3/6/25 Getting Down to Business with the BC Foundation + Deep Discussion on DeepSeek

The Moneywise Radio Show and Podcast Thursday, March 6th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Guys" podcast call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Management instagram: MoneywiseWealthManagement Guests: Kylee-Gregory-Gutierrez, MBA, Foundation Supervisor, Marketing & Communications for the Bakersfield College Foundation & Alyssa Cross, Donor & Alumni Relations Manager website: https://supportbc.org/ phone: (661) 395-4800 email: [email protected] Facebook Instagram LinkedIn

• 0:00Speaker 00

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

• 0:09Speaker 01

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

• 0:29Speaker 02

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

• 0:40Speaker 00

  Now, let's start the Money Wise Show.

• 0:43Speaker 03

  Welcome, welcome to the Money Wise Show. We are live from the Garell's padded room here off Stockdale Highway on ESPN, Bakersfield, 1230 a.m., 101.1 FM, and always streaming at MoneyWiseGuys.com. You can text into the show 24 hours a day at 661-396-1000. That's 661-396-1000, where parking is always available, Stephen. Today, we are your hosts. Today, we are your hosts. I'm Sammy Abiyawi here with...

• 1:15Speaker 04

  Dustin Weaver.

• 1:16Speaker 03

  Welcome, Dustin. This is our second show.

• 1:18Speaker 04

  All right.

• 1:19Speaker 03

  I haven't done one with you in a long time, yeah.

• 1:20Speaker 04

  Yeah, it's been too long.

• 1:22Speaker 03

  Yeah, yeah. I don't know what happened. We need to get together with Stephen and ask the questions.

• 1:26Speaker 04

  He's the man in charge.

• 1:28Speaker 03

  Maybe we need to bring some AI into this conversation for scheduling.

• 1:33Speaker 03

  No, I'm very excited for today. We have, we're gonna have a good show for you guys today. We have a guest coming from B C Foundation. We're gonna have a conversation about that, as well as their upcoming event. But for right now...

• 1:44Speaker 04

  We've got a couple of them coming, I think.

• 1:46Speaker 03

  Yeah, yeah. And I wanted to just ask about the market. The market has been... What's the word, shifty?

• 1:55Speaker 04

  Yeah, a little volatile.

• 1:56Speaker 03

  Volatile, that's the word. That's the, that's the, that's the scientific word for stock market, volatile. Why, why, why is that Dustin? I mean, a lot of reasons.

• 2:04Speaker 04

  Headline news is saying a lot of it has to do with the tariffs, right? The talk of tariffs, the uncertainty there, what and if any, and at what timeframe are some of these tariffs going to go into play? And that's the volatility we're seeing.

• 2:18Speaker 03

  Yeah, 25% on Canadian products, 25% on Mexican products, 20%, I believe, on Chinese products.

• 2:27Speaker 04

  Well, there's a lot of talk about this reciprocal, right? It's well, we're going to charge them what they're charging us kind of mentality.

• 2:33Speaker 03

  I have to, on my next show here, I want to just research what type of tariffs do American products have to endure? While we're exporting to Canada, to Mexico, to China, just to compare and see. Are we reacting or are we doing the right thing? I mean, I know the market is being volatile right now, but on the long term, is this a good thing? Is this a bad thing? I think the jury's still out. Would you agree? Would you not agree?

• 3:01Speaker 04

  A hundred percent. You know, that crystal ball, you know, the one I have has been broken for a while now, but hindsight's always 2020. We're going to sit here a year or two from now and look back and we'll be able to know. But I think it's the uncertainty is the biggest contributor to right now to the volatility. So.

• 3:19Speaker 03

  Now, I read, I read yesterday somewhere that Honda, for instance, was planning on expanding its production of the Civic line in the Mex, in the Mexico manufacturing facilities they have. Now they are rethinking that. They're thinking that November of 2027, when they were planning on starting that expansion, they're thinking about, well, maybe we're going to bring that back over to the US.

• 3:44Speaker 04

  And that's in response to the threat of these tariffs.

• 3:47Speaker 03

  Correct. Though I think President Trump kind of like put a hold on a couple of items. He did not just brush everything with one, one brush. There is a couple of items that he's holding on, on, on applying the tariffs as of yet.

• 4:00Speaker 04

  Right.

• 4:01Speaker 03

  Which I think is what's given the market a little bit of reprieve, in my opinion.

• 4:08Speaker 04

  Although today we did see a little volatility, down 1.78 on the S and P 500. NASDAQ was down 2.61%.

• 4:18Speaker 04

  And so, you know, a couple of percentage points down today.

• 4:21Speaker 03

  Yeah, so on that topic, is that due to just the tariffs? I mean, I see that that like some of the technology stuff is down too, like Nvidia stock, which has been running high for the last, I don't know, 12 months, 15 months. It's kind of like it's.

• 4:39Speaker 04

  Yeah, not not just Nvidia, you know, the magnificent seven, as they call them in 2023, when they had a lot of, you know, a lot of the upside of the market was from these seven big companies, a lot of them tech companies. And saw a chart a couple of days ago that that's really fallen off the last.

• 4:56Speaker 03

  And why is that? I'm trying to understand why is a sector like this that's that's driving the AI changes and the revolution is, you know, declining in in in stock price. And and I have my own reasoning. I'm I don't have a crystal ball too.

• 5:13Speaker 04

  So what's your reasoning? What do you think?

• 5:14Speaker 03

  I think it's just the the tariffs have something to do with it because the exports over to countries like China, but I think competitive pressure. I you heard about the AI model that came out of China about two, three weeks ago. Is it DeepSeek?

• 5:31Speaker 04

  That sounds familiar.

• 5:32Speaker 03

  And how much it took to to actually create.

• 5:34Speaker 04

  A lot less than the others.

• 5:36Speaker 03

  Versus the billions. So people are kind of like, hey, maybe maybe we need to. No, hold on a minute. If they can produce something for a lot cheaper than here, why am I investing in this company that's taking billions?

