tv On the Money CNBC October 12, 2019 5:30am-6:00am EDT
hi, everyone welcome to "on the money," i'm becky quick. where's the beef ranchers who aren't happy about the rise of fake meat. tripped up europe's largest travel agency recently went under leaving tens of thousands of people stranded. should you ever hire someone to help you plan your trip? elderly abuses causing heartbreak how to detect it and prevent it. author deepak chopra on spiritualism. the role money should play in your life and how he stays healthy. >> i've never been sick in my life i'm 73 next month. "on the money" starts right now.
your money, your life, your future now becky quick. >> we begin with what's for dinner from beyond meat to impossible foods, plant-based protein companies are growing in popularity but cattle ranchers are fighting back. jane wells went to a ranch in montana to see what cowboys have to say about this new industry "got beef" is this week's cover story. >> reporter: brett's family has been raising cattle for five generations across wyoming and montana in some of the most beautiful country in america. >> all i ever wanted to do was be a cowboy. >> reporter: they are facing a rival with a lot of momentum fake meat made from plants companies like beyond meat are tiny compared to a national beef herd worth an estimated $67 billion but ranchers are taking notice and they have a few beefs.
>> we are not against science. we are not against people wanting to make new products we just want to make sure we're on a level and even playing field where everybody goes by the same regulations and same rules. >> reporter: beef number one the meat industry is regulated sting gently by the usda but plant is regulated by fda. if plant based burgers can't be eaten raw, the national beefman's association think they should be regulated like meat. >> they want the same protection and have the same consumer confidence. >> reporter: beef number two, claims that plant-based meat use a fraction of the land to produce the same amount of protein as cattle. brett crosby says all land is not created equal. >> 90% of the land that is grazed by cattle is -- has no other -- no other productive use.
>> reporter: then there's the beef over whether you can call fake meat, meat. 13 states, including montana, have passed laws or resolutions about labeling saying you can't call something meat unless it comes off an animal. perhaps the greatest long-term concern could be meat made in a lab. actual meat, not plant-based substitutes. who needs an animal. have you tried a plant-based meat. >> i've tried them all, yes. >> are you kidding me? no. >> reporter: kidding or not, the buzz right now is all about fake meat and the beef industry does not want to be left in the dust. for "on the money," jane wells on the crow indian reservation in montana. >> joining us from washington is the editor-in-chief of eater amanda, thanks for being here today. what do you think, should you be allowed to call fake meat, meat? >> i think some of these regulations are a little extreme. even in arkansas you can't call
a veggie burger a burger so the meat lobby is really going hard on these regulations i think if it is plant-based meat, i think the consumer understands that it's not actually from a cow. i think they're going a little overboard. >> we've heard the same thing come up when it comes to milk. almond milk isn't milked from the almonds. >> exactly i think the consumers understand what's going on. >> do they have a leg to stand on, though, especially when it comes to this idea that they should be regulating the fake meat industry just as strictly as they're regulating the meat industry >> i think they do have a point there that this is a product that people are going to be consuming in restaurants and grocery stores and they should be facing a similar amount of scrutiny. >> what about when it comes down just to the healthiness of each of these burgers it's a processed food to be eating the plant-based burgers, so what's the draw >> yeah, these are definitely not healthy alternatives to beef so, if someone is going to the
plant-based meat in terms of trying to save calories or lower their sodium intake or fat, this is not the option for them consumers are after these products because of climate change and they're worried about the environment and potentially about animal welfare i think the plant-based industry does have a case in terms of red meat intake and how it can affect your heart, but really the crave for this is for saving the environment and for all these other environmental reasons. >> where can you find these burgers at this point? where do you expect you'll be finding them by burgers, i mean fake burgers. >> 17,000 locations of burger king beyond meat is at 50,000 restaurants in 50 countries, also in grocery stores now people are buying them retail, at restaurants there's a huge demand for these now. >> how expensive is it >> it comes out to about $1 more than a regular burger. that's something the plant-based industry is trying to work on. that's one of their major goals, to get it down being the same cost as ground beef. >> do you think this is a fad or something that's going to be
around for decades and decades to come? >> i think the consumer demand right now indicates that people are really into this product, but beyond that, you also see interest from the investment community and possible raise of $750 million beyond beef had their ipo, one of the biggest of the year and the stock is up over 100%. you see competitors like nestle getting in with their own plant-based beef, kellogg's, cargill is investing in pea protein and purdue and tyson with hybrid meat with chicken with cauliflower i think long-term players looking into this means it's here to stay. >> that's the reason i asked if it's a fad i feel like we've watched this movie before maybe it's playing out like with
e-cigarettes something they're so concerned about the potential disrupters that they jump in before we see how everything shakes out. and the cases in the past, it hasn't worked out that well. >> there's a bit of hedging going on i think wall street is into it, consumers demand is really intense. i think this is something that could be around to stay, especially with the interest in climate change. >> thanks for joining us. >> thanks for having me. up next we're "on the money," tour operators give you one-stop shopping for your vacation what happens to your plans if the travel planner goes under? package tours after the thomas cook affair. family matters abuse is a growing problem but the scammer may not be who you think. let's take a look at how the stock market ended the week. sfx: upbeat music a lot of clothes you normally take to the cleaners aren't dirty dirty.
