your money, your life, your future. now becky quick. >> next week is small business week. it is a big deal for the economy. the small business association says two out of every three jobs are created by entrepreneurs, but just who is starting these new start ups? kate rogers has this week's cover story. >> reporter: brian kravitz has seen his career come full circle. he began fixing typewriters in the 1970s and continued until computers came on the scene. but much to his delight and surprise, typewriters are back in vogue and he is in business for himself at age 67. >> i just feel really good. i get up every day. i don't want to sit around. what can i do? go to the golf course? no, not me. i want to do things. >> reporter: he launched his business, philly typewriter in 2015, fixing and selling machines that date back to the 1920s. kravitz worked for years in marketing and direct mail and said his experience in the workforce has helped him with his latest venture. >> i'm much more aware because i've had so many more experiences in being in business and doing things with people. >> reporter: while millennial entrepreneurs like facebook's mark zuckerberg might be grabbing headlines, found boomers are twice as likely to start their own businesses. experts say the rise in boomer entrepreneurship, part is the desire to remain active. >> most older people approaching the traditional retirement age are actually looking to stay active beyond 65. they miss the social aspect of work. they miss the purpose of work, and work is an important emotional contribution to people's sense of identity. i don't think that that disappears just because you hit a particular chronological age. >> reporter: 63-year-old darryl jennings launched his business, american music furniture company, in 2013 and today has seven employees and two co-owners, making humidifying cabinets for guitars. while he has seen success selling cabinets to the zack brown band, there are challenges in being an older entrepreneur. >> the biggest challenge is the fact that you're not going to make money for quite a while. if you start a business, it always takes more money than you think it will. it takes more time than you think it will. >> reporter: he has only on one regret. >> i wish i had done it sooner. >> reporter: for "on the money," i'm kate rogers. >> so are enough people taking the risk to launch and build their own small businesses? victor hwang is vice president of entrepreneurship at kauffman foundation. thanks for being here today. >> thank you. good to be here. >> the package pointed out small business is biggest job creator but more small businesses were started in the 1980s that today. why do you think that is? >> it is an interesting fact we are actually half the rate of startups than we were a generation ago. this is one of the big things we've been looking at at the kauffman foundation. we have identified a number of factors but it is hard to pin one thing. i think you can look at a number of things including cultural shifts, demographic shifts, shifts in the map of technology and the nature of technology. we issued a report that gets at some of these things called the state of entrepreneurship report. >> one of the issues is the generation gap kate was talking about. why are baby boomers starting more businesses than some of the new younger people are today, the millennials? >> it's hard to pin it down exactly but we think a few factors at work. one of them is potentially college debt. just the ability to get a college degree now costs so much, and students tend to get ladened with those late in their careers. and also the cultural forces at work. it seems entrepreneurship is starting to fall and we're seeing the decline of dynamism. >> some people have heard we'll blame it on regulation, it's to strik tricky to start a startup today. did you find that in your research? >> when you talk to entrepreneurs, and we have done a lot of polling around this, you find a host of factors. you tend to find taxes and regulations a little lower on the list than you think. it is one of many factors at work. what tends to happen is you find some of the issues such as cultural forces, fear, psychological attitudes, access to capital, access to social networks and access to the right people and resources tend to be higher up there. >> let's talk about taxes because it is part of president trump's new proposal that's put out there. he is talking about changing the s corporation tax rate, s corporations are small businesses. he wants to change that rate to 15% from the 39.6% that it stands at right now. do you think that that will help more people agree to go out and be a new small business? i'd like to reclassify myself as a small business if that's the case. >> everything helps. it is hard to pin -- again, it is hard to pin it to one thing, but taxes are one of those things that are on the list, but you can actually look at a bunch of other things, too. this is actually something the kauffman foundation is looking at. you can point to a lot of the other types of barriers that get in the way. we just launched a new campaign called "zero barriers" which seeks to eliminate the barriers in the way of entrepreneurs so they can turn their ideas into businesses. >> silicon valley and new york have been hotbeds for startups for a long time. is that changing? are you finding other places in the country where new businesses are starting to he emerge as well? >> historically you see a lot of startup activity in the big cities, in new york, california and boston. 