• 5:50Speaker 04

  Right.

• 5:50Speaker 03

  To create a product. I read somewhere also that Alibaba is now becoming very efficient in with their AI model. So I think competitive pressure from especially from China is is helping this not sell off, but at least the the pressure on the Nvidia stock and the likes of Nvidia. And and and I think the tariff is got something to do with it, but also the volatility of the AI stuff that's coming. It's new, it's it's a lot of people are not familiar with it yet. A lot of people are saying, hey, is this gonna revolutionize things? Is this the future? I don't know.

• 6:29Speaker 00

  And and the more you say the the T word, I'm gonna go back to a clip that shared shared with me and just see how how this seasons with you because this is from a movie probably thirty, forty years ago.

• 6:43Speaker 05

  In nineteen thirty, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the, anyone? Anyone? The Great Depression, passed the, anyone? Anyone? A tariff bill, the Holly Smoot Tariff Act, which, anyone raised or lowered? Raised tariffs in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work and the United States sank deeper into the Great Depression.

• 7:21Speaker 00

  Do you remember this movie?

• 7:23Speaker 04

  That's Ferris Bueller.

• 7:24Speaker 00

  There you go.

• 7:25Speaker 04

  Ferris Bueller's Day Off. Yeah. Good old Ben Stein.

• 7:29Speaker 03

  Yeah, I'm look, I'm I'm torn to tell you the truth. I'm I'm very protective of our stuff here in the US. I'm an immigrant, but I I I've grown to love this country, what it what it provides, what it's it's about in general. So I'm very protective of it. So I wanna believe that the tariffs are here to help and they're gonna help us create jobs, bring manufacturing back. What I don't believe is that's gonna be overnight.

• 7:57Speaker 00

  Right.

• 7:58Speaker 03

  I think it's gonna take some time to build this billion-dollar factories for us to produce our own solar panels, our own cars, our own aviation stuff versus exporting it somewhere else. It's just gonna take a little bit of time for us to get there.

• 8:12Speaker 04

  Yeah, and that taking that time could be a little pullback in the markets until then, right?

• 8:17Speaker 03

  Yes, yes, and I'm and my fear is that, you know, we're we're still have some sticky inflation. You know, our rate is is is okay. I think the target is about two point five to three percent. We are in that range. However, however, we're still not out of that.

• 8:33Speaker 03

  Deep state we were in where inflation was running at nine percent, ten percent. And my fear is that we, we, we, we easily can go back to that.

• 8:43Speaker 04

  The other thing that comes to mind, especially, you know, you listen to a clip like this and it's like to narrow down everything to one aspect of the overall economy is not

• 8:52Speaker 03

  Yes.

• 8:52Speaker 04

  usually bright.

• 8:53Speaker 03

  That's

• 8:54Speaker 04

  It's complicated. There's a lot of moving parts.

• 8:57Speaker 03

  I agree.

• 8:57Speaker 04

  The economy of 2025 is different than the economy in 1970.

• 9:02Speaker 03

  Yes, that's a very, very good point. I mean, we have new technologies. We have a different take on immigration, for instance. Right? I mean, which, which has been a catalyst and, and, and growth for, for the economy because of all the immigrants America has been able to absorb. And I don't think that immigration is going away. I think, I think what the country is wanting is a different type of immigration that's controlled. Certain skills and, and people. So you're completely correct. I agree with you, Dustin. I think it's a completely different world from the seventies.

• 9:39Speaker 04

  Certainly. I think this is just another example of why having a well-balanced and diversified portfolio is why, you know, uh, the advisors, the many advisors that have come before us

• 9:51Speaker 03

  Yes.

• 9:51Speaker 04

  Hey, this is the wisest thing to do over a long period of time. Spread out the risk. Don't put all your eggs in one basket.

• 9:57Speaker 03

  Right? Yeah, that's right. That's right.

• 9:59Speaker 04

  Banking on any one technology or any one type of company.

• 10:03Speaker 03

  That's true.

• 10:04Speaker 04

  To maintain

• 10:05Speaker 03

  A balanced portfolio.

• 10:06Speaker 04

  That's right.

• 10:06Speaker 03

  Yeah. We have a listener question. Uh, I would like to maybe read that and see if we can answer that.

• 10:13Speaker 04

  Go ahead.

• 10:13Speaker 03

  Saw on the news the other night that they are reporting the average tax refund is dropping by over thirty percent compared to this time last year. What's causing the decline? And should taxpayers consider adjusting their withholding for 2025 to avoid any surprises next year? Very good question.

• 10:30Speaker 04

  Very good question. And you and I were, uh, looking at this before the show.

• 10:33Speaker 03

  Yeah.

• 10:33Speaker 04

  At first I thought, man, thirty-two percent, that's a, that's a lot.

• 10:37Speaker 03

  Yeah.

• 10:37Speaker 04

  Well, we're talking about nine hundred to a thousand dollars because the average uh, refund last year and by last year, just early February was around thirty-two hundred dollars. And this year it's around twenty-one hundred. But looking further, there are a couple of tax credits that show up after early February. And so Those are having an impact. So the earned income tax credit and the additional child tax credit are dispersed in mid-February. And so that they're actually expecting that returns overall, once you factor in those and all the returns come in, returns could be a little higher this year on average than than last. So you hear 30%, though, and that's

• 11:15Speaker 03

  Yeah, that's

• 11:16Speaker 04

  headline shock like, whoa, 30%, but we're talking 900 to 1,000 bucks. And then factor in those other credits and it might normalize.

• 11:23Speaker 03

  I heard this one, too. A lot of people are holding on, holding off on filing because they want the IRS staff maybe to get reduced first.

• 11:34Speaker 04

  Oh, goodness.

• 11:35Speaker 03

  Increases their chances of a refund, maybe less chances of an audit as well.

• 11:39Speaker 04

  Wow.

• 11:39Speaker 03

  So a lot of people are holding off on filing, which kind of get skews the numbers.

• 11:44Speaker 04

  Yeah.

• 11:45Speaker 03

  On the average.

