hi, everyone. taking care of mom and dad. when the time comes, how to make sure they don't get ripped off. and how to ease financial and emotional stress for working mom. and the newest trend in staycations, why it may not involve a car anymore. >> i don't know how anyone can lose coming here. "on the money" starts right now.

we begin with the importance of watching out for aging parents, especially when it comes to their money. every year millions of older americans are financially by sophisticated scammers, care givers and even family members. most cases of elder financial abuse are never reported. but not this time. >> the doctor just said it's okay, it's okay, it's not cancer. we didn't find anything bad. i said you have no idea what i have just been through. >> carla made the shocking discovery, waiting for the outcome of her mom's surgery when she found out her 82-year-old mother's financial health was in serious trouble. >> i had her cell phone with me hoping her friends would call finding out how she was doing and i intercepted some phone

call. >> including a call from a las vegas company asking how she liked her new pills. >> the first credit card company i called, there was $19,000 charged and i pulled the discover card out and there was $ $21,000. >> the grand total? >> she spent $44,000. >> they said there was just about $500 she okayed on a credit card. see didn't remember doing it. >> as power of attorney, carla was able to get most of the credit card charges reversed. the iowa attorney's office investigated they claim.

>> they did it to numerous people throughout the country. it was part of telemarketing fraud. >> in response to the investigation, they paid back the remainder of the charges to carla's mom. but millions of older citizens are at risk. >> they're more at home, they're a little more lonely, some of their powers are a little bit diminished. so there is a concentration by many fraud artists very disproportionately against elderly. >> in response to the investigation, a representative of leading health source wrote in the letter that the company was unaware that karla had power of attorney when they sold her the products. we tried to contact leading health source several times. the business answering its phone number has a different name now but the person we spoke to said

the companies were related. our request to speak to a top representative has mott been answered. joining me now are the general council and senior vice president and senior safe and senior vice president of programming for aarp. it's estimated $36 billion have been lost every year to seniors who have been the victims of financial abuse. why does this go soin reported or underreported in many cases? >> a lot of people are feeling embarrassed. doesn't feel embarrassed if you actually report it, you're helping somebody else. be an advocate. when something happens to you, take charge of the situation. >> liz, when you were a manhattan d.a., you prosecuted many of these cases.

what are some of the common themes? do you think it's a growing problem? >> it's definitely a growing problem. experts refer to it as an growing epidemic. no one wants to turn in a family member. unfortunately a lot of older victims suffer from some impairment. this is why it's a growing problem. i think it's definitely a trend. >> it's scary to know some exploiters are family members. some are posing as family

members. >> a fraudster will call the grandparents saying i'm stuck in jail, can you please immediately wire me some money and that happens all too often. >> liz, what do you think are some of the most common frauds you've seen and frustrated? >> the irs scam is very big. seniors are often targeted and called with someone purporting to be from the irs. claiming -- it could be all sorts of things, claiming there's a problem with taxes or mean there's going to be an additional refund. >> the irs never calls you, right? they're going to seasonnd you a letter in the mail. >> that's correct. and medicaid doesn't call you to get your date of birth and social security. >> what do they do?

>> just stop and really protect your information like your crown jule jewels. if the irs isle kaing you, don't give any information. walk away. >> and as a family member, as the daughter is about to celebrate a birthday, 80 years old, what should i be doing? >> have the conversation with your parent. and have it early. don't do it when there are signs of possible cognitive impairment. >> it's so important o get involved. >> it is. >> thanks again. >> thank you. >> now here's a look at what's making news as we head into a new week "on the money." a hiring surge led the job reports for the month of june. the economy created 287,000 jobs. it's the biggest increase in

payrolls in eight months. but the unemployment rate rose to 4.9%. >> stocks climbed higher on friday. the janet yellen-led federal reserve released minutes from its last meeting in which they left interest rates unchanged. uncertainty in the market played into their decision. the meeting occurred before the brexit vote. and walmart is rolling out its walmart pay system. walmart shops are can connect a debit or credit card to the wall march app and pay by smart phone. >> when you're looking for a job you're usually economchecking o salary and benefits. and if you have student loans,

this is something you're going to want to hear. kayla tausche has more. >> jennifer started hearing certainly worrisome last year. >> we heard that student debt was an impediment to moving forward in life, whether it was buying their first home, getting married, for one person even dating. >> and fidelity put together help, getting $10,000. >> i had about $50,000 worth of debt. and he paid off more than his

mortgage. >> 401(k) is really nice but i've accumulated a lot of student debt and this one is really important to me. >> there's currently more student loan debt than credit card debt in the u.s. this year's class owes more than $30,000 on average. for jop applicants, these benefit made be a deciding factory. >> if the salary is close to comparable, go with the company that's offering the help. you pay off that student loan debt. it's a differentiator. >> for now only 4% have this program. >> for the last five years we have been with this $1,300 a month, we have been paying off our past and now with the exextra money and ability to pay down sooner, we can tart start thinking about our future. >> these are formal programs to

help chip away at student loans in this country. they're still few and far between. most companies have said if you're an employee struggling with student debt, go and talk to an adviser or a boss. personalized solutions may be available. >> the financial future and securing that is key. whether it's through 401(k) contributions are paying down the debt, the companies are doing a great benefit for these employees. up next, we're on the money. with the right planning and smart money moves being a parent doesn't have to be a financial burden. we've got some tips moms can use to be financially savvy. plus some smart money moves moms can teach their on kids. and later, there's a lot of fun to be found close to home but staycations aren't what they used to be. and a look at how the stock market ended the week.

