if you're close to retiring should you work a little longer or save more the surprising answer. the new mode of transportation across america but some cities say scooter sharing is not such a good idea. "on the money" starts right now. >> this is "on the oney.

your money, your life. your future. now, becky quick. >> kids and teachers cross the country are wrapping up the school year but for some class is not over. money matters for you. there's a detroit based camp teaching kids about money from budgeting and saving to business and investing and even warren buffet that's our cover story today. >> i want everybody in here to have more opportunity and that's what warren buffet wants you to have too. >> she signed up 35 kids ages 8 to 18 for a camp that she called money matters for you. two decades later the program is bursting 200 campers and a wait list. local sponsors helped offset the cost. >> did you know what a stock was when you showed up at this camp? >> no. >> no. >> did they care how many kids want to spend a week of their summer studying finance. >> the first day i didn't know there was a uniform.

i was like there's a uniform at this camp but after i got to learn and takeaway from things i was like i love it >> that was 8 years ago. claire jones has been coming back every summer since. >> it teaches you tings like etiquette and the financial market which i don't get taught in school which is a good experience. >> what have you learned so far that you'll take with you? >> budgeting how to manage your allowance and work and get awance and take that money and save money. >> and every year they study one of gayle's heros. >> who is this guy here? >> warren buffet. >> he graduated from college at 20 years old with over $10,000. >> he started investing at a young age and now he's one of the richest persons in the world. >> she encourages her campers to act like buffet. from his daily routine and

charitable giving. >> he gave 99% of his money away. >> to starting his first job as a kid. c.j. watson is just 10 years old. >> what's your business? >> c.j.janitorial service. i clean a 3 story business. >> how much money do you make for doing that >> $20 an hour. >> that's fantastic. >> that was a clip from buffet investor teacher icon and joining us ie woman you saw. she is the founder and director of money manage for you. thank you for being here. >> it's an honor to be here. let's talk about why you started this camp. >> i started this camp because 21 years ago or 22 years ago now i saw something called rich kids camp and i was like wait a minute it cost $10,000 to go to and i couldn't send my observe kids and i wanted to send the kids in

detroit to learn about money and i decided to create one and create an opportunity and start teaching our youth about investing. >> it pays off huge dividends. do you have that with a lot of the campers that come through. >> you would not believe it. i have kids that have started their own t-shirt line and so many businesses. one is right here in new york city one has a bus and she teaches dance lessons on a bus and she just took an old school bus and started teaching dance lessons. so we have so many of our youth doing amazing things. >> i have got on the see this firsthand myself a couple of the campers followed you this time around claire and c.j. are both here. i want to say i'm so thrilled to hear about how they're working so hard and looking at additional business lines to start up this is pretty common. these guys are coming back this summer. >> yes and this year we're doing something called business in the black. they're coming back and they're

going to do a merger and acquisition. they're going to actually take over businesses in detroit they're going to have a takeover day and they're going to go into the business and say i'm the new ceo and what would do to make this business run differently. we'll have a lot of retail businesses in detroit that's going to go in and take over and come up with a plan by friday. >> i think about this, this has come together through your blood, sweat and tears what advice would you give parents that are somewhere where they don't have access to a camp like this. >> start with just a jar jar your way into success. make more deposits in life than withdrawals. have the kids make deposits every single day whether it's a penny whether it's a dollar. make more deposits than withdrawal in life and then you'll never be in the negative. so that's what i would tell them and then they will get in the habit of every day making a deposit and that's something we all need to do in life.

>> i'm guessing you have learned something along the way too. what are one or two of the lessons you have taken away? >> i've learned so much. first of all, you never met a poor giver the more you give, it does come back to you in different ways. it comes back in dividends like our kids here today and i learned also what the real value of the dollar is it's not of the dollar, it's of the person it's the human capital so i learned more -- they were learned. i us money as a tool. >> what about your own story you have an amazing back story too. you didn't walk into this job. >> no. >> how did you get it? >> no, i started out as well -- well i needed a job and i was broke. i didn't know what a brokerage firm did i just know i was broke. i figured that was it so i became the receptionist because i love to talk so i became the receptionist and people would come in the front door and be like wow how did you get this money i didn't know what real wealth,

how it created and it's not just blood sweat and tears all the time it's inherited it comes by investing. it comes by so many different things, so many different avenues so that's what i want to teach the kids how that happened and how i rose from being a secretary. >> teach that to the kids too. >> i love that i love what i do i love my clients too. >> it's so inspirational and i want to wish you best of luck with the camp. >> thank you come back and hang out with us last time. we had fun with you last year. >> i love that you're still going strong on this they're each working on multiple business plans and doing multiple jobs. >> thank you. >> up next, buying online is about to get more expensive. how a new supreme court ruling will change e-commerce, brick and mortar stores and your state's budge. feel like you haven't saved enough money to retire how to get your retirement

