tv On the Money CNBC September 8, 2018 5:30am-6:00am EDT
hi, everyone, welcome to "on the money. i'm becky quick. the really big back to school present some medical school students got this year the kick off of football season is underway. is the sport booming or about to go bust. the pleasant surprise you might find if you're planning a trip overseas finding your inner mogul, whether you are planning on becoming an entrepreneur or just a better employee and how millennials try to stay out of the dog house when it comes to decisions about housing and their pets "on the money" starts right now.
>> your money, your life, your future. some may follow a path that is not necessarily their passion but a new policy by nyu medical school could change that that's this week's cover story on the first day of medical school, new york university students get a white lab coat. it's a tradition this year, they got a much bigger gift. free tuition nyu recently announced it will cover the full tuition cost for all of its medical students regardless of need tuition this year is $55,000 that number doesn't include housing and fees which can run an additional $27,000. the association of medical colleges findings 75% of medical students are carrying debt with a median loan of $192,00
>> walking around with six figures of debt is scary. >> paying off that burden is sending new doctors into specialties like orthopedics instead of primary care, pediatrics and research where there's higher need but lower pay. home depot co-founder and billionaire hopes the program will change that. >> these kids will be able to pick a specialty or pick a field of medicine they want to go in because that's where their passion is and that's where they can do the most good. >> he donated $100 million of the $450 million that nyu has raised so far. >> we think we've given them a good start in life to leave here debt free. and we think it's the right thing to do. >> so will this new policy at nyu address the shortage of doctors in less lucrative fields joining us is the editor and chief of kaiser health news and the author of the book called an american sickness, how health care became big business and how you can take it back elizabeth, thanks for being here today. >> thanks for having me.
>> what do you think of this program? >> i think it's a really magnanimous gesture. we want to think about what's the real goal here is it publicity or is it really -- is it attracting better medical students, more qualified medical students to nyu which it really doesn't need because it gets great medical students or if it's really to help people go into primary care underserved fields, my take on it is this is a great first step, but we could do it much smarter, much better. and the thing that struck me is nyu's own law school has a fabulous program that helps people go into public service law debt free. while it says to the other people going into corporate law, fine, take out loans and pay them back. >> what you're saying is you like the program but you would rather it be targeted simply at people who are going into some of those practices where it's harder to find doctors >> right i am think we could use that
$600 million not just at nyu but similar programs at other medical schools to encourage people to go, to follow their passion, if their passion is those low paying fields so i applaud nyu's step i hope others will follow but i hope they'll follow in a more nuanced way to encourage and enable those physicians who want to go into the specialties that primary care specialties or work in underserved areas because that's what we really lack in this country >> when you talk about how you want it to be more focused, you would like it to go to people who would be going to specialties or should this be on merit or based on your family income, what are you saying specifically just based on where you want to wind up, which medical field >> if i start medical school saying i really want to go into primary care, pediatric, work in a rural area, the inner city, then you should have a special program of no loan, free tuition for those people at nyu law school there's a
program called the root tilden program which says to kids who want to go into public service, you don't pay tuition. i think there are 20 people in that program each year and they don't pay tuition while all of those who want to go work at, you know, a big law firm or, you know, a bank, they pay back their loans that program has been in place for over 50 years. it's interesting, they say to people, hey, because we know kids change their mind, right, if you started this program and you decide you want to do corporate law, fine, it's your moral obligation to pay us back. >> let's talk broadly about some of the problems facing the system and that's a lack of doctors. now, some of this, it's not a lack of doctors, but inefficiencies in the system what do you think in terms of technology, telehealth, relying more on nurse practitioners and physicians assistants? what is the problem? is there a shortage of doctors and can technology help?
>> well, there's certainly a misapplication of doctors. we have too many specialists we have not enough primary care doctors. and they're not distributed the way we really need them. so i think it's a big debate is there an actual shortage of doctors or we just using them inappropriately. >> thank you for being on today. >> thank you now, here's a look at what's making news as we head into a new week on the money. a strong employment report for the month of august. the economy created 201,000 jobs last month the unemployment rate held steady at 3.9% hiring was strong in professional and business services average hourly earnings grew by almost 3% from a year ago. it was a mostly gloomy week for the markets. the tech heavy nasdaq tumbling by more than 1% on wednesday in part on fears of a global trade slowdown the s&p 500 falling as well during the holiday shortened week the dow had a few positive days. stocks fell on friday.
