Pod Insights The Moneywise Guys 3/6/25 Getting Down to Business with the BC Foundation + Deep Discussion on DeepSeek About this episode 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
Transcript 0:00 Speaker 00 From the padded radio room off Stockdale Highway, here is Money Wise. Call or text in at 661-396-1000.
0:09 Speaker 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?
0:29 Speaker 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.
0:40 Speaker 00 Now, let's start the Money Wise Show.
0:43 Speaker 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...
1:15 Speaker 04 Dustin Weaver.
1:16 Speaker 03 Welcome, Dustin. This is our second show.
1:18 Speaker 04 All right.
1:19 Speaker 03 I haven't done one with you in a long time, yeah.
1:20 Speaker 04 Yeah, it's been too long.
1:22 Speaker 03 Yeah, yeah. I don't know what happened. We need to get together with Stephen and ask the questions.
1:26 Speaker 04 He's the man in charge.
1:28 Speaker 03 Maybe we need to bring some AI into this conversation for scheduling.
1:33 Speaker 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...
1:44 Speaker 04 We've got a couple of them coming, I think.
1:46 Speaker 03 Yeah, yeah. And I wanted to just ask about the market. The market has been... What's the word, shifty?
1:55 Speaker 04 Yeah, a little volatile.
1:56 Speaker 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.
2:04 Speaker 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.
2:18 Speaker 03 Yeah, 25% on Canadian products, 25% on Mexican products, 20%, I believe, on Chinese products.
2:27 Speaker 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.
2:33 Speaker 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?
3:01 Speaker 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.
3:19 Speaker 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.
3:44 Speaker 04 And that's in response to the threat of these tariffs.
3:47 Speaker 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.
4:00 Speaker 04 Right.
4:01 Speaker 03 Which I think is what's given the market a little bit of reprieve, in my opinion.
4:08 Speaker 04 Although today we did see a little volatility, down 1.78 on the S and P 500. NASDAQ was down 2.61%.
4:18 Speaker 04 And so, you know, a couple of percentage points down today.
4:21 Speaker 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.
4:39 Speaker 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.
4:56 Speaker 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.
5:13 Speaker 04 So what's your reasoning? What do you think?
5:14 Speaker 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?
5:31 Speaker 04 That sounds familiar.
5:32 Speaker 03 And how much it took to to actually create.
5:34 Speaker 04 A lot less than the others.
5:36 Speaker 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?
5:50 Speaker 04 Right.
5:50 Speaker 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.
6:29 Speaker 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.
6:43 Speaker 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.
7:21 Speaker 00 Do you remember this movie?
7:23 Speaker 04 That's Ferris Bueller.
7:24 Speaker 00 There you go.
7:25 Speaker 04 Ferris Bueller's Day Off. Yeah. Good old Ben Stein.
7:29 Speaker 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.
7:57 Speaker 00 Right.
7:58 Speaker 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.
8:12 Speaker 04 Yeah, and that taking that time could be a little pullback in the markets until then, right?
8:17 Speaker 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.
8:33 Speaker 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.
8:43 Speaker 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
8:52 Speaker 03 Yes.
8:52 Speaker 04 usually bright.
8:53 Speaker 03 That's
8:54 Speaker 04 It's complicated. There's a lot of moving parts.
8:57 Speaker 03 I agree.
8:57 Speaker 04 The economy of 2025 is different than the economy in 1970.
9:02 Speaker 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.
9:39 Speaker 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
9:51 Speaker 03 Yes.
9:51 Speaker 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.
9:57 Speaker 03 Right? Yeah, that's right. That's right.
9:59 Speaker 04 Banking on any one technology or any one type of company.
10:03 Speaker 03 That's true.
10:04 Speaker 04 To maintain
10:05 Speaker 03 A balanced portfolio.
10:06 Speaker 04 That's right.
10:06 Speaker 03 Yeah. We have a listener question. Uh, I would like to maybe read that and see if we can answer that.
10:13 Speaker 04 Go ahead.
10:13 Speaker 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.
10:30 Speaker 04 Very good question. And you and I were, uh, looking at this before the show.
10:33 Speaker 03 Yeah.
10:33 Speaker 04 At first I thought, man, thirty-two percent, that's a, that's a lot.
10:37 Speaker 03 Yeah.
10:37 Speaker 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
11:15 Speaker 03 Yeah, that's
11:16 Speaker 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.
11:23 Speaker 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.
11:34 Speaker 04 Oh, goodness.
