hi, everyone, welcome to "on the money." i'm becky quick. everyone talks about the weather, but meet one man who actually does something about it, and how his predictions might actually save an entire major industry. to profit. what happens when silicon valley meets ex-cons and lives turn around. hidden credit card perks. how to find them and the cards that have them. plus, the woman who's making a living not in the stock market, but the sock wasn't eas life. >> i remember every day it was like how are we going to survive another day? >> "on the money" starts rig ♪ >> announcer: this is "on the money," your money, your life, your future. now, becky quick. >> we begin with the weather and the economy. sunny days at the beach, rainy days at the movies. weather can affect more of o yo.

from what we buy and eat, to when and where we travel, and severe weather has a serious impact on the overall economy, damage costing upwards of $18 billion in 2016. he eth'snomy. wildfires in california, record high temperatures, storms in the caribbean, extreme weather and natural disasters aren't only dangerous, there's a high cost in life and dollars. across much of california, wildfires have burned more than 50,000 acres and forcedeople fr. the u.s. government spent nearly $2 billion fighting fires last year, down slightly from 2015. but that's only part of the economic cost. last november thre gatlinburg, tennessee, took a $19 million tourism hit after wildfires burned near the dollywood theme park. in march, wildfires in the texas pa agriculture industry $21 million, but that's just a fraction of the money farmers across the country lost

in 2016 due to weather. and that could lead to sticker shock at the this year expect to pay more for lettuce, coconut products, and olive oil as weather conditions have reduced yields. just last month i 122-degree heat forced american airlines to cancel more than 50 flights. while the airline likely only lost about $1,000 per flight, customers whose travel plans were ground a footing a larger bill in costs, but it's not all doom and gloom. predicting weather events can make a big difference, giving people, even industries, time to react and prepare. big retailers use weather data to plan out everything from right now is paul ng, even walsh, director of cognitive weather strategy for ibm business solutions. he's also a meteorologist. paul, it' g you. >> good to be here, becky. >> weather impacts retailers in different ways. if you are an apparel company and it's a cool december, that's a good thing, you can sell a lot of sweaters. if you're a restaurant company, maybe it's not so great for you.

>> exactly, and weather is certainly something investors and business have been talking about and complaining about for a lot of years. in fact, in the investment community they talk about the term the weather excuse. >> obviously, a home depot would want to know if a storm was headed their way batteries, gen kinds of things, but you're talking about much more sophisticated things. what's an example of what you know now? >> for an example in terms of a pricing perspective, the weather is going to impact inventory as it relates to coach. you mentioned coach before. what also is is how the weather has been trending over the last three or four days. if you had three days of mild weather in december, followed by a relatively normal day, that's going to have a big increase in sales. cold days followed by a mild day, you're going to see a downturn on that day, so those kind of very micro scale effects are really what sort of eats up in terms of the ability to maximize the impact

of weather. >> paul, when i first met you, it was the last century, 1999, and you were doing this for a small company. to guess this is all about big data and watson, is that where? >> absolutely is, and that's why i'm so bullish and excited about the ability of companies now to be able to really leverage the effect of weather on their businesses like they've never done before, and it's really a function ofknow, prior to doing this, and i've been doing this for 20 years, becky, but it was with very small companies. we were able to make a difference in a small way, but now the scale, you know, we've got literally thousands of people all around the world that are sort of spreading this message, and on top of that we've got the technology assets and we've also got the data assets behind ibm and also now increasingly we're using artificial intelligence because that's where you really need to get to to be really able to get value out of this kind of data. >> you know, i think an awful

lot about what this means for the retailers and big companies. is this a one-way street, or can consumers get something out of this, too? >> for sure. if you go shopping, you want your product to be there and pay a price that's fair, and to do that, what these kind of technologies are enabling businesses to do is be much more efficient in terms of being in stock, having enough people in the store to staff the store, what peopledowns based on a reo are going to be needing and what the inventory is like, and so ultimately it benefits both folks. that's why i really view this as a resilient technology. it's a way for us to better react to and anticipate how the changing weather is going to impact each and every one of us. >> let's talk specifically about what's happening in the country right now. it's pretty hot everywhere. in fact, you call it the ring of fire. what is that and what kind of impact does that have on consumers and what we do? >> the ring o fire. all new, basically, high pressure that is set up over the