• 11:47Speaker 04

  And yeah, something else to think about is 90%, about 90% of all returns are a standard deduction, just a regular 1040 kind of return. It's really about 10% that that itemize, which if you're taking a standard deduction, there's not really anything to audit there. You're taking the the standard deduction.

• 12:06Speaker 03

  Yeah. From my end, if you do end up with a large check from the IRS, maybe you need to review your your withholdings, definitely, because if you are withholding too much, maybe you need to adjust that because you're basically giving the IRS a 0% loan for 12 months before you get your money back.

• 12:27Speaker 04

  That's right.

• 12:28Speaker 03

  You can always adjust your paycheck and give off that, maybe take that that extra money and then put it in a savings account or a money market account and earn 2% or 3% or whatever on that money versus giving it to the IRS and getting a check at the end of the year.

• 12:41Speaker 04

  That's good advice. You sure you're not a financial advisor, Sammy?

• 12:44Speaker 03

  I'm not a financial advisor.

• 12:45Speaker 04

  Just play one on the radio.

• 12:47Speaker 03

  I have been a banker for 25 years.

• 12:49Speaker 04

  That's right. In fact, with your banking background, we did get another question. What is a deficiency judgment?

• 12:56Speaker 03

  Oh, that brings memories from 2008.

• 13:01Speaker 03

  Foreclosures and that mark that that so the deficiency is a legal ruling that allows the lender to recover the remaining balance of a loan after a foreclosure or repo if the proceeds of the sale of the property are not enough to fully satisfy the loan or the outstanding debt. So the the way it works, let's say you borrow the you bargain a loan to to buy a house. Something happens, God forbid, you lose your job, whatever.

• 13:30Speaker 04

  Right.

• 13:31Speaker 03

  Now the bank has to repossess the house. So they go and do a trustee sell and there is a shortfall. You know, they call it a short sale, right? So the house is worth you owe $200,000. They're able to collect 120 at the trustee sale. There's an $80,000 delta. That's the deficiency.

• 13:51Speaker 04

  There you go.

• 13:52Speaker 03

  Okay, now, states, some states allow for this, some states don't.

• 13:58Speaker 04

  California.

• 13:59Speaker 03

  California does not allow for this, or we have some very robust anti-deficiency rules.

• 14:06Speaker 04

  So that's to protect the borrowers.

• 14:08Speaker 03

  That's correct. Eventually, the state is wanting is wanting to protect the homeowner. So so if you do have a repo or the house is is is gone through a short sale, it is hard for the bank to go. So they have what they call a a rule where they can either sue or they can repossess.

• 14:29Speaker 04

  But not both.

• 14:30Speaker 03

  But not both. Okay, now, if you if they repossess, they cannot sue. However, if they do have a first and a second, for instance, you have a mortgage and then a HELOC, two different things, they can still sue.

• 14:42Speaker 04

  Ah.

• 14:43Speaker 03

  For the HELOC. That's a completely different product, different loan number. So that's the tricky part that borrowers just need to be aware of.

• 14:50Speaker 04

  Yeah, definitely a potential hazard.

• 14:53Speaker 03

  Yes, yes.

• 14:54Speaker 04

  So is that true for business owners too, when it comes to these judgments?

• 14:59Speaker 03

  No.

• 14:59Speaker 04

  If there's business a business loan?

• 15:01Speaker 03

  No, a business loan is is is a little bit different. So again, the rule, the rule is the same. Okay, so but the businesses, if you have a loan that you're borrowing. And you're using an LLC, for instance, to borrow and it's not called a mortgage. No, the bank can still sue you for the difference or just hand over the file to somebody else that buys the note and then they collect.

• 15:25Speaker 04

  Right.

• 15:26Speaker 03

  The, the, the, the protect, protected class is the individual borrowers, not business, businesses.

• 15:34Speaker 04

  Very good. Well, good question. Thanks for sending that in.

• 15:36Speaker 03

  Very good question. Uh, Stephen, should we take our first break?

• 15:40Speaker 00

  Yeah, let's take a break.

• 15:41Speaker 03

  For our guests.

• 15:42Speaker 00

  Yeah, our guests will be here about 2:30. So if you have any more questions, comments, feel free to text them in anytime at 661-396-1000 and we'll be right back. Are you curious to learn more about how you can be money wise? Check out the Money Wise website at MoneyWiseGuys.com to get more info about what we do.

• 16:13Speaker 03

  Welcome back. Welcome back.

• 16:16Speaker 04

  It's good to be back watching you dance around like that.

• 16:18Speaker 03

  Oh yeah. This is, this is, this brings a lot of memories, Stephen. Thanks.

• 16:23Speaker 03

  Thank you. Uh, welcome back. Uh, if you'd like to, to join still, we have a text. 661-396-1000 again, 661-396-1000. I'm, uh, Sammy Abiau here with Dustin Weaver.

• 16:38Speaker 04

  Welcome back.

• 16:39Speaker 03

  We have another, uh, listener question, Dustin.

• 16:43Speaker 04

  Great job, Sammy. You guys are talking about the woolly, you guys talking about the woolly mouse on the show yesterday was great. I had to show my wife. Oh, I believe it was Sherrod and his sister Emily talking about it. That's funny. That's, uh, Emily is Sherrod's wife. That's, but that's all right. Great show. What were they talking about woolly mouse? Do you know, Stephen?

• 17:02Speaker 03

  Stephen, shed some light here, man.

• 17:04Speaker 00

  Supposedly, I thought it was AI, but he, uh, mentioned some scientists are working on a woolly mouse to kind of, uh, set up the woolly. Mammoth.

• 17:15Speaker 04

  Like a woolly mammoth?

• 17:16Speaker 00

  Yeah, and I guess they saw a picture because they talked about it the whole show yesterday and how adorable it was. But it kind of branched off where people were saying, you know, the robots are gonna bring back dinosaurs and dragons and it it it got some some pull in that discussion. So if you get some free time, look up the woolly mouse. And I believe that's something.

