tv On the Money CNBC September 10, 2016 5:30am-6:01am EDT
hi, everyone, welcome to "on the money," i'm becky quick. he was a navy s.e.a.l. and a pro-wrestler and governor of minnesota. and now he has a new cause. what is next for the very colorful and outspoken jesse ventura. football season is here but how could we make sports safe? a former super bowl champ warning to parents of young athletes. the kids are gone. you are on your own again. after you kick up your heels what, kind of money moves should you make as an empty nester. and would you pay $6 for a bowl of cereal? why kelloggs is hoping for a different kind of super bowl when you go to their cafe. >> there would be a store dedicated to cereal. >> well there is. and we'll take a visit. "on the money" starts right now.
>> this is "on the money." your money, your life, your future. now, becky quick. we begin with football. the nfl has kicked off another season and business is booming for america's favorite sport. but there is i a dark side taking a toll on players long after they've left the game. that is this week's cover story. the nfl will make an estimated $13.3 billion this year. that is more than 50% increase for the year 2010. most of that revenue comes from television fees and with good reason. the top 12 shows of the fall 2015 season were all nfl games. and the league keeps growing. professional football is returning to los angeles this season for the first time in 22 years. football is also going global. mexico city will host a monday night football game in november. and the nfl has played games in london since 2007 and is considering adding or moving a team there permanently.
but despite the success, football also has a dark side. boston university researchers found evidence of degenerative brain disease in 90 out of 94 former nfl players. the damage is believed to come from repetitive trauma to the head. those diagnosed after death include former nfl star mike webster, junior seau and ken stabler and frank gifford. they admitted the link between the game and the brain damage for the first time in march and in april an appeals court upheld a class-action filed by former players and it could cost the league upward of a billion dollars. ben utecht won a super bowl with peyton manning and the colts. he doesn't remember much about the unforgettable night. and what one player is struggling with after his football days were cut short.
>> it is an emotionally story that is uplifting and inspiring. >> my fourth concussion resulted in amnesia. and to watch myself get up off the field, high five teammates, sprint off to the sidelines, talk with coaches and talk with doctors and to not remember any of it, and really that day to be completely erased was kind of an eerie feeling. it is hard to explain what amnesia feels like to somebody. it was after that concussion that i started to notice differences in cognitive ability and after the fifth documented concussion, some gaps in my long-term memory. >> what kind of gaps? what is it like? >> well, probably the one that was the most shocking was i sat across the table from one of my best friends from college, and we began talking about wedding stories. and i asked -- i interrupted and asked my friend, why wasn't i able to be in your wedding. and it got real quiet at the table.
and i said, no seriously, why wasn't i at your wedding? and his wife brought over their wedding album and page after page, there i was. as a groomsman in his wedding, i was a singer in his wedding and no matter how many pictures i looked at, there was nothing. and to this date, i can't place it, i can't find it. >> you wrote the book, counting the days while my mind slips away which is such a gripping title. >> you are right. title is shocking. it it comes -- it is the first line of the song, you will always be my girls, that i wrote for my wife and daughters. and it really -- it really is around the fears that i have about the future. i sit back and i look at some of the nfl greats and where they are at in their 50s and 60s and at 29 or 30 years old leaving the nfl and already having some memory complications, really kind of put me in a position to think about these things
seriously for the first time. >> how prevalent do you think this issue is in the nfl and then beyond? other sports have been implicated too, like soccer. >> you can't have football without concussion or soccer without concussion or hockey and the list goes on. >> because even if you build a better helmet, the brain still rattles around in the skull and if you are going to have contact sports, you are going to run into this situation. >> yep. >> is it worth it? >> for me, it was worth it. the life lessons that i gained from being in a really the best team environment in all of sports was priceless. and i think we have to, especially for children, you have five and six-year-olds that are putting helmets on in america and we need to ask ourself when is the entrance into contact football. >> what do you think the answer is? i have a five-year-old at home. >> honestly, many of my neurologist friends would tell you, the most developmentally important stages of a child's brain is 2 to 12. so for me if i had sons interested in playing football,
