  Hey, welcome to the Money Wise Show. Let's try this again, Stephen.

• 0:25Speaker 00

  Hey, it's like you never know with live radio, baby.

• 0:28Speaker 01

  Hey, live radio is the best, man. It's the best.

• 0:33Speaker 00

  At least I'm with my boy Justin.

• 0:34Speaker 01

  Hey, there you go. We're taking you into Friday, taking you into the end of the day, taking you into the three-day weekend. Hopefully, you have a three-day weekend out there. I know I do. Looking forward to it. But hey, let's do this again. So, we're live from the basement here in the historic Woolworths Building in downtown Bakersfield. Hey, for the next, not an hour anymore, for the next 45 minutes.

• 0:56Speaker 00

  Yeah, we got it.

• 0:57Speaker 01

  You're on KGEO Money Talk, 1230 AM, 101.1 FM, and always streaming live at MoneyWiseGuys.com, MoneyWiseGuys.com on the old interwebs. You can call or text into the show 24 hours a day, 661-396-1000. We're your hosts. I'm Justin Leland with...

• 1:15Speaker 00

  Seth Perry on a Friday. Good to see you, sir.

• 1:17Speaker 01

  Wonderful.

• 1:18Speaker 00

  Good to see you, Steve.

• 1:19Speaker 02

  Hey.

• 1:20Speaker 01

  Hey.

• 1:21Speaker 02

  Hey, you. What's up?

• 1:23Speaker 01

  We have a truncated show today because of some technical issues, but hey.

• 1:26Speaker 00

  We're good. We're back.

• 1:27Speaker 01

  We're all back. We're live.

• 1:28Speaker 00

  Kind of like a trial run.

• 1:30Speaker 01

  Yeah, we got the first 15 minutes of a trial run.

• 1:32Speaker 00

  That was some of our best content ever, too.

• 1:33Speaker 01

  You know what?

• 1:35Speaker 00

  Test one, test two. Sibilance.

• 1:36Speaker 01

  Sibilance.

• 1:37Speaker 00

  Sibilance.

• 1:37Speaker 02

  Justin had me in tears.

• 1:38Speaker 01

  Popcorn.

• 1:39Speaker 02

  He had me in tears with his knowledge.

• 1:41Speaker 01

  Yeah, it's...

• 1:42Speaker 00

  So, the people on the internet heard it.

• 1:43Speaker 01

  Yeah, heck, yeah. That's right.

• 1:45Speaker 02

  Thank you, internet listeners, for having to rehear a few things.

• 1:47Speaker 01

  Right. So anyhow, here we are. We're back and live from the basement here in the historic Woolworths Building. So, what's going on in the markets today, Seth?

• 1:58Speaker 02

  Well, the markets are a bit choppy. I know the S&P about flat for the year, and everything's just kind of...

• 2:07Speaker 02

  Kind of flat for the day, right? Or maybe a couple are up, couple are down, but big picture, there's just a lot of different things, a lot of different noise.

• 2:15Speaker 01

  Yeah. Well, I think one of the things that came in today was we got the print from the Bureau of Labor Statistics telling us what the inflation number was for this January and came in a little bit softer than what was expected. The inflation rate comes in at 2.4% when economists were expecting somewhere between 2.5 to 2.7. So maybe that's why we're seeing the markets being a little bit tepid and not moving very much. You know, the markets today were kind of mixed. You know, the Dow was up, the S and P was up ever so slightly and the Nasdaq was down, just barely. But the Nasdaq was down a bit, kind of highlighting what Seth was saying to

• 2:58Speaker 01

  our radio, our internet listeners, but basically kind of a rotation out of growth stocks and into some, maybe some more value stocks. That's definitely a possibility. And I think of one of the main reasons is that with the Federal Reserve and folks always kind of having that hyper focus on what the Federal Reserve is going to do, with the inflation rate coming in at 2.4, with that print coming out, means, is the Fed really going to lower interest rates by, you know, two times this year?

• 3:28Speaker 02

  Do they need to?

• 3:29Speaker 01

  That's the point.

• 3:30Speaker 02

  Historical CPI is 3.1.

• 3:33Speaker 01

  Historical CPI, but the job of the Fed is to get us to two or below.

• 3:37Speaker 02

  That's the job, huh?

• 3:38Speaker 01

  Right. So the Federal Reserve has two mandates. It's a dual mandate. High employment, by definition, the low unemployment, right? So which are still at about 4.3%, I believe, which is still technically considered full employment, right? Anything sub 5% is good. So we're there for the Fed, right? Now, that number's starting to soften a little bit, but we're still in the 4.3, 4.4 range. The other part of the mandate is to keep inflation at or below around 2%, right? And so if we have long-term inflation is at 3.1%, and that's

• 4:19Speaker 01

  over the past 100 years, what do you think the inflation rate has been, Seth, over the past 30

• 4:25Speaker 02

  Thirty years, I would say four and a half.

• 4:29Speaker 01

  Nope.

• 4:30Speaker 02

  Come on.

• 4:31Speaker 01

  Nope. And for the last thirty years, Federal Reserve has kept our inflation rate at about 2.1%.

• 4:36Speaker 02

  Interesting.

