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tv   On the Money  CNBC  September 21, 2019 5:30am-6:00am EDT

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but he's considering alternatives lacking to bring new workers to the area. others are searching for particular skillsets and the owner of vivian's outside denver, colorado can >> one the biggest challenges is we're such a specialized business, seeing as we do a lot of can custom takes and specialty baking we have a hard time finding folk oz capable of doing the job. >> reporter: and the labor has been marked the single most important issue. what's more they found groups are lowering requirements for skilled and unskilled. and others are focussed on retention.
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he owned precision and wellness. he says manufacturing competition is fierce and does his best to hang on the workers he has >> much our equipment is specialized. we develop it for our own needs and week ar've trained someone n that >> reporter: the national federation oindependent businesses that more are raising wages to hold on to those they currently have there's one termiable rr heard which is upscaling find who you think can be retrained to do more work that may be challenging you see large small looking to upscale their work force >> more opportunities than evbefore thank you.
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joining us is hospitality experts and business consultant john tapper. you may know him for "bar rescue" and he's a "new york times" best selling author and an entrepreneur. he recently launched a line of hard celt haves and mixers >> the business climate is exlpt. we have strong numbers this year disposable income numbers seem to be holding up consumer confidence and feeding our industry well. it's a good time open a business they added profitability and with the new growth of new restaurants and businesses, we're suffering on the labor side >> she says new businesses are having tough time finding employees. are the other things that are other issues they have as with well >> firs of all a restaurant
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industry is an industry of communication. so with immigrants sometimes there's barriers so communication barriers effect us there's a small labor pool that's affecting us. and in many cases can be 50/60%. no business can contain a 50% cost now with the costs higher and hours be reducted, we move towards automation and we're seeing ordering from kiosks. but that limits thexperience because now you're dealing with a tablet so that isn'tb a e -- a key to it hospitality if we over automate, then we could could see it reversed
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where we over automate and then we don't have the employments othose jobs. it's an interesting dynamic. it's a challenge >> what's the recipe for success for thoses doing it right and competing? >> success is the same for an employee as a customer employees want to work unrelevant places. relevant places have a lot ocan customers. and that creates a lot of tips, hours and stability. so there's a connection between consumer and employee ucis ses >> is that more than magic in a bottle is there something in common that all othese places have? whaut are what's the common factor >> a sense of well being and importance. relevancy. >> feeling like you could instagram where you are. >> social media has created an
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environment of instant gratification. we get this instant gratification and i think they're looking for that in the workplace. we have to make them feel they're fungdsing every day. you have drinks in frauont ous. and it's lithe, it's refreshing. that is cucumber jalapeno. i'll hold this one here's the thing is it a fad? >> i don't think so. first oall it's light, it's healthier.
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no sugar and it's easy, it's convenient which is a big part of society today as well. >> cheers. okay thank you. >> my pleasure next amazon under fire misleading listings from third party sellers. how to make sure what you're buying is not a fake and latterer how can you teach your kids to invest. right now let's take a look at how the stock market ended the week ♪
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do you shop on amazon? odds are yes because last year more than 1/3 was bought on amazon's site but you're not necessarily buying on amazon in 2013 more than 50% came from 3rd party sellers. joining us from seattle is rainal johnson greer she worked for amazon managing their safety systems until 2015. she's can currently a consultant helping third had party amazon sellers. let's talk about a recent article in the "wall street journal" and that article found more than 4,000 items lested iso sale have misleading labels or outright banned from federal regulators what do you thing amazon should be doing to make sure those
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products don't reach the consumer >> it's hard because they've created a platform that's easy to sell and cdifficult for the employees uncharge othis to do their jobs effectively >> what's makes it so difficult? >> the sheer number of items i like to call the never ending game of wack amole a seller is like i can can't sell that? i'll make the same item. you need to know how and move on with your lie. >> "amazon offers customers hundreds omif millions oitems a we have tools that prevent suspicious items from our store.
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what do you think they should be doing to stop the situations from happening >> they're really focused on products they're focussed on what sellers put into the catalogue they're talking down millions of the noncompliant products and what seems to be the missing piece here is taking the time to look at the sellers who keep breaking the rules some of the organizations don't just have one amazon seller account, they have 30 or 40 or 50 >> wouldn't it be a fairly simple system to say you have to be a verified seller and someone who has 30 or 50 different name sthz. >> it was fairly recent they started doing verified accounts. not terribly difficult their are creating shell
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accounts and you get your ein online just make sure you have a utility, business bill and tuday you're a u.s. entity and good to go >> what recourse do buyers have if they buy a counterfeit or illegal. >> they have a no questions asked 30- day return policy and i highly suggest doing so. if it doesn't have the product you normally have eror you have a brand name or ocontact information or the normal things i would say send it back it could be a sticker, in an insert but whenever you have sellers selling you something that just has a bar code, they're usually unaware of the laws they need comply with in the u.s that's what iiologis usually lo. >> i got something recently that said the box had been damaged
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and that's why it came without any of the box or packaging. should that have tipped off a red flag >> sometimes amazon will repackage thing which is unfortunate because it removes the detail of the manufacturer i would still return to be honest i'm also really picky. >> that's good to know and i appreciate it. thank you for your time. frqts up next learning about earning. how to get your kids interested in investing and the former nfl running back who's tackling the racial wealth gap shwasher doesn't get everything clean. i tell them, it may be your detergent... that's why more dishwasher brands recommend cascade platinum. it's specially-designed with the soaking, scrubbing and rinsing built right in. cascade platinum's unique actionpacs dissolve quickly... ...to remove stuck-on food. . .