they wouldn't play until after 12. >> what about your daughters. you have four daughters. do you see them playing soccer, do you see them doing other things? what do you encourage for health. >> thankfully, i married a big ten golf star, so she's a golfer and tennis player and so right now the girls are interested in volleyball and tennis. >> yeah! >> yes. i'll just softly encourage them in that way. >> how do you feel about your health right now and where do you think you are and is this a situation improving or stabilized or is it getting worse? >> i'm so glad you asked that question. this last year i did 100 hour intensive brain-training program that took my short and long-term memory from the 12th and 17th percentile to the 78th and 90th. >> you are kidding me? >> no. and they are saying you probably won't regain memories from the past, the ones that are damaged,
but this could help you store memory for the future and with four beautiful girls i have a lot of beautiful memories ahead of me. >> that is great. i love the message of hope. ben, thank you for being here. >> thank you for having me. >> i appreciate it. >> me too. thank you. now here is a look at what is making news. america's economy is expanding at a modest pace. that is the word from the federal reserve beige book. consumer spending was little changed though there was an uptick in manufacturing. the nasdaq hit a record high on wednesday before falling later in the week. the dow and the s&p 500 were mixed during the week but stocks fell on friday. apple has a new version of the iphone that it is happy to sell you. the iphone 7 will start at $649 and has a high resolution camera and more memory and no headphone jack. that means wireless earphones and an adapter if you want to plug in old headphones which
could go into the charging port. if you think you are actually paying less at the supermarket, you may be right. there is deflation in the price of groceries lately. items such as beef and dairy and eggs is caused by an increase in supply and increased competition in the retail sector and that means price wars and that is good news for consumers and not great for the supermarket. up next, we're "on the money." before donald trump's run it was jesse ventura's own improbable election victory that shocked the world. we have his take on the presidential race. and later, have an empty nest and an empty nest egg too. and how could you catch up on retirement savings now that the kids are out of the house. >> and as we go to break now, a look at how the stock market ended the week.
he's not a typical politician. jesse ventura surprised the political stestablishment when minnesota voters elected him governor back in 1998. today the former navy s.e.a.l. and pro-wrestler is taking on a new battle in his book, called jesse ventura marijuana manifesto. and governor, thank you for being here today. >> thank you for having me. >> we have a lot to talk about but i want to talk about the book. why this cause and why not. >> because someone, i won't say who, because of privacy, but someone very, very close to me developed later year epileptic seizures and was seizing four times a week. this person was put on four different seizure medicines by pharma. none of them worked. they all had horrible side effects. finally in desperation, took the person to colorado at the time,
got what they term medical marijuana and the person using drops under the tongue and now a pill form has not had a seizure in two and a half years and is completely seizure-free and completely off all of the pharmaceutical medicine. so marijuana cured the seizures. >> so are you in favor of just medical -- >> i'm in favor of all. there is no difference. the entire plant -- it is a medical plant. >> as a mother, i'm not thrilled with the idea of saying everybody should have access to this because i do think it alters your state, just like i wouldn't want kids having -- 18-year-olds having access to alcohol and driving. >> well then treat it the same way. >> sell it and you are not allowed to sell it below -- >> and no one is advocating giving it to children. >> but here is my other question. you see the problem. how do you find out if somebody is on the road that shouldn't. >> there is always problems. freedom is problems. remember this, when you deal with freedom, there is a ying and a yang.
people have the freedom to be stupid and you have to accept that. >> and i agree with that. >> and the government, i said you can't legislate stupidity. every state that legalized marijuana, heroin use has gone down. the exact opposite of the propaganda they've been pumped into us, it has gone down. colorado has $3 million more to spend on schools and infrastructure. >> and if it is out there, i would rather have it taxed and not have a black market where you are enabling criminals. >> exactly. >> let me ask you about the current political environment. because you are somebody who has surprised the establishment in the past. we are two months out from the next election and do you think that sort of momentum is building again this time around?