11:35 Speaker 03 Increases their chances of a refund, maybe less chances of an audit as well.
11:39 Speaker 04 Wow.
11:39 Speaker 03 So a lot of people are holding off on filing, which kind of get skews the numbers.
11:44 Speaker 04 Yeah.
11:45 Speaker 03 On the average.
11:47 Speaker 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.
12:06 Speaker 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.
12:27 Speaker 04 That's right.
12:28 Speaker 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.
12:41 Speaker 04 That's good advice. You sure you're not a financial advisor, Sammy?
12:44 Speaker 03 I'm not a financial advisor.
12:45 Speaker 04 Just play one on the radio.
12:47 Speaker 03 I have been a banker for 25 years.
12:49 Speaker 04 That's right. In fact, with your banking background, we did get another question. What is a deficiency judgment?
12:56 Speaker 03 Oh, that brings memories from 2008.
13:01 Speaker 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.
13:30 Speaker 04 Right.
13:31 Speaker 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.
13:51 Speaker 04 There you go.
13:52 Speaker 03 Okay, now, states, some states allow for this, some states don't.
13:58 Speaker 04 California.
13:59 Speaker 03 California does not allow for this, or we have some very robust anti-deficiency rules.
14:06 Speaker 04 So that's to protect the borrowers.
14:08 Speaker 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.
14:29 Speaker 04 But not both.
14:30 Speaker 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.
14:42 Speaker 04 Ah.
14:43 Speaker 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.
14:50 Speaker 04 Yeah, definitely a potential hazard.
14:53 Speaker 03 Yes, yes.
14:54 Speaker 04 So is that true for business owners too, when it comes to these judgments?
14:59 Speaker 03 No.
14:59 Speaker 04 If there's business a business loan?
15:01 Speaker 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.
15:25 Speaker 04 Right.
15:26 Speaker 03 The, the, the, the protect, protected class is the individual borrowers, not business, businesses.
15:34 Speaker 04 Very good. Well, good question. Thanks for sending that in.
15:36 Speaker 03 Very good question. Uh, Stephen, should we take our first break?
15:40 Speaker 00 Yeah, let's take a break.
15:41 Speaker 03 For our guests.
15:42 Speaker 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.
16:13 Speaker 03 Welcome back. Welcome back.
16:16 Speaker 04 It's good to be back watching you dance around like that.
16:18 Speaker 03 Oh yeah. This is, this is, this brings a lot of memories, Stephen. Thanks.
16:23 Speaker 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.
16:38 Speaker 04 Welcome back.
16:39 Speaker 03 We have another, uh, listener question, Dustin.
16:43 Speaker 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?
17:02 Speaker 03 Stephen, shed some light here, man.
17:04 Speaker 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.
17:15 Speaker 04 Like a woolly mammoth?
17:16 Speaker 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.
17:40 Speaker 03 I'm definitely gonna.
17:41 Speaker 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.
17:50 Speaker 04 Wasn't part of that USA aid deal, was it?
17:54 Speaker 03 Funding cut.
17:57 Speaker 03 Can we still use, I think, is it the same listener that's?
18:00 Speaker 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?
18:11 Speaker 03 I have not used DeepSeek.
18:12 Speaker 04 Me neither.
18:13 Speaker 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.
18:35 Speaker 04 Definitely.
18:36 Speaker 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.
18:47 Speaker 04 So was there a risk of some sort that you guys saw out there or why it may be banned?
18:53 Speaker 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.
19:01 Speaker 00 Says lawmakers in Washington have introduced a bill to ban DeepSeek. From being used on the government devices.
19:08 Speaker 04 Oh, on government devices. I could see that.
19:10 Speaker 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.
19:24 Speaker 04 Right.
19:24 Speaker 03 So, so it it seems like it's available.
19:27 Speaker 04 Mm hmm.
19:28 Speaker 03 Uh, to use.
19:29 Speaker 04 Yeah, unless you're working for the government, which makes sense.
19:31 Speaker 03 That's right.
19:32 Speaker 04 Yeah.
19:32 Speaker 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.
19:50 Speaker 04 Mm hmm.
19:50 Speaker 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.
20:04 Speaker 03 It is.
20:04 Speaker 00 That much.
20:05 Speaker 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.
20:22 Speaker 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.
20:32 Speaker 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.
20:55 Speaker 04 Oh, that's fantastic.
20:56 Speaker 03 Yeah, no, I'm talking about government workers, uh, we, a lot of them are being, you know, laid off.
