hi, everyone. welcome to "on the money." i'm becky quick. the market walks and then runs, but what will november bring? and what could next week's elections and the jobs report mean? cutting your credit card and cutting the cable cord. your future could be here now. how it will change your life and your money. and how to make sure everything is coming up roses if you're starting your own business. "on the money" starts right now. here's a look at what's making news as we head into the new week "on the money." the federal reserve said to the economy, you are on your own. at its meeting this week, the

fed's open committee halted the bond-buying program. as expected, that program quantitative easing helped keep interest rates lower and stimulate the economy. later in the week in a surprise move, the bank of japan and announced it was increasing the similar easing policy. that pushed global stocks own the dow higher by triple digits hitting the all-time high in early trading on friday with the markets also boosted by earnings and signs of a stronger economy. stocks closed even higher on friday with the dow setting a record close. america's economy expanded a little faster than expected. the gross domestic product grew at an annual rate of 3.5% last quarter, that was better than analysts predigted. a busy earnings week, visa, mastercard, baidu and facebook beat estimates. and if you are in the market for a ferrari, you can't get one cheap but you can soon by stock in the company. fiat is kicking off the company to raise money for its expansion plans. the fed makes a historic

move, the economy chugs along and the markets seem pretty happy right now. is it all sunshine and roses for your money? joining us is bob dahl, thank you for being here. >> thanks, becky. >> we saw big moves from the fed ending qe and then the bank of japan with its surprise move making room for more quantitative easing on its side of things. the market's loved all this, what do you think? >> i think it is generally good news. we know outside the u.s. japan in particular, europe not far behind, they need some of the same medicine that the fed gave the u.s. and they are finally getting there. >> we've talked to a lot of people during the week. one person at one point said, look, this is -- there's no alternative. the markets are the only place to be. is that your read of things, too? >> well, the real economy is doing better in some places, most notably the u.s., take the gdp report this past week. and so i think investing in the real economy for growth is also working, becky, but yeah, the

central banks want people to go out to the risk curve. that's what the qe stuff is all about. >> you mentioned this is the real economy, too, if the fed's real put off, are we really ready to do a seamless handing off of the baton? >> it's a process, not an event. the fed is making an assessment that the u.s. economy is able to stand up on its own two feet by itself. and i think that's an appropriate assessment. they will contemplate during this long period in between when they start normalizing rates from a low zero. just because they are not doing qe does not mean they are not helpful. they are still because zero interest rates are there. >> that brings us to the next question as to when do interest rates actually rise? the second quarter of next year or the third quarter? >> when the data permit, i do listen to janet. i think that's probably the second quarter of next year. i think we have to watch wagerings. i think we'll start to see as the unemployment rate falls

below 6%, the beginning of some moderate rage increases. when i talk to ceo, there's short labor, skilled labor, in particular. >> that's good. we have been wanting a little more inflation and wanted more strength in the consumer's hands. >> agreed. if we get some of that, that's kind of the misingredient for the fed to say, okay, we need to raise rates. >> we have been watching a lot of different things, a lot of numbers come in. some of the consumer numbers are a better number than expected. the gdp was stronger than expected in large part because of the consumer. falling gas prices? >> falling gas prices, jobs. the last six/eight months, the jobs number has been good. we'll probably get another good one the end of next week. consumers are feeling a little better on life. >> next week we have the jobs report that you mentioned and the midterm elections. how important are either of those two? >> always important. the jobs number, if i could know nothing else, the weekly initial unemployment claims and the monthly jobs numbers would be

it. the contemporaneous number of where the economy is, it's always important. >> bob, we are looking at the markets making a massive rebound from where we were two weeks ago. forget about being down 10%. are we looking at a real correction? we are back sitting at record levels once again. does that make you nervous? does that make you feel like things are where they should be? how do you read it? >> the part that makes me nervous, becky, we hit the market over the head with a baseball bat. it takes time to heal and we have had no time to heal. straight up and blue sky, new highs, that makes me a little leery. i think we need to repair simply by going sideways for a while. as the fundamentals continue to improve slowly by surely. >> is that a recipe for what you expect to see the rest of this year? >> we are heading into a seasonally strong period, and post-midterm elections, stock markets tend to do very well. actually for six months we have not had a down six-month period in the post-midterm elections

