tv On the Money NBC August 30, 2015 5:30am-6:00am EDT
make sure when it comes to social media, content is currency. >> does every business need social media part of its business plan and connecting with current customers and getting new ones? dave is ceo of likable local. thank you for joining us. content is currency. how important is social media to a small business and how do you get started? >> social media is essential to small businesses because their customers and prospects are all there, pretty much every consumer at this point is using facebook, twitter, and linked in and small businesses have to join that conversation. >> what is likable local do? how do you help businesses do this? >> likable local has a set of page that makes social media super easy by automating most of the things that take a lot of time for small businesses. the problem is that most small business owners don't have the time to do social media. they're struggling with coming up with the time to run their own businesses. so our company and our software makes it much easier and faster. >> how can they adapt to social
media and how can they know that it's really worth their time? what's the return on investment? >> well, you know, the first return on investment is that you're relevant and still in business. the best way to really optimize social media and to make money off of it is to generate referrals from your existing customer base. you're not necessarily going to get a lot of new customers out of thin air but if you use social media to build relationships with your current customers, with your current clients, they can help spread the word for you and you can get new customers that way. >> we're talking about so many different types of social media though. should i be on twitter, facebook, instagram? what do i do? >> great question. i think the first place you start is by listening and paying attention to where your customers are today. what social network are they on the most? if you're an ecommerce company, you probably want to be on facebook first. if you're an accountant or a lawyer, you probably want to be on linkedin first. if you're a blog or sports or entertainment related business, you probably want to be on
twitter first. start with one social network and then expand from there. >> is this really something that businesses are doing just to capture the purchasing power of millennials or everyone? >> i think it starts with millennials but i think at this point, everyone is on social media. the fastest growing demoe is actually men 50 plus because everyone else is already there. >> good point. dave, thank you so much for joining us. small business or large, the state of the american worker has been in the spotlight lately. labor day is coming up later this week and u.s. labor secretary tom perez just returned from visiting seven states in five days and new perspectives on the american worker. secretary perez, thank you so much for joining us. >> sharon, great to be with you and all of your viewers. >> what is the current state of the american workplace? you talked to a lot of folks and talked about some hot button issues. what have you found that surprises you? >> i'm always inspired by the resilience of the american worker and the american business owners.
i was in nebraska, kansas, missouri, oregon, new jersey, pennsylvania, other states, and everywhere i go, you know, we have the wind at our back. there's no doubt about it. 65 months in a row, private sector job growth, 13 million jobs. i talk to people out of work before, who have a job now and they have a hop in their step. at the same time, the unfinished business is undeniable. i met with fast food workers and i never forget, literally had a few days ago a woman with three children working 30 hours a week at a fast food restaurant and the night before i saw her, she slept in her car with three children. we can do better as a nation. i was out in oregon talking to business owners who are very strong supporters of the new paid leave bill put in place in oregon because they reblg niezed that when the workers are respected and taken care of,
when you have this basic baseline of benefits, what it does is it helps to really bring about a loyal workforce. it reduces attrition. so i see workers and businesses alike coming together understanding that when more people have more, we're a stronger nation and the unfinished business of this recovery is making sure that the wind at our backs string brink bringing about more shared prosperity. still too many people working 50 hours a week and getting food at the food pantry and that's not who we are as a nation. >> many struggling say many out there don't have a job and are looking for a job, have been unemployed for a long period of time. millions of people like that. where are the new jobs and what's next for the economy? >> there are 5.2 million job openings right now. that's a bel weather of a very well-functioning economy.
in the depths of the recession, roughly seven job seekers for every job opening and now 1.6 job seekers. so again, these are tightening. in terms of where there are openings, there are openings in a number of different areas. the health care sector continues to be a robust area of opportunity. the area where we've seen the most growth in the last year has been business and professional services, which by and large, are very good middle class jobs. >> let's talk about the rise of companies like uber. people finding jobs like that. what types of workers are independent workers and how is right now? >> well, the economy is always going to have innovation. and that's the brilliance of our economy. and we obviously have worked with many businesses and workers. the discussion i've observed in the so-called gig economy, one of the things that i find a
little bit troubling and inaccurate is we see these false choices. i hear some people say, well, we either innovate or reregulate. and the best way to help build the ooubers of the world is make sure that there is no regulation. that's just flat wrong. that's a false choice. i see forward-leaning successful companies who are innovating day in and day out. whether it's the new economy or the legacy economy. and they understand that you can innovate side by side with your workers. you look at instacart. one of the emerging start-ups and they've treated their workers as employees because they recognize that if you want to build long-term growth, you've got to make sure that you take care of your workers. >> thank you so much, secretary perez. >> always a pleasure to be with you. up next, "on the money."