amazon has become the second publicly traded u.s. company to be valued at $1 trillion the company crossed the magic number this week by the way, $1 trillion, that's a one with 12 zeros in case you're counting. apple is the other company in that exclusive club. $1 invested with amazon in the company's ipo is now worth about $1,329 up next, we are on the money. football season is under way is the business losing its kick? and later, a millennial who decided that she wanted to be a mogul. how she put her big idea into action right now though, take a look at how the stock market ended the week
are you ready for some football the full nfl season kicks off this weekend the fantasy picks have been made and fans are ready to root for their favorite teams but not everyone is cheering >> reporter: it's a new season for the nfl and before any games have been played, the league is already battling a barrage of attacks to its sport in two years, tv ratings have declined to 17%. experts are afraid they might get worse in 2018. the national anthem saga has gone well beyond the football field with controversial quarterback colin kaepernick becoming the face of a massive nike ad campaign the league tried to end the protests over the off season but failed to come to any agreement. player safety continues to hang a crowd over the league. new rules this year designed to reduce injuries have caused more confusion among players, referees and coaches despite the negatives, league executives remain optimistic. >> i think our best days are ahead of us. if you think of business fundamentals whether you measure that by revenue growth, whether you measure that by fan growth, whether you measure that by television ratings, it is still
heads and tails above anything else you could get in the media world. >> another area the league is looking at, the growth of legalized sports gambling. as a way to increase fan engagement up revenues and open up a new category of sponsors on the longer term scale, youth football participation is declining across the country as kids find other interests and many high school teams are outright shutting down. >> i think what it's saying is everybody's hearing the concerns, understanding the risks. there are inherent risks what's the right way to do it so we continue to grow our sport because it's unique, different, special? >> one major retailer dicks sporting goods recently said football is a struggling business and they're focused on soccer and baseball instead. >> this is the first year we're really seeing a decline in numbers. we have 15 kids at one point we went out and recruited. we have 20 now we should be able to field the
team and be successful but we're starting to feel it. >> on open weekend, most teams fans just want to see a victory. legendary hedge fund trader recently spent $2 billion to buy the small market carolina panthers, setting an all-time franchise valuation record needless to say, big market team like the giants and patriots could be worth as much as $4 billion. >> wow, big numbers, eric, thank you very much. you don't have to be an nfl owner to be a mogul. ed an at age 27, tiffany decide she would become one she launched a website for millennial women to connect and share job information. she's the author of the book called "you are a mogul," how to do the impossible, do it yourself and do it now mogul is the term that gets thrown around a lot.
what do you think? what's it mean to you? >> for me, mogul is the best version of yourself. ultimately when i first started mogul, when you google, it would come up with page results of business moguls that were men and unfortunately it wasn't until the sixth page when you got into women's names today you can goog the goggle the word mogul, we are the first search result. >> you're a millennial millennials have this bad rap. they kind of get overcharacterized with the characterization of feeling entitled, feeling like they don't have to do anything. you give the opposite advice in your book. you say underpromise and over deliver. what did you do along the way? >> it definitely was an attitude i developed thanks to my parents who were such hard workers. and also with so much spirit this they loved learning in everything they did. for myself as well, that's the attitude i took on every single little task, no matter how mundane, i always wanted to do it with so much
passion. if it was just stapling. getting a cup of coffee. i would always do so with so much passion, i would excite everyone else around me. they would get excited and then i would have that excitement. >> that's where the next job opportunities pop up if you're going to do something, do it really well and then other opportunities come from that you had some day jobs along the way. you weren't thrilled with them you ended up writing the book at night and doing other things you call that the side hustle. what is the side hustle? how important is it? >> i'm sure for many audience members, it is important for them as well having a job during the day throughout which they can get the steady income, pay the rent and the bills. and then they're learning a lot. but then ultimately also taking on some side hustles at night. that was really important because early on as a child, when i was 14 years old, i made a promise i would create this company one day.
create this company that could empower and enable women all around the world and follow in my grandmother's foot steps. so when i made that promise, that's what made me realize that to do this, i needed to know every facet of the media industry inside and out. that's why i subsequently took on corporate jobs during the day, working with hbo, cbs and more, and ultimately at night would take on side hustles working with at a side venture so i could supplement that learning >> you said you want to follow in your grandmother's foot steps. what did she do? >> she was an incredible maverick of her time who ran businesses across industries was one of the first women to drive a car in vietnam i wanted to be a woman like her. >> it's great. thank you for being here up next, are you looking for a deal, a vacation destination where your dollar will go far? and later, more millennials are buying homes but it may not be to make room for baby.
if you are looking for a getaway and a bargain to boot, how about some destinations where you can get a great deal for your dollar? joining us right now is pauline, from frommers. thank you for being here the dollar is strong around the globe. a lot of different plays to get bargains >> absolutely if you just drive over the borders if you go to canada, if you go to mexico, you're suddenly rich. let's look at canada in 2011, you were getting a .95
canadian dollar to the american dollar right now, it's 1.30 so that's a 35% discount on everything in canada a lot of things in canada are already cheaper than they are here >> that's huge though. huge discount. >> huge. you can go to wonderful restaurants. all the national parks are free in canada. so that's a great thing you can do there with mexico, if you look back to 2011, it was 12 mexican pesos to the dollar now it's 19. >> ooh. >> that's another big boost in the spending power for american travelers. >> where would you point somebody when it comes to mexico >> you want to go to an area that's safe. there's certain areas you don't go to but you're fine if you go to the riviera, the mya myan riviera so much to see and do in mexico.
