Whats in it. The cash you carry around may be less and less useful. Because a growing number of restaurants and some other retailers are saying, no thanks, to your dollar bills. They just want you to pay another way. And its this weeks cover story. Avocado . If youre hungry for lunch at this restaurant, you better bring a credit or debit card. When Michael Kaplan opened two forks in new york one year ago, he accepted cash the first few weeks. We were noticing with every cash transaction, the payment process was slowing down significantly. After doing some research and seeing that generally, everyone was paying with credit cards anyway, we thought that that was a good next step. He made his restaurant cashless. No cash allowed. I dont really carry cash so i think its great because it makes everything go a lot faster. I think its great. But what if someone only has dollars . Real money . Maybe one person is like, they go for the cash instinct and theyre like, youre cashless . And like, yeah, you know what . I dont even like cash anymore. Kaplan admits a handful of people come in with only cash. He doesnt turn them away. They have exact change, well give it to them if we can get close enough, we try to work with the customer. According to a 2016 Consumer Payment study, 40 of americans prefer paying with a credit card. 35 with a debit card and just 11 favor cash. Also going cashless is do dos toros, a chain of 14 mexican restaurants. I rarely ever have cash, so generally, im going to use my debit card or credit card for the points. Any sour cream, cheese, lettuce . Some customers still prefer to use dollars. A couple of weeks ago, i came in and tried to pay cash, theyre like, were cashless. I was annoyed because i come in here with an exact amount, i like to pay that. For me who wants to move quickly, but i know theres many different people. The cashless trend is growing. Just this week, the first amazon go store opened in seattle. A Convenience Store with no cash, no line, you pick up your items and the card stored on your phone is automatically charged as you walk out the door. In, out, the whole process. Maybe 3. 5 minutes. Will dollar bills vanish in a cashfree society . Leo kramer is coceo in chicago and as we saw his restaurants are now cashless. At least managing editor at ricoh tonight. Appreciate you joining us. What is behind the move toward cashless restaurants . Simplicity. A big advantage to going cashless. And the goal is really simple. To delight your guest every day but its hard to do that. Its about great food and Great Service and a Clean Environment and those things require time and focus. And manage your time is eaten up by cash handling procedures and going cashless allows us to focus that much more to do a good job. What about these fees that you pay . Because every transaction that goes through a credit card, isnt the restaurant picking up the fee for that . Yes, there is roughly a 3 cost on any card transaction which is not great, but the equivalent cost of cash with change, straps of ones and quarters, deal with pickups and bank charges fees. It comes out roughly even. What do you do if someone comes into the restaurant and they dont have a card or apple pay. My grandma is still carrying a wallet of cash. We hopefully ask, do you have a card and if not, you havent seen our signage, its an honest mistake and well be generous and just say remember our card next time. Were trying to be really mellow about it. How big is the trend . Its really, really growing, especially amongst millennials. Theyre more readily available for any kind of Cashless Payments and its a big part of sort of that trend amongst that kind of group. They just dont mind letting people know where they are, what theyre doing, using their phones for everything. Are there any legal obstacles for businesses who want to go cashless . There isnt any restrictions. You dont have to necessarily pay for everything. It cuts out a certain segment of Society Without Bank Accounts or dont have credit cards or debit cards. So it might be tough for that segment of the population. I use a card for most things. I like the ease of it and the fact that theres a record kept of it and i can go back to the Credit Card Company and dispute a charge if needed to, but something about a Cashless Society that creeps me out a little bit. Like, now theres going to be a record of every dollar you spend and someone somewhere whether its a foreign hacker or whether its big brother could be keeping track of it. Cash right now is still sort of the abiding value, right . Its anonymous. And especially in america, we like the idea of i dont want you to know where i am all the time. Like i said earlier though, amongst millennials, they dont care as much. Let me ask you about the next way to pay about cash. Mobile payments whether its venmo or apple pay or paypal, are you accepting those types in the restaurant . We are hard at work with that. Integrate the nfc and contact payments. Were payment agnostic as long as its digital but if its apple pay or currency thats quick and digital, we want everything. Apple pay, venmo and what are these going to be as ubiquitous now as credit cards . Zblit co it comes back to convenience and ease of use. More widely adopted. Apple pay is the easiest. Its like a wallet, youre loading up existing credit cards on to that and using it as long as the point of sale service accepts it. Google pay is a little bit more tricky and working it out to adopt the cards into it. Thank you so much for coming in. Leo, good luck. Thank you, con ttessa. A new week on the money. You may be tired of hearing this but many arent. Stocks hit new highs this week. A fresh record in early trading on friday. As did the s p 500. Strong earnings and lower corporate taxes behind the surge. Stocks closed higher on friday. Americas economy grew at a fairly strong rate but not quite as quickly as expected. The gross domestic product, the broadest measure of the size and scope of the u. S. Economy plunged by 2. 