• 4:37Speaker 01

  That's including the, the, the post-COVID.

• 4:41Speaker 02

  The listeners aren't going to believe that because of the cost of everything going up, right?

• 4:44Speaker 01

  Well, I mean, you know, remember, everything goes up always. We, we're always going to be in a position where

• 4:52Speaker 01

  items are going to be more expensive next year than they are today. By definition, that's always going to be the case. That's why we have inflation pegged. We want to make sure it's at around 2%. Why is that? Because disinflation or deflation, where prices are actually going down, is actually a, a, an economic time bomb for an economy.

• 5:14Speaker 02

  Yep.

• 5:15Speaker 01

  Anybody that winds up going through a

• 5:16Speaker 02

  Japan, right?

• 5:17Speaker 01

  Japan did it. That's why they had the lost decade. Mexico, Nicaragua, some of these other countries, Argentina.

• 5:25Speaker 01

  Then you have the, the, the side, side piece of where you have deflation. But then when deflation ends, then you potentially could have things like hyperinflation, i.e. Weimar Republic in Germany, where you're bringing a wheelbarrow of cash to buy a sandwich or a loaf of bread. Right? So those things, you know, we want to make sure that inflation stays in that 2% ish range. And the Fed is, the Fed's job is to make sure that they are pulling the, the right levers to keep that as best as possible. Now, obviously in 2021, 2022, we did spike to the point where we were about 9% inflation.

• 6:05Speaker 02

  Pardon the ignorance, that's just because they're, you know, all the stimulus, all this extra cash flooded the economy?

• 6:11Speaker 01

  Partially. So yeah, that's the, the, you know, inflation is always going to be a dynamic. You can't, it's just like the markets and the, the stock market. You can't blame any one thing as being the thing that causes this rampant inflation. That was a trigger. That was definitely something that could trigger inflation taking off. But additionally, let's look at what happened during COVID. Everybody's now at home, right? Items are not being made, things are not being, you know, lumber is not being produced. Like the people are now, like all of the

• 6:44Speaker 02

  Subscriptions were up and

• 6:45Speaker 01

  Subscriptions, yeah, all of those things were up, but, but the production of certain goods, those supply chains completely changed and got constrained. Which was a higher problem when it comes to inflation? The stimulus? Or the fact that we had a supply chain disruptions that took almost a year and a half to work themselves out?

• 7:09Speaker 02

  And a complete restructuring of our workforce because of how many people now? I wonder how many of these companies are kicking themselves thinking, wow, we could have saved billions of dollars had we not let people work from home.

• 7:21Speaker 01

  Right, exactly.

• 7:22Speaker 02

  You know what I mean?

• 7:22Speaker 01

  Yeah, so I mean, it's, it's not one or the other. It's, it's, it's both, right? So yes, the, the, the, the amount of money that flooded the market obviously was a, was a, you know, too many, you know, too many dollars chasing too few goods is a great example for inflation. But you also have a situation where if the supply chains are completely bottlenecked and items are not able to, it's the supply and demand curve. If there's not enough toilet paper at Target, what are you going to pay for that toilet paper?

• 7:52Speaker 02

  Yeah.

• 7:52Speaker 01

  I don't know about you, but that's a, that's a necessity in my household. So, you know, you're not going to, you're not going to, you know, you're not even going to, you know, bother if, if the price of that doubles over a period of time. You're just still going to pay it.

• 8:05Speaker 02

  Yeah.

• 8:06Speaker 01

  You know, look at what the, the price of Pepsi over the past six years has gone from $6 a, a 12 packs to now it's $11.99 for the same 12 pack.

• 8:14Speaker 02

  You know, what's interesting is I'll find myself studying for a test with my son who's in the second grade. Or my daughter, you know, she's taking a science class, she's a junior in high school. And it's like, I would love the opportunity, a handful of these classes to go back now as an adult, being in the world and, you know, even some of those basic economy classes.

• 8:35Speaker 01

  Right.

• 8:36Speaker 02

  When you got senioritis and you're 18, sitting in Mr. Britton's room, by the way, if you're still out there, Mr. Britton.

• 8:43Speaker 02

  You know, gosh darn it, you're, you're just not learning a whole lot.

• 8:46Speaker 01

  Right. You're definitely not learning a whole lot and you're, you're, you're, you're game planning, you're seeing your prank, right? And all of the things that you have to do. You're not, you're not there to learn about macro and microeconomics.

• 8:57Speaker 02

  Yep.

• 8:58Speaker 01

  Right? So, um, yeah, I think that with the, the federal, uh, the print today at 2.4, it is causing some, you know, investors to look at that and say, does the Fed really need to lower interest rates to keep this thing flowing? Or do we stay, are we at neutral at this point? Right? Is, are we at the point where the interest rates where they are, are sufficient to continue to have inflation come down slowly? A nice soft landing, if you will, and that the labor market doesn't soften faster than we want it to. Right? The Fed is walking a very fine tight rope right now. The Walindas would be very proud of what the Fed is doing right now.

• 9:40Speaker 01

  And if you don't know that reference of the Walenda family, then, uh,

• 9:45Speaker 02

  I don't see what he's talking about.

• 9:48Speaker 01

  The flying Walindas.

