U. S. Businesses. They are the engine of the economy. Reporter americas 28 million Small Businesses are truly the backbone of the economy. Accounting for more than half of all u. S. Sales, according to the Small Business administration. Theyve also created 66 of all net new jobs since the 1970s and thats created some 8 million new jobs since 1990. But running a Small Business is no easy task. Just ask tamara kennedy. She started as a secretary for a franchisee and eventually bought one of her own in 1999. Before the recession, she had grown to 14 sessions but had to close four during the downturn. The hardest part was letting 50 people go. Never an easy thing to do knowing that those folks had people that counted on their income. Part of communities that that income made a difference in. Reporter but she has persevered with nine locations across minnesota and iowa. This is important for small companies. The National Federation of businesses for 2016 found the cost of Health Insurance the greatest concern followed by regulations and taxes. Despite those hurdles, new ebt p entrepreneurs are optimistic. Hes bringing a culture to the windy city selling products made with the glutenfree product. I felt this was a Good Opportunity not only to provide a product thats not clearly there but bringing something from my homeland, to my new adopted homeland. I figure that is something that you see in a lot of immigrant stories. That is something that she hopes to happen, adding additional restaurants in the years to come. Papa johns has brought life to me and so many others and we think the future is good. That excitement is something that has been Holding Since the november election of president trump. Small Business Optimism has risen and held at historic levels on the idea that the new administration will usher in an era of new businessfriendly policies. Kate, thank you so much. Kate rogers. One of the people Whose Mission it is to implement the businessfriendly principles is Linda Mcmahon live from washington. Thank you for having me. Its a pleasure to be here. Small businesses face obstacles, especially when they first start up. What role do you think the federal government should be focusing on . We focus on the three cs. Its capital, counseling and contracts. Capital i think is pretty obvious. Access to capital is what all entrepreneurs need or at least most entrepreneurs need to start. Some Small Businesses that are growing their businesses dont need as much capital as they do counseling, which is the second c. Learning how to develop business plans, how to grow, how to pitch your business. And the third part is contract. We try to encourage or guide entrepreneurs who may have services or products that can be bought by the federal government. The federal government is the largest purchaser of goods and services in the world. Its a lot of work to try and get done, a lot of worthy causes. When youre facing a 5 budget cut, how do you judge which businesses are worthy and which ones do you let go on their own . We are not looking at having to let the businesses go. We look inside sba and i found duplicative programs that were going to be merging and were going to be able to absorb our percentage of budget cuts and really not cut many of our programs to the extent that we would eliminate. Were going to consolidate so that we can offer a lot of the same services under, you know, one title, one banner. What are the Biggest Challenges that you face as administrators . Is there anything thats surprised you since youve gotten into the job . Well, i was on the job about two or three weeks and what i really discovered was that sba is not really well known to the general public. You think about loans as i mentioned a moment ago but ill tell you, sba does so much more. One of the things that ive charged sba with doing is were going to look at an overall new marketing plan, new marketing materials and over the next year well do that rollout. Very important to get the word out. Linda, you started as a Small Business with the wwe that grew to a big business. Was there one lesson you can apply at your job now to help other businesses do the same . Its what i always tell entrepreneurs looking to scale their business. Do something you know and do something youre passionate about. Because being an entrepreneur, when youre first starting up, youre often the ceo but also the janitor. You might be keeping the books and doing everything that you need to do. And my husband and i always said that we never went to work a day in our life because we really enjoyed what we did. Were you passionate about wrestling before you started wwe . I was passionate about the business. I enjoyed watching the events. I didnt know much about wwe or wrestling when vince and i were first married because we were both so young. Its a business that his father and grandfather had been in before. As i was more and more indoctrinated into the entertainment of wwe, i really came to enjoy all aspects of the business and how we develop licensing off of that. But i dont have anything to do with that anymore. Incredibly inspiring story. Administrator mcmahon, thank you for your time today. Thank you so much. Now heres a look at whats making news as we head into on as expected, the Federal Reserve raised a key Interest Rate this week. It stands at 1. 25 . Thats still very low by historical standards but its the second time this year that the fed has increased rates. The janet yellenled fed said it will be selling off some of its 4. 5 trillion bond portfolio which is a tool to keep Interest Rates low. This is a sign of confidence that the economy is growing stronger. Stocks had a mixed reaction. Dow climbing to a record high on wednesday after that decision. Although the s p 500 and nasdaq were not as excited, markets were mixed at the end of the week. Retail fell last month, down 0. 