southern plains, so oklahoma, texas, those areas, even in st. louis, blazing hot. people there staying indoors, not going out as much, spending more to cooler homes, but aroun, which is where we are in the northeast and the midwest, not as hot, quite stormy, but not horribly bad, so it's the southern plains area that's being impacted. >> you're a meteorologist, but i think of you more like the farmer's almanac in terms of how long out you're looking at some of these things. you're not looking at weather for next week. you already have a sales prediction for the holiday season this year. what is that? >> yeah, we do, and we look forward using both statistics, as well as we do sort of longer range forecasts, which originally was for the energy industry, but now we're using it for consumers, but basically it's looking like it's going to be much cooler. in fact, colder than last year, especially in that sort of early holiday period like november, going into december. >> that's good news for the retailers, buy more clothes.

>> really good. even back to school. really, this is a statistical outlook, as well as sort of overlaying our models on it, but i think we see there's a really high likelihood we're going to see a cooler start to the year, and that is where the weather has a significant impact in terms of driving early sales, which has a positive impact on margins. i am once again very bullish on seasonal sales for holiday, and that's really important for retailers. >> really quickly, just as a consumer, just as a person, does that mean i'm going to be trudging through lots of snow a lot of days this winter? >> maybe. i can't make that exact prediction. i'm not that brave to do that, but more than likely it will be a much more sort of seasonal november, december than past years. >> bob, thanks a lot. i really appreciate your time. >> thanks, becky. >> good to see you. >> good to see you. now here's a look at what's making news as we head into a new week "on the money." beginning to sound like a broken record, but one that a lot of people want to hear more of. the nasdaq closed at yet another

new high on thursday for the tenth straight day of gains. the doucw set a record on wednesday, as did the s&p 500. stocks finished low on friday. housing climbed 3.3% in june, that's above expectations and is a four-month high, but construction activity is con trained by high lumber prices, land and labor shortages. if you're looking to buy a kenmore appliance, all you have to do is ask alexa. sears will be selling dishwashers, refrigerators, and more on amazon's website, hoping to integrate small appliances with amazon's alexa, as well. means you can turn on your air conditioner with a digital assistant. up next, we're "on the money." starting over and second chances. a unique prison program that allows felons to be founders of their own start-up. later, beyond rewards points are cash back. some credit cards have perks you don't know about. how to find the hidden deals in the cards. right now, take a look at how the stock market ended the

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when silicon valley meets the u.s. prison system, the result is our next story. it's a program that turns prisoners into entrepreneurs by to venture capitalists and leaders of some of the america's biggest technology companies. aditi roy takes us inside. >> reporter: in a room meant to holdeo >> my name is mark. i'm thrilled to be here. >> reporter: as silicon valley elites from companies like google and uber come face to face with incarcerated criminals. >> my heart is racing right now. >> reporter: in a foot-stomping, fist-pumping display that's not just for show. the point of this exercise is to

turn these felons -- i took som. >> reporter: -- into founders. >> we are very intentional about breaking down barriers and creating empathy and leveling the playing field. >> reporter: this is a proriam nonprofit company called defy ventures. its founder is katherine hope, a former venture capitalist, who fell in with the wrong crowd and behind bars herself. th >> i founded defy as my second chance to give second chances. >> reporter: every move you see, from the dancing, to the brags. >> my brag is we've invested over $6 billion over the last 20 years. >> reporter: have purpose. >> we use competition to bring out the best in people all the time. that's why we ask them to give their best brag. >> reporter: the entrepreneurs in training take courses that teach them how to turn their start-up ideas into reality. on this, the last day of the