• 9:49Speaker 02

  I have no idea.

• 9:50Speaker 01

  They're, they're the whole family that does nothing but trapeze art and, uh, tight ropes.

• 9:56Speaker 02

  Interesting.

• 9:56Speaker 00

  Is that a real thing?

• 9:57Speaker 01

  It is a thing. The Walindas. I'm not kidding.

• 10:00Speaker 00

  I'm gonna have to look that up.

• 10:01Speaker 01

  That's my load of crap library for the day.

• 10:02Speaker 02

  I love it. With the strong man and the, and the, the bearded lady. I've seen a couple of those now that we've been downtown. Not gonna lie. You know what I'm saying?

• 10:13Speaker 02

  But anyway.

• 10:14Speaker 01

  It's not nice to talk about me like that.

• 10:17Speaker 02

  We got a quick message. There's a couple that snuck in, you know? But I want to just, this is comment and this, this listener, I swear is just near and dear to my heart because they say, like eggs and coffee prices, two of my favorite things. I'm not gonna lie. I'm a huge coffee and egg honk. So yeah, yeah, the cost of these things is just continuing to go up. I know my, my new go-to, sorry, reverb coffee, but my new go-to from Starbucks is the protein latte.

• 10:45Speaker 01

  Yeah, they do.

• 10:45Speaker 02

  But you throw an extra shot in that bad boy. I think it's like almost eight bucks.

• 10:48Speaker 01

  Yeah.

• 10:49Speaker 02

  It's pretty deep.

• 10:50Speaker 01

  Yeah.

• 10:50Speaker 02

  Pretty steep.

• 10:50Speaker 01

  Pretty steep in the pocketbook.

• 10:51Speaker 02

  Yep.

• 10:52Speaker 01

  But that's why I think anything is, but you know, for people that are like, I want prices to come down. I hear where you're coming from. The flip side of that is an economy that almost literally collapses under its own weight.

• 11:06Speaker 02

  And you can make $20 an hour working for fast food. Flipping burgers, right? And I'm telling you guys, like a lot of, a lot of the students I used to work with, Mr. Perry, I'll never go work at McDonald's or Jack in the Box. It's like, dude, seriously, you, you go work there, you're going to make great money. And if you're at least a hair motivated, you're going to move into a management position.

• 11:27Speaker 01

  Or it's a stepping stone for you to get into another job, right?

• 11:30Speaker 02

  Great stepping stone. One of my best stepping stones was Snowshack selling snow cones at the old, by the old lumberjack, White Lane in Gosford.

• 11:38Speaker 01

  Yep, yep.

• 11:38Speaker 02

  Do you remember where this was? It was the most busy location we had. And on weekend shifts, this is in 1996, weekend shifts, we would bring in like $300 a shift.

• 11:49Speaker 01

  Yeah.

• 11:50Speaker 02

  So if that, if that one shack did 500 that day, I mean, that's, that's a lot of money. But I built a bunch of soft skills. I did a little inventory.

• 11:57Speaker 01

  Yeah.

• 11:57Speaker 02

  You know what I mean? So.

• 11:59Speaker 01

  Hey, we're going to take a quick break. We had a little bit of a truncated show, right? So what we're going to do is we're going to take a big break.

• 12:04Speaker 02

  What is a truncate?

• 12:06Speaker 01

  I mean, truncated means we've shortened the show.

• 12:10Speaker 01

  We have shortened the show. And by using a long word, we're shortening the show. But anyhow, we're going to be getting to down to business with Kim Price from the Bakersfield Chamber of Commerce. We'll be talking about beautiful Bakersfield. Today's the last day to nominate the, the folks in this town that make this town beautiful. So we're going to talk to Kim Price when we come back.

• 12:32Speaker 00

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

• 13:08Speaker 01

  Welcome back.

• 13:11Speaker 01

  Thank you, Stephen.

• 13:16Speaker 01

  Welcome back to the Money Wise Show. We're joined right now by our good friend, Kim Price.

• 13:22Speaker 03

  Hi there.

• 13:23Speaker 01

  How are you?

• 13:23Speaker 03

  Good.

• 13:24Speaker 01

  From the Chamber of Commerce. Program manager, if you will, for the beautiful Bakersfield Awards that are coming up in a few months. But we got a big thing coming up right now.

• 13:33Speaker 03

  Right, we sure do.

• 13:34Speaker 01

  So first things first, we got to talk about what is the beautiful Bakersfield Awards?

• 13:39Speaker 03

  So the beautiful Bakersfield Awards kind of began as a way to highlight beautiful things that were happening in Bakersfield. And we are giving people who otherwise wouldn't have that chance, a chance to get out, get seen, be seen by the community, really get their name out. And it's, there's a lot of people out there doing so many good things that we want to, that's, this is the way that we feel at the Chamber, that we can give them that opportunity to shine.

• 14:07Speaker 01

  Absolutely, and so, you know, the way that it winds up working is there's this nomination process and it, for all intents and purposes, it winds up looking like the Oscars of Bakersfield, right? That's kind of the moniker. That it's the Oscars of Bakersfield, all the good things that are happening that maybe some of us are taking for granted.

• 14:26Speaker 03

  Right.