6 . Consumer and business spending helped spur the increase. Toys r us is shutting more stores. The retailer said it will close about 20 of its 1600 stores in the United States as it tries to emerge from bankruptcy. The company has 5 billion in debt and 64,000 employees. Toys r us faces tough competition from amazon and brick and Mortar Stores such as walmart and target. Up next, were on the money. A blackmail letter sent demanding a ransom but the con artist doesnt want dollars. Warning about this new scam. And later, how much time do you waste trying to figure out what to wear in the morning . A new company aims to give you that time back. And now a look at how the stock market ended the week. We took legendary and made it liberating. We took safe and made it daring. We took intelligent, and made it utterly irresistible. We took the most advanced eclass ever and made the most exciting eclass ever. The 2018 eclass coupe and sedan. Lease the e300 sedan for 569 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Imagine getting a letter to your home, threatening to reveal a deep dark secret. Unless you pay up. Its a growing scheme with more and more letters being sent. Andrea day reports on the new way con artists are trying to get your money and what you can do about it. I know that youve been cheat on your wife. Chilling words in a letter sent to daves home and theres more. Its just your bad luck i stumbled across your misadventures while working your job. If you want me to destroy the evidence and leave you alone forever, send 2,000 in bitcoins. A blackmail letter claiming to have secret information about infidelity and demanding payment in bitcoin. I have to think for a second because i was in a bit of a fluser. Am i keeping a secret . Father of three, faithful. It was fear, even though i had nothing to hide. He reached out to post a letter on his leg. 200 a day, 300 a day. Relatively unknown blog lighting up with traffic and months later when another wave of letters went out. And then 500 per day. He said he was flooded with emails. Men from all over the u. S. Who seem to have one thing in common. Hes been targeting the neighborhoods and targeted a lot of lawyers. Theyre concerned about losing their social status if this attacker sends out information to their friends. For some, trouble already started. Got each other first and opened the letter and confronted when they got home from work. Another . Live in a golf course neighborhood. If the attacker sent out someone to everybody in my neighborhood, even if ive been faithful, my reputation would be wrecked. Did you send money . Absolutely not. Supervisor special agent. They hope they might get lucky with someone who has maybe been unfaithful, theres some infidelity there and if theres a target, thats probably a person willing to pay. Just one criminal extortion using currencies. The idea of virtual currency, its a veil of secrecy. Because its letters and numbers in terms of an account number and no personal information associated with it, Law Enforcement wont be able to track it. Go through the process of explaining, how do you go about purchasing bitcoin . Cryto currency is hard to track but not impossible. Local Police Departments across the issue have been issuing warnings about this scam. If you receive a letter, best advice is dont pay. Let the police and fbi know. For on the money, im andrea day. The latest wave of letters sent out in early january and demanded as much as 8,000 in bitcoin. The good news . So far, no one who has not paid the ransom has had any potential secrets get out. Up next, on the money. Pay less for taxes and more for retirement . How changes in the tax code give some savers a golden opportunity. Later, real estate needs rock n roll. The look inside the new york city apartment Liberty Mutual stood with me when this guy got a flat tire in the middle of the night. Hold on dad. Liberty did what . Yeah, Liberty Mutual 24hour roadside assistance helped him to fix his flat so he could get home safely. My dad says our insurance doesnt have that. Dont worry i know what a lug wrench is, dad. Is this a lug wrench . Maybe . You can leave worry behind when liberty stands with you™. Liberty stands with you™. Liberty mutual insurance. Roth iras have been around for 20 years but with changes to the tax code, you may want to give these Retirement Savings accounts a fresh look and it could save you big money in the long run. Here to explain is Senior Personal finance