small businesses, big dreams should the government lend startups a lending hand. the fed raises rates what will go up, what won't and why you should care. boomers may be retiring but they are not shy. how that's changing the housing market >> a big 3 auto maker making a big change it's not about buying, it's not about leasing it's about something entirely different and does father really know best money lessons from dad "on the money" starts now.

so. we we again with the concerns of the little guy small business owners. they make up more than 99% of all u.s. businesses. as kate rogers reports in this week's cover story, they are the engine of the economy. >> america's 28 million small businesses are truly the backbone of the economy. accounting for more than half of all u.s. sales according to the small business administration. they've also created 66% of all net new jobs since the 1970s and have created some 8 million new jobs since 1990. but running a small business is no easy task just asktamara kennedy she started as a secretary for a franchise and bought a taco john's location in 1999. she'd grown to 14 restaurants but had to close four during the downturn

>> the hardest part was letting 50 people go not an easy thing to do. part of communities that that income made a difference in. >> but she's persevered with nine locations across minnesota and iowa resilience is important for small companies which face a myriad of challenge from the economy to corporations. they found the cost of health insurance ranked the issue of greatest concern followed by regulations and taxes. new entrepreneurs are optimistic >> the refugee is bringing his culture to the windy city selling products made with the gluten free grain. >> i felt that this was a really good opportunity not only to provide a product that's not currently there, but also, you know, bring something from my homeland to my new adopted homeland and i think that's something that you see in a lot

of immigrant stories >> that outlook is something kennedy shares as she continues to build her empire hoping to add additional restaurants in the years to come. >> we get to bring other people's dreams to life. taco john's as done that for me and so many others and we think the future is good >> that excitement is something that's been holding since the november election of president trump. small business optimism has risen and held on the idea that this new administration will usher in new small business friendly policies. linda mcman is the administrator for the small business administration and she join us now from washington. thank you so much for joining us today. >> it's a pleasure to be on with you. >> small businesses face all kinds of obstacles especially when they first start up

what role do you think the government should be playing in terms of lending a hand? >> we focus on the three c's we call it. it's cap cal, counseling and contracts and capital i think is pretty obvious access to capital is what all entrepreneurs need to start. some small businesses that are growing their businesses don't need as much capital as they do counseling, which is the second c. learning how to develop business plans, how to grow, how to pitch your business and the third part are contracts. we try to encourage or at least guide entrepreneur who is may have services or products that can be bought by the federal government the federal government is the largest purchaser of goods and services in the world. >> that's a lot of work to try and get done a lot of worthy causes but when you're facing a 5% budget cut how do you judge which businesses are worthy and which ones to let go on their own?

>> we aren't looking to let the businesses go. what we've done is look inside sba and i've found that there are duplicative programs that we are going to be merging and one we're going to absorb our percentage of budget cut and really not cut many of our programs to the extent that we would eliminate. we're going to consolidate so we can offer a lot of the same services under, you know, one title, one banner. >> what are the biggest challenges that you face as administrator? is there anything that's surprised you since you've gotten into the job? >> when i was on the job two or three weeks what i really discovered was that sba is not very well known to the general public you can say sba and you think about loans as i mentioned a moment ago but i'll tell you sba does so much more. one of the things that i've charged sba with doing is we're going to look at an overall new marketing plan, a new marketing materials and over the next year

we'll do that rollout. >> very important to get the word out linda, you ran what started as a small business with the wwe but it grew into a huge business was there one lesson that you really learned along the way, something you can apply with your job at the sba to encourage other businesses to do the same? >> what i always tell people is look, do something you know and do something you are passionate about, because being an entrepreneur you're often the ceo but also the janitor you might be keeping the books, you might be doing everything you need to do and my husband and i always said that we -- we never went to work a day in our life because we really enjoyed what we did. >> were you passionate about wrestling before you started wwe? >> i was passionate about the business i enjoyed watching the events. i didn't know much about wwe or wrestling when vince and i were first married because we were both so young, but it was a business that his father and grandfather had been in before

so as i was more and more indoctrinated into the entertainment of wwe at the time wwf, i really came to enjoy all aspects of the business and how we developed licensing off of that, but i don't have anything to do with that anymore. >> but it's an inspiring story we want to really thank you for your time today. >> thank you so much >> thank you now heers a look at what's making news as we head into a new week as expected the federal reserve raised a key interest rate this week it now stands at 1 and a quarter percent. that is still very low by historical standards but it is the second time this year that the fed has increased rates. the janet yellen led fed said it would be selling off its bond portfolio which is another tool used to keep interest low. all of this a sign of confidence

