On the Money Winter Fall 2016/Winter 2017

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On the Money Magazine Make 2017 Your BEST Financial Year!

TABLE OF CONTENTS 3 4 5 6 7 8 9


Letter from the Treasurer/ Junior Achievement Event


African-American Female Entrepreneurs/Born Made

Finding Scholarships


How Social Media and Teens Affect Business Sneakers: Billion Dollar Market/Leah La Queens

How to Make Applying for College More Affordable

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Protecting Your Identity/ Selecting a Secure Bank


“Have You Played Sudoku Puzzles Before?”

Saving for College In-State v. Out-of-State Colleges

Aisha Dhorajiwala

Senior, Lane Tech College Prep

Alexander Shaw

Freshman, Kenwood Academy

Allegra Mendonsa

Junior, Jones College Prep

Amber N. Anderson

America’s Immigration Proposition

Sophomore, Kenwood Academy

Gender Wage Gap/ ”Straight from the Go”

Senior, Lane Tech College Prep

Creative Ways to Make Cash/Blogging

Anam Qadri

Christi Wright

Senior, DeVry University Advantage Academy HS

Colette Gordon

Senior, Walter Payton College Prep

Imaad Dhorajiwala

Freshman, Senn High School

Jazlynn Williams

ABOUT ON THE MONEY On the Money magazine is written by teens for other teens. On the Money covers entrepreneurship, business, finance, credit, saving and more, providing real world experiences and resources that can help students learn to meet their business, money and career goals. On the Money is provided by the Economic Awareness Council through collaboration with the Chicago Public Library, DePaul University, the Office of the City Treasurer of Chicago, and True Star Magazine. www.OntheMoneyMagazine.org

ABOUT THE EAC The Economic Awareness Council (EAC) is a non-profit financial education organization with program attendance of over 25,000 each year.

Senior, King College Prep

Jonathan Lee

Sophomore, Northside College Prep

Min Zhen Chen

Senior, Westinghouse

Natasha Chaiyarat

Junior, Lincoln Park High School

Nia Robinson

Junior, Jones College Prep

Sarah Meerza

Senior, Lane Tech



Toiria Baker, Tracy Frizzell, Jae Joseph

Magazine design by: Jessica Alessi


On the Money Magazine would like to thank State Farm Insurance Companies®, HSBC Bank, the Office of the City Treasurer of Chicago, Republic Bank of Chicago, U.S. Bank, TCF Bank, FirstMerit Bank, Byline Bank, Guaranty Bank and MB Financial for their sponsorship of On the Money.


Dear On The Money readers, With the Economic Awareness Council’s Chicago Entrepreneurship Challenge around the corner, I thought it would be a great idea to talk about Chicago’s spirit of entrepreneurship. In the near future, entrepreneurs will have access to the newly adopted Chicago Community Catalyst Fund. This program is meant to increase economic opportunity by provided $100 million in investment capital for small business and real estate projects across Chicago’s 77 neighborhoods. Chicago has been the home to some of the greatest entrepreneurs, who’s products or stores you may visit/use every day…Charles Walgreen who opened his first store in 1909, John Johnson founder of Johnson Publishing Company and Marshall Field whose store dates back to 1852. I encourage you to research these entrepreneur legends in hopes that they will be the catalyst for the next generation of great Chicago entrepreneurs. I hope that, someday, many of you will build great companies and keep Chicago’s entrepreneur spirit burning. Kurt Summers, City Treasurer of Chicago

Learn more about the On The Money Entrepreneur Challenge at OntheMoneyMagazine.org!

Junior Achievement Hall of Fame: Nia Robinson Being able to speak at the Junior Achievement Hall of Fame was a great honor and privilege that I am grateful to have had. I was able to speak in front of a large group of inspirational professionals who are a part of an impactful organization like Junior Achievement. Meeting and talking with the attendees at the event inspired me to want to do something great with my life and the encouragement in the room from the attendees was uplifting for a teenage girl. I am beyond grateful that I was a Student Speaker for the Hall of Fame because I learned that you can do anything and be anything you set your mind to. Learn more about how you can make your business idea a reality by viewing our entrepreneurship articles and videos at OntheMoneyMagazine.org and learn more about applying for our entrepreneurship competition. 3

Finding Scholarships By: Sarah Meerza As a college student, money is already a huge stressor. Balancing stacks of Ramen Noodles under a computer desk is a sad reality one must face in their college days. But don’t fret, there’s a solution and it’s called scholarships.

our scholarship opportunities, but only 100 out of the 800 seniors come to get more information.” Guidance couselors are there to help, so don’t be nervous about knocking on their door and asking some questions!