>> um, i would love to see hillary and donald both lose. >> that is why you are supporting gary johnson? >> yes. i would love to see this country -- you have two candidates with the negatives that are record high. they are both hated, by the majority of the people. well vote for someone, not -- and i'm for governor johnson for two reasons. war. i want out of the wars in the middle east, gary johnson said he will do that. i want an end to the war on drugs. >> donald trump came to you back in -- in 2000. >> '98. >> when he was considered running. >> and he was an independent. >> were you surprised to see him as the gop nominee. >> no, because he rattled his sword for years. i was surprised he finally did it. because he talked about it for 15 years. but my disappointment was he did it as a republican. that is why i can't support him and won't support him. so i don't support democrats and republicans because they've been in charge for 150 years and look at the mess we're in. >> sir, thank you for being here. >> thank you. up next, we're "on the money." don't fly the coop just yet. when empty nesters might want to think twice before downsizing their home.
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now with more. and sharon, you would guess that somebody who is a newly empty nester is suddenly having a lot of money. what are they doing with the money? are they spending it or saving it. >> you would think, and many say the first thing they would do is put more money toward the retirement savings but the reality is they don't do that. even though the average household, $100,000, they are contributing 6% to retirement and that is good but they say they are going to contribute 12% when the kids are out of the house and the reality is they don't do anything more. >> and you have extra cash around and you going on a few spending splurging before you get up to it and how could people put a higher percentage away for savings. >> one thing people want to do is figure out what they want to buy. the big ticket item. don't do that. the first thing you should do is stop for a minute. stop for a minute. don't make big financial decisions. you should be automatically making your retirement savings
and make sure you have a cash reserve. >> are there ways people should downsize to get that emergency fund built up? it seems like the wrong time to be doing that. i just have all of this freedom but if i want to build up that fund. >> so what i told my tween and teen is that as soon as they are out, the house goes. i don't want to pay taxes. but that financial advisers tell me is the wrong thing to do. don't decide you are going to downsize and sell the house because you have to think about a couple of things, moving costs which could be high. and the kids may need to come back home. we know a lot of kids are coming back home because it is cheaper as they start the first job or looking for the first job so the boomerang kids. >> i like that. >> boomerang kids. and then your parents, as they age, they may need to be placed in your house. so maybe think about downsizing in other ways and one of the ways to do that is look at one of your perhaps big expenses which is necessary but may change as the kids are out of the house and that is insurance.
look at your insurance coverage and now that the kids are gone, what do you need and how much life insurance do you need and you may have paid for college already or may have paid down the mortgage quite a bit. so do you still need that amount of insurance and coverage. >> and if you have debt, let's assume you still have the mortgage and other debt issues, what should you be focusing on. paying that down and which comes as a top priority. >> pay down that debt and look at the highest interest debt first. that is usually going to be your credit cards and you want to pay that down. pay down personal loans and then student loans because often those rates are the lowest ones that you have. >> sharon, thank you. >> sure. up next "on the money," a look at news ahead. and an entire restaurant dedicated to cereal. the new times square hot spot that is hoping that the cold offerings will be a big hit. mr. clean gets tough on dirt and grime
for more on our show and our guests, go yo our website cnbc and follow us on twitter at "on the money." here are the stories coming up that may impact your money this week. monday marks the anniversary of one of television's most famous dogs. lassie made her debut on cbs 62 years ago. >> that would be 434 years ago in dog years. on thursday, we'll get a read on wholesale inflation with the producer price index. and we'll see how the retailers fared with the retail sales number and how much factors produced last month with the industrial production index.
thursday also marks eight years since lee man brother's declared bankruptcy and that is the event that set off the financial crisis. on friday, we'll get a read on the inflation numbers with the consumer price index. for many americans, eating a bowl of cereal for breakfast was a daily ritual. but today however, not so much. kelloggs is not giving up. the 100-year-old company opened a restaurant in the times square and hoping that the cereal creations with a dash of nostalgia will bring excitement back to the bowl. >> we wanted to harness in at home, it is not just about cereal in a bowl, it is about the experience of getting your creation out of a cabinet and getting the point of a cereal box and sitting down with a friend and enjoy breakfast or a snack or lunch. >> in new york city, everything is expensive. >> we ordered the life in color cereal ice cream and it is delicious. >> i think it is very well packaged. it is a great concept. >> it is like frozen yogurt but with cereal and that is fun.