thomas cook, one of the world's oldest travel firms collapsed and that left tens of thousands of passengers who booked vacations through the british company stranded as more travel planning moves to do it yourself, what's the future of travel agents and tour operators? erin florio is travel news editor at conde nest traveler. thanks for being here. >> thanks for having me. >> this came as a big surprise those were stranded before they left or stranded where they had gone on that vacation because it happened so suddenly. >> it was such a disaster. if you can imagine 150,000 travelers waking up one morning and realizing the company they traveled with no longer existed. >> you don't have a way home. >> don't have a way home you don't even know if you have
a hotel that night luckily people did step in and they all made it home safely but it's a huge shock and really indicative of, you know, where travel is headed and who we are using to actually book our travel for us. and i think it's really surprising when the travel industry right now is booming. it's never been healthier so how does something this like happen? i think that's the real question. >> i was shocked i didn't realize there were these big tour operators out there. they were more of a european company than here. but you look around and travel agencies just don't exist anymore. >> i think what we're seeing is the market is shifting, so those type of agencies are shifting with it to keep up with the demand i think, you know, thomas cook's biggest problem was that they didn't do a lot of personalization. and i think personalization in travel is a big buzz word at the moment people do -- they know what they want they have the internet they have instagram. they have all of these people, their friends and family that are traveling and coming back
and telling them what they did what thomas cook offered was essentially a one size fits all travel package and that's not relevant anymore people -- i don't think it's right to say that we want to do it ourselves i think we're always going to look for help. who wants to take care of the logistics themselves i don't want to take care of the logistics myself when i travel but i do want to know the trip i take is tailored for me. another trend i think we'll see grow in this shifting market is the rise of what we like to call travel specialists they are, for lack of a better term, travel agents. they're like the super stars, the rock stars of the travel world. what these people offer is really hyper specialized access. even if you've been to italy 20 times, if you do your 21st trip with one of these specialists, you're going to see italy in a way you've never seen it they're going to safeguard all of your arrangements. >> are these high-end luxury trips or are these -- these aren't necessarily for the masses >> you're going to pay it's not necessarily a mass product but you're not going to be disappointed. i do think going back to the
masses, we are seeing sectors of the industry, the cruise industry, which is a mass product. the cruise industry is doing a phenomenal job of pivoting and keeping up with market demand. where cruises used to be this sort of, like i said, this one size fits all, you have the itinerary, all the food, they are making collaborations with superstar chefs, appealing to millenials and solo travelers. they are doing a great job appealing to the masse but making it feel personalized. >> we all want to feel special. >> exactly. >> thank you very much. up next we're "on the money. the growing risk of money scams targeting older americans. we have red flags you should be on the lookout for later, can meditation and money work together? new-age guru deepak chopra on financial wellness
a new survey by aig found half of older americans are managing their own finances. that could put them at risk for financial abuse by strangers or even their own family. joining us to talk about this is sharon epperson. a huge problem but how wide spread is this >> it's a huge problem and growing. this study by aig showed the reason more people may be getting scammed is because they're doing their finances alone. they're not checking in with anyone they trust and not an adult child, not another family member or friend and if they are failing in terms
of their mental capacity, then that is leaving them even at a greater risk to get scammed. the numbers are alarming 3.5 million incidents are reported every year. and the average amount for someone between 70 and 79, yes, $45,000. and if they know the person, that escalated to $50,000 per incident 90% of people who are doing this are family members or trusted individuals, caregivers. >> that's the most shocking part think of these scams coming as a telephone call where you lure somebody in. not somebody you know, someone you trust. >> it's often that case because people are setting themselves up without protecting the income that they have we talked to an elder law attorney who said one of the most important things to do is make sure you designate a power of attorney. a family member or someone you trust but there's a legal document there that also protects you and makes sure it's
someone you have designated to take care of your finances have that person get copies of your bank statement so they know what is happening in your financial life but do not add another person as a joint owner to your account unless you're confident that person may not take the liberty of withdrawing funds from that account. >> here's what i find interesting. you mentioned the percentage of the population between 70 and 79 we think of 50 as being the new 30 we think of 70 as being the new 50 when are you going to have this conversation and say, okay, it's time to hand over the keys to the car, essentially, especially when we look at americans being independent for a much longer period of time and kind of celebrating that >> it's important to have the conversation and not to relinquish control designating a power of attorney does not mean you're not going to take control of your finances it means if something happens and you do lose the mental capability to be able to do that, there's someone ready to step in and you're not trying to figure that out when you are ill or when you're unable to do it
having the conversation as early as possible does not mean that you're relinquishing your financial responsibilities to another person you should still be in control as long as you can the thing to keep in mind is you want to be careful if someone in the family or someone that you trust is coming into the picture where they haven't been for a very long time that's a red flag. that sudden appearance of a family member is a red flag. a family member who says, tell me everything but don't tell any other family member. that's another red flag. if they're pressuring you to be made power of attorney, that's something else to watch out for. you shouldn't be under pressure to add someone to your bank account either if you don't think you need that. >> what do you do if you're seeing these red flags >> you have to be open, transparent. you need to contact law enforcement. there are adult protective services in many states that will help you walk through all of the stages you need to make
sure you're protecting yourself. but i think the first step is to make sure you talk to someone that you trust and be wary of some of these scams that aig has found that are most prevalent, whether that is someone calling you saying they're you're grandchild and they need money from you or you won the lottery and you have to pay taxes up front. those are the common ones they've seen. >> sharon, thank you very much sharon epperson. deepak chopra's new book looks at mindfulness, meditation and the search for happiness. >> today we have a lot of good scientific data on what makes people happy the gillette skinguard has a guard between the blades that helps protect skin. the gillette skinguard.