whether you have a newborn at home or your kids are all grown up, tips that can make mom more financially savvy. joining us is kimberly palmer, the author of "smart mom rich mom." thanks for joining us today. >> thanks for having me. >> we know as moment of two children, they're expense of. what steps can you take to prepare for the financial challenges of having children? >> as soon as you know you're expecting is to save money. create a nest egg for two of the biggest cost, the first of which

is the lost income. most american women in this country don't have a paid maternity leave. so we have to pay for that ourselves. putting money aside to fund that is really important. the second big one is child care costs. the other thing a lot of new moms forget is to take place of the of the workplace benefits available. women leave hundreds of dollars a year on the table because we forget to do things like sign up for a flex pay account. and then the other thing i always recommend is connecting with other new parents. you can often save a lot of money by trading gently used clothes, some of the big ticket items like strollers. >> there's a lot of costs also in raising teens.

i have a 14-year-old and 11-year-old. how can we make up for some of money mistakes we've made along the way? >> i think it all about connecting to what they care about at the. for me as the mom of a 3 kwleerld 3-year-old, it about explaining we can't have everything you want because we're saving for other things. my 6-year-old, i can sit next to her and with to and jers, it's about connecting what they're caring about. so whether it's saving for a car, sleepaway camp, whatever it is that is a reality for them, can you help them understand how we save for things, plan for them and that kind of lesson will stick with them into young adulthood, too. >> one of the parts of your book that struck me is when you talk about the money letter your mom left to you and your sisters. it's something you encourage all parents to do, to write in that

letter. >> what was such a powerful thing that my did for me when i was in my early 20s. she wrote a letter to her his terse and and in. >> the other thing to talk about in the letter is your values, what's important to you with money. maybe it's saving for education, saving for college. and then also, what did do you right? are there with your money that are you proud of, that helped you buy maybe the house you're living in today. >> thanks so much for joining us, kim. great book. >> up next, we're "on the money." how can you have a great vacation by stating in your own town? and the gym so sure you'll get

fit, the membership comes with a warranty. josh, don't you have friends coming over?

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off this summer but don't want the cost of traveling, you could make it a staycation. jill, thanks so much for joining us. >> thanks for having me. >> wallet hub just ranked the best and worst cities for staycation.

it's not surprising some of those closest to florida are in the top ten. minneapolis was number four -- utah was number for and minneapolis was number eight. >> some of the big international tourist destinations were near the bottom of the list. new york, los angeles, they were among the worst for a staycation. why is that? >> absolutely. because costs are so much of a factor of of a staycation. that's why you're probably doing that in the first place. so big cities like l.a. and new york are just not going to be wallet friendly at all. >> if you decide to take a staycation, what are some of the stips are good to take advantage of time off? >> absolutely. just because it's a staycation and it could be very laid back doesn't mean it has to be and is

certainly does not mean you should weng it. that's actually going to cost you more money on expensive last-ment tickets and you'll probably have to be dealing with cranky ma'amly members. you can usually find an amusement park ticket from 40% to 70% off. don't be trying to cram too much into one day. that makes it feel even more like work. >> speaking of work, also don't check your e-mail and doesn't check your smartphone, right sp. >> mean sure you're leaving your away message and get a service to come and clean up so you're not doing house chores, too. >> thank you. appreciate it. >> of course. >> up next, a look at the news for a week ahead. and fitness can come with a price but at one gym, if you don't lose the weight, you'll gain back the cash. >> i'll write you a check to get your money back and you can be

completely let out of your membership.

coming, wll hear from the

producer price index and on friday we'll see how well the consumer is doing with the consumer price index for june. and we'll see how the retailers fared with the retail sales report for june. also, happy birthday twitter. the social media giant turned ten years old. >> very few things in life come with a money-back guarantee but you can add to that tiny list a gym membership. one entrepreneur in new york is is try out a new business model. andrea day has more. >> reporter: it's an all-too familiar problem, pricey gym memberships that go unused when people doesn't see results. now one businessman has decided to guarantee your fitness or you get your money back. >> this is the one industry that if you don't get the results you paid for, for some reason it's

your fault. >> jeff hall day decided to end the blame game. >> we guaranteed people's fitness results or they were not on given their money back but entirely let out of their gym membership obligationszplpt program takes five measurements. >> we look at fat mass, lean mass, strength, mobility and flexibility and cardio pulmonary fitness. if you haven't improved in at least three out of those five areas in 90 days, i'll write you a check to get your money back. >> joanna change decided to give it a try. >> i don't think i've everin seen another gym that have guarantee. >> so far jeff has refunded a whopping -- >> zero. >> raising the bar on what may soon be an industry standard. >> now prices for the shirt starts at $6,000 annually for

guaranteed result. it seems that if if you're thinking $6,000 is lot of money, it is. but exclusive memberships in new york city can run as high as $30,000 per year. that's the show for today, i'm sharon epperson. thanks so much for joining us. next week, if you're not happy with your company's 401(k), some steps to get it and your retirement savings back on track. we are "on the money." have a great one. we'll see you next weekend. mr. clean gets tough on dirt and grime and grease in just a minute mr. clean will clean your whole house and every room that's in it. floors, doors, walls, halls he's so tough, he cleans'em all grimy tubs and tiles he'll do so your bathroom looks clean as new mr. clean gets tough on stuck-on stuff

hi there, we're live. look who decided to join us. here's the stock market and here's your portfolio. and we've got a trade that could help you catch up. we'll explain. plus is disney about to rock the world of cable? some potential interesting moves from espn could change the media landscape and super charge disney's stock. and mike's bet against the market was terribly wrong but still didn't lose any money. >> that's incredible! >> no, it's not. it's just theic