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from respecting others to using ga g manners understanding money should also be part othose discussions especially with investing. but it can be a tricky topic especially for adults. and it's fwragreat to see you >> great to be here. >> why is this important to teach about investing rather than just saving >> if you give them allowance, if you're putting away money for college, let them know what you're doing but the reality is many parents don't have the talk
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they looked at kids 8 to 14 and interviewed do you talk about money? only 30% talk to their kids about money. and 44% say usually about savings and only 20% say they explain the value of long-term investing and that's important to understand not just that they need to spend less than they earn and make sure they have that money grow over the long term >> i have not done this enough with my kids the savings accounts, they're earning a penny, pennies for what they could probably be making >> that's one of the first things to talk about most adults don't understand compound interest. put $1,000 in the bank and you're getting interest. if that interest is over interest, you can grow that money over 20 years to over $4,000 showing a bar chart that goes luke this is definitely
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something that can appeal to them that's a good tool >> other tools we should be using? >> they want to own apple or disney, buy a stock. talk to them about stocks and bonds, the risks and rewards possible whether you have a riskier investment talk about the importance of having a timer and six months we're saving for the family trip but in 15 years we're saving forria to go to college. we're investing the 15-year long money because we want it to grow over time and we're not putting it all in apple, we're diversifying to make sure you have a mix in case something happens to one of the companies you love kids cannot own their own accounts but you invest with them in a custodial account. in a uniform gift to minorers custodial account you can invest in stocks, bonds and real
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estate you are the custodian and make a transfer of assets to the account and that can be used for your child and they're of age. 18 or 21 depending ogon the state. >> there tax implications? >> most are thinking i'm saving for the child's college education. in term oz financial aid, that is going to impact them in a different way than if it were wither your money. up next "on the money" the wealth gap between white and african-american families is widen. a a former pro football player turned consultant. crest's three dimensional whitening... ...removes stains,... ...whitens in-between teeth... ...and protects from future stains. crest. healthy, beautiful smiles for life.
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♪ black families have a median networth of $170.00. $17,000 and meanwhile -- jason wright is the co author of the study and a former nfl player who's a partner at a consultant firm that's a stunning gap. ten times as much money. what happened? what motivated you to do this study? >> most people will say mckenzie
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is engaged on this but this is in that vein and a bunch ous had enterprising idea toads focus on this topic and see what it meant for the american can economy >> were you shocked by the numbers? >> it's dikfficult to see that number and if you think about the structural barriers that existed prior to the civil rights act and since, it makes sense. it's not been that long where black people have had full participation. our goal was to lay out a framework that plut the data together and allowed people to engage in a structure canned way. home ownership is a large portion of the wealth gap. we see the wealth gap in four comopponents in our report
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commune context in which african-americans are clustered. 2/3 are clustered in the 16 states that perform lowest on measures of economic output, health care outcomes, etc. about the communities and something about the wealth that gets passed down and wealth in an individual's lifetime and then how the income is converted to long-term wealth but across those in that family savings book, home ownership is a major component. one, historically going back to 1934 black people were only allowed to living in certain neighborhoods. so everybed made money with housing booms. that didn't hap within the african-american community
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but you have opportunity with zon zon zone intended to send money to neighborhoods depress pd friendship >> how do you make sure that ends up in the hands of those that need it >> unchecked it will go to developers but there's creative ways for business incentiveized and that's where we want to lay out some of the facts so we get folks to the table and begin to find solutions >> are there actually parts of your job that overlap or was this a complete transition >> it was a difficult transition in a lot of ways but many similarities the first is in the nfl the gap between the person who gets cut and the best performer on the team is actually quite low because everybody is extremely talented and you learn to trusts your teammate, you learn to
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believe they're going to get the job done and the same way as mccm mckenzie, best and brightest people, scientists, designers and you just rely on them to do their job. because if i had to check my buddy's work, it would be a real problem. we don't do that in the nfl and we don't do that at mckenzie >> we appreciate it. thank you, everybody that's the show for today. next week it what do the recent attacks on the saudi oil field said mean to your wallet each week keep it here we're "on the money" and we'll see you next weekend from dry and dull, to strong and healthy, in just 14 days. better skin from a body wash? better believe it, with olay body.
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my teeth have been feeling really sensitive lately. well 80% of sensitivity starts at the gum line. new crest gum and sensitivity starts treating sensitivity immediately, at the gum line, for relief within days and wraps your teeth in sensitivity protection. new gum and sensitivity, from crest.
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happy a friday we've got big show on deck for you. let's see what's can coming up >> is there a doctor in the house? or at least a chartest there is we check the vitals of health care by putting bristol-meyers under microscope microsoft, google, amazon. how to play the final name for the win. plus erwwe're going to keep

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