Did you know that 46 billion dollars are awarded by the United States in grants and scholarships each year?

Malak Afaneh, received a full ride scholarship to Pomona College in California, but she also had some troubles in regards to scholarships. She was confused and frustrated because she wanted to leave the state but didn’t know if she could afford it. Already working 6 nights a week with mostly A’s on her report card, she turned to her guidance counselor who informed her of Posse scholarships. Months later, she discovered that she had got the scholarship. “I feel like all my hard work is finally paying off,” she says.

One huge problem with scholarships is that we aren’t well informed about our opportunities. Most students don’t know about amazing scholarship search engines such as Cappex, JLV College Counseling, College Greenlight, CPS Academic Works, and more. These search engines can help students locate a wide variety of scholarships that can be extremely beneficial. These search engines can match you with scholarships based on your interests as well as identify smaller scholarships that add up. Don’t have a computer? Don’t worry. There is an abundance of on-campus resources that are extremely helpful, such as your guidance counselor. My counselor, Nakia Blanton-Morgan, is in her office all day waiting to transfer her knowledge into the heads of impressionable teens. But unfortunately she says, “We inform a ton of students about

Thank you to State Farm Insurance Companies for your support of On the Money Magazine & the Economic Awareness Council. 4

Help is at every corner, whether online or at your school. So don’t waste time, go look for some scholarships and help the future you TODAY!

Thank you especially to State Farm Agent Vic Portillo for assisting at our programs at Bogan Computer Technical Academy and at the On the Money graduation.

SAVING FOR COLLEGE By: Aisha Dhorajiwala If you have a longer time to plan, parents or grandparents can put a certain amount into a college savings account every month and the total will add up quickly after a few years. The earlier you start the less loans you will have to take out. Specific college savings accounts with tax benefits are best for this type of savings. (Learn more visit Illinois’s plan at www.brightstartsavings.com or you can look at other state plans too.) A high school graduate usually earns eighty-four percent less than a person that has graduated from a four year college (College Atlas). This makes saving for college an important financial priority. A college education can be very pricey. Seventy percent of Americans attend four year universities, but because of high costs less than two thirds will graduate (College Atlas). Many students have to get jobs to help pay for their tuition, but balancing both school and work can be very difficult which is why students should start saving for college as early as possible. With so many ways to save, picking the best option for your family can be difficult. A savings account is a good place to start saving for college. Especially if you do not have a long time before you go to college, a savings account is also a great way to make sure you have a fund for emergencies in college like extra book costs, higher than expected fees, etc. Students can start these on their own at some banks. (Visit Plan2Achieve.org)

Scholarships are another great way to save money on college costs. According to a counselor from Lane Tech High School, “Most students don’t do much research on scholarships or don’t apply for the smaller ones. You should apply for all scholarships because every single penny counts when saving for college.” Not many students have access to information like this. Many students have to figure out how to save for college by themselves. According to Sabrina Lopez, a senior at Lane Tech High school, “Many people I know do not go to a school that is as privileged as Lane Tech. Many students at these schools don’t know how to get more financial aid or know about other options such as community college.” Without access to information like this, the chance of people not attending college is higher. To find more ways to save and more scholarship opportunities, the internet is a good place to start. Great websites to look for scholarships are unigo. com, scholarships.com, collegegreenlight.com and chooseyourfuture.cps.edu. Don’t forget to talk to your school counselor for more information!

On the Money would like to thank Republic Bank for their sponsorship of this issue. 5

In-State V. Out-of-State Colleges By: Jazlynn Williams “It’s a myth that you will [only] have a beneficial growth going away for college,” Marcia Boyd, financial advisor and director of Governor State’s admissions office, said during her interview. She believes you can obtain growth wherever you go because you will be exposed to different things no matter what. Both in-state and out-of-state colleges can put a dent in your pockets. You have to make a decision: stay home or experience college life away from home.