• 14:26Speaker 01

  A bit, or driving by and it's like, oh, that's cool. And, but like not taking time to actually understand what it is. And so, you know, not just for the winners. Like, we go through the whole process of having this, this, this, you know, award show and the whole thing. And it's great for the winners, but you're also highlighting all of the nominees. Which is, can be hundreds of nominees going on.

• 14:53Speaker 03

  So we do start out, so there are two processes. Right now, we're in that nomination process. And we're collecting as many nominations as we can. There's two, there's actually two rounds of judging that goes on because we, fortunately, we get like 300 nominees.

• 15:10Speaker 01

  Yes.

• 15:10Speaker 03

  And that's such an amazing thing because that means there's that many people out there doing amazing things.

• 15:16Speaker 01

  Right.

• 15:16Speaker 03

  So, and that, uh, we, as much as we'd love to, that would be like a two day show.

• 15:21Speaker 01

  Yeah, it would, it would take a full weekend to go through the show.

• 15:24Speaker 03

  So in order to keep the time down, we do have to, we do one round that, uh, of judging that takes that down to the final nominees, which is about, sits at about a hundred nominees.

• 15:33Speaker 01

  Yeah.

• 15:34Speaker 03

  Those nominees get, uh, social media coverage. They are out there that, that night of the, we have about 700 of our closest friends.

• 15:43Speaker 01

  Oh, yeah.

• 15:43Speaker 03

  That show up for the event and they get to hear, they get not only to see in the program, but they get to see on the video and the screens what these programs and what these companies are about.

• 15:54Speaker 01

  Absolutely. And it's not just companies.

• 15:56Speaker 03

  Oh, no.

• 15:57Speaker 01

  It's individuals. It's, it's nonprofits. It's, you know, all of the things that make us great. What, what, name a couple of, uh, great, uh, categories that we have.

• 16:07Speaker 03

  Well, I mean, we have some of the ones that make sense. We have small business, large business. Uh, we have one too, that I love. It's next gen because we don't want to leave out the kids.

• 16:16Speaker 01

  Yeah.

• 16:16Speaker 03

  So we're talking that next generation.

• 16:18Speaker 01

  Well, no, we do. The little kids, yeah.

• 16:20Speaker 03

  It's the little kids. Yeah. So our next gen, so you have somebody that's under 18, that's really making an impact in the community. You need to get on there and nominate them.

• 16:27Speaker 01

  Right. High school student that's absolutely knocking it out of the park. Yeah.

• 16:30Speaker 03

  Exactly. Uh, last year, the one, the, the kid who won, I say kid, he's the cutest thing on, in the, his name is Patrick.

• 16:37Speaker 01

  Uh huh.

• 16:38Speaker 03

  Has Patrick's pantry is just working his tail off to get, make sure that people have food. He actually has a food pantry where he, he brings seniors and people who need, who need, uh, new, need those items. He gets them food, canned goods. He gets them clothing. Oh gosh, I think he's maybe 10 or 11.

• 16:55Speaker 01

  Nine or 10. He's young.

• 16:57Speaker 02

  With the supply for high school or is it just for these younger kids?

• 17:00Speaker 03

  Oh, no, it would, anybody, anybody under the age of 18. So we've got, so we don't want the kids to be left out. And that's what we do. Um, we've got another one that is awesome. Um, we are working with Hard Rock and it's called Heart of Hospitality.

• 17:13Speaker 01

  Okay.

• 17:14Speaker 03

  And that one's a new one. Um, so we're looking at like some, you know, you might want to nominate like Woolworths. That would be because they. They are hospitality driven.

• 17:22Speaker 01

  Yes, yes.

• 17:23Speaker 03

  So that would be the little, what would you call, what do you call that?

• 17:27Speaker 01

  The luncheonette upstairs.

• 17:28Speaker 03

  The luncheonette, yes. That would be that amazing. You're talking your baristas, you're talking servers, you're talking even travel agencies. Anybody who's really helping you with hospitality, guest experiences, something like that.

• 17:43Speaker 01

  Bringing people to downtown.

• 17:44Speaker 03

  Bringing people to downtown. Yeah. So we're wanting food, beverage, events, travel, recreation. And these are the people that go above and beyond in that category. We have humanitarian group, humanitarian individual. We do have another one. We talked about our next gen. We have Harvey Hall, which is our lifetime achievement award. So all of these categories, most of, well, all of them have, you have to be, it's the stuff you accomplished in 2025.

• 18:10Speaker 01

  Right.

• 18:11Speaker 03

  For the, with Harvey Hall, it's your lifetime achievement. It's over 55, lifetime achievement, everything that that person has accomplished.

• 18:19Speaker 01

  Cheryl Barbage, I think was a winner one year. Yeah, these are people that have like given their all to this community for years, decades.

• 18:30Speaker 03

  Decades.

• 18:30Speaker 01

  And they're finally being recognized, not that they weren't already being recognized before. But it's, it's, you know, when you, when you see that, that lifetime achievement award, it is pretty special.

• 18:41Speaker 03

  It is a big team. These are people that have just poured their, their life into Bakersfield for a long time.

• 18:47Speaker 01

  Right.