21:03 Speaker 04 Mm hmm.
21:04 Speaker 03 They might, they might not have it, a use for deep seek anyways.
21:10 Speaker 04 Well, we've got another jobs report.
21:11 Speaker 03 Too soon, too soon, Stephen.
21:13 Speaker 04 We've got another jobs report coming out.
21:14 Speaker 03 That's right, tomorrow.
21:16 Speaker 04 Yeah, Pal's gonna be talking and we're gonna hear a jobs update, so.
21:19 Speaker 00 Jay Powell.
21:20 Speaker 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.
21:34 Speaker 04 Right.
21:34 Speaker 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.
21:45 Speaker 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.
22:13 Speaker 03 Thanks, Stephen.
22:14 Speaker 04 I got you.
22:15 Speaker 03 Love being the lead host. Get to listen to some great music. Thank you. We're back. We're back with our guests.
22:21 Speaker 04 We have guest singers, right? Aren't they supposed to be singing right now?
22:24 Speaker 03 Oh, yeah.
22:26 Speaker 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.
22:45 Speaker 06 Thank you for having us.
22:46 Speaker 03 Looks like you guys have a small event coming up.
22:48 Speaker 06 We do. I don't know if I would call it small.
22:52 Speaker 03 See, I got it out of you.
22:55 Speaker 06 So it's our signature fundraising event for the foundation, Sterling Silver.
23:00 Speaker 03 And what year is this? It sounds like you've been doing it for a while.
23:04 Speaker 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.
23:18 Speaker 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?
23:32 Speaker 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.
23:55 Speaker 06 Just connecting the college with the community with different partnerships and stuff like that.
24:00 Speaker 03 So you still give scholarships to students?
24:03 Speaker 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.
24:12 Speaker 03 That's cool. Alyssa, can you talk to us a little bit about that?
24:15 Speaker 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.
24:53 Speaker 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?
25:00 Speaker 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.
25:30 Speaker 04 Is that type taken into account the finances as well?
25:35 Speaker 04 Like, do you have to qualify financially?
25:37 Speaker 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.
26:10 Speaker 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?
26:18 Speaker 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.
26:28 Speaker 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.
26:55 Speaker 03 That's great. You said, what was that dollar amount? Five hundred?
26:58 Speaker 07 Five hundred and twenty thousand was given or awarded last year.
27:02 Speaker 03 And your goal is to to give more?
27:04 Speaker 07 Yes.
27:04 Speaker 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.
27:20 Speaker 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.
27:26 Speaker 03 Yeah.
27:27 Speaker 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.
27:39 Speaker 06 Takes away a lot of stress.
27:40 Speaker 07 Yes.
27:40 Speaker 03 I would agree. Yeah, working three jobs is not fun.
27:43 Speaker 07 No.
27:45 Speaker 03 So, so, so you have this event that's coming up, the seventeenth annual event. And you call it the um.
27:51 Speaker 06 Sterling Silver.
27:52 Speaker 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.
28:00 Speaker 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.
28:14 Speaker 06 What our colonist students prepare for us.
28:17 Speaker 03 And and what and it's next.
28:20 Speaker 06 Saturday.
28:20 Speaker 03 Saturday and what time does it start?
28:23 Speaker 06 Five thirty.
28:24 Speaker 03 Five thirty. So I am encouraging one of my coworkers to attend because one of his friends is is Morgan Clayton.
28:31 Speaker 06 Okay.
28:31 Speaker 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?
28:39 Speaker 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.
28:53 Speaker 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.
28:59 Speaker 06 Next year.
29:00 Speaker 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.
29:20 Speaker 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.
29:42 Speaker 03 That's awesome. I don't know Dr. Merriman. I know his dad. Uh, I was I served with him and Cheryl.
29:48 Speaker 06 Yeah.
29:49 Speaker 03 Actually at the breakfast uh Rotary years, years ago.
29:52 Speaker 06 We did hear about that.
29:53 Speaker 03 So. Um.
29:54 Speaker 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?
30:03 Speaker 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.
30:14 Speaker 04 My god.
30:16 Speaker 06 For um the like any orthopedic needs that the student athletes need.
30:20 Speaker 04 Oh, that's great.
30:21 Speaker 06 Yeah.
30:22 Speaker 04 So for this event, though, do they already have enough support on that end of things like?
30:25 Speaker 06 Like volunteering, um.
30:27 Speaker 07 If you're volunteering and I'll take down your information.
30:30 Speaker 04 He might be available. He is fasting, but he's available.