program, nearly 30 eits are graduating. in this part of the program, entrepreneurs and investors are coming face to face as these would-be entrepreneurs make their 30-second elevator pitches toe your idea. >> reporter: the program worked for cost marte, a former new york drug kingpin. he was serving time when he heard about defy. by then, marte had lost 70 pounds while in prison, so marte knew his game plan. >> i was already helping these guys in the yard, and i felt this was my calling, my mission. >> reporter: once he was released, marte started a gym called con body. the company now has 14,000 members and just opened a studio at sachs fifth halavenue in manhattan. the secret behind the program, to build confidence and trust. perhaps the most intense part of the day is an exercise called step to the line, with the eits

on one side and volunteers on another, reads a statement and people step up to the line if it's true. >> i feel ashamed of my past. >> reporter: it's a way for both sides to see how much they have in common and how much they don't. >> my mother or father has been to jail or prison. >> reporter: the activity brought many to tears by the end, but built an everlasting bridge in a moving program for the volunteers and the entrepreneurs. >> can't beat it. it was just so real. >> and it's making a real difference, as well, which has programs in four states, has incubated 166 businesses, which has in turn created 350 jobs for their graduates. becky? >> aditi, it is a great story. what happens, though, once the prisoners leave prison, does defy offer inmates other resources? >> they sure do.

education is a huge part of the program and they are always encouraging their graduates to hire other graduates. cost marte says he's hired at least 15 graduates and wants to hire more. >> that's great. thank you very much for bringing this to us. up next, we're "on the money." credit cards can help you spend money, but which can help you save some cash? we have some of the best cards coming up. and later, this youtube star had a business idea, create tube socks with faces, ears, and if you have afib not caused by a heart valve problem,

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don't stop taking pradaxa without talking to your doctor, as stopping increases your risk of stroke or blood clots. tell your doctor before any planned medical or dental procedure, or before stopping pradaxa. pradaxa can cause serious, but rarely fatal bleeding. seek immediate medical help with signs of bleeding, like unusual bruising. pradaxa may increase your bleeding risk if you're 75 or older, have kidney problems, stomach ulcers, a bleeding condition, or take certain medicines. side effects can include indigestion, stomach pain, upset or burning. ask your doctor about pradaxa and its reversal treatment available nationwide. well, interest rates, cash back, and rewards point programs are all things to look for when picking a credit card, but your card may offer other perks you don't know about. creditcard.com senior analyst joins us now to help read the fine print. it's good to see you. i would think if a company has a lot of perks, they'd be telling you about it. why are so many of the perks often hidden in the fine print?

>> well, frankly, these perks, as great as they are, probably aren't going to be the key to anybody choosing one of these cards over another. most of us are drawn in by sign-up bonuses, by interest rates, by lack of annual fee. >> what are the best perks that you've found? >> well, one of the best ones that we found is an extended warranty. i think we've all been at a retailer where we made a big purchase and they've tried to upsell us on an extended warranty. the truth is, about 80% of credit card holders can say no, thanks, my credit card has me covered, and that cannot only reduce a little bit of the pressure on you in that sales environment, it can save you a bunch of money, too. >> 80% of us already have this? i never even heard of such a thing. why do the credit card companies even do it? >> well, it's just another perk to try and make people stick

with a card and use it more often, because the truth is, when you make a big purchase, the credit card issuer makes money off of that transaction, and they love it when you use their card to make big purchases. >> which cards offer the best perks, do you think? >> well, they come from all different issuers, and that sort of thing, and we found when we did this study a while back, we found that of the biggest most lucrative perks, there were about 15% of cards that offered all of them that we looked at, and among those cards are the discover it card, the barclay card arrival plus world elite mastercard. >> what's your top tip? >> if you make a credit card purchase, you have to pay that off every single month, because if you don't, you'll get yourself in real trouble. if you're making a big purchase,

go ahead and think about instead of paying cash, go ahead and use that credit card, because there are a lot of credit cards out there that allow you to get a big cash back bonus for that first spend on that card, so if you spend $500, you can get $150 cash back, and if you're buying a dishwasher, refrigerator, soin really save you money. >> great, matt, thank you for your time today. >> thank you. up next "on the money," a look at the news for the week and stococks with personali. that's the idea for a youtube star. can she juggle fame, fortune, just like the people who own them, every business is different. but every one of those businesses will need legal help whether it be help starting your business, vendor contracts or employment agreements. legalzoom's network of attorneys can help you every step of the way