UC San Diego, and UC Davis.” This is not a typical situation, but it could happen to you if you’re talented, have the right G.P.A. and test scores. Applying to a variety of schools and then carefully comparing the financial aid packages you are offered can help you make the best choice for you!

An average of only 21% of students attend college out of state, while an average of 79% of students attend college in-state.

So, don’t shut down when you see a huge price tag on your dream school. Whether you choose to stay home or not, there is a way to pay for college. If you’re receiving acceptance letters right now don’t make a hasty decision. High school seniors have until National Decision Day, May 1st of every year, to decide where they would like to attend and what is the best decision personally and financially.

According to the Health Resource Center at the National Youth Transitioning Center, “On average, it cost[s] $8,990 more for students to attend a college or university in a state where they are not a resident.” Imagine paying that kind of money for the next four years that’s about $35,960! Although that is a huge difference in tuition, Luke Chitwood, the program manager of Global Leaders Program, suggests, “Seniors should have a mixture of the types of colleges that they apply to because every family has a different situation.” He also believes going away for school can be impactful, and the new experience of independence helps students grow as young adults. Out-of-state tuition can be affordable depending on the financial package you receive. Believe me, there are colleges willing to give you plenty of money. For example, “Lloyd Chen,17, received full scholarships from Yale, Harvard, MIT, Princeton, Stanford, UCLA, UC Berkeley,


For more information on how to manage your money in college visit www.CollegeBudgetBuilder.org!

How to Make Applying for College More Affordable By: Colette Gordon Many students consider the costs of tuition and fees for college, but most fail to think about the cost to apply.

In 2015, the average

college application fee was $41 based on the 1,068 ranked colleges that reported data to U.S. News. Among the 1,068 schools, the most common application fee was $50. If most students are applying to 6-8 colleges, they will end up having to spend hundreds of dollars in application fees. Luckily, there are many ways that students can avoid paying application fees: 1. Some colleges, like Colby College, have no application fee for any applicant. 2. Some colleges, like The University of Chicago, waive the application fee for any applicant applying for financial aid. 3. Some colleges provide fee waivers to students who visit or even to those who ask. Walter Payton senior Cindy Mei explained, “As for application waivers, I have had college admissions officers tell me that their colleges (and most colleges) don’t really care about the application fee and they would waive the fee if the student just reached out to the school.” 4. Students who qualify to apply for college throughQuestbridge partners will have all fees waived. 5. Students applying to colleges via the Common Application can apply to have all of their fees waived with proof of financial need. Students applying to non-Common Application schools can also request fee waivers for financial need. However, many students run into the problem of paying to send their test scores. Cindy Mei summarized the struggle by sharing, “I have friends who find financial hardship paying to send their scores to colleges and will

spend hundreds of dollars to do so because they have multiple schools and scores to send.” Students can try to reduce the cost of sending test scores by: • Using the free score reports provided by testing agencies. • Checking to see if colleges accept self-reported scores or downloadable score reports at the time of application and only request official scores if a student chooses to enroll there. • Seeking flexible scholarships that can be Designed by Pressfoto - Freepik.com used to send scores. One unique opportunity that many Chicago students are eligible to participate in is Chicago Scholars. Chicago Scholars’ Senior Associate of College Access Kenneth Woodard explained that Chicago Scholars makes the process more affordable by offering an onsite event every application cycle, requiring colleges that offer onsite admissions decisions to use the test scores provided by Chicago Scholars so that students don’t have to pay to send their own, and providing NACAC fee waivers to every student in the program so they don’t have to pay any application fees. If you are a current junior and you are eligible to apply for Chicago Scholars, the application for the Class of 2022 is open now and can be found on the Chicago Scholars website. Good luck students!

On the Money would like to thank TCF Bank for their sponsorship of this issue.


A Key to Successful Relationships is Protecting Your Own Identity! By: Christi Wright Learning to protect yourself and your identity is critical before you engage in any business or professional relationships.