since 1946. >> this time, if the republicans actually do win, that means probably gridlock in washington, is that a good thing? >> yeah, probably, although we've had gridlock now as you know. if republicans take the senate, which the pundits are suggesting, we'll have more legislation passed by the congress. acceptability sent to the president. more reaction to the congress and the president. he won't veto everything. he has two years left and needs to think about legacy, so i'm hoping both republicans and the president learn how to spell the word compromise and get stuff done. >> sectors in the market that you like the most, just based on how everything is -- >> first cyclicals as the economy gets better and the mid-cycle cyclicals of industrials and technology. leaving energy and materials that need pricing power for later on in the cycle. and i still like health care within the defensive sectors. >> bob, thank you so much for being here. >> great to be here. up next, we are "on the money." is the future right now?

how the latest in consumer technology offerings feels like a page from science fiction. when apple pays and google drives, where does that leave you? and later, it can be part of the american dream. starting your own business. what you can do to make sure it doesn't turn into a nightmare. important tips to avoid risky business.

sometimes it feels like the future is now, with headlines about driverless cars and commerce, our consumer applications, are they ready for you to use? joining us is a man who has been covering personal technology for more than 20 years. i think even longer than that. the co-executive editor, walt malsburg, a pleasure to have you here today. >> a pleasure to be with you, becky, every time. >> we'll talk about this, walt. it's been confusing with all the headlines coming out about

consumer experience, potential lifestyle changes coming, you start to think about mobile payments, driverless cars, cable tv alternatives, why don't we start with apple pay. when it first launched a few weeks ago, people looked at this as a bold new world. is this really going to change the way we pay for things? >> i think it is. you know, apple didn't invent this. there have been a couple other company that is have tried it, it didn't take off, but apple's solution is so slick and so easy to use. and it is built on top of the existing payment system that everyone's familiar with, the credit card system. here's what i ask people, when you're standing in line at the store, what is in your hand? your credit card or your phone? for the most part, it's your phone, yeah. so it's already in your hand, you just swipe it over the terminal, just hold it over the terminal and you're done. >> there was news this week about a couple of drugstore

chains that said they were pushing back and disabling it. i just wonder who has the upper hand, is it going to be the retail operators who get to decide this or is it the consume her? >> i think it will be the consumer, eventually. and i think companies that are trying to push a separate solution for other reasons that don't have much to do with the consumer convenience are not going to be on the right side of history in the end. >> walt, another one of the big trends we have talked about for years is wearable technology. do you wear anything on your wrist to track what you're doing? >> i don't. and there's two reasons for that, one is, i think, everything that has come out so far has been really not quite there. the second reason is, i use an iphone, and the phone itself has the basic functionality of most of the bands built right into it. i has a pedometer. we are kind of coming out of the first inning, we have a tiny amount of adoption.

we're about to go into an era where i think you will see people wearing smart watches, a large number of people, not everybody. then i think we're going to see wearables mean so much more. i think your clothing will in five or ten years just naturally come with sensors that will be flexible and soft, won't look -- won't show, but will be able to give you a whole bunch of data about your health and your fitness. >> are you talking about like shoes, sneakers that would do that? >> i'm talking about shirts. >> really? >> i'm talking about, you know, actually -- this may even exist today, things like bras that will have a heart rate monitor somewhere in them. >> i've got enough going on in there already, i don't think i need anymore. where do you come down on driverless cars? do you think that this idea that we'll be zipping up and down the highway without paying any attention, does that happen in the next 20 years?