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now here's a look at what's making news as we head into a new week "on the money." hard if you had money in the stock market. dow plunged a thousand points on monday, recovered slightly and fell 200 points on tuesday. all on concerns about china and the global economy. the nasdaq and the s&p 500 followed suit during the week. all had monster rebounds on wednesday and thursday. stocks were mixed on friday. america's economy grew faster than most thought last quarter. the second reading of the gross domestic product shows the gdp expanded annual rate of 3.7%
better than expected. the gdp the broadest reading of the size and scope of the u.s. economy. if you've been waiting for cheaper airfares, your wait may be over. according to "air weekly request" request weekly" but fly during off hours. with frontier. due in part to lower fuel prices and increased capacity. this was a kind of week that made you want to ignore your 401k statement and made you worry about your retirement just a little bit. stock market volatility returned with a vengeance. if you think about your money long-term, what should you do? joining us now, our financial advisors, diane lasus and doug at life and wells planning. thank you for being here. a lot of investors may be in a panic seeing this kind of volatility especially with what we saw on monday and tuesday. we did see a little bit of a recovery, but still down on the month. what should people think about when they think about their portfolios?
>> if you're hearing that you shouldn't panic, that's the right thing. don't panic. if you're investing according to your goals, and this is long-term money, remember, it's just that. it's long-term. you more than likely can ride out volatility. but if you haven't done planning around this, now is the time to take action and speak with a financial professional, educate yourself or empower yourself around these things so you don't have to feel panic when these things happen. >> diane, what kind of history lesson do we need to give people? cycles happen. we see this time and again. we haven't seen it in many years. that's maybe why people need to be reminded. what are you telling clients? >> we're basically telling them to stay the course. if the asset allocation you have is working and it's the right risk profile for you, then there's no reason to make a change. nothing is different. think about history. think about those people who jumped out of the market during the worst possible time. they're the ones that really
felt the pain, not the ones who stayed in the market. >> a lot of people did jump out in 2008. and look what they missed over that period of time. most people have their stocks, their investments in the 401(k), their ira, the retirement plans. are there things they should be doing with these plans at this particular time? >> yeah. well, regardless of the account, like i said before, invest toward your goal. if you're talking about 401(k), iras, you have an association of long-term moneytirement, then it's different. millennials have 30 years until retirement if not more. about three or four market cycles you see over that time. >> you'll see this again. 20 or 30 years to retirement, this is just the beginning. >> something like the last few weeks. you'll see probably many times over. like we talked about earlier, this is something that is pretty normal. we had four amazing years back-to-back. out of seven pretty good years
overall. if this didn't happen, we'd both be out of a job. but we could also be in some type of utopia. which would be great, but not our reality. so this is very normal. we think about long-term assets like 401(k)s and retirement money, we can withstand this kind of volatility. if it's shorter term, you need to plan about that. it might not be wise in risky assets. >> can we find a silver lining in all of that? is there anything we can do about it? >> absolutely. the rock th conversion. if you're thinking about it, it's a great time to do it when asset values are down. and then you can convert it, watch those assets grow tax free. not just tax deferred. >> right. so that's the beauty taking the tax deferred account. into retirement. >> don't forget about those tax losses too. if you have some and you took a lot of gains early in the year,
which man withpeople did, you could also set those gains and reduce those taxes. >> by filling out those forms early. great advice, thanks, diane and doug. up next, we're "on the money." the embassies open, the flag's been raised. how much is really different in cuba? how is it changing? we'll trak ake you inside the communist country. and after the break, a look at how the stock market ended the week.