correspondent sharon epperson. Good to see you today. Good to be here. Tell me whats a roth and how its different from a traditional ira. With a roth ira, youre contributing after tax money. With a traditional ira, its a tax deduction. You wont get that with a roth ira but other advantages. When you put your money into a roth ira, any contribution you make, you can take out at any time. If you were to do what you like as long as youve had that account for five years and thats important to remember also as we look at a new tax year when many people are in a lower tax bracket, that after tax money might not feel so bad to get that lower deduction in a tax bracket. Whats attractive in a roth for some savers . A lot of savers want the aftertax money and want to be able in retirement to do that and also, right now, theres things theyre thinking about. What will they do with this money . Give it to their kids or use it for some other purposes other than retirement . Again, they can. He college or Emergency Fund for 10,000 far down payment for a house. Anybody who take advantage and those who its maybe not that choice . Theres definitely some questions to ask before you decide to take a roth. I think its a great tool for almost anyone, but you do want to look at what your taxes are going to be in the future. Thats one of the key questions that a lot of people look at but keep in mind this is taxfree money so no matter what your tax bracket is, youre going to be able to have income thats not taxable. Thats a key point and if you need that money in five years, probably not best necessarily to put it into a roth ira. What if you hit that income limit thats associated with the roth . Other ways to invest . Other ways to consider getting into a roth ira and do it by converting traditional ira money to a roth ira or old 401 k to a roth ira. You have to pay taxes on the money because you havent yet and when you do that conversion, thats another reason why if youre in a lower tax bracket in 2018, it may be something that you want to consider doing. Sharon, thank you. My pleasure. If youve been a good saver and have extra cash to spend, theres a unique property up for sale that might give you some rock n roll satisfaction. Robert frank got a tour of Keith Richards new york apartment. This penthouse duplex in Lower Manhattan is the home of a rock n roll legend. Were standing in the home of Keith Richards and his wife, patty, which theyve owned since 2014. The Rolling Stones guitarist is three units combined into one. Now super size unit is 2700 square feet with panoramic views of manhattans greenwich village. Three different private terraces to take in the views, both north, south, east and west. For even more space, this wall slides open to reveal the Rock N Rollers secret lounge area. Steps away is the master suite with a walkin closet for him and another for her and a modern master bath with a steam shower. Head upstairs to find the music legends family room thats sandwiched between two more bedrooms including this one with, what else . A tribute to rock n roll. Not only would you be owning some real estate in one of the most premier buildings of all of new york city, but youd also be owning a part of rock n roll history. The price tag to live like a total rock star, just under 11 million. This is the second time that apartment has actually been listed. Thats the first time in 2016. For a higher price showing, you cant always get what you want. Sorry. I just had to say. Is there a sort of premium that gets put on a celebritys apartment . If youre moving into Keith Richards apartment, you get to pay extra . There is a premium but studies show they dont actually get a premium price when its sold. So oftentimes, celebrities notice in their lives when they put their name on anything, it goes up in value. Not so much for real estate. Although, they tend to be, if theyre a good early buyer of something, they get a premium but so far, weve seen with keiths place, theres not a Rolling Stone premium. I like that. Thank you for the tour. Up next, on the money, a look at the news ahead for the week and picture this. If you have a closet full of clothes but still feel like you have nothing to wear, help is on the way. The startup that does the thinking for you early in the morning. My experience with usaa has been excellent. They always refer to me as master sergeant. They really appreciate the military family, and it really shows. Weve got auto insurance, homeowners insurance. Had an accident with a vehicle, i actually called usaa before we called the police. Usaa was there handson very quick very prompt. I feel like were being handled as people that actually have a genuine need. Were the webber family and we are usaa members for life. Usaa, get your insurance quote today. Weve been preparing for this day. Over the years, paul and i have met regularly with our ameriprise advisor. We plan for everything from retirement to college savings. Giving us the ability to add on for an important member of our family. Welcome home mom. With the right financial advisor, life can be brilliant. With its hightech the cameras and radar,c. Contemporary cockpit, 360 Degree Network of driverassist technologies and sporty performance whats