Did you know that approximately 25.6 million US citizens were victims of fraud in 2013? (Federal Trade Commission).

ourselves or split the money 95/5.” This leaves the account holder and VICTIM of the fraud with a negative account balance, owing money to the bank and at risk of significant legal trouble and termination from the bank. Fraud can be a felony offense and has steep punishments including possible jail time. Card cracking is also a fraud scam via social media in which you are asked to share debic card information. REFUSE these offers from fraudsters.

Many young teens and adults are anxious about obtaining money for college, and this may cause them to fall victim to scams like false scholarships or grants. Many scams attempt to gather personal information from students who are looking for financial aid while other scholarship scams focus on charging students for scholarship information that may not actually exist. In the past 14 years, IMPORTANT: Check your it has been estimated that approximately 22 account activity often to million dollars has been lost due to scholarspot any fraud AND be sure ship fraud (Federal Trade Commission). to reach out to your bank directly if you have any Additional scams that target young college questions. Always rememstudents are scams that include false checks ber, although there are and credit card cracking. An anonymous many fraudsters, there are source states, “We first find a willing acalso many people who work count holder, and get their social security, to help protect you from account number, pin number, and debit falling victim to fraud! card number. Then we write and deposit a false check in that account... if the check is approved, we either take all the money for

Another scam that teens should be aware of is “phishing.” Phishing consist of “a type of criminal activity that uses fraudulent techniques to trick you into providing sensitive information (JP Morgan Chase).” For example, a fraudster might disguise themselves as a credible corporation (like your bank) and may ask you for your account number, username password, and PIN. One of Chase’s Senior Service Specialists, Nana Awuah, states, “If there are transactions on the customer’s account that are out of the ordinary, then we will block the transactions and notify the customer by text or email to confirm that it was they who made the transaction.”

Selecting a Secure Bank Account By: Alexander Shaw Our relationship with our bank is based on trust. In order for you to trust a financial institution with the money that you have earned, they need to be trustworthy and have a great reputation. Wells Fargo had a great reputation with trust before their secrets were exposed to the community on what they had been doing. On September 8th, 2016 it was exposed to the public that Wells Fargo employees were opening over 2 million fake bank accounts in customers’ names (CNN Money, 2016). Over 5,000 Wells Fargo employees were fired for creating unautho-

rized bank accounts without their knowledge. Wells Fargo was fined $185 million by the CFPB (ABC News, 2016). The Wells Fargo employees were incentivized on how many accounts they opened in a customer’s name. The employees also had bad oversight since senior managers also ignored or committed the unethical behaviors. Wells Fargo is doing everything in their power to regain trust of the community and its customers. “In this circumstance, customers should have under $250,000 in their account so they are FDIC insured.” Mohamed Ben Driss Alami the strategy director of the U.S division of LafargeHolcim explained. Wells Fargo customers with FDIC insured accounts should not lose their money. “No depositor has lost a penny of FDIC-insured funds,” according to the FDIC website.

FDIC - Federal Deposit Insurance Corporation. The FDIC is an agency of the U.S government that’s been around since 1933. The FDIC covers checking and savings accounts and more.


CFPB - Consumer Financial Protection Bureau. The CFPB are also a agency owned by the government in America that was created due to the financial crisis of 2008.

Your Relationship with Your Money: Get Creative to Make Some Cash! By: Allegra Mendosa Currently the youth employment rate is only 11.5% in the U.S., although it seems like teenagers are always looking to make more money. Whether it’s for entertainment, clothes, food, or savings, most teenagers would benefit from some extra cash. Sixteen-year-old, Olivia Landgraff, says,“I usually make money through focus groups, selling clothes, and babysitting. It’s really easy and helps me pay for all the concerts I love to go to!” These are just some of the money-making opportunities available to teenagers. Most teens are not aware of these opportunities though they’re available to all teens and offer payouts. Here are a few ideas: • Sell your old clothes at a resale shop. Most local resale shops, like Plato’s Closet, allow teenagers to come and sell their clothes with just an ID. • Focus groups & taste tests. Q-Research Solutions allows for teens 13 and up to taste test new products in order to make up to $110. You can apply at www.qpanelist.com.

