CBS Sunday Morning, : The Money Issue

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I want the time and this is a special edition of Sunday morning. It's the money issue our annual look at how we earn, save and spend my chance to finally put my economics degree to use and when it comes to earning money, who among us hasn't lost at least once of going into the boss and declaring I quit with Tony to Coble will meet some people who have done just that Monday morning. A lot of us will be sitting here when we really dream of sitting here you think the fantasy of quitting your job is more prevalent today than it was a generation ago. I think it is the best part was turning in the paper. Calling it quits ahead on Sunday morning. By contrast, Tracy Smith is keeping up with Chris Chris Jenner, a celebrity mama who just never seems to quit love or not Kardashian built a billion-dollar little more than hard work and tenacity, which they probably learned from their mother. Best piece of business advice given. If someone says no talking one person keeping up with Chris Jenner ahead on Sunday morning a product. Fantasy is a potential cure-all is growing into a very big business, Lee Cowan investigates the height around hemp. You've likely heard about CBV cannabis compounded for some has become as necessary is oxygen itself. $22 billion by 2020 tail and had no product. Why even 10 years fad curiosity or is there potential for something much more. The ABCs of CVD. Later on Sunday morning ever have the urge to sail away more and more cruise lines are betting big time that someday you will guess how many people will go on cruises this year 30 million.

So how do cruise lines wound passengers by offering them the excitement of experiencing the next thing. This gives you a perspective that you get nowhere else on board ship course.

This is never been done before the Sunday morning floating city will have those stories and more all coming up when our Sunday morning podcast continues were recommending mind you more than a few disenchanted workers these days are mustering up the gumption to tell the boss. I quit so how's that working out for them. Our cover story as reported by Tony to Coble in 2009, Bill Murphy Junior landed a top level wall job making big box but when he showed up for work. I realized pretty quickly. I wasn't the right person for that spot. What was it about a competitive six-figure income wasn't attractive to you. I know it's a question a lot of people would ask, that's right on his very first day. Murphy already wanted out. Recall going to the orientation and you are one of the speakers got up.

I am John Smith. I've been here for 21 years and three months so that means I have no eight years plus, to retire and I became a running joke with a few of the other speakers I got up but that's not really what you say. If you love your work and I only want to come in their everyday so rather than count his own days behind a desk. He did something you won't find in most career playbooks. He quit on day two. Telling his boss I'm really very sorry. I can tell that I made a big mistake accepting his job. The move was radical with the mindset not so uncommon. According to a new CBS News poll. More than half of Americans with full-time job say they daydream at least once in a while about leaving those jobs behind you think the fantasy of quitting your job is more prevalent today than it was a generation ago I think is a fantasy.

Unfortunately, Michelle Singletary writes about personal finance for the Washington Post says employers are largely to blame the contract because they made us expendable every level. Many got to the point where they could bolster stock prices by firing people and people are saying.

If that's the case, all you my entire life that may help explain why some employees now port really retirement at the top of your to do list but making that happen takes work. You gotta save us actual amount of your salary was a 4050 60%. We met Singletary at a bookstore in the sort of New York City neighborhood were windowshopping is the only shopping you can do you plan on quitting your job.

So if you're 25 right now and you have it in your head that you want retire early.

To be clear, the things you have to do in order to save our souls like not have kids, how big is your house not very big.

Can you go out to eat at restaurants once in a while to be taking a $5000 cruise. No, you essentially have to ignore every cue from our culture.

Every commercial on TV.

I keep our cars until one on a first name basis with the look we don't. That's the sort of thing Susan Emerson might do so. What point did you realize that you may be able to leave it all behind. I have been raised very fruitfully. I mean my dad was the champion saver so that's just my mindset that's my my fall back modus operandi. I remember telling my accountant save half of my income.

He said that watching before retiring at age 47 she kept close tabs on everything she spent and we do mean everything I had this little notebook.

I have bought a Coke.

I wrote that down.

You bought a Coke. He wrote it down. Thanks to that tight budget and some savvy investing Emerson, now 61, has spent more than a decade pursuing her lifelong passion, art there interpreting disaster situations in a kind of fantastical way to do that, she walked away from a career as a physician I feel closing the door for the last time driving out of the parking lot.

Best part was turning in the paper when I read articles about people retire early. It's often a doctor or lawyer can a person with a regular job ever hope to retire early. Yes, absolutely.