most impressive about the glc . All depends on your point of view. Lease the glc300 for 449 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Its just my eczema again,t. But its fine. Yeah, its fine. You ok . Eczema. Its fine. Hey hi arent you hot . Eczema again . Its fine. I saw something the other day. Eczema exposed. Your eczema could be something called atopic dermatitis, which can be caused by inflammation under your skin. Maybe you should ask your doctor . Go to eczemaexposed. Com to learn more. Here are the stories coming up that could affect your money this week. On tuesday, s ps schuler home price measures monthly changes and existing home prices in 20 cities. Well also hear from President Trump with his state of the union address. On wednesday, the federal open Market Committee will make an announcement on Interest Rates after a twoday meeting which will be janet yellins last one. On thursday, well see how many cars were sold in january. On friday, the jobs report for the month of december will be released. And then how many more weeks of winter will there be . P punctuatixsutawney phil will be to tell us. How much time do you lose figuring out what to wear . 2 years. A startup hoping to solve the problem. Whitney kasey. You know the hassle and the headache that goes into putting your wardrobe together and putting your best foot forward. How did you come to finery as a solution . Did you ever see clueless . Yeah. Thats how. I watched as Alicia Silverstone and her closet just comes up and picks what shes going to wear and walks over and its there. Its not people taking pictures of everything they own. Tell me whats the basic process. After you sign up with the email you shop with, we pull that into a closet for you and then immediately, we sort it by color and category and then you can start making outfits and planning or packing. Youre doing this with actress brooklyn decker. Youre not going through americas closets, right . That would be 450,000 users, impossible. But yeah, that would be really fun though. I would love to see whats in everybodys closet, but everybodys are incredibly private. Its sort of this thing where, you know, its so personal. If you have somebody step into your actual legitimate real closet, its sort of like you feel judged. Like, i bought that here or whatever. So instead, this is algorithms looking at your past purchases and putting outfits that way . Yes. You go in, give your email that you used to buy stuff in the past. You guys go and colate all of these past purchases and then how do you offer up new wardrobe ideas to your members . So thats the thing. Think about if you have that many members and that many data points. All of those data points coming together to know sort of like, what is in fashion . Because if you can go by ten years in ones purchase history, my theory is like our data should work for us. Like, all of these Companies Come and take your data and in this world, your data should be working hard for you. Youre the one who went out to buy all of that stuff. How do you make money . Right now, we dont which is typical startup. Hoping that our users sort of tell us, okay, heres what we want. Our users are incredibly vocal and all working women who have no time or moms and think about having your phone with you that you now have your closet. You know youre standing in your closet and the last thing you need to be doing when you need to be running to this dinner or getting or having an interview for work is thinking about what to wear. What about privacy . Someone is giving you incredibly private information. Their email address and browser history. We take it very seriously. Because it is trust. And this woman is saying to us, look, i trust you so much, and this is so important to me, so how are you going to give me Something Back for what im giving you . Thats why one of our most favorite things that most of our users say you return reminders. Thats where we build the trust. We remind women when things need to be returned also. One of the things that retailers do is theyre constantly changing return dates. 30 days, 15 dates. A little note. This red dress needs to be returned and youre like, oh, i cant today. Now i own it. But ive already worn it. And thats it. Thank you so much for joining us and telling us about refinery. Thank you. Thats the show for today. Im contessa brewer. Thank you so much for joining us. Becky will be back next week. The fitness trainer who nearly lost his own life and the big changes he has made. Each week, keep it right here. Were on the money. Have a great one. Well see you next weekend. Now on nbc 10 news today, taking flight after their final practice under philly, the eagles will be taking off for super bowl lii in minneapolis. The super bowl experience, fans are being entertained in many ways. We caught up with vikings fans still hurting from their teams loss to our birds. We have a team of reporters on their way to the big game, including nbc 10s Randy Gyllenhaal is on the road to minneapolis as we speak. Well catch up with him as he begins the second leg of his journey this morning. Good morning, welcome to nbc 10 news today, im dray clark. Its 5 30 on s
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