• 17:40Speaker 03

  I'm definitely gonna.

• 17:41Speaker 00

  They talked about the financial side of it and how much money that they were talking about putting into this project. And it's it's insane.

• 17:50Speaker 04

  Wasn't part of that USA aid deal, was it?

• 17:54Speaker 03

  Funding cut.

• 17:57Speaker 03

  Can we still use, I think, is it the same listener that's?

• 18:00Speaker 00

  Yeah, it says, can we still use DeepSeek in the US or was it banned? Have you used it before and just wondering the differences between it and ChatGPT?

• 18:11Speaker 03

  I have not used DeepSeek.

• 18:12Speaker 04

  Me neither.

• 18:13Speaker 03

  Uh, I I'm a very heavy user of ChatGPT. It helps me a lot. I think. Uh, if you if you're not using some type of an AI, we you're gonna lose an edge. Because the the not just the younger folks that had that are very techie sa- tech savvy. Using this, but it just helps. It helps speed up a lot of the projects that you could be working on.

• 18:35Speaker 04

  Definitely.

• 18:36Speaker 03

  You can still make it your own. You can still, you know, have your touch on it, but it just a lot of the typing, a lot of the redundancies are just eliminated. Using some type of an AI.

• 18:47Speaker 04

  So was there a risk of some sort that you guys saw out there or why it may be banned?

• 18:53Speaker 03

  Uh, I don't know. The listener said, I I asked, I mean, I just looked and it does not seem like it's banned here in the US. Yeah, it's a DeepSeek.

• 19:01Speaker 00

  Says lawmakers in Washington have introduced a bill to ban DeepSeek. From being used on the government devices.

• 19:08Speaker 04

  Oh, on government devices. I could see that.

• 19:10Speaker 03

  That that makes sense to me. I mean, especially in in what's going on in the world. And and again, we want to be protective of certain things here in the US, especially when it comes to government of offices and. And information and what have you.

• 19:24Speaker 04

  Right.

• 19:24Speaker 03

  So, so it it seems like it's available.

• 19:27Speaker 04

  Mm hmm.

• 19:28Speaker 03

  Uh, to use.

• 19:29Speaker 04

  Yeah, unless you're working for the government, which makes sense.

• 19:31Speaker 03

  That's right.

• 19:32Speaker 04

  Yeah.

• 19:32Speaker 00

  There's only like forty other different AIs to use. I had no idea that, you know, Sherrod's a big fan of them as well as Sammy. And he was going through a list the other day and I had to write down a few just to kind of, I like to test them out and just, I know Emily talks more about, she likes Claude.

• 19:50Speaker 04

  Mm hmm.

• 19:50Speaker 00

  And I know Claude is more personable, but ChatGPT on the type of projects I do, I know it's different. Uh, AI for different kind of professions, but uh, it it's it's way different.

• 20:04Speaker 03

  It is.

• 20:04Speaker 00

  That much.

• 20:05Speaker 03

  It is, and and you have to just, just make sure that whatever you, questions you ask be very specific. And also ask ChatGPT, whatever bot you're using, are you ninety five or ninety eight percent certain that you understand what I'm asking for? That just brings back a much better answer overall.

• 20:22Speaker 04

  Yeah, there's, I mean, I've seen a lot of information on prompting being so important, the prompting meeting. What questions you ask it is equally as important as which tool you're using.

• 20:32Speaker 03

  I I was able to help my brother, uh, put together a business plan for projects in Morocco. In about two hours, just, just through prompts with tables, with Excel spreadsheets, budgets and everything. And then I asked it to translate that into French. And it did it. And I read the report and it was, it was as accurate as they can. It was, it was good.

• 20:55Speaker 04

  Oh, that's fantastic.

• 20:56Speaker 03

  Yeah, no, I'm talking about government workers, uh, we, a lot of them are being, you know, laid off.

• 21:03Speaker 04

  Mm hmm.

• 21:04Speaker 03

  They might, they might not have it, a use for deep seek anyways.

• 21:10Speaker 04

  Well, we've got another jobs report.

• 21:11Speaker 03

  Too soon, too soon, Stephen.

• 21:13Speaker 04

  We've got another jobs report coming out.

• 21:14Speaker 03

  That's right, tomorrow.

• 21:16Speaker 04

  Yeah, Pal's gonna be talking and we're gonna hear a jobs update, so.

• 21:19Speaker 00

  Jay Powell.

• 21:20Speaker 03

  Yeah, yeah, I'm, I'm very interested to, to actually, um, listen to what he says tomorrow and about the rates and, and also the job report. That's gonna kind of, hopefully, hopefully it's positive, brings back some stability to the markets.

• 21:34Speaker 04

  Right.

• 21:34Speaker 03

  That's what I'm hoping. That's what I'm hoping. Our guests are here. We're gonna take our next break. And when we come back, we'll start our conversation about the B.C. Foundation.

• 21:45Speaker 00

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

• 22:13Speaker 03

  Thanks, Stephen.

• 22:14Speaker 04

  I got you.

• 22:15Speaker 03

  Love being the lead host. Get to listen to some great music. Thank you. We're back. We're back with our guests.

• 22:21Speaker 04

  We have guest singers, right? Aren't they supposed to be singing right now?

• 22:24Speaker 03

  Oh, yeah.

• 22:26Speaker 03

  Let's go into the intros. Thank you, guys, for joining us today. We have Kylee Gregory-Gutierrez, who is the Foundation Supervisor, Marketing and Communication for the Bakersfield College Foundation, and Alyssa Cross, the Donor and Alumni Relations Manager. Thank you for joining us today.

• 22:45Speaker 06

  Thank you for having us.

• 22:46Speaker 03

  Looks like you guys have a small event coming up.

• 22:48Speaker 06

  We do. I don't know if I would call it small.

• 22:52Speaker 03

  See, I got it out of you.

• 22:55Speaker 06

  So it's our signature fundraising event for the foundation, Sterling Silver.

• 23:00Speaker 03

  And what year is this? It sounds like you've been doing it for a while.

