hi, everyone. welcome to "on the m i'm becky quick at t hathaway annual meet what it's like to ha buffett as your boss buffett as your boss. >> punts, passes, an the chairman of a di brokerage firm and h on the sidelines. how he handles work balance. >> where will the first trillionaire find riches? and lessons for your newly minted alum. this is "on the money." >> your life, your future.

>> here is what is making news. america's economy hit a bump in the road. the gross domestic product, the broadest measure of the size and strength of the economy grew at 0.2% in the first quarter, well below expectations. that slow down in part due to the strong dollar. cold weather, and weaker oil prices. if you're wondering when isle prices w up, there wasn't a lot of clarity in the meeting this week. it said that it was semp rare. they meet in june and again in september. stocks ended april with a thud. the major index down by more than 1% on thursday with the nasdaq having an especially bad day. the marks rebounded on friday. big earnings news this week. apple beat expectations as well exxon mobile and twitter.

ben bernanke is a busy man. he took a consulting job with pimco and he is a fellow for the brookings institute as well. here in omaha it's all about berkshire hathaway and buffett. they had notably under performing but buffett says things are looking up. >> if you look at the first quarter, you'll see a big, big change relative to the union pacific which is our yardstick. so that is -- it turned around even faster than i thought it would. >> that is good news for burlington northern chairman matt rose. they are the second largest freight rail system. they haul half of the freight in the united states. that is nearly $70 billion worth of consumer goods and commodities. we sat down with him to find out what he thinks.

>> the overall economy is fine. it's not great. i think we're in a weird transition. the oil energy renaissance had such a spillover effect. it was creating heat in terms of inflationary things. people were paying people a lot of money. they were buying ford pickup trucks. the effect of the energy renaissance was really strong. and we take that away, and now that impact of lower oil prices should result back into the consumer's pocket. and we're in that transition where we have not seen that kind of consumer take those savings and apply them to consumption. >> you know you have been owned, burlington northern has been owned for five years now. the five year anniversary. i just wonder what is different about being owned by berkshire hathaway. >> we are a much larger company. we were warren's largest

purchase when he b us and we're still the largest entity. it has been a great marriage for us, and being part of berkshire hathaway allows us flexibility that we would not have had. it will take us ten years to review this and then we'll look back and say were we a better company in this structure? and i think the answer will be yes. >> part of what you get to do is spend a lot of money on capital expenditures on beefing up the tracks. this year you committed to spending $6 billion. last year was $5.4 billion. those are mind numbing. >> they are, and the operating income, if you go back to 2009, about 3.7 billion. last year 7 billion, we doubled operating income. and we're, you know, we're what

we call the virtuous cycle. we haul more, we expand more, haul more, make more money, as long as we're do all of that it's fine. if one of those elements doesn't work any more, then we have to reevaluate that. >> we're kind of obsessed with drones here "on the money." i think they're a terrible idea in most instances. you got approval recently to use droeps to check out the track maintenance and that to me seens line a much better idea. why did you make the proposal? >> we're just now experimenting with it. the f.a.a. has been very good to work with. they want legitimate opportunities for people to bring it to them. we brought this opportunity with a couple suppliers, and we see drone application of track maintenance and bridge inspections and things like that and we're excited to be able to lead the technology for our industry. >> there was just a story about drones bothering aircraft coming

within close contact of a aircraft landing at a major airport. you're only operating the drones over land that you alr in. >> right. we have a private railroad. 32,000 miles of airspace. it is not close to any airports, and we will maintain a lot of operating discipline on how we use it and i don't think we'll ofe with any flight patterns. >> i will admit that is a good idea. matt, one of the issues very important to americans is they know that more and more train loads are coming through the communities that are built on the leans and they're concerned about what they have seen from explosio, c oil derailments, and they're asking more questions. y tell people who have questions about this? >> we have been pushing to build

a safer, more reinforced tank car. and as we speak, the federal rule making is coming out. it will be 300 pages, at the end of the day the railroads are safe. we get the commitment that we make with communities. we operate through your community. we have to operate safely and that is our commitment that we will continue to live by. >> thank you for your time today. >> thank you, becky. >> winning on wall street and on the gridiron. the ceo that followed his dream to coach college football. later, the new space race and the power of possibility. what will get tourist to the moon? we'll look at how the stock market end

