Skip to main content

tv   Your Money  CNN  February 1, 2014 11:00am-11:31am PST

11:00 am
and trying to have the best jumps of my life. >> reporter: ted rowlands, cnn, park city, utah. nice. you go girls. we'll be watching. see you in 30 minutes. "your money" starts right now. i'm fredricka whitfield. the super bowl is here. a traffic jam of trivt jeprivat hundreds of millions of private activity. who benefits? i'm christine romans. this is "your money." thanks for joining us for this special edition from super bowl boulevard in times square. the excitement building. spectacle enormous and payoff, up for debate. $550 million is how much the host econosays it will bring to area. a number sports economists think is vastly overblown. new york is hosting this mega event. new jersey, if you want to get technical, is where it will happen. just as its new mayor, new york's new mayor, pledged to slim the gap between rich and poor.
11:01 am
>> we are called to put an end to economic and social inequalities that threaten to unravel the city we love. >> reporter: host committees promise big spending, overfilled hotel room, overflowing vaunts and a relaty text rav revenue. does any trickle down to those not going to the convenient working and living in its shadow? doesn't matter. every city wants to host the super bowl, no matter the numbers. a chance to showcase your home for 1 million viewers, a point of civic pride. something you can't necessarily put a price tag on. two of the men responsible for bringing the game here, they join me now. jets owner woody johnson and giants co-owner jonathan tisch, both here today. for the record, you are in the warm studio. i'm the one sitting out here in the cold. >> not that bad! it's going to be 45 at game
11:02 am
time. weather is -- >> balmy. >> we're taking that off the table. >> reporter: i've been training for this for a long time so the weather doesn't bother me. >> thank you. >> sports economists we talked to say the $550 million estimate is overblown. are numbers like the super bowl hype, how is this going to be such an economic boon for this area? start with you, woody? >> you know, these questions come up at every one of these veents. i mean, the fact is new york and new jersey are a lot better for having the super bowl than not. you can put whatever number you want. the number that -- that we're estimating is $550 million, but that, you know, we can look at it after and come up with a more finite number. one of the things you can't measure necessarily, is what is does for new york and new jersey in the minds of people either that want to do business or travel or -- or partake in the advantages of new york and new jersey in the future, and there's a legacy factor that goes on and on and on.
11:03 am
>> reporter: yeah. every city wants a super bowl. no matter, every city wants a super bowl. jonathan, parties huge. spending huge. not everyone can afford to get in. does an event trickle down to the average man and woman rather than just watching four hours a game on the couch? >> it absolutely does. we've learned over the last couple of years in the bloomberg administration now and delazio administration as it relates to new york city, tourism is a huge generator of jobs. 350,000 people make a living in the travel and tourism industry. that sector added more jobs over the last year than any other piece of new york city's economy. and what you've got 400,000 people coming into the city with this kind of money, it creates jobs and also the tax dollars derived from travel and tourism, that goes to pay for the firefighters, our police officers. emergency services. our industry, travel and tourism, is a backbone of new york city's economy. >> so there's a lot of -- a lot of activities around new york
11:04 am
that hopefully people enjoy. i think they will enjoy. i've enjoyed them. >> one other way we're going to -- >> i went down the toboggan slide. it was great. >> one other way to rate success, wood around i are doing the toboggan run tomorrow. >> how was it? >> hopefully neither will end up with broken bones. that will be success. >> yeah, yeah. >> advice. push off hard at the beginning and half way down, give yourself a couple good pumps on the way down and i think you can win. >> okay. >> or you'll tie. thanks so much, guys. and best of luck to you. best of luck in the last 24 hours of planning, and we'll all be watching the game. thank you. >> thank you. >> thank you. every city wants to host the super bowl. up next, i'm going to talk to a super bowl choomp says, playing the game in new york in winter is a terrible idea. jerome "the bus" bettis explains and tells us about his new push to teach kids about science -- next. we asked people a question,
11:05 am
how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going to have to rethink this thing. it's hard to imagine how much we'll need for a retirement that could last 30 years or more. so maybe we need to approach things differently, if we want to be ready for a longer retirement. ♪
11:06 am
11:07 am
11:08 am
the super bowl kicks off tomorrow, but goldie blocks has already run. the start-up that makes toys designed to interest young girls in science is the first small business ever to have a commercial air during the game bp golden blocks won a contest. into it covering the $4 million cost for super bowl tv time. another person getting kids excited about science, you remember jerome bettis as a great nfl running back.