• 18:47Speaker 03

  And this is that opportunity to really let them be seen and really give them that accolades, especially like I said, they're over 55. And even if they're retired and they'd spent a lot of time doing it, we still want to hear about them. We still want to hear about their story.

• 19:00Speaker 01

  Absolutely.

• 19:01Speaker 03

  So that's what we're bringing in. We have architecture and design, arts and culture, urban core, which that again would.

• 19:06Speaker 01

  Could be.

• 19:07Speaker 03

  Right here, urban core, we're talking downtown.

• 19:09Speaker 01

  We were talking about that before.

• 19:11Speaker 03

  It's the Woolworths building. Look what you guys have done here. It's amazing.

• 19:14Speaker 01

  The multi-use facet of what's being done.

• 19:17Speaker 03

  And that's you have, you have contributed to downtown. You have created a wonderful area here. I was wandering around this building trying to come get here and I thought this is unbelievable because I remember. Here when it was like

• 19:32Speaker 01

  The antique store.

• 19:33Speaker 03

  My mom would drag me through here and I just am amazed at what you guys have done.

• 19:37Speaker 02

  I'm really proud to work here. You know, there was always the, the concern with, you know, some of the riffraff and whatnot, but it's kind of like shining light on the cockroaches. You know, the, the more light that shines, they're going to scurry into some other areas.

• 19:48Speaker 03

  Yes. And I have to, I'm down here all the time. Now that I work down here with a chamber.

• 19:52Speaker 01

  Yeah.

• 19:53Speaker 03

  I'm, I'm really.

• 19:54Speaker 01

  Walk on down and get a burger.

• 19:54Speaker 03

  Right. Walk on down and get a burger. Fall in love with Bakersfield. Yeah. Again downtown. And so that urban core, that would be a really great category.

• 20:02Speaker 01

  So nominations are ongoing. Where do you go to create these nominations?

• 20:06Speaker 03

  Well, so you're gonna, you're gonna log on to beautiful.bakochamber.com.

• 20:11Speaker 01

  Okay.

• 20:11Speaker 03

  And it'll take you right to the nomination link. Um, what, uh, it is, is actually ends today.

• 20:17Speaker 01

  Okay.

• 20:17Speaker 03

  So we want you to get that in by midnight.

• 20:19Speaker 01

  No chance of an extension?

• 20:20Speaker 03

  Well, we've, now we're on that two week extension, but I will tell you a little secret since I'm talking to you today. If it comes in, in the early mornings tomorrow, maybe on Saturday, while you're sitting with your coffee.

• 20:32Speaker 01

  Right.

• 20:33Speaker 03

  We'll just tell you it'll make it.

• 20:34Speaker 01

  Okay. Okay. So yeah, don't, don't have it wait until the end of February.

• 20:38Speaker 03

  Yeah. Don't, it's, yeah.

• 20:39Speaker 01

  But definitely get your nominations in ASAP.

• 20:42Speaker 03

  Well, and then we, we kick off tomorrow. We have to start all the judging process. It takes, it takes a month and a half or so.

• 20:48Speaker 01

  I will say that I have served as a judge on, uh, not ones that obviously we are nominated for. We cannot do that. But I have, uh, you know, there was one, uh, I think it was a few years ago. I was a judge for, um, I want to say it was architecture and design, which was fantastic. I loved it. It was great. I've also been a judge on arts and culture, um, which was awesome. And so, yeah, you get to see, um, a lot of things in, in our community that you didn't realize that were even happening.

• 21:17Speaker 03

  Right.

• 21:17Speaker 01

  Even as a judge, you're like, I didn't even realize this was going on. And you, when you, when you're looking at everything, it, it opens your eyes to just how wonderful our community is.

• 21:26Speaker 03

  Yeah, there is a large number of, of judges because of the amount. We have 17 categories.

• 21:32Speaker 01

  Yeah.

• 21:33Speaker 03

  That they're judging on. And it's not just one person per category. We have multiple people judging.

• 21:37Speaker 02

  Wellness is in there.

• 21:38Speaker 03

  Health and wellness.

• 21:39Speaker 01

  Eight or 10. Eight or 10 judges per category.

• 21:42Speaker 03

  Well, and we do that so that it's fair.

• 21:45Speaker 01

  Yeah.

• 21:45Speaker 03

  Everything is very fair. The judges don't know who they are. They're very instructed not to talk to anybody about what they're doing. They're not instructed to talk about who they chose.

• 21:55Speaker 01

  Correct.

• 21:55Speaker 03

  And they don't even really choose. They just are scoring with numbers.

• 21:59Speaker 01

  Right.

• 21:59Speaker 03

  And that gets totaled by a tab, you know.

• 22:01Speaker 01

  Yeah, randomized.

• 22:02Speaker 03

  At the end. Exactly. Yeah. So, and that's how that goes. So it's a very, it's a very fair process. And we use a very large group of people across Bakersfield. It's not just business people.

• 22:13Speaker 01

  Right.

• 22:14Speaker 03

  We're using people from all different.

• 22:16Speaker 01

  All walks of life.

• 22:17Speaker 03

  All walks of life. And that, and we do that on purpose. It's very much done on purpose. So it's fair. So.