• 23:04Speaker 06

  Yes, so it's the 17th Annual. And it actually started just as a fundraising event. But now we get to use it to honor some of our biggest supporters, which is really nice.

• 23:18Speaker 03

  That's great. That's great. And you guys do more than just honor the supporters. You do a lot for the community. Can we talk a little bit about the history? Why was this founded? How it was founded? And the goal of having this in this community?

• 23:32Speaker 06

  Yeah, so the foundation, actually, it started in 1975. It's our 50th anniversary this year. And it started off as a means to provide scholarships to students, which we are still doing today. But now it's just grown a lot more. And we get to do more things, supporting all the different programs in the college.

• 23:55Speaker 06

  Just connecting the college with the community with different partnerships and stuff like that.

• 24:00Speaker 03

  So you still give scholarships to students?

• 24:03Speaker 06

  Oh, yes, yes. That's one of the main things that we do and that we love to do. And Alyssa actually is in charge of that, so.

• 24:12Speaker 03

  That's cool. Alyssa, can you talk to us a little bit about that?

• 24:15Speaker 07

  Yes, actually, we are in the middle of review season for scholarships. We, last year, we gave over five hundred and twenty thousand in scholarships, averaging about six hundred individuals who got a scholarship at B C. And we actually have so much more that we want to give, but right now, we're fighting and trying to break the stigma that students can qualify for our scholarships. A lot of times, it's just a two point O, and that they're enrolled in the class and that they want to continue their education. So we're hoping to exceed what we did last year, and the Sterling Silver will actually benefit our scholarship program.

• 24:53Speaker 03

  So for a student to qualify for the scholarship, you talked about the two point O enrolled in a class. What other requirements do they have to have?

• 25:00Speaker 07

  Well, we have over three hundred and ninety opportunities, and each one kind of caters to different needs for different departments and different majors. So we have them in engineering, we have auto tech, we have the nursing. So a lot of times, it's just, there are opportunities for specific students, but then we also have general opportunities where they just need to be enrolled in at least one class, have that two point O, and want to continue their education.

• 25:30Speaker 04

  Is that type taken into account the finances as well?

• 25:35Speaker 04

  Like, do you have to qualify financially?

• 25:37Speaker 07

  Some, well, some donors do want it to be a financial need, but I do try to work with them on not making it a financial need. Because at B C, we do see a lot of students who are kind of in that middle threshold that, okay, they're living on their own, they don't have their parents, but they don't qualify financially. But they could need, they could use help to buy their books or for transportation to get there. So a lot of times, when I'm working with the donors, I try to. Encourage them not to make it a financial need because we do see a lot that don't meet that.

• 26:10Speaker 03

  So, does it work on a matching principle? You match the donor with the recipient? Or is it a fund that all the funds go into and then you decide who to give it to?

• 26:18Speaker 07

  Um, so actually, we have a scholarship manager. Her name's Ty. She works with our B C campus where we have scholar- a scholarship review committee.

• 26:28Speaker 07

  The students will go in and do one general applica- application. And based off of their answers, it will kind of ping them to the different opportunities that they qualify for. And if they need to ask a couple of extra ques- or answer a couple of extra questions, then they go in and answer those and then they qualify for that. Um, and then as what we're doing right now is the review. So, our scholarship committee will go review all of those based off the scores. They kind of get awarded like that.

• 26:55Speaker 03

  That's great. You said, what was that dollar amount? Five hundred?

• 26:58Speaker 07

  Five hundred and twenty thousand was given or awarded last year.

• 27:02Speaker 03

  And your goal is to to give more?

• 27:04Speaker 07

  Yes.

• 27:04Speaker 03

  So, if you're listening to the show, please take advantage of the opportunities that the B C Foundation is is providing because it always helps. I was a student. I did not attend uh B C. And an extra thousand, two thousand, whatever is always, always helped.

• 27:20Speaker 04

  Oh, yeah. I can tell you, I was a student there twenty years ago. And uh, the extra thousand or two that I was able to get really helped a lot.

• 27:26Speaker 03

  Yeah.

• 27:27Speaker 07

  It mean, uh, sometimes it means for the students to be able to focus on their education and get the homework done rather than trying to pick up extra hours at work. So, uh, anything helps and counts.

• 27:39Speaker 06

  Takes away a lot of stress.

• 27:40Speaker 07

  Yes.

• 27:40Speaker 03

  I would agree. Yeah, working three jobs is not fun.

• 27:43Speaker 07

  No.

• 27:45Speaker 03

  So, so, so you have this event that's coming up, the seventeenth annual event. And you call it the um.

• 27:51Speaker 06

  Sterling Silver.

• 27:52Speaker 03

  Sterling Silver. And and and who's who's who's the chef? The venue, talk to us a little bit more about that because I know you guys take a lot of pride in that.

• 28:00Speaker 07

  Yes. So, we love the dinner aspect of it because our culinary students are actually the ones who create our appetizers, the salad, the dinner, the dessert, all of that. So, um, what we eat is.

• 28:14Speaker 06

  What our colonist students prepare for us.

• 28:17Speaker 03

  And and what and it's next.

• 28:20Speaker 06

  Saturday.

• 28:20Speaker 03

  Saturday and what time does it start?

• 28:23Speaker 06

  Five thirty.

• 28:24Speaker 03

  Five thirty. So I am encouraging one of my coworkers to attend because one of his friends is is Morgan Clayton.

• 28:31Speaker 06

  Okay.

• 28:31Speaker 03

  And Morgan Clayton is a friend of Money Wise and and I encourage him to buy some tickets. So how can you buy tickets? Are tickets still available for sale?

• 28:39Speaker 06

  Um, yeah, we are almost sold out. So if you plan on buying tickets, I suggest you go to support B C dot org and um go ahead and purchase um. It's gonna be a really good night um and it's a lot of fun and yeah, the food is very, very delicious.

• 28:53Speaker 03

  I would love to attend. I'm on my fast in month of Ramadan, so I don't break the fast until later, but next year.