savings back on track. all of that in a moment. right now though take a look at how the stock market ended the week

the indx fell 8 days in a robey thursday that's the longest losing streak since march 2018 tumbling on con certains about trade tariffs imposed by president trump and whether that will trigger a trade war less impact on the nasdaq and the s&p 500. stocks were mixed on friday. the number of houses started in may rose to the highest level since the year 2007. housing starts increased by 5% last month way above

expectations but they can signal how much construction will take place in the future actually fell if you're planning on hitting the road for the july 4th holiday don't worry you'll have plenty of company. almost 47 million americans will travel 50 miles or more in spite of higher gas prices that's a record number and the fifth consecutive increase gas isn't the only thing that sees rising prices this thursday the supreme court rules states will be able to file sales tax on all items sold online even if the seller doesn't have a physical presence in the state will this help level the playing field? joining us to talk about all of that is jan. thank you for being here this is a pretty convoluted history. it goes all the way back to catalogs but it's been seen as

protecting the online retailers for awhile. >> what happened what's the history is this the right move >> i remember the day they made the judgment 1992 when this happened. i thought they got the law right but like you said it was the same law and the same interpretation that they had for catalog. that all made sense so the law they got right and the equity they got wrong this was going to be a real problem because it was going to create a differential in pricing between brick and mortar and online online was so small nobody was too concerned about it but we all saw something coming there and over the last 25 years the percentage point differential which is about what it is if you take the average of the sales tax. >> if you walk into a bookstore and buy a book you have to pay 8% sales tax on average. if you buy it online for a long time you got it scott free. >> 8% cheaper. however if you buy something in new york you don't pay new york tax and you don't pay new jersey

tax but you owe new jersey tax. >> they hit you up on your forms, your tax forms. >> they're supposed to but nobody pays it. >> i pay it because i wrote a column about this. >> i believe you pay it but in general nobody pays it people would buy a $3,000 television and 8% is a big deal. so if you're best buy who i think is most advantaged by this, because they sell big ticket items and they sell against online all the time. so if you're them, you have been fighting this 8 percentage point battle against big ticket items that people will change buying habits over all the time. >> so it helps best buy. >> but in general this is a bad thing if you're a small online only retailer. this isn't going to hurt amazon. in 2017 they finally started paying sales tax on the last state but for third party players on amazon they still don't collect the sales tax. >> it's more complicated for them because they're not big enough to develop the software

that it takes to come one the 10,000 jurisdictions and different rules and levies that take place. >> yes but you know who is amazon, so what are they going to do? sell the service to the small player the technology exists. the software is all there. amazon does this every day they can do every zip code in america and figure it out so all they have to do start selling the service to every online player. >> what does it mean for shoppers somebody like me >> well, you're not going to change your shopping habits because this law went into effect had they done this 25 years ago the online incursion would have been slowed down when amazon started paying taxes in each state, every state where they put the tax in, they're sales growth rate dropped by about 10% every time they did it. >> really? >> we watched this the whole time we know that was true. that wouldn't have kept the online incursion from happening but it might have gone a little

slower. >> it's always great to see you. thank you for being here. >> thank you for having me. >> up next, we are on the money. what's the best way to increase your retirement savings? save more money or work a little longer the answer may surprise you. later electric scooters are the cheap way to get around different cities but this may be creating new problems too. happy anniversary dinner, darlin'. can this much love be cleaned by a little bit of dawn ultra? oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. a drop of dawn and grease is gone.

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retiring in your early or mid 60s but haven't saved enough to make it happen should you turbo charge your nest egg by saving more over the next few years or should you work a little longer sharon is here with the findings of a new report and strategies to help you meet your retirement goals and we have been teasing this as something that will surprise you the answer so surprise me what is the answer >> if you're working longer you're likely to come out ahead in terms of raising your retirement income. not something that people want to hear but a very interesting study looked at this over a period of time and they looked at someone woman standing who wt 36 and from 36 to 66 they added 1% to their savings contributions from their retirement account they saw a 2% rise in their retirement income just by adding that one more% into their retirement contribution. now someone that decided to retire a year later at 67, that