• 22:22Speaker 01

  So when is the actual award show? It's in June, right?

• 22:25Speaker 03

  It's in June 13th. It's Saturday. We're really excited about it. So it's down here at the Dignity Health Arena.

• 22:34Speaker 01

  Convention Center.

• 22:35Speaker 03

  Convention Center and Arena. And we're super excited to be partnering with Dignity too. And you'll, you'll walk up and you'll see that orange carpet. Nod to Dignity Health.

• 22:44Speaker 01

  There you go. Not the red carpet. It's the orange carpet.

• 22:47Speaker 03

  Carpet. Yeah. The whole program itself is presented by Valley Strong.

• 22:52Speaker 01

  Nice.

• 22:52Speaker 03

  Valley Strong has been a huge supporter of the Chamber and the beautiful Bakersfield Awards. Oh, yeah. There. And I love the people that, we have a number of them on our committee and they are just fantastic people. The entire company as a whole, from top to bottom, is just wonderful.

• 23:09Speaker 01

  Is it, is it going to be televised again this year?

• 23:11Speaker 03

  It is televised under KGET. So, yeah, they come in and they help us. So it's a, again, we have so many amazing partners that we're working with. A ton of category sponsors. Each category is sponsored by a different organization, different company.

• 23:26Speaker 01

  Right.

• 23:27Speaker 03

  And we're just really proud that the community comes together the way that they do to really shine light on all of the amazing things and beautiful things that are happening in Bakersfield.

• 23:37Speaker 01

  It is really a great. And I, I gotta say, going to the event, getting a table and actually physically being at the event and meeting some of these folks, like, you know, you go to these events and you wind up running into the same group of people, for the most part. Right, right. We wind up running into the same group of people at all of these, you know, extracurricular events. This is the one where there's a nexus of so many other organizations that you've probably never heard of.

• 24:04Speaker 03

  Exactly.

• 24:05Speaker 01

  And you're networking with all of these people that you've really never heard of. And it's like, wait a minute.

• 24:10Speaker 03

  Yeah.

• 24:11Speaker 01

  I need, I need to know this person.

• 24:12Speaker 03

  Exactly. And that's a big goal of the chamber. We spend a lot of our time making sure that companies and organizations, not just have resources that we help them with, but are meeting new people and meeting people that can help them or that they can, that they can help.

• 24:27Speaker 01

  Right.

• 24:27Speaker 03

  It goes, it goes all, both ways. Yeah. And that's part of this beautiful Bakersfield Awards. You're, like I said, 700 of our closest friends.

• 24:34Speaker 01

  Oh, yeah.

• 24:35Speaker 03

  You get in there and you meet a lot of people and you're, you, you going through the program, you're watching each nominee being called up and you're saying, I didn't even know that organization existed.

• 24:44Speaker 01

  Yeah. Well, now I do.

• 24:45Speaker 03

  And now I do.

• 24:45Speaker 01

  Right.

• 24:46Speaker 03

  I gotta, I gotta connect with them. And it happens at every beautiful Bakersfield Award. The next week I have people emailing me, hey, I saw this winner. Can you connect me with them?

• 24:55Speaker 01

  Right.

• 24:55Speaker 03

  And that's what's amazing.

• 24:56Speaker 02

  Can I ask you guys real quick? So Greater Chamber of Bakersfield, if there's a listener that, you know, they've heard of the chamber or, or Bakersfield Chamber of Commerce, but in a one-minute pitch, what is it?

• 25:07Speaker 03

  The Greater Bakersfield Chamber of Commerce is, we're a member-driven organization. We're here to make sure that businesses, organizations have up-to-date political ideals. I mean, I know you guys are some, we partner with you a lot, help with money. We have with you, you explain the 401K.

• 25:26Speaker 01

  Yeah.

• 25:27Speaker 03

  We have that. That's something that we offer our chamber members.

• 25:30Speaker 02

  That's how we met too, right?

• 25:31Speaker 03

  That's how we met.

• 25:31Speaker 01

  Leadership Bakersfield.

• 25:33Speaker 03

  Leadership Bakersfield, again, one of our amazing programs that we have. Our biggest thing is helping business not just succeed, not just like

• 25:41Speaker 01

  Exist.

• 25:42Speaker 03

  Exist, but thrive.

• 25:43Speaker 01

  Right.

• 25:44Speaker 02

  Right.

• 25:44Speaker 03

  And we do that by a lot of networking opportunities. We do that by a lot of resources. We do that by labor law information. We do that by giving them the chance to understand political platforms that they wouldn't actually have access to.

• 26:00Speaker 01

  I mean, you look at the Chamber of Commerce, just in general, is a lobbying group of other like-minded businesses trying to do business in a maybe sometimes not viewed as a business-friendly state. Right? And so we're trying to do what we can to help these businesses, not only our own, but other businesses. If all of these businesses are doing better, a rising tide lifts all boats.

• 26:23Speaker 03

  Exactly. And the Chamber, that's what our job is. That's what our staff does is we spend every day trying to make sure that our members are in the know. Our members have what they need to be successful.

• 26:32Speaker 01

  A small but mighty staff.

• 26:34Speaker 03

  Exactly. We work hard. Yes. And we're there. And like we partner, partnering with MoneyWise, that's been fantastic.