• 28:59Speaker 06

  Next year.

• 29:00Speaker 03

  Definitely attend. Uh, let's talk about your your honorees. Um, I'm familiar with a lot of these names, uh, Southern California Orthopedic Institute. Dr. Shambly is a is a friend of of of a former client and I know whenever I go see the B C football games, he's out there on the sideline.

• 29:20Speaker 06

  Yes, um, and that's exactly why we are honoring um both him and Dr. Jared Merriman because they um are always actually donating those hours of their time um for our athletes and making sure that they're, you know, healthy um whether on the field or off the field. If they need a doctor, they will get seen um very quickly at um S C O E.

• 29:42Speaker 03

  That's awesome. I don't know Dr. Merriman. I know his dad. Uh, I was I served with him and Cheryl.

• 29:48Speaker 06

  Yeah.

• 29:49Speaker 03

  Actually at the breakfast uh Rotary years, years ago.

• 29:52Speaker 06

  We did hear about that.

• 29:53Speaker 03

  So. Um.

• 29:54Speaker 04

  So I you mentioned the word volunteer. Is this an opportunity for folks to show up and volunteer or do you already have enough for this particular event?

• 30:03Speaker 06

  Um, oh, um, so um, they actually are being honored because together both um Dr. Shambly and Dr. Merriman have collectively donated over a thousand hours.

• 30:14Speaker 04

  My god.

• 30:16Speaker 06

  For um the like any orthopedic needs that the student athletes need.

• 30:20Speaker 04

  Oh, that's great.

• 30:21Speaker 06

  Yeah.

• 30:22Speaker 04

  So for this event, though, do they already have enough support on that end of things like?

• 30:25Speaker 06

  Like volunteering, um.

• 30:27Speaker 07

  If you're volunteering and I'll take down your information.

• 30:30Speaker 04

  He might be available. He is fasting, but he's available.

• 30:33Speaker 03

  I'm fasting, so I can serve food. I can definitely serve food. No, this is awesome. I mean, I know, like I said, I know Dr. Shamlin and Dr. Merriman. I know his dad and his family and all that and his reputation too. The second one is the Manohara Family Foundation.

• 30:53Speaker 03

  Are these the folks that used to own the hospital?

• 30:57Speaker 07

  Yes, her husband.

• 30:58Speaker 03

  Her husband, okay.

• 30:59Speaker 07

  Yes.

• 30:59Speaker 03

  Yeah, that's what I thought.

• 31:00Speaker 07

  Yes, he passed away and since then she wanted to give back to nursing because it, they impacted her and him.

• 31:11Speaker 03

  Good Samaritan Hospital?

• 31:12Speaker 07

  Yes, that is it. And so she called us and said, I want to give scholarships to your guys' nursing department.

• 31:21Speaker 03

  Oh, good for her.

• 31:22Speaker 07

  And she's been giving for three years and has given over 60 scholarships in just three years.

• 31:28Speaker 03

  That's amazing. Good for her. Good for her. I'm glad you guys are honoring her.

• 31:32Speaker 07

  Yes, she's such a sweet soul.

• 31:35Speaker 03

  And the last one, Morgan Clayton. I know Morgan. He's just a success story in this town. Starting his own business and what have you. Could not go to a better guy, in my opinion. Just a stand-up guy.

• 31:48Speaker 04

  Yeah, that's a security company, isn't it?

• 31:50Speaker 03

  That's right. Yeah, he started Teltec, which I think he sold. Well, I don't know if he still owns it, but he's just a success story. If you haven't met him or sit down with him, ask Troy to take you to lunch with him. He's just an amazing dude.

• 32:01Speaker 07

  Well, he's volunteering, so.

• 32:03Speaker 03

  Oh, that's right. You're volunteering, so you'll get to meet him.

• 32:05Speaker 04

  You can introduce me when we go volunteering.

• 32:08Speaker 07

  He's, and he's a B.C. alum too.

• 32:10Speaker 03

  Oh, that's right. That's right. That's right. What else, what else is going on at the B.C. Foundation beside the event that's coming up? And the scholarships?

• 32:20Speaker 07

  May 1st, we'll actually have our scholarship celebration. And we're hoping that this event will be able to bring our donors and the scholarship recipients together and try to celebrate their achievements with one another.

• 32:32Speaker 03

  So you put them together in the same room and?

• 32:34Speaker 07

  We're hoping to. Each year, we've had to kind of pivot how we do this. So since COVID, it was kind of hard getting students back and having all the different.

• 32:47Speaker 07

  Events at the end of the year. So this year, this is our first year going back to trying to bring them both together. And that will be May 1st.

• 32:55Speaker 03

  If you have not attended an event like this, Dustin, I would encourage you, I would go with you to this one.

• 33:00Speaker 07

  Oh, that's amazing.

• 33:01Speaker 03

  I, I sit on the board of the Housing Authority Foundation of Kern, and we give scholarships. And I'm talking about 200, 100, 300 dollar scholarships. And the, the, the look on the recipient's face is amazing with their families and the impact it's having on them. So I would love to actually get the information on that event.

• 33:23Speaker 07

  I would love, yeah, we would love to have you guys so you guys could see that.

• 33:27Speaker 04

  Great. We can share the information on the podcast here too, right, Steve?

• 33:30Speaker 00

  Yes, sir.

• 33:31Speaker 03

  Yep.

• 33:32Speaker 06

  Um, we also encourage, um, people to actually open up scholarships. A lot of the times you don't think that it's possible. Um, but, um, Alyssa, is it 300 dollars?

• 33:42Speaker 07

  It takes 300 dollars to give a scholarship.

• 33:45Speaker 06

  To open up.

• 33:45Speaker 07

  To open up a scholarship and get, yep. And then if you wanted to, you could save that and build it to something bigger eventually and have people donate. You fundraise, we have families that fundraise for it, um, clubs that fundraise, so.

• 33:59Speaker 03

  Stephen, it sounds like Money Wise needs a scholarship at BC.