30:33 Speaker 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.
30:53 Speaker 03 Are these the folks that used to own the hospital?
30:57 Speaker 07 Yes, her husband.
30:58 Speaker 03 Her husband, okay.
30:59 Speaker 07 Yes.
30:59 Speaker 03 Yeah, that's what I thought.
31:00 Speaker 07 Yes, he passed away and since then she wanted to give back to nursing because it, they impacted her and him.
31:11 Speaker 03 Good Samaritan Hospital?
31:12 Speaker 07 Yes, that is it. And so she called us and said, I want to give scholarships to your guys' nursing department.
31:21 Speaker 03 Oh, good for her.
31:22 Speaker 07 And she's been giving for three years and has given over 60 scholarships in just three years.
31:28 Speaker 03 That's amazing. Good for her. Good for her. I'm glad you guys are honoring her.
31:32 Speaker 07 Yes, she's such a sweet soul.
31:35 Speaker 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.
31:48 Speaker 04 Yeah, that's a security company, isn't it?
31:50 Speaker 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.
32:01 Speaker 07 Well, he's volunteering, so.
32:03 Speaker 03 Oh, that's right. You're volunteering, so you'll get to meet him.
32:05 Speaker 04 You can introduce me when we go volunteering.
32:08 Speaker 07 He's, and he's a B.C. alum too.
32:10 Speaker 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?
32:20 Speaker 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.
32:32 Speaker 03 So you put them together in the same room and?
32:34 Speaker 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.
32:47 Speaker 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.
32:55 Speaker 03 If you have not attended an event like this, Dustin, I would encourage you, I would go with you to this one.
33:00 Speaker 07 Oh, that's amazing.
33:01 Speaker 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.
33:23 Speaker 07 I would love, yeah, we would love to have you guys so you guys could see that.
33:27 Speaker 04 Great. We can share the information on the podcast here too, right, Steve?
33:30 Speaker 00 Yes, sir.
33:31 Speaker 03 Yep.
33:32 Speaker 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?
33:42 Speaker 07 It takes 300 dollars to give a scholarship.
33:45 Speaker 06 To open up.
33:45 Speaker 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.
33:59 Speaker 03 Stephen, it sounds like Money Wise needs a scholarship at BC.
34:03 Speaker 00 It does sound like it.
34:04 Speaker 03 I mean, if it started at 300, we can commit to that today and then build up.
34:07 Speaker 00 I, I mean, I know a guy.
34:09 Speaker 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.
34:16 Speaker 07 I love it. Yeah, it's amazing. Scholarship and volunteer.
34:19 Speaker 03 That's right.
34:22 Speaker 03 Thanks Dustin for volunteering.
34:23 Speaker 04 At least two. You got Stephen and Sammy both, right here.
34:27 Speaker 03 We will make sure to stop by and pick you up.
34:29 Speaker 04 Yeah, sounds good.
34:32 Speaker 03 What else? What else is going on in the BC Foundation before we go on a break?
34:35 Speaker 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.
34:46 Speaker 03 So a big question I have, are you guys being impacted? Are you guys going to be impacted by any of this?
34:53 Speaker 03 Financial aid that's coming from the government. Do you guys get any grants from the federal government that will impact you eventually?
35:00 Speaker 07 Um, right now, I can't really talk too much about the financial aid. We don't, we
35:05 Speaker 06 It's up in the air.
35:06 Speaker 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.
35:19 Speaker 06 No one knows.
35:20 Speaker 03 No one knows. No one knows.
35:22 Speaker 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?
35:31 Speaker 07 Um, there's so much. Go ahead.
35:32 Speaker 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.
35:40 Speaker 03 I did not know that. My apologies. I should have, but I didn't.
35:42 Speaker 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.
35:59 Speaker 03 That's awesome. That is great.
36:00 Speaker 04 Yeah, even saying only 500, that's a lot of people.
36:03 Speaker 06 Yeah. Have you guys, um, been on campus lately?
36:06 Speaker 03 Uh, I wa- I went with my kid to a football game, but not.
36:11 Speaker 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.
36:19 Speaker 06 Yeah. And, um, it's still going. I mean, we have, um, the Ag Building too, um, being built right now.
36:25 Speaker 04 Is that for, uh, Lindsay Ono?
36:27 Speaker 06 Mm-hmm. Yes.
36:28 Speaker 04 Oh, nice.
36:29 Speaker 06 Yeah.
36:29 Speaker 04 You've run a garden show with him for 20 years.