>> i think people will be really happy and leave with a different idea of what cereal could actually be. >> i feel like a kid. is the marketing maneuver working and are people starting to think about cereal in a new way? plus are they willing to pay $6.50 for a bowl of it. joining us andy sherpca associate marketing director for kelloggs and i have to say this is a fun idea but why do you do this? is this about marketing and thinking about cereal in a new way. >> our business is to make and sell cereal and the interesting thing is almost everybody, 90% of people still have cereal in their household but they don't eat it as often as they used to. there are so many more options than there used to be. so this is evolving and trying to get people to think of cereal of more than just in a milk in a bowl and you go and it is adding flare and fun to it. >> and i saw a story about how millennials are not going to eat
cereal because it takes too long to wash a bowl. >> but i took away from it, they wait in line for five minutes for coffee or stopping in at restaurants for breakfast and for them it wasn't worth the time it took and what could we do to make it relevant to millennials and make it worth their time. >> and we see the drop, significant since 2002. is the changes in the options or part of it the health factor. >> i think it is a variety. we've seen people come out of the cafe and their shoulders relax and say i've forgotten how good this is. and health is there in some cases. so we add yogurt and fresh fruit to the cereal as well in the cafe. so we're trying to show no matter what you are looking for, at breakfast or throughout the day, cereal is a great base that you could customize. >> and i've been dying to try some of these. if you could see it. what is the name of this one.
>> it is life in collar. >> it is froot loops and what is the other -- >> passion froot jam and lime zest. >> how did you come up with this. >> christina of milk bar here in new york helped us create the combinations. >> it is not something i would think of putting with froot loops. >> but stuff you could find if you go to the store and you could find jam and lime and marshmallows. >> and what is the reaction that you get from people come in. >> just like what you are experiencing. it is a surprise. and it is still in a bowl and froot loops but it is different. >> and this is peppermint patty which is chocolate -- what is that. >> it is chocolate frosted mini wheats and cocoa powder and fresh mint. >> this is like only in new york type of fresh mint spooned into your cereal but i have to try it any way. hang on. hum. >> and we serve this with blue marble soft serve ice cream in the cafe. >> it is good. what is this. >> this is pumpkin spice latte that is only around for a couple
of months which is pumpkin spice that you could find at any grocery store nationwide but mixed with ground coffee and white chocolate chip so the milk becomes flavored like coffee with chocolate to capitalize on how much we know people love pumpkin spice in this time of the year. >> well andy thank you for coming in. we appreciate it. and good luck with the store. >> thanks a lot. i appreciate it. that is the show for today. i'm becky quick. thank you so much for joining us. next week, she went from food stamps to ceo. how she built a healthy start-up into a start-up success. each week keep it right here. we're "on the money." have a great week and we'll see you next weekend. yup, she's gone noseblind. she thinks it smells fine, but her guests smell this. ding, flies, meow febreze air effects heavy duty has up to... ...two times the odor-eliminating power to... ...remove odors you've done noseblind to [inhales] mmm.
live at the nasdaq on this crazy day for markets. while they're get ready, here's what's coming up on the show. that sums up the market today. if you're worried, we'll tell you how to protect yourself. >> i just want to smash your face in. >> not that kind of trouble. one of the hottest trades of the year that's about to come undone and talk about whoa. >> put that coffee down. >> rise in coffee prices and a soft consumer could sell trouble for one stock in particular. the action begins right now.