• 26:41Speaker 01

  Yeah, we love doing it.

• 26:42Speaker 03

  Now, what is it? We have the biggest, what?

• 26:44Speaker 01

  I don't want to say it, but yeah, we do have one of the largest 401k platforms through a Chamber of Commerce.

• 26:53Speaker 03

  Through a Chamber of Commerce. And that's a huge thing. And that's something we offer to our members. And that's a huge deal.

• 26:59Speaker 01

  Huge benefits of membership.

• 27:00Speaker 03

  Huge benefit, so.

• 27:01Speaker 01

  So, but thank you so much for joining us. We're going to make sure that the, the, what is it? Beautiful Baker?

• 27:07Speaker 03

  The Beautiful Bakersfield Awards.

• 27:08Speaker 01

  BeautifulBakersfieldAwards.Baco.Chamber. We're going to make sure that the website is on the podcast notes, right, Stevie?

• 27:17Speaker 03

  [email protected].

• 27:19Speaker 01

  Right, exactly. We're going to make sure that that's on the notes, so anybody can click on that and make their nominations. You don't, you can nominate more than one. You can nominate, nominate to different, different categories. But get on there and nominate those organizations, those businesses, those nonprofits, and those people that you love, that you know are bringing good things to our community. By all means, we need to make sure we're doing that.

• 27:40Speaker 03

  Yep.

• 27:41Speaker 01

  We're going to take a quick break, and when we come back, we got some, some listener mail.

• 27:44Speaker 00

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

• 28:04Speaker 02

  That's a Friday song, baby.

• 28:07Speaker 01

  That's been a Friday song for years.

• 28:10Speaker 02

  An ode to Jim Rome. He always said, "Dent him up and back in on a Friday."

• 28:16Speaker 01

  A little bit of Tom Petty there for ya.

• 28:18Speaker 02

  That's Tom Petty?

• 28:19Speaker 01

  Yep.

• 28:20Speaker 02

  That's not one you hear on the radio every day, huh?

• 28:22Speaker 01

  No, that is, that is a deep cut.

• 28:25Speaker 01

  Steven and I, uh, found that one a while back and we play that from time to time because,

• 28:30Speaker 01

  you know, we're gonna, we're gonna start talking more 401ks on Fridays. You know, since I, since I do, you know, I do 401ks, uh...

• 28:37Speaker 02

  What's a 401k?

• 28:39Speaker 01

  What is a 401k?

• 28:41Speaker 02

  Well, on that, on that point, just 10 seconds, a lot of the financial myth and worry from the average listener, it's just the terminology and, and when you really just, just learn the definition of something, then it sticks in your brain.

• 28:55Speaker 01

  Yeah.

• 28:56Speaker 02

  And, uh, that, that's one great way is just, what does the word mean?

• 28:59Speaker 01

  What is, what does 401k mean?

• 29:01Speaker 02

  Yeah.

• 29:01Speaker 01

  Really, in essence, it's a, it's an IRS code.

• 29:04Speaker 02

  It's just a code.

• 29:05Speaker 01

  It's the code, it's, it's part of the enti- it's part of the Internal Revenue Code.

• 29:09Speaker 02

  But my wife has a 403B, Justin. That's the same, but for a nonprofit.

• 29:14Speaker 01

  Yeah, well...

• 29:14Speaker 02

  Few differences.

• 29:15Speaker 01

  Yeah, a few differences, but basically it's the same thing, treated the same. Any of those types of things are basically treated the same. So, you know, that's, that's what we're here for, to be able to answer questions and, and make it understandable to, to everybody. Um, cause I do get that question all the time, usually from people, you know, from all walks of life, but a lot of times it's, it's the young kids who are like, "I don't even know what this is. Like what 401k? Is that like a type of insurance?" Um, well, yeah, it's insurance against old age, uh, is what it is. Uh, so, uh, you gotta look at it in that way. Um, so no, it's, it's definitely something, but, you know, uh, as we move forward, uh, you know, Fridays, we're going to start

• 29:57Speaker 01

  looking at this in terms of it being more of a 401k centric, uh, podcast and show. So, yeah, definitely looking forward to that. Steven, thank you for bringing back the, the old school Tom Petty. Uh, I should have known it. So... Good song, great song. Um, now, awesome, awesome. So we had a couple of questions that popped in. It was great, great to talk to Kim. Thank you very much for coming in and talking to us about the beautiful Bakersfield Awards coming up. Get your nominations in, please. Hint, hint. Uh, go ahead and nominate Woolworths for everything. Um, but we'll go ahead and move on. We had a couple of questions that popped in.

• 30:35Speaker 02

  Don't say that while I'm hungry, man. I'm hungry.

• 30:38Speaker 01

  You're hungry?

• 30:38Speaker 02

  You're talking about Woolworths, man. I am hungry.

• 30:40Speaker 01

  I am, I'm starving myself.

• 30:42Speaker 02

  Nice lead in, guys, because this person, it's not a question, it's a comment. Thanks for the tip yesterday. We tried the Reuben last night, and it was even better than I expected. I have to come back for a shake, but was too stuffed. Please pass our support to Chef and his staff.