that the economy is getting stronger the dow climbed to a record high on wednesday after that decision the markets were mixed at the end of the week. retail sales fell last month down 0.3%. americans slowed their spending at car dealership, gas stations and department stores and amazon hopes you'll be spending some money at its new purchase. they're buying whole foods the move is part of amazon's effort to expand its presence in the $800 billion grocery business as we mentioned the federal recertain raised interest rates for the second time in three months so how will this hit your wallet lindsay is the chief economist and thanks for being here this morning. if i'm a consumer sitting at home, what does this mean to me? >> when we talk about moderately higher interest rates we have to think about how this is going to hit their consumer in terms of the cost of credit

as consumers we would expectedly feel this in higher home equity lines of credit. also higher mortgage rates but remember, as savers we may actually benefit seeing a higher return, a little extra cash on that cash that we've been storing at banks >> the market hasn't slowed down at all we talked about the new highs that the index has hit in redent days but is this something that could put a crimp in the economy? >> well, it's a concern. and the concern is that the fed may raise rates as at a faster pace than the economy can with stand. we've already seen weakness carry into the quarter we see domestic manufacturing still showing signs of weakness and so the concern is that the fed may be overly optimistic about the prospects for the u.s. economy raising rates at a much faster pace than we actually can with stand at this point >> do you think the fed did the

right thing by raising rates >> i don't think they did. i think the fed should have ered on the side of caution waiting for further indications that we are on relatively firm footing again, the fed looking at their expectations for growth and inflation continues to anticipate a rebound in the u.s. economy. but there's really very little justification in the underlying data to suggest that a rebound is on its way to the u.s. economy. and so i would have been much more comfortable had the fed sat this meeting out and said let's wait for further evidence of which directional trend we see in the underlying marketplace. >> so what signs do you look at next to try and figure out if the economy is being hampered by this or not? >> well, remember we're a consumer based economy so first and foremost a sign of a healthy u.s. economy is if the consumer is out in the marketplace spending on goods and services retail sales is a key component of where we can expect the economy to be headed >> thank you so much for your

time today great to see you >> thanks for having me. up next for "on the money," share the road and your car. how millennials are changing the way car companies think. and baby bloomers replacing their empty nest with a new crib now a look at how the stock market ended the week.

owning a car can be expensive and a hassle there's insurance, parking, maintenance and more so there's no surprise that car sharing is so popular especially in big cities and among millennials gm is expanding its presence in the market and joining us now is julia stein. she's the head of gm's car sharing program. >> good to be here >> let's talk a little bit about

this the whole idea of a car sharing program, it's something we've heard of for a while, companies like zip car how do you get this to market and does it matter that you're not the first one there? >> the biggest change we see at gm is that consumers want to consume transportation as a service. and that's the biggest shift that our company has to make so maiwe're in the forefront ofh company. >> so you're selling a service and trying to help people get their way through. >> exactly and it's a different set of skills that is required we're of course building on the core competency that gm has so maven is a mobility brand. >> it starts as an app how does it work walk us through it >> it's an app and we interact with our millennial customers

with the phone that is really connected and engineered into the vehicle. we started in manhattan -- >> how many people are using it right now? >> we have more than 13 and a half million interactions with our customers. >> last year >> last year maven launched 13 months ago and we ended up with 17 cities in new york america >> i always think about it from the car company's perspective, if millennials aren't buying cars it makes sense that you're doing something like this but in the end do you end up cannibalizing your own business? >> when you look at the profile of a maven customer in the urban areas we are 75% millennials average age 30 years old when you look at even the youngest among the car brands, the medium age is closer to 50 and upwards with the same disposable income so we're tapping in the customer base that today we're not capturing

>> these are people who were never going to buy a car anyway. >> exactly, or delaying the purchase decision. the ability to expose the new audience to the brooder portfolio is astonishing >> thanks for joining us >> thank you for having me >> up next we're on the money. instead of downsizing and leaving many boomers are upgrading and staying. new ways that a remodel can help the boomers keep their homes >> and what's the best money advice your dad ever gave you? money tips from fathers. we're going to be thinking about that when we come back on this father's day weekend the future isn't silver suits and houses on mars,

it's right now. think about it. we can push buttons and make cars appear out of thin air. find love anywhere. he's cute. and buy things from, well, everywhere. how? because our phones have evolved. so isn't it time our networks did too? introducing america's largest, most reliable 4g lte combined with the most wifi hotspots. it's a new kind of network.