Isn't just for people making six figures. She but it's you making different choices early time. It may not be some big deal in Florida and may just be nice to know where you live for 20. How did other doctors in the profession where everyone came in to me and said I'm jealous. It was their spouses that would tell me she scared all all these stories came out about somebody wanted to quit and write a novel somebody had always wanted to be a sculptor was interesting. How did your mom react when you told her she had a fit really. Yes, she told her friends that I had gotten sick and had to retire because that I guess seemed like a more acceptable reason to retire at her now legendary football coach Vincent party may help explain her mom's reaction. A famous quote attributed to him is woven deeply into the fabric of American culture.

Winners never quit been brainwashed into thinking that quitting is somehow wall it somehow week, author Seth Godin is the anti-Lombardi life is short.

I think most of us would agree. He says quitting is often the best possible move because it freezes up the Thrive were better suited if you have a choice between being unemployed for one to three years or sticking with the job that the dead-end most people are afraid of the unknown, so they will stick with that job.

When you look at the careers of people who have done it for the right reason in the right way a lot of regret the bustling book ever written about quitting and I don't think I've gotten five emails and seven years from Sony says was bad advice. We met an individual who quit on the second day of work to advise such a thing.

I'm not sure what the differences between the second day in the 200 day if I will got a job working at a payday loan company. I wouldn't even last two days. Which brings us back to Bill Murphy Junior after quitting as a lawyer. He went all in a childhood dream journalism that wasn't one of those 1 million readers is now contributing editor at the publication, Inc. I would not go back. I have no regrets and one things very clear. He's happy you quit your way to a better life and I called the joy of quitting with home prices soaring in so many supposedly trendy cities, one perhaps less celebrated town is telling people it's definitely okay to make the move. Barry okay here's Connor Knight packing up her small apartment in the middle of San Francisco. Stephanie Grabowski has been pausing to drool over three-bedroom homes in the middle of the country. I'm dying far apart like sit in the rocking chair. Is there anything that you could buy in all of dollars. You can even buy a parking space in San Francisco for 200,000 should know.

She works in property management, but she works remotely, meaning she's mostly able to do her job from home really from anywhere than did you start to think why my working from one of the most expensive cities in the country definitely. That's why the pesky will soon be a brand-new state will hold land of oil wide open prairie 66 that's only part of the story city of 400,000 has plenty of hip coffee shops, bustling bars with thriving arts district just get much credit for being cool. That's why last year the croupier created an ambitious program to spread the word to the growing population of workers around the country were able to work remotely. Take your laptop to Tulsa and they will pay you $10,000 to move here.

I think that going after remote workers allows us to identify really talented individuals who have the flexibility to work from wherever and show them what Tulsa has to offer. The rebels lead director of Tulsa remote new initiative that Tulsa-based nonprofit George Kaiser family foundation and its goal to attract some new blood to Tulsa with the hope that those who, stick around. In addition to the 10 grand paid out over the course of the year. The program offers free communal office space and networking opportunities with other new arrivals copier Ruiz is a content writer for language learning website. He had been living in New York is ready for a change of pace when he applied to the program. It feels like it's time to calm down or not be as in the hustle and bustle you get older and you, one of think about what he didn't investing for your future and also Ruiz can easily afford a house is one of 100 remote workers were accepted into the program's first year, more than 10,000 applicants who came from a wide array of industries. Obviously there's a large focus on technology, but healthcare was a huge area. We had a couple patent attorneys who applied who have the ability work from wherever Harlan Lozada Thompson newest members of the Globetrotters.

She was drafted right after college for new career take over. I can live anywhere and then fly in games whenever I needed and so I had just a blank slate in front of me where to go for Thompson the $10,000 bonus was certainly a selling point, but she was also looking for a city she could make a difference to Los Angeles on time and it's like a tiny drop in a puddle, but maybe with this Tulsa remote program.

Myself and other members of our cohort can come in and and really have a big positive impact on the city of the prequel, but in a city of 400,000 hundred new recruits actually make a difference Tulsa remote spending over $1 million betting they came. I think that 100 people can make a different and I think that when those hundred people are so excited about making an impact. And so ready to be part of the community and you have a community that so ready to welcome them that there is plenty of chance, when you told your friends that this is something you're thinking about doing that was a reaction like that.

But if the program succeeds ghostly is hoping remote workers will soon be asking different questions that the people that live here are incredibly gracious and welcoming. There's plenty of opportunity there.