11:09 am
final game in the league he won the super bowl with the pittsburgh steelers, but now "the bus" is running the cyber bus. the program is part of his foundation that teaches inner city kids about computers. starting with how to build them. jerome what a cool plrogram. we talk about s.t.e.m., the future. you're doing it. the bus is here. temperatu tell me how you're doing? >> the goal, bridge the digital divide that's in these inner cities. we're taking the kids and we're doing a couple of things. taking them on to a college campus. we want to show them that a college campus is normal place to be and that you can be there. you knit therfit in the there. teaching them computer literacy but to you ho how to build the computer, use it and integrate it into the home, because we give them the computer at the end of the program and feel it's a great program not only because they learn how to use a
11:10 am
computer, and really get involved in this technology age, but learn how to build it. now once that computer is, needs to be updated, now all you have to do, take out that mother board, you know, and speed it up and you can put more ram in and more memory. do anything you need to do with the computer, because you know how to build it. >> it's coming from you. not from some tech, you know, executive or some silicon valley icon for the business world. you're an icon for these kids. do you think that they relate to that better? >> i think they do, and i think they understand, it's coming from the heart. it's not coming from, you know, me wanting to gain any more celebrity. >> more celeb industry the guy we're sitting with, every person, you can hear it. everyone walk big our location is screaming "the bus," "the bus"! people bundle of up here. snow on the ground. come on. it's nice to see the cold weather super bowl, or do you think a crazy mistake. >> i think a mistake.
11:11 am
i'll tell you why. >> you played in the cold, right? >> it was indoor staid yul. the reason i say it's a mistake, not because of what we see out here. not because of this aspect. it's the aspect of the fans. and the players, they've all played in cold weather. so that won't be a problem, but it's the experience of coming to a super bowl. this is my first time, if this is my first time i want that experience to be incredible. i want to go to the game and see it in all its majesty. i want to be in that moment. you lose a little bit because of the elements. you have to think about that more than the game. >> you have an awesome super bowl ring, an awesome career. career might think, jerome bet the bus, indestructible. you have a serious allergy. what are you doing tab? >> woabout it. >> working with a company that developed a device, an out oh inject. epinephrine like a coach that
11:12 am
talks you through the process. it's a very, very unique product. when i saw it, i was amazed. so you have to get a prescription for it, but when you pull it out to use it, it actually -- >> this trainer contains no needle or drug. >> it talks you through the process, when you need to use it, because if you are ever in a traumatic situation. >> of course, and you're having an an flax is event, you are nervous. to want to have -- to give yourself an injection is a very scary proposition, and when you have something that's talking you through the process, it makes it a lot easier for you. so i like to think it's -- a coach, like, on the field. >> there you go. jerome bettis, nice to meet you. "the bus," very nice to meet you. best of luck with the cyber bus and this rejerch. coming up, 400 million v-- 400,000 visitors all needing a flies sleep. >> like an instant gold rush.