xfinity mobile. home remodeling is booming and it's the boomers that are behind it. as these empty nesters age they are shifting their way of living and that has remodels everywhere jumping in to help some of the options that are spurring demand. >> at a brand new development outside denver, a luxury home builder is focused on active adults baby boomers who still want high end homes and are willing to pay north of a million dollars to get them >> this is the last house you're going to have. you've got to get what you want. >> active communities are booming with the boomers from high ends to more affordable brands like this community in atlanta. the draw is not only the constant services available and the single level homes, but the constant activity. >> the biggest challenge i had when i moved here was managing

my calendar. there's just too much stuff to do >> for those looking to a more urban setting age restricted condos are also seeing growth m you get all the benefits of a full service building downtown without those loud young neighbors throwing parties or toting babies. >> only the boomers who have substantial equity in their homes are downsizing so that tells me that they're downsizing not to something cheaper but maybe something smaller in the city, they have all these lifestyle metrics that both me lineals and boomers like >> but some would like to age in place. >> they're definitely driving our business >> bruce says he's remodeling suburban homes as well as downtown condos to help clients age in place >> if we can deal with any floor level changes so that it's all the same and that not only within transition ofrooms but let's do a curbless shower

>> he also cites lighting. width of countertops as other ways to make space more adaptable for aging homeowners >> the recession caused so many to lost equity in their homes. the surge is on and there should be as much demand for remodeling as there are demanding boomers >> when you think about all the people who the baby boomers who lost so much of their nest eggs in the recession, where does that lead us down the road in terms if their homes come up at some point is there any chance that's going to lead us into another housing recession. >> home prices have gotten so high and so many of them most desirable neighborhoods that boomers are able to sell at a good price and downsize. the problem is that the high end living they're looking to look into is also pricey. >> it's so great to see you. thank you. >> a look at the news for the week ahead and whether you are a

saver, a spender or both, you are probably still following money lessons you learned from your father. we'll add up some of the best advice from dads right after this thanks for loading, sweetie.

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the water yet? 42 years after the movie jaws was first released the answer is probably still no. on wednesday we're going to be getting existing home sales for may and summer officially arrives that day too then friday we get the purchasing manager's index a look at how the nation's mafrers are doing. also bring your dog to work day. here's a good picture. you know, for many of us dad was our first financial advisor. money lessons were learned by explanation and by example author and personal finance expert joins us with some of her dad's top tips thank you for being here today >> nice to be here, becky. >> i know your father is no longer with us, but looking back what kind of financial advice did he instill in you? >> the most important thing dad told me was always support yourself never be dependent on anyone else financially and that's the ultimate freedom and the second biggest one was invest in knowledge. you can't afford to sit still if

you're going to grow your career you have to be constantly learning new things. >> i see another point if you're married have separate accounts >> that's exactly true i've been married 25 years on july 4th and i still have separate credit card accounts and bank accounts and i think it works. >> probably cuts out a lot of the arguing along the way i would guess. >> absolutely. did your mother and father have different attitudes about money? >> they did. dad was very much you can't take it with you and he was always how can you not where as mom was ceo of our household in terms of paying the bills >> it's probably good to have the yin and the yang >> how did your dad teach the distinction when it came to spending >> dad believed in spending on the things that we loved like traveling or your hobbies and really you know, making sure

that you could -- you had enough savings in order to do that. that was the ultimate freedom and he also believed in giving to the causes you care about strategically he always was talking about giving back and he showed by example of how to do that >> what did your dad tell you about saving and investing >> when i was living in new york city and i couldn't imagine saving for retirement, 401(k)s were fairly new back then. dad said get started saving right now. enough to match your employer and i'm telling you, all this time later, you know, decades later i am so grateful that even though i didn't think i could afford to save back then i did and i could. >> when you were still pretty young you took on a lot of credit card debt what did your dad say about that >> it was so frightening i was using one card to pay another card crazy times and it was scary and dad did not bail me out. when i finally confessed to him what i was going through and how fearful i was of all this, he just really took the time to sit down with me and say hey, kerry,

let's do a budget. let's figure out how you can pay down this debt it was a lesson i learned early and i encourage anyone to pay attention to that as you cannot let that mushroom. it is really frightening >> he sounds like a very smart man, a very wise man and thank you so much for sharing his lessons with us. >> thank you folks, that is the show for today. i'm becky quick. thank you so much for joining us next week robo calls you're probably getting more than ever. it's probably driving you crazy. why is this happening and what can we do to stop them have a great weekend, everybody. hap hap hap happy father's day especially to my dad and my father-in-law. see you next weekend i love you, couch. you give us comfort. and we give you bare feet... ...backsweat and gordo's everything. i love you, but sometimes you stink. ♪ new febreze fabric refresher with odorclear technology...

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we are live. the guys getting ready behind us and while they're doing that, whatever they're doing, here's what's coming up on the show >> clean up on aisle three >> that's what investors in grocery stocks are saying today. but traders are betting that one may have found a bottom. we'll tell you how to profit plus, how would you like to buy oracle for less than a buck? >> i'd buy that for a dollar >> we'll show you how to do it for 65 cents and one of our traders is getting short tesla. >> he's crazy. >> well, after you see the charts you may cha