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up that may impact your money this week. on tuesday, the home prices index is out. wednesday is the second day of the federal reserve's open market committee meeting. no rate hike is expected. and neither snow, nor rain, nor heat, nor gloom of night can keep the u.s. postal service from turning 242 years old. on thursday we'll be getting the durable goods orders for june. those are items designed to at least last three years. and friday, the very first tesla model 3 electric cars will be delivered. it costs $35,000, which is much cheaper than the other models, but if you haven't signed up to get one already, good luck.

you have a long wait. we're talking years, not months. olga k. is a juggler in more ways than one. for her next act she went to california and became a youtube star, but that's not all. as jane wells found, her next high wire act is launching her own business. >> these are socks with faces, floppy ears, personalities, and celebrity fans. >> dog wearing my socks. >> they are called moosh woks, $15.50 a pair created by a circus performer, youtube star, who came from nothing. >> i remember every day was like how are we going to survive another day? >> olga k.'s walk to the sock market is long and strange. 34-year-old olga grew up in crimea. >> well, for a teen, my family became really, really poor. when i say poor, we used to make

candles out of olive oil and gauze because we didn't have electricity. so we ran away with the russian circus. >> she spent hours teaching herself the only job available, juggling, making her way to los angeles and then -- >> in 2006 i discovered youtube. i kept seeing different videos and different people just talking to the camera, and i remember watching them and being so mesmerized by and not understanding why i like this, but it's this new medium where somebody's talking to me while i'm sitting on the toilet. and i thought to myself, well, if they can do it, i can do it. >> olga taught herself to shoot and edit and became a star with teenaged girls. her next act, merchandising. but merchandising what? >> i remember thinking, well, i love socks. wouldn't it be cool if i made my own socks? and one morning i woke up, wait, socks with ears and tails. i changed his name to spanky, he

used to be spanx and you could not hash tag that on instagram. >> she took all $20,000 in her savings and created the company, named after her cat. socks with faces, names, back stories, and once again, olga taught herself everything, manufacturing, pricing, learning from mistakes, never giving up. one year in she sold a quarter million dollars worth of socks, with plans to expand. >> i see the company as a universe. i compare myself to disney and what they've done. in america, if you work hard enough, you can achieve probably anything >> it's a great american story, and olga credits a lot of her success to something her mother told her in a strange sort of way, she was never that great a student and she dreamed of being an entertainer and her mother told her, olga, if you don't want to go to school and work

hard, you're going to have to work so hard to be successful at something else. and she said, great, i will work so hard then instead. and, becky, she did, and she still is. >> it's paying off. you know, jane, professional juggler, youtube star, sock entrepreneur, did she tell you if she had any plans after this? >> yes, you know, she's realized that she's not really just a juggler or a video creator or a retailer, she's an entrepreneur and she's always got to be moving and going on to the next thing and what she really wants to do is create a way to mentor other young women like her to bring their ideas to fruition and believe in themselves and become entrepreneurs. >> thinking big already, disney, that's what she's shooting for. great story, we love it. that's the show for today, i'm becky quick. thank you so much for joining us. next week, what if the government gave everybody a check every month for doing nothing at all? it's called universal basic income and we're going to talk about whether or not it's a good idea.

each week keep it here. we're "on the money." have a great one and we'll see you next weekend.

plea for justice. a philadelphia neighborhood calls for one of their own to be arrested after the shooting death of a couple on their block. >> storm damage. rain and wind toppled a tree onto a mobile home. you'll hear why the family wasn't hurt. >> relief is on the way. there's a breather from the humidity in the first alert forecast. good morning. welcome to nbc 10 news today. 5:30 on this sunday morning. let's get to our first alert neighborhood weather. the storms have rolled through. erika martin has your most accurate forecast. >> after a night of really strong storms and lots of reports of damage, downed trees and really strong winds and