• Babysit local kids. According to Care.com Chicago area average hourly salaries for babysitters are $11.91 for one kid, $14.07 for two kids, and $15 for three kids. In order to gain clients, you can distribute flyers across the neighborhood. • Be a student poll worker. Searching for money a month prior to an election? You can be a student poll worker! According to Ken Porter of the Mikva Challenge, “you must have at least a 3.0 GPA and teacher recommendation and upon completion of working the polls from 5am-8pm, you’ll receive $170.” • Listen to music for cash. Using the app “Music X Ray” you can listen to songs based on your preferences and get paid up to $0.10 for each song you listen to. • Take surveys. Using websites like Global Test Market, Survey Savvy, and Survey Junkie you can redeem points for gift cards and cash. Not only do all of these opportunities provide cash or incentives, they also allow you to get paid for being creative and finding unconventional ways to make money.

BLOGGING: Pastime or Profession? By: Nia Robinson To most, blogging is a way for stay-at-home moms to have something to do. But in fact, the online blogging world is not just a pastime, but also a way for someone of any age or gender to make money. The online blogging business is a unique, creative way to make money while writing about a topic of interest. Online blogging can be a profitable job that more teens should take advantage of. To give you some idea of the potential earnings available, top blogging network Weblogs, Inc. is believed to earn about $30 million a month in revenue from 13 million unique visitors. According to smartblogger. com, bloggers can earn over $150,000 per year, with some of the top bloggers earning $25,000 a month! How are they making this money? They get sponsors and loyal followers who help the success of their business. ChiTown Fashionista blogger Nikita Jefferson said, “When I first started blogging over 8 years ago, many companies were not at all convinced that bloggers and influencers could have a positive impact on their business and sales. Nowadays, companies are more aware of the benefits and are much more open to the idea.” Bloggers use their sites to advertise companies’ products, generating profit for the company. Blogging is an easy way to make money due to the various topics a blogger can write about. Named one of the top 50 successful female bloggers by successfulblogging.com, Charlotte Anderson chose to write about fitness for her blogs. She said, “I always tell people to write about something you already are doing and love rather than trying to just blog for blogging sake.” Her passion? Fitness. Although you might have believed blogging is a pastime, for a select few successful bloggers, blogging offers a profitable job in which you can write about a myriad of topics of your choice. So next time you turn on your computer, remember this could be the time to 9 start your blog.

Could Your Relationship With Your Clothes Inspire a Business? African American Female Entrepreneurs in Chicago By: Amber Anderson According to a 2015 Fortune article, the fastest growing group of entrepreneurs is African-American women. “The number of businesses owned by African-American women grew 322% since 1997, making black females the fastest growing group of entrepreneurs in the U.S.” Included in this are two friends, Ayanna Watkins and Kimisha Moxley. Ayanna Watkins is the creator of the clothing line Rebirth which she created after being a camp counselor at XS tennis camp. A conversation with one of the children after being bullied about her clothes inspired Ayanna. Ayanna told her, “that what she wears does not define her, and to never belittle herself due to not following a ‘trend’. I told her to be proud in what she’d wear, to be different.” Ayanna’s clothing line Rebirth is focused on empowerment for individuals. The name ‘Rebirth’, Ayanna said, comes from the concept “to ‘rebirth’ the idea of always following trends for fashion.” Her clothing line indeed sends out a powerful message to individuals about being confident in what they

wear and that you don’t always have to follow the latest trends. Kimisha Moxley is the creator of Kim Products which was based off her interest for arts and crafts from an early age. She also said that due to her parents being fans of recycled clothing and her love for thrift shops, her cultural appreciation of clothing flourished. Starting in 7th grade she would customize her own clothing, such as jeans, and she made wallets from the back pockets of pants. Once she began high school, she started taking her craft more seriously. “This is only the beginning”, she stated. She has branded the message of her clothing line very well and talks about how each jacket sends out its own individual message. She discussed her motto is for individuals, “to not underestimate the mind and capability of a young teenager.” The motto very much inspires other young teens to get out and make their visions a reality. Kim Products indeed sends out the message that teens are very capable of getting out into the world and making their vision a reality.

BORN MADE Cameron Green is currently in college and a Chicago born entrepreneur. Green owns a clothing brand named “Born Made.” According to its website, Born Made’s purpose is to bring a fashion experience that reaffirms its core belief: everyone was designed with purpose and created for greatness. Green designs clothes that are urban with graphic details. His designs are unique. He enjoys what he does for a living and stated, “I enjoy the fashion, and I like talking to people and getting people to believe in my mission.” Currently, fashion design isn’t Green’s full time job since he is in college at Morehouse University, but someday he would like it to be.