Space why not another word what's in store for things we return the second time around. Rita Graver has the answer. Wonder what happens to things you we turn your stores or online merchandising now share features really happen to all this stuff is a vice president Mark which has 25 to 75,000 employees around the country devoted to assessing and reselling good what's known as the secondary market you're thinking this is juicy stuff like truckloads of stuff arrive and leave this Winston-Salem warehouse every day. Much of it is merchandise that additional outlets just can't download outdated seasonal products third of it is customer returns, mostly from online purchases. Brick-and-mortar store will will return about 3% of their sales for e-commerce. That could be 25 to 40% more provide this service for companies inspecting and packaging return goods do go right back on the shelves, a lot doesn't make it stuff that's that's my favorite liquidated and examine it will to make sure it's perfect Ingmar CEO David Mounce says that the secondary market selling goods of all kinds has doubled in the past 10 years to $600 billion factor so much of that stuff coming back from either e-commerce stores that you could take all of the units that we process in one year and build a bridge from New York to Tokyo.

The customers can be online sellers, outlet malls, discount, or dollar stores, small mom-and-pop shops, even fleamarket vendors them come to Las Vegas twice a year for a big tradeshow so it is three visit here to looking to buy, sell, or we can celebrate with longtime clients like Brady churches he CEO of home buys in Columbus, Ohio discount stores around the state. Would love to buy the treasures pass the savings on the most over here and we watched him snag close to 100 jackets in just a few minutes. These are a five turn to a major retailer like you think you jackets are high-quality doctors. There are major brand with a brand is a horse and buggy involved in the real thing about he also got shirts to go with the jackets $99 he paid eight bucks a piece of adrenaline rush when October is one of the but nothing beats the recent real landing some $2000 wedding gowns and selling them for hundred $99 each summer come in the store and site work for right now for $400 to buy the stress today. Almost all of these products will find buyers doesn't sell is often donated to charity. But there are still some goods that end up in the writers tossed along with other garbage races like this landfill in Burlington County, New Jersey, while about 30 some years Kevin Lyons who teaches supply-chain management at Rutgers University says it's the same problem year after year there something like God end up getting that's correct instead of packaging and possibly needed.

It's easier for them to do little but not enough to clear the screen believes companies like his will continue to expand a lot of this product is is really good product. You know it's it's it's as good as new.

In some cases it is more and more buyers and sellers realize that one company's trash is another People's treasure with more and more states legalizing marijuana.

Some folks are touting a cannabis because it is a possible cure-all Lee Cowan has the story about lending business. Looks like pot be like pot even eaten like pop, but hot. It is not cold. CBD short for cannabidiol above the chemical compound market hi ever done is just a small bottle. CBD is extracted from him, the same plant family is one of you microwaving pizza rolls THC snow I like to talk to you about. Essentially, we without the hot swear by it. It's helping everything from arthritis to insomnia, anxiety, depression maybe much more like it's almost true for some people it might be an overall financially some really leads to totally at CBD. Craig Chicago sales associate Elijah Olson could barely keep the show. It's one products.

There are government is using CBD for her chronic pain to Chinese and chamomile tea tree shampoo ball. Gomez also happens to be the managing director of the brightfield group market research company tracking CBD said so much last year the US market.

About $600 million, but Gomez forecasted in as little as five years is likely to blossom nearly 40 times that taking CBD $22 billion a year mark until you perform hemp common crop together with marijuana in 1937 Lester's farm bill lifted so as long as it has less than .3% THC is grown by licensed farmers, hemp is legal but that doesn't mean CBD derived from units, at least not entire according to the FDA, it still against the law for city manufacturers to make any health-related claims about their products and companies that add CBD to food and beverages do so knowing their operating and legal murky waters. That's because large scientific studies on CBD way behind its newfound popularity even what does today is in question were having people consume this compound in large quantities and we don't know the full health impact has been heard is a professor at Mount Sinai school of medicine where she says CBD is showing promise, but healthy dose of skepticism. Sure wouldn't hurt to work for everyone.

No drug works for everyone. The FDA has approved one CBD drug called dialect used to treat seizures associated with certain forms of childhood epilepsy and close herds research suggest that CBD may also curb addictions to heroin and other dangerous opioids. We really could be the tipping point with the research and research to date gives us a big promise on which to build skeptical about absolutely hundred percent. Fuentes is threading the needle between the scientific and the anecdotal evidence I started making products way back and we came to friends and family and start working like this is what's happening like it's working one time pharmacist jumped the CBD market with both feet trusting that the research and regulation will soon fall so you must have a pretty strong faith in what this does give up your career to do this idea.

I have a really strong faith in it. You don't know exactly what the potential is there some bears great company. Greenbrook is now one of the largest CBD makers in the country according about a 10% share of the CBD mark. Salesforce is made up of mostly twentysomething feel like drama cutting edge of something big. I'm proud I'm blessed. I'm grateful to say that word a 150% growth rate from quarter one 2018 to quarter one 2019 national chains like CVS and Walgreens announced plans to carry CBD products in some of their store is already in department stores like Neiman Marcus, so say it really only a matter of time before CBD is mainstream as Coca-Cola, drug supplement fad CBD may just be all three captains of the cruiseship industry tell it that athletes are on course toward ever more lucrative waters time for us to sail away. Behold the celebrity cruises brand-new million dollar baby jump costs to build a cruise ship these days even more 30 million people are expected to go on cruises in 2019 more than 12 million.