>> what about something if you want to go overseas? is there a place you'd recommend? >> well, japan japan used to be horrifically expensive. >> yes. >> not so much anymore you're getting, now, 110 japanese yen to the dollar in 2011, that was just 75 yen to the dollar. >> wow. >> so and then you look at airfares airfares have also dropped because of increase competition. so i went to japan recently. in april, i could have gone from new york to japan for 600 round trip. >> unbelievable. you think about those trips costing thousands of dollars >> but so much less expensive now. >> what about south america? >> south america, i'm recommending colombia. used to be too dangerous to go to. >> i would say there are people who say what about security? >> it's fine it's absolutely safe in every place that tourists go to and it's a wonderful place to go because it has everything that you want to see in south america.
it has the andies mountains. the amazon round forest. colonial cities. it's inexpensive it's about 3,000 colombian pesos to the dollar. in 2011, it was close to 1,700. >> a place people talk about more frequently, croatia. >> if area a game of thrones fan, you want to go to croatia a lot of it was filmed there one of the most beautiful coastlines in the world. medieval cities. friendly people. just a fabulous place to go. and the croatia cuna is 6.39 today. a couple of years back, you were getting five so much more value it's always been an inexpensive place to go. up next on the money, a look at the news for the week ahead and the house hunters who are looking for a backyard and parks but it's not for their kids. take a look. there's a hint
to lock your dentures. so now you can eat tough food without worry. fixodent and forget it. the stories coming up that may impact your money this week. on monday, we will see how much debt consumers owe on their credit cards tuesday is patriot day and a national day of service and remembrance. and on monday, the fed's beige book will be released. and we'll also be getting an update from apple. the company's expected to
announce a new iphone. on thursday, we'll get a measure of inflation with the consumer price index. on friday, we will see how strong the consumer is when retail sales are released. millennials love their pets so much they are often putting their furry friends needs at the top of their list when it comes to buying a home diana oleg explains. >> 31-year-old jessica lives in washington, d.c. with lucy and casper she calls them her fur children. >> i want to have kids one day i'm not at that point in my life i think a lot of millennials here in d.c. are in that same boat but you still enjoy having something to take care of. >> taking care of lucy and casper meant buying this house. >> i loved living in the downtown area in the condo it was great, it was very convenient i didn't have housework. the one thing that was really missing was my dog's happiness. >> and she is far from alone 73, it of millennials currently own a pet. that's more than any other demographic. and a whopping 89% of millennials who bought homes own
a pet. that has millennials putting their pets needs front and center in real estate decisions. 79% of pet owning homebuyers who close this year said they would pass up an otherwise perfect home if it didn't meet the needs of their pet according to a realtor.com survey jessica knows this first hand because she's also a real estate agent. >> a lot of times they really want a yard. they really want some outdoor space. and that does sometimes mean people moving out of the city even though they'd love to stay in the city. the challenge of having a lot of stairs can be difficult for people with older pets having a place to watch your pet is a big deal. proximity to dog friendly places if you don't have a car and you have a dog, being able to walk to your petco and pet smart or pet store is a big deal. >> once they buy a home, millennials will put a lot of money into it to upgrade it for their pets jessica did.
>> probably $12,000. >> it paid for a higher fence, a pet door and even a renovated basement bathroom. >> i wanted to have her to have her own shower so i wouldn't have to clean mine after washing her. >> because after all, pets are people too not only are pets driving home choices, they're also driving neighborhood choices that idea of being close to those pet friendly amenities you know, you used to talk about when you see a whole foods or starbucks come into your neighborhood, your values will go up. now it's a petco or fancy dog grooming salon, becky. >> i know they're doing this before they have kids and like the person in your package just mentioned, she wanted to have kids eventually. when they do have kids do they have to reassess and move or do the things they're looking for for their pets also work for kids >> well, of course those outdoor spaces and perhaps if they moved out to the suburbs we're seeing cities change to
meet those needs, especially of millennials that want to be more urban. you have right in the heart of d.c. this beautiful dog park where they can watch themselves and meet and place and everything this is valuable real estate it's just like the playgrounds of the past. again, it's pets, kids >> 12 grand on upgrades for your pets, now, that is devotion. thank you very much. that is the show for today, folks. i'm betty quick. thank you for joining us next week, fall lines. we'll sample some vino to go with the cooler days ahead have a great one we will see you next weekend
hi there we're live at the nasdaq marketsite they're finally back together and getting ready for the big show while they're doing that, here's what's coming up >> social stocks are getting kicked to the curb, but if you own one of the beaten name, mike ko has a way to limit your losses he'll give us the trade. plus -- cloudy with a chance of profits. ♪ i'm singing in the rain >> cloud stocks are on a tear, and dan nathan says there's one name that could be next to break out, and he's got a way to buy it for less, and -- ♪ ♪ ♪ feels so good