80% of venture capital has gone to those places, but we are seeing a shift where mid size cities are coming into their own now. you are seeing quite a bit of startup growth like here in kansas city, where the places that are really starting to lag in the economy is the small towns and rural areas. rural areas have fallen behind, and that's a cause of concern. >> victor, thank you for your time today. >> thank you, appreciate it. >> up next, we're "on the money." the stock market has risen sharply, but can those returns continue? jack bogle says we're at a hazardous time. but he can tell you how to make sure your retirement plan is safe. later, cash back, low interest rates, rewards points. with so many choices out there, how do you pick the right credit card for you? we will talk about that. right now, a look at how the stock market ended the week. knows how it feels to seeetes your numbers go up, despite your best efforts. but what if you could turn things around? what if you could love your numbers? discover once-daily invokana®. it's the #1 prescribed sglt2 inhibitor that works to lower a1c. invokana® is a pill used along with diet and exercise to significantly lower blood sugar in adults with type 2 diabetes. and in most clinical trials, the majority reached an a1c goal of 7 percent or lower. invokana® works around the clock by sending some sugar out of your body through the process of urination. it's not for lowering systolic blood pressure or weight, but it may help with both. invokana® can cause important side effects, including dehydration, which may cause you to feel dizzy, faint,lightheaded,or weak, upon standing. other side effects may include kidney problems, genital yeast infections,changes in urination, high potassium, increases in cholesterol, risk of bone fracture, or urinary tract infections, possibly serious. serious side effects may include ketoacidosis, which can be life threatening. stop taking and call your doctor right away if you experience symptoms or if you experience symptoms of allergic reaction such as rash, swelling, or difficulty breathing or swallowing. do not take invokana® if you have severe liver or kidney problems or are on dialysis. tell your doctor about any medical conditions and medications you take. using invokana® with a sulfonylurea or insulin may cause low blood sugar. it's time to turn things around. lower your blood sugar with invokana®. imagine loving your numbers. there's only one invokana®. ask your doctor about it by name. tha...oh, burnt-on gravy?ie. ...gotta rinse that. nope. no way. nada. really? dish issues? throw it all in. new cascade platinum powers through... even burnt-on gravy. nice. cascade. here's a look at what's making news as we head into a new week "on the money." it was a record-setting week for stocks. on tuesday for the first time ever the nasdaq closed above 6,000. the rally powered by hopes of tax reform. the index opened at a new all time high on friday. the s&p 500 and the dow with strong weeks as well, though stocks closed lower on friday. a first look at the gross domestic product for the first quarter is out, and it was slightly below expectations. it came in at 0.7%. consumer spending was weak. the gdp the broadest measure of size and scope of the u.s. economy. most economists expect stronger growth in the second quarter. new home sales rose for the third straight month in march, climbing 5.8% last month. there was strong demand in spite of rising prices and limited inventory. sales hit their best levels since july. with stock market records and president trump's tax plan on the table, should you make changes to retirement nest egg? jack bogle is founder of the vanguard group. always great to see you. thank you for joining us today. >> my pleasure. good to be with you. >> good to be with you. the stock market hit new records this week. it has a lot of people thinking about it. stocks have been on a run since the election. the question is all of the new highs, all of the activity, should it change anything you are doing with retirement savings at this point? >> first thing they should do is plan for the future on the assumption the returns will be much lower than in the past. >> returns in the past have averaged 6.5%, maybe 7% over long-term historic periods. what kind of returns are you expecting we're going to see for the next several decades. >> in this long bull market, it averaged about 12% in nominal terms and probably a 4% average inflation rate, a little less than that. that would be an 8% real return. today i'm looking for something like a 4% nominal return in the market and maybe 1.5%, 2% inflation. so that gives you a very, very small, call it 2.5% real return on your savings. it's a big, big difference. >> it is a huge difference. is that an argument for not investing? >> there is never an argument for not investing. just think of the reality. if you never invest anything, i can tell you exactly what your retirement plan will be worth when you retire, zero. >> right. >> so it's a question of a decent asset allocation, which in this day and age, this current market is not so easy to puzzle through. i think in jen the best rule for an investor is to stay the course. i have never been if favor, by the way of making wholesale changes, like getting out of the stock market or getting out of the bond market for that matter. but to do something on the edges. i look at it as, you know, kind of a normal position of, let's call it, 50/50 for all investors of all types, and if you're maybe younger 80/20, 80 in stocks and 20 in bonds. when you're older depending on your circumstances, maybe something like 40%, 30% in stocks and 70% in bonds. i happen to be right in the middle of that, and i'm 50/50. becky, i'm a human guy. i have my own concerns and worries, and i know i don't have all of the answers. so i tell people, i'm 50/50 stocks and bonds, and half the time i wonder why i have so much in the stocks. the other half of the time i wonder why i have so little. so i'm probably about right. but these are hazardous