3 . Americans slowed their spending at Car Dealerships and Department Stores and gas stations. Amazon hopes youll spend money at their online purchase. They are buying whole foods. They have more than 400 stores nationwide. The move is part of amazons effort to expand its presence in the 800 billion grocery business. Look out, all you competitors. As we mentioned, this week the Federal Reserve raised Interest Rates for the second time in three months. How will it hit your wallet . The head economist is joining me at piazza. What does this mean to me . We think about how this is going to hit the consumer in terms of their access to credit or cost of credit. As consumers, we would feel this in higher rates and home equity lines of credit or other access lines of credit. Also, we would expect higher mortgage rates. Remember, we may actually benefit seeing a higher return, a little extra cash on that cash that weve been storing at banks. You know, the market hasnt slowed down at all. We talked about the new highs that has been hit in recent days. Is this something that the fed continues to raise rates that you think could put a crimp in the economy . Well, its a concern. The concern is that the fed may raise rates at a faster pace than the economy can withstand. Weve already seen signs of lingering weakness Carry Forward from the First Quarter into the second quarter, particularly on the consumer side. We see manufacturing still showing signs of weakness. And so the concern is that the fed may be overly optimistic about the prospects for the u. S. Economy, raising rates at a much faster pace than we actually can withstand at this point. Do you think the fed did the right thing by raising rates . I dont think they did. I think the fed should have errored on the side of caution. Looking at expectations of growth and inflation continues to anticipate a rebound in the u. S. Economy but theres really very little justification in the underlying data to suggest that a rebound is on its way to the u. S. Economy. And so i would have been much more comfortable had the fed sat this meeting out and said, lets wait for further evidence of which directional trend we see in the underlying marketplace. What signs do you look at next to try and figure out if the economy is being hampered by this or not . Well, remember, were a consumerbased economy. First and foremost, its the consumer that is out in the marketplace spending on goods and services. Resale sales is a key component of where we can expect the economy to be headed. Lindsey, thank you for your time today. Its great to see you. Thanks for having me. Up next, were on the money. Share the road and your car. Changing the way that Car Companies think. And later, baby boomers are replacing their empty nest with a new crib. Now a look at how the stock market end the week. Are you ok . What happened . Dad kinda walked into my swing. Huh . Dont you mean dad kind of ruined our hawaii fund . I thud go to the thothpital. There goes the airfair. I dont think Health Insurance will cover all. Of that. Buth my fathe without that cash from aflac we might have to choose between hawaii or your face. Hawaii what . Haha. Hawaii you might have less coverage than you think. Visit aflac. Com and keep your lifestyle healthy. Aflac owning a car can be expensive and a hassle. Theres insurance, parking, maintenance and much more. Its no surprise that car sharing is popular, especially in big cities and especially among millennials. Now gm is expanding its presence in the market. Joining us now is julia stein, the head of maven, gms Car Sharing Program. Good to be here, becky. The whole idea of a Car Sharing Program is something weve heard of for a while. Companies like zipp car. How do you get this to market and does it matter that youre not the first one there . Automatic is going through a tremendous change and the biggest chan with what we see at gm is that Consumers Want to consume transportation as a service and thats the biggest shift that our company has to make. So maven is in the forefront of that shift and really transforming the company from the traditional design build sell model into service. Youre not just selling stuffing. Youre selling a service. Ex very different set of skills that is required. Were building on the core competency that gm has maven is the Mobility Program that we just launched. Its an app on your phone. How does it work . Maven is an app and we interact with millennial customers with the phone that is really interconnected into the car. How many are using . We have 13. 5 million customers. Last year . Last year. Maven launched 13 months ago and we ended up with 70 cities in north america. If millennials are not buying cars, it makes sense that youre doing Something Like this and reaching out to them. But do you make it easier for them not to buy cars . I love this question. When you look at the maven customer in the urban area, were 75 millennials, average age, 30 years old. When you look at even the youngest among the car brands, the median age is closer to 50 and upwards with the same disposable income. Were tapping into the Customer Base that we were not capturing. The ability also to expose the new audience to the broader portfolio of gm products is astonishing. Julia, thanks for joining us. Thank you. Thank you for having me. Up next, were on the money. Instead of downsizing and leaving, many boomers are upgrading and staying. New ways that a remodel can help the boomers keep their home. And later, think quick, whats the best money advice that your dad ever gave you . Money tips from fathers. If you have afib not caused by a heart valve problem, and youre taking warfarin, you have the choice of a different kind of blood thinner. Pradaxa helps stop blood cells from pooling in the heart, forming a clot which can cause a stroke in the brain. In a clinical study, pradaxa was better than warfarin at reducing stroke risk. And in the rare case of an emergency situation, when seconds matter, theres the only fdaapproved reversal treatment made for people taking pradaxa that helps you clot normally again. Dont take pradaxa if youve had a heart valve replacement or have abnormal bleeding. Dont 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 youre 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. Home remodeling is booming. Its the baby boomers behind it. As these empty nesters are jumping into help. Diana olick looks at the options that is spurring demand. Reporter at a brandnew development outside of denver, a luxury home bui i active adults. Baby boomers who still want highend homes and a Million Dollars to get them. This is the last house youre going to have. You have to get what you want. Reporter active adult communities are booming with the boomers, from highend to more affordable brands like this community in atlanta. The draw of these communities is not only the constant Services Available and the singlelevel homes but the constant activity. The