11:13 am
>> people are looking to dmash by renting their digs to strangers. life could be hectic. angie's list saves me a lot of time. after reading all the reviews i know i'm making the right choice. online or on the phone, we help you hire right the first time. with honest reviews on over 720 local services. keeping up with these two is more than a full time job, and i don't have time for unreliable companies. angie's list definitely saves me time and money. for over 18 years we've helped people take care of the things that matter most. join today. some brokerage firms are but way too many aren't. why? because selling their funds makes them more money. which makes you wonder. isn't that a conflict? search "proprietary mutual funds". yikes!! then go to e*trade. we've got over 8,000 mutual funds and not one of them has our name on it. we're in the business of finding the right investments for you. e*trade. less for us, more for you. the fund's prospectus contains its investment objectives, risks, charges, expenses and other important information and should be read and considered carefully
11:14 am
before investing. for a current prospectus visit
11:15 am
11:16 am
all right. welcome back to the special edition of "your money" from super bowl boulevard in times square. if you're in the market to bay home, you've just caught a break. mortgage rates ticked lower this week. the 30-year fixed rate averages 4.32%. lock in your rates soon. 30-year loans will probably top 5% by the end of the year. and home prices could be topping, too. prices in november slipped from october. that's the first month over month decline in ten months. a sign of maybe-maybe -- a near-term tap in home prices. prices rose slightly when compared with a year ago. forget about buying for a minute. talk renting. business correspondent alison kosik is here. alison, homeowners in the new
11:17 am
york/new jersey area for some strain reason are looking to rent their homes. hmm. could it be the -- >> super bowl? >> reporter: could be. this is not just any convenient. this is the super bowl. for many who live here in the area, the new york/new jersey area it does feel like a gold rush to capitalize on the money that's coming in. the matchup is set, but the real winner in this year's super bowl could be homeowners. >> i'm asking $5,000 a night, and really, they're getting a beautiful home. >> reporter: brian crouse is renting his new jersey home the week of the big game. it has a gym. >> all industrial equipment. >> reporter: theater room. >> 70-inch screen. >> reporter: and a refrigerator full of beer. you're going have this fully stocked? oh, fully stocked. >> reporter: he's not the only one. more than 1,000 listings on craigslist. super bowl rentedals with an s, super bot rentals with a z.
11:18 am
list goes on. for fans booking last-minute -- renting a home might be the best option. there are 100,000 rooms in the area, but 400,000 visitors are expected. a cruise ship is even being used as a hotel. the bud light hotel. >> between 2,000 and 3,000 guests per night on here b. >> reporter: but room rates in the area are high. fairfield inn in east rutherford, $355 a night. later in february they go for about $100. as for crouse if he rents his home, his next booking, for a trip out of town. >> come february 2nd, i hope i'm somewhere warm. >> reporter: and if you're wondering, crouse actually hasn't been able to rent his home, but he doesn't mind. you know, the big challenge with renting a home around the super bowl is the stiff competition. a lot of people in the new
11:19 am
york/new jersey area are renteding their homes and their houses for the super bowl, and just in case you're wondering, people are already renting their homes or listing their homes for next year's super bowl in phoenix, and this one hasn't happened yet. >> wow. i know one people. a lot of people have friends coming out of the woodwork. from seattle and denver who want a couch to borrow for a few nights. thank you. bruno mars is taking music's biggest stage tomorrow. headlining the super bowl half time show and coming off a grammy's win. not bad for 28. take a look at being one of pop's biggest stars with us. ♪ >> reporter: bruno mars is going from superstar to the super bowl. born peter her and in toews a musical family in hawaii he started as the world's youngest elvis impersonator. ♪ take my hand >> reporter: he struggled as a
11:20 am
performer. he was dropped from motown records then changed his business plan and began writing and producing songs for other artists. ♪ got nothing on you >> reporter: his big break came in 2010 doing vocals for two songs he helped write. "nothing on you" and "billionaire" ♪ i want to be billionaire >> reporter: his debut album, a success. ♪ amazing just the way you are >> reporter: and landed mars two number one hits. n ♪ catch a grenade for you >> reporter: album number two reached number one. ♪ oh, yeah, yeah. oh, yeah, yeah, yeah, yeah ♪ >> reporter: and the accompanying tour brought in $46 million so far. ♪ that i should have bought you flowers ♪ and held your hand ♪ >> reporter: altogether, mars sold 115 million singles
11:21 am
worldwide, and landed five number one singles faster than any male singer since elvis. >> a beautiful audience. >> reporter: the 28-year-old was billboard's artist of the year last year. >> expect to have some fun with us. >> reporter: and landed his second grammy, this one for best pop vocal album of the year, unorthodox jukebox. >> reporter: outside the studio, he is invested in chromatic, a start-up that makes digital sheet music and electronics cigarettemaker enjoi, which he uses to kick the habit. up next, namars will play the super bowl halftime show for more than 100 million viewers, joining legendary peer, the first to headline in a decade. the business of being bruno mars is far from over. >> i feel like i haven't even started yet. >> reporter: nfl players get treated like superheroes, but witness they leave the game, they can face a very different lye steil.