Still, Jessica, Richard Fain, chairman and CEO of Royal Caribbean celebrities parent company knows a growth industry when he sees one in the United States. For example, only about 3% of Americans take a cruise in a given year, and if you go to Europe.

It's less than half that level. If you go to Asia. It's a fraction of even that level Royal Caribbean's Symphony of the seas is the world's largest cruise ship at the moment capacity more than 6600 passengers 2200 crew it's five times the size of the Titanic together. The big three Royal Caribbean Carnival and Norwegian carry nearly 80% of the worlds cruiseship passengers currently have 18 new ships on order. The competition between them has been like an arms race in which size matters back in the 70s. The concept was let's design a ship that's essentially like your by the 1980s, we were saying let's design something that's much more like a hotel and has nicer rooms, nicer places to go for things to do and today we talk about this should be more like a city so bigger bigger bigger bigger why the larger ship gives us an economy of scale we could just take it in this more profit but then we were giving them anything and knew the name of the game so Royal Caribbean since it sinks about half makes from those economies of scale in doing nation walking welcome to the cave computer aided virtual environment.

This is hundreds of drawings brought together as one vision using videogame technology. The designers of the edge got to try out their ideas and it's accurate to the point where one person noticed that the olives and the martinis. This looks just like like the capsule welcome to the grandfather in real life, John Paul Lam is in charge of all hotel operations and this isn't just any chandelier that we have a chandelier thousands of different light and incredible sound system here.

We do chandelier show a couple of times throughout every night. You really have to see it innovations just I can seizures. This is the bridge. The domain of Capt. Dimitrios fancies is more space-age than swashbuckling.

I think everybody in their imagination thinks that the bridge of the ship has a great big wheel is really what is left out of the big teeny-weeny that's on his left unique in the cruiseship world.

This super sophisticated touchscreen nylon station is the superhighway of the ship we call this the I-95. Ever wonder what goes on below the passenger decks and it goes all the way to ship the very back of the ship all the way to the tip it's over a thousand feet long and behind each door something amazing a whole little room for a bike chilling over here of aluminum water bottles so when we launched edge. We made a commitment that we were going to eliminate all single use plastics on board in an industry not known for environmental responsibility. The edge has its own recycling operation. There is a sewage treatment plant on board to but what is passengers is that next big thing. This is first, there is no ship in the world that has put a platform on the side the magic carpet a 90 ton platform that levitates up and down the side of the ship we can take it all away up to that 16, we can bring it down here to deck five. We can take it right on that one. You're on the edge of the image you're always looking at the ocean makes ship special design.

Not a bad place to watch the sunset is just going to jail if the money issue on Sunday morning here again is Martha Tyson or keeping up with Chris Jenner and her thriving television daughters is a job custom-made for Tracy Smith here at last year's Metropolitan heart gala like unlike most Royal nothing here hearing their pedicure was an old American market.

We love what we do and if there's any parallel to royalty here. It may be that the Kardashians have a queen you ever think about what your life be like if you didn't like the television cameras and Boring at 63. Chris Jenner is the matriarch of the media and merchandise Empire, one that she quite literally gave birth to her much the past 12 years.

Jenner and her children has been living in the public eye. Through their TV series Keeping Up with the Kardashians the reality of realist part is that a massive launch pad for her daughter. The Kardashian Jenner sisters have hundreds of millions of followers on social media TV show in more countries than the car and a collective fortune bigger than the Kennedys built on things like makeup, clothing and personal endorsements. How much of their business.

How much of the money that your daughters bring in is based on their endorsements of products on social media.

When my girls are constantly getting offers to post something for a company or brand on social media so they have a fee for a postarrest fee for a story. I fee for Facebook a fee for you.

They have a fee schedule. Can you give me a ballpark on the fees. It's different. It's all over the board minutes. It's definitely six figures and sometimes if it's can or if it's highly depends on really what it is. Is it more than six figures of its chemical and pharmaceutical products. If it's something that you're going to drink or ingest or put on your body are more than six figures. Maybe and maybe the skies the limit.

For example, daughter Khloe Kardashian is reportedly worth around $40 million. Kim is said to be worth around 350 million and Kylie the youngest to top them all.