• 34:03Speaker 00

  It does sound like it.

• 34:04Speaker 03

  I mean, if it started at 300, we can commit to that today and then build up.

• 34:07Speaker 00

  I, I mean, I know a guy.

• 34:09Speaker 03

  Or a couple guys. Me too. We will commit to that. How about this, guys? We will commit to that today to start in a Money Wise scholarship.

• 34:16Speaker 07

  I love it. Yeah, it's amazing. Scholarship and volunteer.

• 34:19Speaker 03

  That's right.

• 34:22Speaker 03

  Thanks Dustin for volunteering.

• 34:23Speaker 04

  At least two. You got Stephen and Sammy both, right here.

• 34:27Speaker 03

  We will make sure to stop by and pick you up.

• 34:29Speaker 04

  Yeah, sounds good.

• 34:32Speaker 03

  What else? What else is going on in the BC Foundation before we go on a break?

• 34:35Speaker 06

  I mean, a lot of things, you know, are happening behind the scenes, but the main focus is just always working in the community, trying to make those partnerships to, um, go back into BC to just help our students.

• 34:46Speaker 03

  So a big question I have, are you guys being impacted? Are you guys going to be impacted by any of this?

• 34:53Speaker 03

  Financial aid that's coming from the government. Do you guys get any grants from the federal government that will impact you eventually?

• 35:00Speaker 07

  Um, right now, I can't really talk too much about the financial aid. We don't, we

• 35:05Speaker 06

  It's up in the air.

• 35:06Speaker 07

  That's kind of up in the air, but as far as like scholarships, they're not state or federally, so we're hoping that it does not affect our scholarships at all and what we give out to the students. Financial aid part, not too sure how that's gonna.

• 35:19Speaker 06

  No one knows.

• 35:20Speaker 03

  No one knows. No one knows.

• 35:22Speaker 04

  Well, I know you both are very involved with the foundation, but how about the campus itself? Anything exciting that they're working on that you can share?

• 35:31Speaker 07

  Um, there's so much. Go ahead.

• 35:32Speaker 06

  Yeah. So, um, I don't know if you guys saw, but they just, um, did the ribbon cutting for the Arvin campus, the Arvin Educational Center.

• 35:40Speaker 03

  I did not know that. My apologies. I should have, but I didn't.

• 35:42Speaker 06

  Yeah. So, um, I know, um, they're actually, um, serving 500 students right now, and then they're just hoping that grows. Um, so I know it took many years for them to like make that a, make that come true. Um, but we're really excited about that to serve those students out there in the rural communities.

• 35:59Speaker 03

  That's awesome. That is great.

• 36:00Speaker 04

  Yeah, even saying only 500, that's a lot of people.

• 36:03Speaker 06

  Yeah. Have you guys, um, been on campus lately?

• 36:06Speaker 03

  Uh, I wa- I went with my kid to a football game, but not.

• 36:11Speaker 04

  I went to the Heart and Stroke, Stroke Walk a couple of months ago and was very impressed. There's so many more buildings today than there was 10 or 15 years ago.

• 36:19Speaker 06

  Yeah. And, um, it's still going. I mean, we have, um, the Ag Building too, um, being built right now.

• 36:25Speaker 04

  Is that for, uh, Lindsay Ono?

• 36:27Speaker 06

  Mm-hmm. Yes.

• 36:28Speaker 04

  Oh, nice.

• 36:29Speaker 06

  Yeah.

• 36:29Speaker 04

  You've run a garden show with him for 20 years.

• 36:32Speaker 07

  Yeah. And they actually just opened, I don't know if it's up and running, but I know they just finished the greenhouse and it has five chambers so that they'll be able to have five different temperature, um, controlled rooms. It's huge.

• 36:45Speaker 06

  For plant nerds, so.

• 36:46Speaker 03

  For the chickens.

• 36:47Speaker 04

  For the chickens.

• 36:48Speaker 03

  With the prices of eggs, yes.

• 36:50Speaker 07

  Um, one of them might be.

• 36:52Speaker 06

  Maybe we'll sell the eggs and then open up a scholarship.

• 36:55Speaker 04

  There you go. Probably get a big one at today's eggs prices, huh?

• 37:00Speaker 04

  Yeah, that's great.

• 37:01Speaker 03

  Anything else, Dustin?

• 37:03Speaker 04

  I think we covered a lot today.

• 37:04Speaker 00

  Yeah. I did have a question about is the the BC Southwest campus? Is that something that is new? Cause I just recently heard about this.

• 37:16Speaker 03

  You're talking about the one next to Cal State?

• 37:17Speaker 00

  Yeah.

• 37:18Speaker 03

  Opened a couple of years back.

• 37:19Speaker 00

  Really?

• 37:20Speaker 06

  I think it's been a few years.

• 37:22Speaker 00

  So, yeah.

• 37:23Speaker 06

  I think like four years it's been open now.

• 37:25Speaker 00

  Wow.

• 37:26Speaker 04

  When we're talking about campuses and you said the word open, it makes me think. Is the campus an open campus where if somebody said, oh, I haven't been out there in 10, 15, 20 years, I'd love to go see the growth. Can they just come walk around and?

• 37:38Speaker 06

  Yeah, and you know.

• 37:39Speaker 04

  See how things are looking?

• 37:40Speaker 06

  Yeah, and the foundation actually always. Offers tours for anybody who wants them. We love showing people around and. You know, all these new buildings are just really like fun to look at even. I mean, science and engineering building is huge, three stories.

• 37:55Speaker 07

  They have the robotic lab in there. It's pretty neat.

• 37:58Speaker 06

  It's really neat to look at. Then we have the ag building, the gym. I think we'll have a ribbon cutting soon too for that, a new gym.

• 38:08Speaker 03

  Are the alumni gonna take advantage of the new gym? If you attended BC before, you can go like Cal State does. If you attended Cal State, you can still.

• 38:17Speaker 07

  We are ramping up our alumni initiatives. That is something on March 29th. There, we're gonna have a pack the stadium for our baseball and softball. And I'm hoping that our alumni kind of tag in on that. But we are hoping that once that gym opens, we could do a whole lot more alumni.