welcome back to the

berkshire hathaway shareholders meeting. from football to financing and back. that is joe moglia's journey. he returned to the gridiron 25 years after he left for a career on wall street. he was head football coach at coastal carolina university. and joe, thank you for being here today. >> i'm glad to be here. >> i have known you for a long time. the idea that you have been so successful in business and so successful on the gridiron, what are the skills that translate between those two worlds? >> becky, i think in both football and the business world, that any leader makes ant is about people. and number two, in both worlds, you have to be able to handle yourself und in both you have to have, whether it is a game plan or business plan, it has to be sophisticated enough to handle the flexibility of the market or opponents and simple enough that many people can execute.

>> i guess you have to also be pretty nimble and quick on your feet. >> you always have to be able to adapt and adjust. i believe that in the business world and football as well. >> when you stepped down as ceo of t.d. ameritrade, you spent time thinking about how to get to the next step. you were a volunteer coach at nebraska. >> before i decided that i want to go back to football, i spent a lot of time soul searching. so i went tlau process and i had an opportunity to search at nebraska for a few years. do i still believe i have the skill sets, is it something i want to do. and that was at nebraska for about half a season, i knew it was what i want today do. >> what convinced you that it was what you want today do? >> i love the strategy of the game. it was like advanced master's chess. number two, i think both of the

business world and of football, i think what i have gotten the greatest satisfaction from is having an impact on the people i work with. with football there is something special happening a 18 to 22-year-old boy become a man. and i don't think the satisfaction can be derived from any otr endeavor. >> it sounds gratifying and like a lot of hard work. it's not just having fun, throwing footballs around on the field. >> i have been asked a few times which is tougher, the business world or the world of football. there is nothing more competitive than in season football. for example, the typical college coach, when you begin in august, you go four to five days a week. you don't get a day off that entiretime and your entire career is depending on what you want to do on saturday. i get tremendous reward, stimulation, and satisfaction from being a coach and

representing coastal carolina, working with our guys and kid, but it's a grind. it's hard work. but i love what we do. >> joe, let's get back to your other job, the other hat that you wear. we're looking national figures that people have about $2500 in their retirement accounts. is that a crisis? >> a typical family spends more time planning a family vacation than worrying about their finances. someone in that family, everyone in this country, has to take responsibility for the financial weller wi of their family. they have to understand taxes, budget, savings, and investment. i think th is a process of vegetation. we need to make sure the typical family in this country is financially literal. that is what i think we need to do. >> i heard that you have two

photos in your office. one of vince lombardi and one of warren buffett. >> yeah, that is true. i never got to meet venice lombardi. what differentiates warren is his love and passion for what he does. there is two things i think that make you a great leader. one is you have to have the skill sets and success in that particular field, and you have to be passionate about what you do. that is certainly both of them. >> and you in two industries as well. joe, thank you for joining us. >> great to see you too. >> up next, we're on the money, taking a look at the economics of space exploration. star talk with neil degrasse

space has been called the final frontier, but it is the final stop for neil degrasse e tyson. he is the host of "star talk." he is also the director of the hayden planetarium, thank you for being here. >> thank you for having me. >> so this new show is an incredibly successful podcast that is coming to cable?

>> yeah, yeah. and i have to brag. a couple months ago, it was the number one downloaded podcast in all categories. my first thought was wow, there really is a deep appetite for science out there that is being served. i see myself as a servant of people's cosmic appetite. >> we have a huge cosmic appetite. i thought maybe we could throw some questions at you. >> we know if we look at the moon, we can't go there any more, india and china have sites for this should we have one too. >> when i was a kid and i heard we have the longest bridge, the fastest plane, the longest tunnel, i thought why not just if you have the something, and

biggest, fastest were farthest you have to innovate to get there. you don't do it unless an engineer comes up with a patent to take you to a place that has never been reached before, and those become the engines of the invention of tomorrow. >> the real pace exploration is coming from the private sector at this point. >> not really, that's the headline, but space exploration is a place we have never been before, let's go when you do that that is typically really expensive. and if you're a business person, what's the first thing you ask? what's my return on investment. that's a fast conversation for venture capitalists. they're out the door minutes

later. so generally the way that plays out governments do that first. the first europeans in the new world was not the dutch east trading company. he had investors, but it was a national initialtive. when he drew the maps, then commercial enterprise can come in because you have quantified the risks and establish an roi on that activity. the ideal future would be tourism and things self-driven that drive their own profits, but you need the government to advance it, the first trillion fair is the person that exploits the national resources on asteroids. >> because that's where the water is and all of the basics of life -- >> there is all of the ingredients.