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here are the stories coming up that may impact your money. monday is columbus day the stock market is open but the bond market will be closed tuesday is national i love lucy day. it was back on october 15, 1951 that the iconic "i love lucy" show made its debut. on wednesday the closely watched retail sales report for september will be released and the federal reserve's beige book will be out on thursday, housing starts for september will be released and we'll see how busy factories are with last month's industrial production report. we hear a lot today about the value of wellness and awareness. deepak chopra has been focused on both for the last 45 years. his new book is called "meta human.
he had a surprising declaration about the benefits of yoga and meditation. >> i've never been sick a day in my life. i'll be 73 next month and i'm in perfect health. >> if that's not an argument for listening to some of this, i don't know what is what do you do every day how does meditation work for you? >> first of all, i take life as a play. am addicted to yoga and meditation i do about two hours every morning. but in truth, i never move away from my center of being, no matter the situation independent of situations, circumstances, people, events, interpretations, validation, invalidation, criticism, all of that >> you have studied people for a long time, too
you know what they want and need what's the number one thing people say if they could change? >> they want to be happy happiness is the goal of all other goals. today we have a lot of good scientific data on what makes people happy one is the set point, their attitude to life, do they see life as a problem or as an opportunity. the second is resources, including financial resources that add about 12% to your daily happiness experience and third is meaning and purpose. if you have these three components and you're flexible, you're set. >> let's focus on the financial aspects since we're a money show what can people do about their financial health >> i think the first thing they should do is not spend money they haven't earned to buy things they don't need to impress people that they don't like that's where all the stress is second, my mother told me when i was growing up and getting to be
a young man, put away 10% every month of whatever you earn and let it be there because everything is a spiral it kind of comes back to where it started from. sometimes it regresses in the long term it evolves. don't worry about it stay put with sensible savings and investment >> that makes a lot of sense, but what about issues that are a little out of your control what if it's educational expenses, what about if it's health expenses, what do you tell people in those scenarios >> i think you always find the best opportunity that you can within your means. i know that, you know, that $2.2 trillion that circulates in the world every day, only 2% goes to provide services and goods the rest is making money off money off money off money. and it ultimately leads to insanity they should relax, understand, get the best advice and then let
it go. enjoy the day. if you're constantly worrying about the future and not present for now, when the future arrives, you won't be present for it >> are people happy in their jobs >> only 20%. 80% of people are either disengaged or actively disengaged because they're not using their skills or talents, they're constantly in the company of people who are critical and demoralizing. if a supervisor ignores his people who are working for him or her, the disengagement rate goes up by 45% if he or she criticizes them, the disengagement rate falls to 20%. people would rather be criticized but at least noticed. but if you show a single acknowledgment for a single strength that your employee has, disengagement falls to less than 1%
this is $300 billion lost from disengaged and actively disengaged people. >> sounds like we don't like our job. thank you. i appreciate your time the book is called "meta human." that's the show for today. i'm becky quick. thanks for joining us. everyone knows you can trade in your car now you can also trade in your house. how a new kind of realtor is trying to disrupt the real estate market. keep it here "on the money." we'll see you next weekend ♪upbeat music no cover-up spray here. cheaper aerosols can cover up odors in a flowery fog. but febreze air effects eliminates odors.
happy friday, everybody. it's time for "options action. here is what we have on the show tonight. >> announcer: on the big show tonight. >> banking. >> banking, yes. >> that entire sector kicks off earning season next week but dan nathan says there is ony one name you need to concentrate on. plus -- >> have you tried staples. >> staples >> hmm, maybe you shouldn't. carter worth explains why you might want to be wary of consumers' basic necessities finally. mike khouw's plan to netflix and chill. no, literally.