times. these are not cheap times in the market. but one never knows what is coming next, and you never know what the day is going to hold. so -- >> but your message is always invest, make sure you're saving something and that you are probably going to need to save more than you would have in the past because the returns will not be as great as we experienced? >> that is absolutely my message. and be in it for the long-term. >> don't get scared off by lows, don't get lured in by highs, just keep doing this gradually over time? >> yeah, and then i have another rule. that is when you get your retirement plan statement every month, don't open it. >> stop looking. >> don't peak. >> don't get up and down on the highs and lows of the market. >> when you retire, open the statement and, believe me, if you have been putting money in for 40 or 50 years, you need a cardiologist standing with you when you open the statement because it will be so much money. >> you will be pleasantly surprised. not shocked. >> you will be taken aback or affront, as the case may be, becky. >> both you and warren buffett are fans of passive investing. this is something that over the last seven years we've seen this huge rush of money. vanguard has now over four trillion dollars, up from just a trillion dollars seven years ago. as this message gets out there, is it still the best way to do things? >> well, it is the best way to do it, if you just understand this one thing, or you need to understand this one thing. the indexing is holding the market essentially. the s&p is 85% of the market so that's about the same thing as holding 100% of the market. so the market return is the market return, and that is what all investors share whether they're in index funds or not. it's pretty simple. i don't think this is a -- a false signal or a bad in indexing. it is a long-term trend that's going to permeate. >> investors are getting the message and wising up. >> getting the message, and the message consists of owning the market, diversifying to the enth degree, make sure you do it at low cost, say four bases points a year, .04 of 1%. invest for the long-term. don't trade, don't look at etfs that trade, what do they call it, smart beta or funny things out there. it is the market return that will be your best investment for a lifetime. >> and time is your friend, that's probably the biggest message. >> time is your friend and impulse is your enemy. >> jack, always wonderful to talk to you. you make it sound very easy. appreciate your time and hope to see you soon. >> great to be with you. >> thank you. "on the money," solving the credit card conundrum. what you need to consider before signing up for another one. later, a genetic gold mine. how the people of iceland are helping scientists around the world. finding time to get things done isn't easy. but we've got the digital tools to help. now with xfinity's my account, you can figure things out easily, so you won't even have to call us. change your wifi password to something you can actually remember, instantly. add that premium channel, and watch the show everyone's talking about, tonight. and the bill you need to pay? do it in seconds. because we should fit into your life, not the other way around. go to xfinity.com/myaccount not all credit cards are created equal. so how do you choose the right one? you have to be careful or you could end up wasting money and hurting your credit score. joining us right now is reed fraasa, a certified financial planner. he has some tips on picking the right credit card that's right just for you. so, reed, what's the most important thing to consider? >> first is to sit down and think why do i want a credit card. think about your lifestyle spending. we always tell people and start with understanding your cash flow. so what do you spend on fixed expenses, discretionary expenses, which one of those expenses that would fit into your normal monthly cash flow would be appropriate to use for a credit card. >> although it is a pretty good idea to have a credit card to build a credit score even if you are used to paying everything in cash. >> absolutely. as long as it is within your monthly cash flow, a credit card is a great way to help establish credit. for instance, many spouses, people never thought about having a credit card in the name of the spouse. that he very important. >> so you have your own record to make sure you can stand on your own two feet. >> absolutely. >> there are so many rewards programs, everything from miles to offering you cash back. what's the best way to choose from those programs? >> there's actually an annual survey, total systems does a survey every year, and rewards is the primary determinate of why people pick a credit card. there are different types of rewards. there are cash back rewards, point system. so you really want to think about, again, how are you spending your money. do the rewards match a particular merchant you like to shop with? cash back rewards, sometimes you want to look how you can use those. >> i want to say for me, i go to a cash back one because it is great if you have points i can use at a merchant but it requires more work for me to try to make sure i use the points. >> absolutely. >> for cash back, i can call up every once and a while and have the transfer sent back to my account. in terms of the low introductory offer rate, that is usually a great deal, a much lower rate than your other credit cards. should you take all of your other credit card balances and transfer them on to the lower introductory offer? >> you just said something which is take the other credit card balances, so -- >> putting myself in a dangerous place already. >> yes. the low introductory offers, credit cards are brilliant at marketing and they understand human behavior really well. so low