• 38:36Speaker 03

  Events.

• 38:36Speaker 07

  Events, come, come pack the stadiums, come join what we have and. Get more involved.

• 38:42Speaker 06

  And we currently do have like. About 40,000 students attending throughout all our campuses. So that is a lot of alumni. So if you guys. You know, could get out there and support.

• 38:53Speaker 03

  Dustin is one of them.

• 38:53Speaker 04

  Yeah, I think a couple of people have gone there in the last 20 years.

• 38:58Speaker 06

  Just a couple.

• 38:58Speaker 00

  Yeah. Well, let's take our, our last break and then we'll come back and we'll only have a few minutes so we can kind of regroup and. And pump up this, this event before we go finish up the show.

• 39:08Speaker 03

  Sounds good.

• 39:09Speaker 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.

• 39:29Speaker 03

  Welcome back. Thanks Stephen for bringing us back to back in music history.

• 39:35Speaker 00

  Oh yeah.

• 39:35Speaker 03

  I'm Sammy Abia, we're here with Dustin Weaver.

• 39:38Speaker 00

  Yes, sir.

• 39:39Speaker 03

  Talking about the B C Foundation and the main event coming in on March 15th. Kylie, a big event, it sounds like. How many people are you guys expecting?

• 39:51Speaker 06

  We, every year, actually, we we max our capacity at 320. Um, and most of the past few years, we have actually maxed out. Um, so it'll be 320, um, 40 tables full of wine, good food. Um, that's another thing. Every meal will be paired with a like specifically paired wine.

• 40:12Speaker 03

  Who, who, who does the wine selection? I, I remember back in the day was a gentleman that was in our Rotary with Cheryl that used to do that. Who, who, who does the wine selection?

• 40:22Speaker 07

  Um, his name is Jeremy. Is that?

• 40:25Speaker 03

  No.

• 40:25Speaker 07

  I don't know his last name.

• 40:26Speaker 03

  No, no, it was not Jeremy. It was an older gentleman that's probably retired by now. I'll think of his name as soon as we finish the show.

• 40:33Speaker 00

  Cause that's how it always works like that.

• 40:36Speaker 03

  Yes.

• 40:36Speaker 00

  You'll think about it and think about it, and then the show's over and then it'll pop up.

• 40:39Speaker 03

  That's right. That's right.

• 40:41Speaker 04

  We actually got a great question too just now. It says, Kern County always comes out to help. That's one thing I love about this place is the big hearts in the community. Do all donations stay at the college and is this foundation a nonprofit?

• 40:54Speaker 06

  Yes, we are a nonprofit and all donations do stay at the college. Um, you, if you do donate, you know, our biggest, um, priority is to donor intent is to, you know, whatever the donor wants and needs and, um, we will make sure that money gets to wherever they want it to go.

• 41:14Speaker 04

  So if there's a certain program that they have, you know, a goal for like somebody that works in nursing or medical, they can say, hey, I want to do a nursing scholarship.

• 41:22Speaker 06

  Yeah. And it's not just scholarships. I mean, if they want to go directly to support the auto tech program, you know, they need a lot of things like that or industrial automation.

• 41:30Speaker 04

  Good point.

• 41:31Speaker 07

  Equipment.

• 41:32Speaker 06

  Yeah.

• 41:33Speaker 07

  Supplies.

• 41:34Speaker 03

  Do you guys have like a other, other trades, like trade things like plumbing, electricity, besides the auto?

• 41:40Speaker 07

  Welding is a big one. Um, we have woodworking there. We have quite a bit. Brad Tech, HVAC, HVAC.

• 41:49Speaker 03

  That's cool. That's cool. Steven.

• 41:53Speaker 00

  I know you've been talking plumbing because you know that's.

• 41:55Speaker 03

  Dude, I know I told my dad yesterday. I told my father that I'm gonna put my kid to go and work with a plumber or an electrician in the summer. My son is 12, just to learn because he needs to learn. And that's a skill that I think you have to learn something. Auto.

• 42:10Speaker 00

  You don't think the robots are gonna do that?

• 42:12Speaker 03

  Oh, no, you still need to.

• 42:14Speaker 07

  You have to train the robots.

• 42:16Speaker 03

  Yeah, you gotta train your hands. I'm a believer of trades and stuff. And I'm glad it's offered here at BC. That's great.

• 42:25Speaker 06

  Yeah, I'm putting back into the workforce is like one of our biggest like proud moments for, you know, for doing that.

• 42:32Speaker 03

  So how much money are you guys hoping to raise this Saturday?

• 42:36Speaker 07

  Oh.

• 42:37Speaker 00

  All of it.

• 42:38Speaker 07

  All of it, yeah.

• 42:40Speaker 06

  As many as we could, as much as we can get.

• 42:43Speaker 03

  Well, good luck. Good luck. And thank you for joining us today. I wish you nothing but luck. Please get us the information about the May 1st event.

• 42:51Speaker 06

  Scholarship celebration?

• 42:52Speaker 03

  Yes, that would be a nice one for us.

• 42:54Speaker 06

  And the Money Wise Scholarship.

• 42:55Speaker 03

  That's right.

• 42:56Speaker 00

  Of course.

• 42:58Speaker 03

  We're gonna, we're gonna get, we're gonna get that taken care of. I assure you that. Steven?

• 43:03Speaker 00

  Yes, we appreciate your guys' time. And tell Cheryl we said hello. I haven't seen her in so long. But we have one more day, so join us tomorrow, live from 2 to 3. We'll have KP back in the office with Seth. We'll also have Mark Fredericks from the Bakersfield Racquet Club pumping up. It is that time of the year where the Bakersfield Tennis Open is coming back into town, which another Money Wise sponsored event. So if you've listened to this show or missed any past shows, check out the Money Wise Guys podcast on all podcast platforms. And till then, be smart, be safe, be money wise.

• 43:58Speaker 02

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