we have rare earth elements. they're rare they' rare on earth. in space they're not rare. asteroids have all of the metals that we cherish first. we have problems on first, let me only look down and solve them when there is a vast universe and i look at wars fought over access to resources. >> thank you for spending the time with us. >> thank you, i'm just sharing the universe. >> thank you, neil. >> up next "on the money," a look at the news for the week ahead. would your graduate get an a in money? dollars and sense when we c

for more on our show and guests, go to our website. here are the stories coming up that may impact your money this week. media companies disney, cvs, an comcast will be reporting quarterly earnings. on monday, mcdonald's will announce their turn around plan after six straight quarters of declining store sales. tuesday the ism nonmanufacturi ind for april and that tracks the services sector. wednesday is the last day to build on a lunch with tim cooke on charity buzz.com, and friday

is the big number of the week. the closely watched jobs report for april. the national deadline for hig s college of choice just passed which means that parents have made deposits to secure their spots for the fall. sharon epperson joins us to talk about what your college bound children should know about your money and their future. >> of course college is an exciting time. full of new discoveries, new subjects, new friends, and a new sense of freedom, but it requires students to take on more financial responsibility. >> they're being launched ill equipped financially. parents feel like it is a taboo subject. >> the author of "college poor no more" says the money talk is one of the most important discussions parents can have with their college bound kids. >> what should parents be discussing when they have their final talk with their kids. >> first should be the cost of

the education and who is paying for what. parents may be paying for the majority of it, but students have some responsibility for paying for some of it, and in terms of the students figuring out what their financial responsibilities are, they need to have a budget. if parents don't have a budget, it is hard to talk to your kids about how to set up one. also the credit card talk. parents remember being flooded with credit card offers when they walked on to campus, but now you to be 21 or older or have your own income or cosign with a parent. you'll probably be on the hook if you'r getting a card for your kid. >> what about if your child is getting ready to graduate and leave college. what should they know at that point. >> a lot of students that have debt, on average $30,000. they have to figure out how they can pay that back on time and as quickly as possible so they don't accumulate so much interest on that debt. so one thing to know is that if

it is a federal loan, you a six-month grace period, but you want to pay at least the minimum that you can. if you're in school with student loans or you can pay any of that in school, that's the best thing you can do because you will lower the amount tt you have to pay over the the loan. also think about income based repayment plans. when you graduate, you get that first job, you work a couple weeks later, that's what your parents are hoping. but if that may not happen. if you have low income or no income, you can qualify for payment plans. go to their website to find out more information about them. >> when your graduate comes home, what coyou say besides start looking for your own place? >> you w set a time limit, a discussion about what the game will be for how long they can stay with you and what the ground rules are. what are the expectations, what are they expected to do in the home to contribute in some way

even if they don't have an income that is substantial. is there something they can do to contribute to the household that would help? and you want to make sure you create a financial plan. having that budget is very important for you and the child. as you create that financial plane you don't jeopardize your own financial future as a parent. >> thank you very much, sharon. that is the show for today, i'm becky quick. thank you for joining us. next week the business of love online. online. we'll be talking to eharmony dude totino's blasted rolls. sweet. totino's blasted crust rolls... yeah. flavor at full blast you say avocado

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>> the bruce jenner interview still dominating the news. hi even welcome to "access hollywood", i'm billy bush. bruce jern told dianne sawyer sitting on the story gold miniall the while avenues part of keeping up with the kardashian. now the truth is out so much of what bruce has said in the past takes on new meaning. we dug that the bruce archive and begin with 1996 interview celebrating the 20th anniversary of historic olympic triumph. >> fortunately very large family. a lot of kids. a lot of car pool. yes we have teenager girls this i'm dealing with right now full-time job right there