36:32 Speaker 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.
36:45 Speaker 06 For plant nerds, so.
36:46 Speaker 03 For the chickens.
36:47 Speaker 04 For the chickens.
36:48 Speaker 03 With the prices of eggs, yes.
36:50 Speaker 07 Um, one of them might be.
36:52 Speaker 06 Maybe we'll sell the eggs and then open up a scholarship.
36:55 Speaker 04 There you go. Probably get a big one at today's eggs prices, huh?
37:00 Speaker 04 Yeah, that's great.
37:01 Speaker 03 Anything else, Dustin?
37:03 Speaker 04 I think we covered a lot today.
37:04 Speaker 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.
37:16 Speaker 03 You're talking about the one next to Cal State?
37:17 Speaker 00 Yeah.
37:18 Speaker 03 Opened a couple of years back.
37:19 Speaker 00 Really?
37:20 Speaker 06 I think it's been a few years.
37:22 Speaker 00 So, yeah.
37:23 Speaker 06 I think like four years it's been open now.
37:25 Speaker 00 Wow.
37:26 Speaker 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?
37:38 Speaker 06 Yeah, and you know.
37:39 Speaker 04 See how things are looking?
37:40 Speaker 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.
37:55 Speaker 07 They have the robotic lab in there. It's pretty neat.
37:58 Speaker 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.
38:08 Speaker 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.
38:17 Speaker 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.
38:36 Speaker 03 Events.
38:36 Speaker 07 Events, come, come pack the stadiums, come join what we have and. Get more involved.
38:42 Speaker 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.
38:53 Speaker 03 Dustin is one of them.
38:53 Speaker 04 Yeah, I think a couple of people have gone there in the last 20 years.
38:58 Speaker 06 Just a couple.
38:58 Speaker 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.
39:08 Speaker 03 Sounds good.
39:09 Speaker 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.
39:29 Speaker 03 Welcome back. Thanks Stephen for bringing us back to back in music history.
39:35 Speaker 00 Oh yeah.
39:35 Speaker 03 I'm Sammy Abia, we're here with Dustin Weaver.
39:38 Speaker 00 Yes, sir.
39:39 Speaker 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?
39:51 Speaker 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.
40:12 Speaker 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?
40:22 Speaker 07 Um, his name is Jeremy. Is that?
40:25 Speaker 03 No.
40:25 Speaker 07 I don't know his last name.
40:26 Speaker 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.
40:33 Speaker 00 Cause that's how it always works like that.
40:36 Speaker 03 Yes.
40:36 Speaker 00 You'll think about it and think about it, and then the show's over and then it'll pop up.
40:39 Speaker 03 That's right. That's right.
40:41 Speaker 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?
40:54 Speaker 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.
41:14 Speaker 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.
41:22 Speaker 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.
41:30 Speaker 04 Good point.
41:31 Speaker 07 Equipment.
41:32 Speaker 06 Yeah.
41:33 Speaker 07 Supplies.
41:34 Speaker 03 Do you guys have like a other, other trades, like trade things like plumbing, electricity, besides the auto?
41:40 Speaker 07 Welding is a big one. Um, we have woodworking there. We have quite a bit. Brad Tech, HVAC, HVAC.
41:49 Speaker 03 That's cool. That's cool. Steven.
41:53 Speaker 00 I know you've been talking plumbing because you know that's.
41:55 Speaker 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.
42:10 Speaker 00 You don't think the robots are gonna do that?
42:12 Speaker 03 Oh, no, you still need to.
42:14 Speaker 07 You have to train the robots.
42:16 Speaker 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.
42:25 Speaker 06 Yeah, I'm putting back into the workforce is like one of our biggest like proud moments for, you know, for doing that.
42:32 Speaker 03 So how much money are you guys hoping to raise this Saturday?
42:36 Speaker 07 Oh.
42:37 Speaker 00 All of it.
42:38 Speaker 07 All of it, yeah.
42:40 Speaker 06 As many as we could, as much as we can get.
42:43 Speaker 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.
42:51 Speaker 06 Scholarship celebration?
42:52 Speaker 03 Yes, that would be a nice one for us.
42:54 Speaker 06 And the Money Wise Scholarship.
42:55 Speaker 03 That's right.
42:56 Speaker 00 Of course.
42:58 Speaker 03 We're gonna, we're gonna get, we're gonna get that taken care of. I assure you that. Steven?
43:03 Speaker 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.
43:58 Speaker 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.
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