A trial begins today that could change the landscape of college sports.
Former UCLA basketball star Ed O'Bannon is leading the charge against the NCAA. He says the association makes billions of dollars by putting college football and basketball players on TV, but won't share any of the revenue with the athletes. He's asking a judge in California to award tens of thousands of current and past players up to $1 billion to use their images for commercial purposes. This case is different from the one involving football players at Northwestern University, who could be granted the right to unionize and negotiate as employees.
%VIRTUAL-article-sponsoredlinks%Also disrupting the status quo is Uber, a fairly new service that allows people to hail a cab by using a smartphone app. At the end of last week, the company raised $1.2 billion from a group of private investors, so that it could expand beyond the 128 cities and 37 countries it already operates in. The money gives the fast-growing Uber an implied valuation of more than $18 billion. That makes the four-year old business bigger than corporate giants such as United Airlines (UAL), Alcoa (AA) and Sony (SNE).
Here on Wall Street, the Dow Jones industrial average (^DJI) and the Standard & Poor's 500 index (^GPSC) set several records last week and both closed at all-time highs on Friday. They both rose more than 1 percent for the week, and the Nasdaq composite (^IXIC) jumped 1.8 percent.
When you go food shopping, have you ever bought a bag of Apples -- maybe seven to a bag? Well, that's sort of what's happening to Apple's (AAPL) stock today. It closed Friday at $645 a share, and after Monday's unusual 7-for-1 stock split, the stock can be had for about $92 a share, but it will remain the most valuable company in the world. Over the past year, Apple's stock has jumped 47 percent.
Finally, less than a week after Folgers raised its price, coffee rival Maxwell House says it will do so too. The Kraft Foods (KRFT) brand is upping the price by about 10 percent.
-Produced by Drew Trachtenberg.
8 Old Wives' Tales That Keep You Poor
Money Minute: Ex-College Player Sues NCAA, Wants to Get Paid
On one level, this is absolutely true. Real wealth, when not inherited, typically comes from starting your own business, but that is difficult when you have nothing. But too many people assume that they can't make things happen unless they're well-financed. "Most of the millionaires or billionaires I've interviewed over the years have bootstrapped it," Siebold said. "Most start with close to nothing. Of the self-made rich, most started off poor or middle class. They've put it on credit cards or borrowed it from family. It takes ambition, and it takes belief that it can be done. It really starts with the self-belief that it's possible. Most people are taught that it's not really possible for them unless they're blue blood or they went to Harvard or Yale. The mythology doesn't match the facts."
"The implication is that money is not made easily and it doesn't come for nothing, which is true technically," Siebold said. "This belief sets people up to believe money is scarce and difficult to earn, instead of seeing money as abundant and earning it is as easy as solving a problem through persistent, creative thought. Figuratively speaking, money does grow on trees; and the trees are ideas." Put those ideas into practice, and you might be surprised how much money the idea tree can grow.
Siebold called it the "It's the old 'trading time for money' [idea] that we're taught." "The average person believes the only way to make more money is to work more hours." But if you limit making money to selling your time, you're limited to what you can make, because there are only so many hours in a day, week, month or year. "I consult with big corporations," he said. "These are some of the big companies in the world. When I ask audiences, 'What's the best way you can think of in your role to make more money,' they'll say, get an MBA. Even at that level, they're trained to trade time for money. College professors don't have money. Even the ones that teach finance don't have any money. This creates the belief that making money is a linear process directly connected to time. Big money requires thinking about it in non-linear terms."
"The real saying is actually 'the love' of money is the root of all evil, but has been misquoted for centuries that most people believe money itself is the root of all evil," Siebold said. "That's where the church comes in to disempower people to make money. It creates a disempowerment cycle that makes people more reliant ... on institutions. Decide to be proud of your ambition and ignore people who tell you that wanting to be rich is wrong."
"Get your piggy bank out and save your pennies," said Siebold. "This is a very dangerous belief as it put a major emphasis on saving. Saving in itself is not bad, but the masses are so focused on clipping coupons and living frugally that they miss major opportunities. People must reject this nickel and dime thinking and focus their mental energy where it belongs: on the big money." In other words, why save pennies when you could be making dollars?
This is another saying that is true in one sense but misleading in a more important way, according to Siebold. "You don't get rich to get happier; you get rich for the freedom in brings." If you're unhappy with money, being rich won't of itself change that. But you could have "more freedom, more options, more choices." And, as he pointed out, most people have no idea what it's like to live without financial worry. Being less unhappy is certainly a step in the right direction.
"This is usually a harmless phrase when people just want to know what's on your mind, but be careful," Siebold warned. "If overused and it penetrates the subconscious, you'll start giving away your intellectual property for practically nothing. Your IP and unique perspective can potentially be worth millions if packaged properly." Look at the number of famous 20th century musicians who sold their music rights for a figurative song and were left destitute even as music publishers made millions. Compare that to Paul McCartney and John Lennon, who kept their rights and built multi-million-dollar fortunes.
"[There's an] idea that there's some kind of nobleness is being poor," Siebold said. A rich man isn't going to go to heaven. I'm not a good person because I'm not ambitious. I don't want to make money so I can be good. It sets [people] up to fail. The masses are programmed from an early age to put the needs of others before their own. There's a reason on a plane to say put your oxygen mask on first. In order to make a lot of money, there is a period of time in the beginning of the wealth building process where you must focus on yourself and your business in order to make it at an uncommon level. Once you acquire wealth, then you can volunteer or give back to charity."