>> maybe in the next 20 years. i think people would be -- i've ridden in one of the google driverless cars, it's a little -- it's a little strange as an experience. but, you know, cars is a thing that evolves or involves safety, and because it involves safety it involves regulation. it's not as simple as building a tech gadget. and i think 20 years is a much more reasonable timeframe for that. >> walt, you've been covering this industry for an awfully long time, apple's ceo tim cook publicly came out this week, he wasn't hiding anything before but he just hasn't come out to make a statement about it. now he's saying he wants to do this from a personal reason, because he wants to make sure that he's helping other people if he can to make things easier. do you think that this has any impact on apple on the world's most valuable company? >> well, first of all, i salute tim cook for what he did. and for exactly the reason you said it.

i think, you know, this is the last kind of civil rights fight we have in america, which is full recognition of equality for gay and lesbian and transgender people. and so he's -- here he is the head of the most valuable company. i would also say the most influential company in the last 15, 20 years. and he's being public about it. so it took guts and i think it was a great thing for him to do. >> walt, thank you. i couldn't agree with you more. again, thank you for your time today. >> thanks, becky. up next, we are "on the money" with the technology executive fired more than once and turned the setbacks into a billion-dollar success story. and more and more boomers are doing it with success. what you need to know before you start your own business.

from being fired to being on fire, up next the ceo brian o'kelly had a major setback that led him to his own billion-dollar setup. he lets customers buy and sell ad space in realtime. how did he bounce back from his pink slip and what can you do to replicate his success? brian is joining us with his career lessons. brooi brian, thank you so much for being here. >> thank you for having me. >> let's talk about your company, it recently hit a billion dollars. it is amazing when you consider

that it is profitable compared to what a lot of start-ups see, why do you think that is? and why is it so successful? >> the idea behind appnexus is advertising is the lifeblood of the internet. so many of the internet properties are funded by advertising. so we think that making contents more valuable makes the internet a better place. and so what i invented about ten years ago was the ability to have an auction for every ad, so in the blink of an eye before the website actually loads, we auction the ad off to the highest bidder across hundreds of millions of advertisers. and it makes the content worth more and also helps the consumer get a more relevant ad on the theory that whoever pays the most will be the most interesting advertisement for the consumer. >> you have there through a rather unusual route. your first job, your first start-up didn't go so well. you got fired there, what happened? >> well, i think as an entrepreneur, you know, there's this question, are they born or are they made? and i think in my case, i've always had this belief that we

could do incredible things. and sometimes that aspiration or ambition clashes with the realities of the people i worked for. and so, you know, i've gotten fired a few times. and every time it was the same reason. i saw this huge incredible opportunity to do something that would change the world and the people i work for said, hey, that's not realistic. >> not so fast. >> let's not bepragmatic. then i would say, no, we have to and it would lead to conflict and i would get fired. but i feel like i have to live every day at work as if it could be my last. i have to to be successful. take the risks that allow us to potentially fail, because that's the only way to learn. >> how do you implement all the lessons you learned at appnexus? >> i have a team. the management team and the people i've worked with for in some cases more than a decade are folks who know they can walk up to me and say, brian, i disagree with you or i think you're making a terrible mistake. and it's hard to hear, especially when the company's doing well, but i feel like that makes me a better leader, is the

people around me that give me the constructive criticism every day. but i live through the dot com times when people were doing incredibly well and it went away. and i feel like we have to treat every day as an opportunity to create more success. and not to sort of say, well, you know, i'm a success, everyone should tell me how great i am all the time because then how can i fail. >> that's a great way of looking at it. you mentioned that you live through the tech come bust last time around, do you think it's different today? do you think these companies are doing things differently, as money, as easy, is there a risk of a bubble bursting or is this time really different? >> well, i think that the internet is far more mature this time around than last time. 15 years we have huge commerce being done online. you have alibaba with hundreds of billions of dollars at e-commerce. amazon and e-bay here, i think

the internet commerce is real this time. that being said, the realities and challenges of building a company make it a risk that we get caught up in hype and we have another credit card. i don't think it will be the same ten years ahead of its time bust that we saw in 2001. >> does that mean that we should be expecting with appnexus that you go straight to the ipo? >> i think being public would be great. there's a lot of overhead and challenges with being public, but what it takes for me to achieve with my company and for really changing the internet, we'll do it and maybe we'll get fired. >> brian, it's been a pleasure meeting you. thank you for joining us. >> thank you for having me. launching a business is something that's on the mind of a lot of people these days, especially boomers as they get ready to retire or are laid off. more and more are feeling the entrepreneurial spirit. those 55 and older have the highest entrepreneurial numbers