biggest challenge i had when i moved here was managing my calendar. Theres too much stuff to do. Reporter for those looking to a more urban setting, ondos are also seeing growth. You get all of the benefits of a fullservice building downtown without the loud young neighbors throwing parties or toting babies. Only the baby boomers who had substantial equity in their homes are downsizing. That tells me that they are not downsizing to something cheaper but smaller and in the city and have all of the lifestyle metrics that both millennials and boomers like. Reporter but some boomers like where they are and would rather age in place. The baby boomers are definitely driving our business. Bruce is remodeling suburban homes and condos to help clients age in place. Reporter a big issue is floor level changes. So you have opportunities with a doorway, heights and countertops, cabinets and toilets and other ways to make spaces more adaptable for aging homeowners. Reporter so many lost so much equity in their homes during the recession but with home prices skyhigh again, the surge is on and there should be as much of a demand for remodeling as there are boomers. When they lost their nest egg, where does that leave them in terms of another housing recession. Reporter actually, home prices have gotten so high in so many of the most desirable neighborhoods that boomers are able to sell at a good price and downsize. The problem, of course, is that the condos and highend living that theyre looking to downsize into is also pricey. All right. Diana, thanks so much. Great to see you. Up next on the money, a look at the news for the week ahead and whether you are a saver, a spender or both, youre probably still following money lessons you learned from your father. Were going to add up the best advice from dads right after this. Their leadership is instinctive. Theyre experts in things you havent heard of. Researchers of technologies that one day you will. Some call them the best of the best. Some call them veterans. We call them our team. Juswho own them,ople every business is different. But every one of those businesses will need legal help as they age and grow. Whether it be help starting your business, vendor contracts or employment agreements. Legalzooms network of attorneys can help you every step of the way so you can focus on what you do. Well handle the legal stuff that comes up along the way. Legalzoom. Legal help is here. Here are the stories that may impact your week. Amazon and apple are expected at the white house for a meeting created by president trump. On tuesday, is it safe to go in the water yet in 42 years after the movie jaws was first released, the answer is probably still no. On wednesday, existing home sales for may and summer officially arrives that day, too. And the purchasing managers index. How the nations manufacturers are doing. Its also bow, bow, bow. Bring your dog to work day. Money lessons were learned both by explanation and by example. This fathers day weekend, author and personal finance expert carrie joins us with her dads top tips. Thank you for being here today. Nice to be here, becky. I know your father is no longer with us. Looking back, what kind of Financial Advice did he instill in you . The most important thing dad told me was always support yourself. Never be dependent on anyone else financially. Thats the ultimate freedom. And the second biggest one, becky, was invest in knowledge. You cant afford to sit still if youre going to grow your career you have to constantly be learning new things. Thats part of being, you know ive been married 25 years on july the 4th and i still have credit card accounts and Bank Accounts and i think it worked. A lot of the arguing along the way. Absolutely. Did your mother and father have different attitudes about money . Well, in fact they did. Dad was very much you cant take it with you and he was always how can we not you cant do something and mom was the ceo of our household in terms of paying the bills so she was a good ballast on him. Good to have the yin and the yang. How did your dad teach distinctions when it came to spending. Dad really believed in spending on the things that we loved. Like traveling or your hobbies and really making sure that you could you had enough savings in order to do that. That was the ultimate freedom. He also believed, becky, in giving to the causes that you care about. Strategically, he always was talking about giving back and showed by example about how to do that. What did your dad tell you about saving and investing . When i was in my 20s and living in new york city and i couldnt imagine saving for retirement, 401 k s were new back then. Dad said get started saving right now and match your employer. Im telling you, all this time later, decades later, i am so grateful that even though i didnt think i could afford to save back then, i did and i could. When you were still pretty young, you took on a lot of credit card debt. What did your dad say about that . It was so frightening. I was using one card to pay another card. Crazy times. And it was scary. Dad did not bail me out. When i finally confessed to him what i was going through and how fearful i was of all this, he just really took the time to sit down with me and say, hey, carrie, lets do a budget. Lets figure out how you can pay down this credit card debt. It was a lesson i learned early and i encourage anyone to Pay Attention to that. You cannot let that mushroom. It is really frightening. Carrie, he sounds like a very smart man, a very wise man. Thank you so much for sharing his lessons with us. Thank you. We appreciate it. That is our show for today. Im becky quick. Thank you for joining us. Next week, robo calls. Youre probably getting more than ever. Its probably driving you crazy, too. Why is this happening and what can we do to stop them . Well find out. Each week, keep it right here, were on the money. Happy fathers day. Especially my dad and fatherinlaw. Well see you next weekend. Cosby mistrial. Cosby back home after a hung jury. Now the prosecutor plans to retry the case. Officials find the bodies of the seven u. S. Sailors inside the destroyer damaged in a collision at sea. Sunday, many will celebrate philly pride during the parade, and thousands of supporters of the Lgbt Community are expected to line the streets of phillies, and well have a live preview. Its 5 30 on this sunday. Plenty to get to