person saw an 8% rise. >> whoa. >> even if they were only giving 6% versus 7%. >> exactly. >> by just wking one yearlong. >> what happened >> social security benefits are the majority of that social security you're going to get more out as you're delaying taking those benefits. >> no way around that. that's just the way it happens. >> that's a big, big chunk of it. >> i didn't even anticipate that so you hear about that, are there any draw backs to potentially looking longer or is it always a good thing >> the draw back is you're likely to have a shorter amount of time to do the fun things that you want to do. >> less time to spend the money that you want to spend. >> the benefit is that you're being able to make more country pugss -- contributions to the retirement account and some people decide they want a steady stream of income and take out an

annuity and that's a shorter period of time so it's going to be cheaper for you to get that annuity but the biggest factor they found in this report is that you'll get a higher social security benefit when you retire if you work longer. >> that's such a hard note to swallow. >> it is because some people just don't want to to it but more importantly some people cannot do it health issues and caring for a loved one. you're not able to do it so start saving as much as you can as soon as you can. >> you have to do both. >> you have to do both and you have to be aggressive in what you're investing in and even if you're in your 50s and 60s you'll be taking more risk than maybe you think you're going to need but you're going to need that risk because you want to see that growth. get a side job get a side hustle. get a part time job you think is fun but don't take your social security you're working so use that side job to cover what your social security would have been and then delay taking those payments and you'll be able to see a rise in your retirement income that

could be beneficial to you. >> you said something that was pretty important when you tell people they need to take more risks. you're saying be invested in stocks and not bonds for longer, right? >> absolutely. when you're in retirement you will need to have a portion of your portfolio in equities probably to get the growth that you need. >> the 20 years or more you could be in retirement you're healthy enough to enjoy it. >> people who are selling bonds, you have to be in equities if you want your money to grow. >> that's right. absolutely right. >> sharon, thank you great to see you up next a look at the news for the week ahead it's a new way to commute as long as you know how to scoot. >> just hopped on it and hit go and i haven't fallen off yet

>> on then wednesday beginning with durable goods orders for may. they're predicted to last at least three years. on thursday we'll be getting the final reading of the gross domestic product for the first quarter and it will mark 11 years since the balancd eagle w

removed from the endangers species list all right folks it is a new kind of ride sharing. light weight electric scooters that you rent by the minute and then leave behind for the next person but it's not always smooth sailing. >> electric scooters are taking over cities like los angeles, d.c. and san francisco and commuters like mike are hopping on for the ride. >> the scooter is the perfect thing for a micro commute. i get there. just a few minutes it cost me less than $1.50 and i can leave it where ever i am so kind of a seemleamless part m day. >> they're so easy to use. i unlock it using a phone app and get a running start and i can pick them up or drop them off where ever i go. >> but that's creating headaches for city officials that call them hazardous and a nuisance. san francisco is requiring scooter companies to take steps

to keep them off sidewalks and sure they don't disrupt traffic. check out these social media pictures scootered van dama in the trash and abandonedssed start ups are going after customers because competition is so fierce. they retail for $500 a piece each ride is $1 to unlike and 5 cents a minute it could take more than 100 rides before each scooter breaks even and he says that's okay in this early phase of the business they value market share over margins. >> certainly a limited window. it's a very come ppetitive mark like all good markets and we want to establish ourselves as a brand that consumers want.

>> electric scooters seem to be turning curious customers into loyal ones. >> oh to go back that would be disappointing. >> here in san francisco, the city came out with permit applications for scooter companies. earlier this month officials tell me they're reviewing a dozen applications and will start issuing permits by the end of the month and while all of that is going on scooters aren't operating on the streets of san francisco while companies wait for those permits but they're not riding off into the sunset any time soon. >> the city is concerned because they have probably gotten complaints from residents rejecting these things being left all over the place. is there any safety issue in terms of whether they run over a pedestrian or get in the way of cars or get hit? was it that too? >> sure, that's why they have

regulations that they have to stay in the bike lane. and it plays into the culture wars there's an upon going battle in the city and this is just one way it's playing out. >> thank you folks that is the show for today. i'm becky quick. thank you for joining us next week, by the way, what the buy in july. with temperatures rising, what prices will actually be falling? we'll talk about the best deals for next month we're on the money have a great one and we'll see you next weekend these birds once affected by oil are heading back home. thanks to dawn, rescue workers only trust dawn, because it's tough on grease yet gentle. i am home, i am home, i am home

the guys are getting ready behind me. here's what's coming up on the show >> this is, excuse me, a damn fine cup of coffee. >> and former starbucks ceo howard schultz says if you like the coffee, you should love starbucks cheap stock. we'll tell you how to play it. plus -- >> money has got to be the shoes. >> shoes. >> shoes. >> shoes. >> it's not the shoes that has him so excited, it's an options trade that can make money if nike is up, down or nowhere at all into earnings.