She started her own makeup line in 2015 and last month, Forbes named her the youngest self-made billionaire on the planet. Is it fair to call her self-made. I think she self-made lesson. My girls you can say that certain things have been handed to them that takes a lot of work to do without, so she may have the name which is the leg up in the notoriety of the TV show right at the money is all hers were talking about money and the money she's made is her own. It began with their own savings. She put her own blood sweat and tears into it.

It was her idea. It was amazing what she did and what she showed us the rest of us how to do it, but it's not just about making money with Todd Kram and Megan and Jen and where either meeting about the turkey giveaway listened in on a planning meeting for Thanksgiving food giveaway.

The Kardashians individually and as a family are said to give millions away for causes, ranging from homelessness to Alzheimer's research know there are people who say that the Kardashians are all about materialism and vanity. Is this an effort to change that image think there's an effort to change an image coming here that that's an image from some people.

Other people see it a lot differently so I think people usually don't know what they're talking about when you start criticizing someone else to target think that anybody were not the only target any person who is, you know well known and successful and are on social media, you know, is a target and you think you're bigger target because you're a bigger presence on social media. Maybe what I do know is you know we get up every day with appreciation and love and work ethic that you know it is stellar and part of that work ethic comes from her. Chris Houghton worked as a flight attendant before she married attorney Robert Kardashian, with whom she had four kids Courtney, Kim, Chloe and Rob in 1991.

She split with Kardashian and married Olympic champion Bruce Jenner and they had two girls, Kendall and Kylie.

We got married and we didn't have a lot of money, but we had a lot of kids and we had to get a big house and everybody was in private school and I was like we figure this out you lying awake nights trying to figure out Chris became Bruce Jenner's personal manager booking speaking gigs for him as a way to raise cash. She basically stayed out of the spotlight with my kids until a friend told her that her crazy family life might make a good TV show family to jail and I just get it over with never have to worry about it again never seems to be any shortage of drama in the Kardashians lives were like Jenner's transition to become feelings and you just want you to be.

This makes me happy.

You keep in touch regularly with Caitlin. I doubt now I don't think it still the kids are good.

But you guys know so much. Jenner says she spends a lot of her time managing her children's careers. Self-styled monitor who takes a 10% cut to trademark the term monitor I did yeah why I thought it would be such a good opportunity to maybe do something involved with monitor. I just know I do that from time to time because I feel like something's important and I want to protect it. So what else to trademark. You are a little nosy now while I love that very good day. Can you tell me of any of the other ones know Chris Jenner has more power and influence than any other monitor their you have to sacrifice privacy but you know comes in because he cares you don't feel like giving anything up. I think I gained I think I've gained relationships and friendships and and closer relationships with my kids and experiences and travel and being able to have the best home movies in the entire universe to open a locked safe possibly filled with riches. David Pogue tells us, you need a pro with exactly the right combination of skills in the movies safe cracking looks like this in real life, a lot is really is one of New York City's most accomplished, see crackers is taken him 15 years to get this good. It is true that you don't know what's inside the safe.

I don't know the owners right 00 truth is almost all the safes he's hired to open turn out to be empty sorry movie screenwriters in the United States. How many people would you say are at your level.

It's probably hundreds of 100 safes that people hired to open how many stump you 02 well prepared watch my finger on the door master safe cracker Lori Waters lives in Pennsylvania in a house that's practically a museum of safes unlocks that he successfully cracked. You can open almost any safe why don't you go to the dark side and be the guy who gets rich, hostile. I enjoy the people I enjoy the work.

It's exciting to watch. See crackers open safes using what's called manipulation using touch site and sound as they turn the dial but is actually more common technique.

The second way is by drilling a hole into the walk in the safe using a medical grade borescope during the internal mechanism and then dialing the combination open while you're watching your Wheaties is. That's how Roy Waters is going to help customer Brett Cunningham who found this safe in the scrapyard. I can give you a list of people that's given it or trying to overcome so far for the expert okay I decided I would prefer not to have people ask questions. I unlocked a lot in empty bank bags this safe Roy busy for a few minutes but a lot says the cheap safes from home good stores not so much safes can be forced open and literally 15 seconds. That's not an exaggeration with the public and private basis. What was security. You get what you pay for the less money you spend on the safes, the less security will get that is a fact the art of safe cracking by both locksmiths and criminals has been in decline for 15 years for the master safe crackers who remain job does have its challenges. It seems like for you drama is more about opening the safe. What oh yeah forgot what standard is being a safe cracker as cool as it seems like it should be. Sometimes can be very difficult challenge is what keeps it interesting.

I must attention or thank you for listening.

Please join us again next Sunday morning progress and crazy time is the point is we need people in the best way to protect good people is to convict final season Millstream