introductory offers are usually -- there's a lot of strings attached. if you miss a payment -- and what a lot of people do, they play the credit card jump game by moving to these low -- you know, as soon as you miss one of the payments, the term stops and, guess what, they have the highest rates of not making those payments. >> so buyer beware. >> yes. >> it's the fine print that really matters. thank you for your time today. >> thank you. >> up next on "on the money," a look at the week ahead and meg tirrell's fantastic voyage. >> iceland's unique genetic makeup has made important contributions to medical research. next up we tell you how that work is moving from iceland to the world. new febreze car with odorclear technology cleans away odors... ...for up to 30 days smells nice... breathe happy, with new febreze. here are the stories coming up that may impact your money this week. on monday the institute of supply management releases its monthly manufacturing survey which gives a read on the strength of the manufacturing sector. on tuesday auto sales for april are released. wednesday is the second and final day of the federal reserve open market committee meeting. a rate hike is not expected. thursday, may the 4th be with you on national "star wars" day. that's a good one. friday, the government's monthly jobs report were tell us how many jobs were created or lost in april. then on friday you better plan for a fiesta for cinco de mayo. there is a huge boom underway in genetic research, and you may not believe were some of the biggest breakthroughs are coming from. meg tirrell went all the way to reykjavik for details. >> reporter: iceland is a land of extremes, from waterfalls to pockets of geothermal activity. what it is less known for is that it is a world hub of genetic research. kari stefanson founded decode foundation, which mines genetic dna here. >> this population happens to be a population where there's a founder fact, which means there's relatively few ancestors which account for a large percentage of the population. >> reporter: because of the founder effected, they find themselves in icelanders rather than diverse populations. it is not just icelandic genetics that make it a gold mine for its work. the country has 800 years of genealogy records. many of them pristine. erica goodmanson is director of the national archives of iceland, which has a treasure trove of records going back centuries. >> a memory of the nation. without that we wouldn't know who we are. >> reporter: decode couples that with a huge amount of genetic information to make discoveries. inside this sub zero freezer, about 15 degrees below zero to be exact, are stored half a million blood samples from half the population of iceland, about 160,000 people. it represents the past, present and future of this research. other countries and companies are trying to emulate the work in iceland including the united states. the all of us project launched during the obama administration aims to gather genetic data from at least a million americans and combine it with health information from electronic medical records, information from surveys and wearable sensors. >> we are anxious to move as quickly as possible away from a one size fits all approach to how to keep people healthy or manage chronic illnesses or keep people healthy into individualized. >> and companies are using these genetic insights in drug development. >> one of the things we find exciting about using human genetics and the clues that provides us is the idea we can move quickly and have higher conviction around the new targets that we're exploring. >> reporter: so clues in genetics can provide leads for better treatment. amgen and decode already announced a genetic mutation discovered in icelanders that appears to protect against heart attack. the next step is to create a job that mimics that effect. >> that is really cool. do you have to have a unique population, a unique genetic population to come up with these genetic discoveries? is it that? is it the recordkeeping that they've been keeping? >> it's the combination of things that makes iceland so fantastic for this. because everybody is so closely related there, these variations in their genetics pop up more easily, but other countries including the united states which have much more diverse set of genes, they're doing that work, too. they're hoping to find things about people by using this information and pairing it with health records to be able to develop better medicines and preventive treatments, too. >> it must be easier when you have all of the things like 23 and me and all of the people now taking among their -- on their own to make sure that they're finding out what their genes are. that must help to have that kind of population. >> yes, that kind of awareness and that kind of data collection. the government i think is hoping these folks, whether it is 23 and me or others, will share the data with them to help with the collection. >> meg, thank you very much. >> thank you. >> that's the show for today. i'm becky quick. thank you for joining us. next week, college loans 101. time to get smart on finding funds to pay that tuition bill. each week keep it right here, we're "on the money." have a great one and we'll see you next weekend. hey there, we're live at the nasdaq market site after a busy week. the guys are getting ready behind me. while they're doing that, here's what's coming up on the show. >> you know what's cool? >> buying shares of facebook for just under $5. wheel show you how do it using options. plus it's everyone's favorite saying on wall street. >> i'm just another broker. >> no, not that. i thought sell in may and go away. there is something that suggests you might want to take that had vice this year. and. >> ludicrous speed, go! >>