communityist ist communist country. >> cuban economy is in bad shape and we don't know how bad because the country doesn't publish data regularly or any form recognizable but things appear to be changing in some important ways. amidst the crumbling buildings and dilapidated streets, most notably, new wi-fi hot spots on january 1st. only 35 in a country of 11 million people, crowded all the tile. expensive, $2.50 an hour and most make $20 a month. the least connected in the world and first time they've been access the internet. most obvious use, speaking with family members overseas on a skype-like app. >> trying to connect via wi-fi with my children. >> reporter: google made big overtures to the cuban
government to expand internet availability across the island another low cost to the government. but thus far, the government hasn't accepted the tech company's offer and using chinese equipment like these routers visible on the street. another sign of change, more and more small businesses. three years ago, the government gave permission for cubaens to leave their government jobs and instead work for themselves but only in 200 very low skilled occupations. ruen left his engineering job at the government agency starting a business making gift bags for parties and events. used to make $30 a month and now he says he pays himself $150 a month and has money left over for savings. his wife more than quinn tup tupled her income. cuba is still an unfriendly place to do business. cannot choose employees, cannot decide how much to pay them and in fact, foreign companies don't
pay their companies directly. instead, they have to pay the cuban government which keeps most of the money, according to richard fineberg of the bookings institute. >> that in effect pockets the 95% of the payment in hard currency and then pays the poor cuban worker in local cuban pesos the equivalent of only about 5% of what was actually paid by the corporation. >> that is essentially labor of 5%, the highest in the world. parts of the police state no longer appear to be working. the defense of the revolution that used to make sure people act communist enough, we're told they don't really function anymore. there's still a high level of vigilance and disso dance dance but we got the sense people are much more free to express themselves. maybe we should be planning our
next winter getaway to havana? >> the executive order makes it much easier to travel to cuba. not super easy, still hurdles. but that being said, cuba is already packed. and they don't have a lot of tourism infrastructure. if you want to go, you are an adventure tourist at this point because you're not going to find the accommodations you're used to as an american traveler, et cetera. >> that's very interesting. good to know. thank you, michelle, so much. up next "on the money," look at the week ahead. and broke scoring equipment because it did so well.
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it. more on our show and guests, go to our web site. otm.cnbc.com. and twitter @onthemoney. tuesday, auto sales for the month of august. construction spending numbers for july are also out on tuesday. on wednesday, the fed releases its beige book which tracks economic conditions across the country. also on wednesday, factory orders for the month of july are released. and wednesday marks the 226th anniversary of the treasury department.
on friday, the most closely watched number of the week. the unemployment rate for the month of august comes out. consumer reports has tested cars for 79 years. in all that time, no car has ever earned a perfect score. until now. so could this be the best car ever? the tesla model s p 85 d, electric car scored 100 out of 100 points on ratings system. consumer reports raved about the all wheel drive, braking, acceleration, and handling. one major setback? sticker price of $130,000. wow. that's our show for today. i'm sharon epperson in for becky quick. thanks so much for joining us. becky will be back next week and we'll be talking about improving your credit score. each week, keep it here. we are "on the money." have a great one. see you next weekend.
coming up next on "today in new york," a tragic accident takes the life of a young actor. how the community is remembering the 21-year-old trailblazer. a crash that sent a car into a building. what investigators now say about that driver. plus a check of the sunday forecast. i'm gus rosendale. i'm pat battle. "today in new york" your sunday edition coming your way next.
this morning, a dark day on broadway as we mourn the loss of a talented young actor. a deadly fall from the stands as the yankees face the braves in atlanta. the big decision. republican presidential candidate donald trump promises will please his supporters. good morning, welcome to "today in new york" on this sunday, the last sunday in the mof nt of august, 2015. it's the 30th. i'm pat battle. i'm gus rosendale. a warm start to the week for people heading back to school in a couple of days. temperatures on the rise. raphael miranda track thag this morning. >> that's right. a hot finish to august and hot start to september. also the humidity is back today. we had a nice day yesterday with a low humid sy, comfortable heat.
it's getting muggy out there on this sunday. we have another heat wave possible. we're talking about this extended stretch. gust could end up in the record books. hottest in new york city. we'll talk about where that should play out in terms of of the top five list. you can see we're dealing with mostly clear skies around the region. a nice quiet morning. later on today, tracking a few more clouds and maybe i spotty shower or storm, especially north and west of new york city. mild, 73 in the city. up to 84 by lunchtime. today's high temperature up to 89 degrees. some folks could see 09s to the west of town and after lunchtime, that's when you start to feel that mugginess creeping wi back into the forecast. fortunately, it's going to stick around with the heat and humidity for several days in a row. we'll look at the seven-day forecast and explain how hot it will get coming up in a few. pat, over to you. raphael, thank you. we begin with the tragedy for e cast of "les miserables."
kyle joan baptiste was 21 years old. he was the first african-american and the youngest person ever to play the lead role in the play. we see how the theater community is remembering him. >> he was a rising star with a powerful voice. 21-year-old kyle john baptiste died hours after friday night's performance. police say he fell from a fourth floor fire escape at his mother's apartment in bedford-stuyvesant, around 4:00 a.m. saturday. the cast and crew mates remembe him as a remarkable young talent and tremendous person wha made magic and history in his broadway debut. as cast mates mourn, the show must go on. during intermission at the imperial theater, fans say it's a shame they'll never get a chance to see him play that role. >> it's tragic. because imis is such a great show.
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