• 30:55Speaker 01

  I will tell you, the Reuben, that is my go-to. It is, it is fire. It is so good. Now, the 15 pounds that I've gained since moving down here.

• 31:05Speaker 02

  Yeah, it's been a problem.

• 31:06Speaker 01

  It's been a minute.

• 31:07Speaker 02

  Reverb, I have a line of credit just for Reverb Coffee now.

• 31:10Speaker 01

  Yeah, it's a problem. I, I need to, I need to go and take a couple of walks, uh, to get rid of that, but go ahead.

• 31:16Speaker 02

  Here's the first one. So I've got 12,000 in credit card debt and I feel stuck. Hey, brother, been there, or sister. I'm making payments, but the balance barely moves because of interest. What is the first step to get out of this cycle without wrecking my credit?

• 31:29Speaker 01

  Okay, so this is one where it may be painful at first to do this, but if they're all maxed out or they're getting close to being maxed out, you gotta pick one card. Okay, I know that when you have $12,000 in debt, typically you're looking at it and saying, ooh, what's the minimum? Oh, it's a hundred dollar minimum? I gotta pay 200. And you do that with all six of your cards, right? Um, that's a problem. It doesn't really, like you said, it doesn't really move the needle.

• 31:59Speaker 02

  They want you paying the minimum payment because the interest.

• 32:02Speaker 01

  Correct. You'll be paying for 25 years. Yeah, you're saving, you're paying for 20 years.

• 32:06Speaker 02

  20 years.

• 32:07Speaker 01

  So here's the trick. Pick one card. And if you're gonna pick one card, pick the one with the highest interest rate.

• 32:13Speaker 02

  And slay the crap out of it like a dragon.

• 32:16Speaker 01

  Bingo. If you're paying, let's say you're paying a thousand dollars a month. Right? On all of your credit card debt, you're paying a thousand dollars a month. But the minimums are say 800. Right? But you're, you're mixing up that extra 200. You're, you're kind of putting it over here and putting, and you're not really focusing on any one. Get here, pay the minimum, all of your credit cards, except one. Take that extra $200, plop it to the one with the highest interest rate.

• 32:43Speaker 02

  It sounds crazy, but in my mind, when we had over 80,000 of consumer debt at one point.

• 32:48Speaker 01

  Yeah.

• 32:48Speaker 02

  Right? I have visioned them like the, the student loans were like this massive monster, this huge thing. And I would literally envision it get shrinking and shrinking. So kind of have fun with it. Visualize these things, make it real and then, and then wipe it out, man. Biggest one first.

• 33:02Speaker 01

  Take the biggest one first. So if it winds up being that you're paying, you know, $300 a month and the minimum on that card is 100. Well, now you're paying 300 a month on that one card. You get rid of it quickly and you take that same $300. You don't change your budget. That $300 now goes to the next highest credit card. So now if that minimum on that is $50, you're now paying 350.

• 33:23Speaker 02

  And that's option A. You slay the biggest dragon first. You can also flip it.

• 33:27Speaker 01

  And do the highest balance or the lowest balance.

• 33:29Speaker 02

  Lock out the lowest balance first and then, and then whatever, whatever works for you. But yeah, I love that. Pick one. You gotta pick one and attack.

• 33:35Speaker 01

  Yes.

• 33:36Speaker 02

  For sure. Next one says, I keep hearing people talk about something called a Trump account. But I don't really know what it is. Is this something people should actually look into? Before it is true, but Justin, you have some updated info.

• 33:49Speaker 01

  I have a little bit of updated information. So Trump accounts rely, uh, they're, you, you can go online. You have to go through the treasury department, uh, to open these accounts. You can't actually fund them until after the 4th of July of this year. But you can't like go to Schwab or Fidelity or any other firm and just say, hey, I want to open a Trump account. It won't happen. You can't do it. You have to go through the Treasury Department, their website to literally create that Trump account. The account can be opened and then on July 4th, you can actually start funding it. After you've started funding it, now this is where it's kind of gets a little bit squishy. We don't know exactly, but most

• 34:33Speaker 01

  firms will allow you to then transfer those funds from the Treasury Department into a brokerage account or something of that effect at whatever custodian you choose, right? But for right now,

• 34:45Speaker 02

  There will be free money. I mean, the government's going to be giving you free money. So stay tuned.

• 34:48Speaker 01

  Only if you're born within the last like three years.

• 34:52Speaker 02

  And moving forward or just for the last?

• 34:54Speaker 01

  I believe moving forward. But yeah, yeah. If you have a 17 year old kid and you're opening up the account, you're probably not going to get much free money.

• 35:01Speaker 02

  Some young voters lined up.

• 35:02Speaker 01

  Right. Yeah. No, no money there. But it is what it is, man. But yeah, you're going to have to open that account through the Treasury Department. And, and then if you wanted to transfer it later on, it depends on which custodians would be willing to take those funds. But yes, you can absolutely do that. So, hey, Seth, great talking to you. I know we wound up having a little bit of some, some technical difficulties at the beginning of the show. Thank you so much for sticking with us. Hey, that's live radio for you. But be smart, be safe, be money wise. We shall see you next week on Tuesday.

• 35:40Speaker 04

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