11:22 am
lifestyle. >> to collect disability in our society is almost impossible. in our society. it's harder in the nfl. the shocking reality of nfl retirement, after 9 break. ♪ oh-oh, oh, oh, la, la-la, la-la, la-la ♪ ♪ na-na-na, na-na-na-na-na some things just go together, like auto and home insurance.
11:23 am
bundle them together at progressive, and you save big on both. ♪ oh, oh-oh, oh, oh hey, it's me! [ whistles ] and there's my dog! [gasps] there's my steps! i should stop talking. perfectly paired savings. now, that's progressive.
11:24 am
11:25 am
we don't know who will win the big game tomorrow, but we do know who won the battle of the beets. me. joining me now, early star co-host john berman and patrick kerney playing 11 seasons including three with the seahawks and led in sacks in 2007. okay, guys.
11:26 am
impressive pick eers check this out. i challenged, a toboggan race, here at super bowl boulevard, and i emerged victorious. i never win in sports and really wanted on the record for this. >> here's the thing. i've been doing reporting behind the scenes at cnn. there was a lot of talk about this race and a feeling amongst many it was not completely fair, and that you may have cheated more than just a little bit. >> wait. this is from nischelle turner? >> look at this. >> tobogganing is about to happen. >> a couple deep knee bends. >> ooh, baby. all right. get loose. >> win, two, three -- ♪
11:27 am
>> we made it. >> so -- that's christine romans/tonya harding grabbing the back of nischelle turner's sled right there making sure she doesn't win. >> all in fun and games. look, i was ahead most of the time. then nischelle was crawling along, and so i decided to level the playing field a little. >> literally came back and told me she won. i talked to other people who literally told me she cheated. huge scandal. >> listening to al davis, if you're not cheating, you're not trying. >> i believe it was. a great defensive lineman. anticipated the snap count. took it for you. >> i am the mother of three boys and know how to throw elbows when i have to. gentlemen, talk about your current role in the nfl. interesting job. recently named the league's vice president of player benefits. mba from columbia. not really the typical postnfl career. some have a 3 1/2 year career, and that's it.
11:28 am
in many cases, they don't have the financial literacy skills to turn into into a lifetime of retirement. how are you trying to change? >> for me, step one, changing the we are spective. you're going to make between 60 pshs and 95% in that small window. it bert cover that much of your lifetime's expenses. not for you but for the long haul. >> listen to mike ditka, does this a lot. powerful on this, too. listen. >> we don't know about, why the retired players who have disability needs are not being taken care of. why can't this be taken care of? that's all we're asking. i don't care who's fault it is. we're not pointing the fishg at one or the other. there's money, resources there. take care of the people who need it. and that's all we're asking. >> that's him testifying before congress on this. so if a career is 3 1/2 years, you also point out that a lot of these guys, some of these guy, don't even sign up for the 401(k)? which is free money.
11:29 am
retirement planning. such a passionate in the now kind of job. how do you change the mindette? mind-set? >> switched to an opt in and opt out. cured issues. so much more in terms of expense crom and understanding the big picture. understanding realistic expectations for investments. what an investment is and also expectations for a second career in terms of what kind of money you're going to earn. what that until curve looks like the rest of your life. thousand plan. how to make better informed decisions. >> you're a sports fan. you see them coming through high school or college. >> and with cnn, terrific reporting about college sports, the literacy rates and learning going on in major proms not what it should be. particularly alarming when you hear the pro careers aren't that long. you need learn something else besides just how to win at sports. >> nice to see you. coming up at 4:00 pooerchl,
11:30 am
a super bowl special. the play predictions and weather. 4:00 p.m. eastern right here on cnn. have a great weekend. hello everyone. i'm fredricka whitfield. here are the top stories we're following in the krn "newsroom." new jersey governor chris christie facing new allegations involving the political scandal that rocked his administration pap former port authority official claims he has evidence that shows christie had knowledge of the lane closures at the george washington bridge while it was happening back in september. david wildstein oversaw the lane closures and resigned after allegations surfaced that he and a christie aide ordered them closed, as political payback