in america. but starting a business certainly has its challenges. personal finance correspondent sharon epperson is joining us with more on what budding entrepreneurs need to do before getting started. sharon, it is kind of shocking information. why are so many baby boomers getting into entrepreneurship? >> because they need to keep working or they have a source and wealth of expertise to bring to the table. >> there have to be pitfalls. what are some of the challenges they may warn you about? >> even though they have run businesses within a corporation, running your business is far different. you need to have a well-thought out business plan that needs to include the income statement and needs to include cash flow analysis. you really need to have a well thought-out plan that includes your target audience, how to market these things. and in the small business administration, very good on their website about giving you tools to help you get there. >> what are some of the steps if you're thinking about jumping in on this, what are the first things you should consider, what are the first things you should

do? >> one of the main things you need to do is figure up your start-up costs and do a break-even analysis to figure out how much time it will take you to make money and make or have this business profitable. there's some research to show you might need $30,000 for that to happen. it could take 18 months or more for that to happen. so you need to do the analysis based on what your fixed and variable costs are. and you need to make sure one of the things people really mess up on is money management. and if you don't have a budget for your household, it will be harder to figure out for your business and do not mix-up your personal and your business expenses. >> it's not surprising to hear that people in their 50s are a little more successful at this than people in their 20s and 30s. i guess that's experience and where it pays off. >> the experience pays off. the experience also means you may have more personal resources to put into this business, but another thing that you want to really think about is the money that you use and don't be so ready to tap that 401(k), to wage your 401(k), because it's going to take you a lot longer

to recoup the losses and you're going to need them sooner as a boomer. and you want to make sure you look at a variety of funding sources and a lot of folks are looking at crowd funding now. you have to be social media savvy starting a new business and look at new opportunity, business incubators as well. those are things you want to look at, considerations you want to make before jumping in. >> are there any statistics that tell you how, what your chances are, what your odds are of succeeding if you jump in on this? or is it dependent on who you are and where you are? >> there are many businesses that fail, certainly, but the odds are in your favor if you set it up correctly. another key component is to make sure you have a team. you likely have a team in corporate america, you want to have a team in this new venture as well. and that team doesn't have to be super expensive but needs three key components, a financial adviser and an attorney and accountant. they can help you miss a lot of the mittfalls we talked about, a lot of the common mistakes at the top, they can help you avoid those. so make sure you find those people, the right people to help you with your plan.

>> good advice. sharon, thank you. up next "on the money," a look at the news for the week ahead. and as we go to the break, here's how the stock market ended the week.

first thethen a littleeck-in.... weekend to remember. join us for the celebration package...with sparkling wine, breakfast and a late checkout. doubletree by hilton. where the little things mean everything. for more on our show and our guests o go to otm.cnbc.com. and follow us on twitte twitter @onthemoney. here are the stories that may impact your week.

another busy week for earnings, reports from disney, aol, news corp, cbs, warner and alibaba. and tuesday is the midterm election and we'll find out if the senate will go republican. wednesday, the ism services sectors index is out. that's a measure of the nonmanufacturing part of the economy. and on friday, it is the big number of the week. the jobs report. that's the show for today. i'm becky quick. thank you so much for joining me. next week, the start-up culture in one of america's oldest institutions. high-tech history at west point. each week keep it here, we're "on the money." have a great one and i'll see you next weekend. ameriprise asked people a simple question: in retirement, will you have enough money to live life on your terms? i sure hope so. with healthcare costs, who knows. umm... everyone has retirement questions.

so ameriprise created the exclusive confident retirement approach. now you and your ameripise advisor.... can get the real answers you need. start building your confident retirement today.

>> narrator: in this episode of "american greed"... dr. mark weinberger, the self-proclaimed "nose doctor" has it all and he's not afraid to flaunt it. >> he had to be the big shot. he had to be different from everyone else. >> narrator: but inside the weinberger sinus clinic, all is not what it seems. >> all he did was bore two holes in my skull. >> i found it pretty appalling. he was basically cheating the patients and cheating the system. >> narrator: and when lawsuits threaten the empire he's built, the nose doctor heads for the hills.