Born Made’s Contact Info URL : http://www.iambornmade.com/store/c1/Featured_Products.html Email : iambornmade@gmail.com Twitter: @iambornmade

How Can Social Media and Teens Affect a Business? By: Imaad Dhorajiwala Do ads on social media really affect businesses? They might. The main reason people post ads on social media is to achieve a certain goal of growth in their business. I interviewed Tracy Frizzell, Executive Director of the Economic Awareness Council. They tried Facebook ads to gain donations on Giving Tuesday, “Posting the ad on Facebook certainly did help but not in the way we originally wanted to. Although we only got a small amount of additional donations through Facebook, we generated a significant increase in activity on our page. This may be because a teen audience is more likely to ‘like’ a page than to donate.” Social media will have an effect one way or another on your business so it’s important to take advantage of social media

opportunities. The more you focus on your specific goal for social media, the more it will be accomplished. You have to persuade the viewer of your ad that they cannot live without your item or service. I received a completely different point of view on this from a freshman at Lane Tech that I interviewed. This teen says, “Sometimes social media affects what I buy.” An example is she sees some new shoes on Instagram that she really likes and sees that a lot of other people do too. In this case, social media affected her because without Instagram she would never have seen the shoes. Social media use is quite prevalent among teens. According to the U.S. Department of Health & Human Services, 94% of teens who have access to mobile phones use social media daily (https://www.hhs.gov/ash/oah/, 2016). Given these two different experiences, the impact of social media ads on teens can greatly affect a business, but social media campaigns are not always effective. The business’s marketing and advertisements should be appealing and relevant to teens or their targer audience, whomever that is.

Chicago Ideas Week: Entrepreneurship Event A Student Attendee’s Experience By: Colette Gordon I got the opportunity to attend a Chicago Ideas Week event focused on entrepreneurship and the turning points that entrepreneurs face in their careers. The event, hosted by prominent television journalist Ali Velshi, highlighted four different entrepreneurs that each represent a different field of business and shared something unique about their journey. The first was Skinny Girl founder and TV personality, Bethenny Frankel. Frankel spoke about how she leveraged her audience to create a customer base for the Skinny Girl brand and also emphasized the importance of Chicago Ideas Week event moderated by Ali good partners. Will Packer is a film producer responsible for films like Stomp The Velshi included: Bethenny Frankel, Will Packer, Seth Flaxman and Sam Zell. Yard and Ride Along. Packer spoke about his journey as a producer and not letting others define your success. He explained that, “If they’re going to put you in a box, make them put in you a bigger box.” The third speaker was Seth Flaxman who is a social entrepreneur responsible for founding Democracy Works, a nonprofit organization dedicated to the idea that voting should fit the way we live. Seeing room for growth in citizen’s involvement with their government, he created his nonprofit in order to raise voter turnout. Finally, Sam Zell spoke about his decades long career in real estate investment. He highlighted the importance of self confidence, using different approaches to different problems, simplifying your ideas, and to never reach your goals because you should constantly be adjusting them to challenge yourself. I found the event to be very interesting and the diversity of the speakers made the insights each of them shared even more meaningful! If you are an aspiring young entrepreneur, you should attend events hosted by Chicago Ideas Week. Chicago Ideas Week also offers a program called YOU(th) that aims to engage and empower Chicago youth by connecting them with companies and organizations in their community.


Sneakers: The Billion Dollar Market By: Jonathan Lee In 1984, 22 year old Michael Jordan signed a deal that would revolutionize sneakers forever. The NBA star chose a lesser contract with Nike over Adidas for half the money. One year later, the Air Jordan 1 was released and made $130 million in revenue. Today, these Air Jordan’s, along with other high demand sneakers such as Yeezy’s, are part of a resale market worth over $1 billion per year according to StockX. Resellers put these sneakers up for sale on platforms such as eBay, Facebook, or Craigslist, for 30%-1000% markup, potentially resulting in significant profit for the seller. Large scale resellers such as Sole Supremacy and 16 year old Benjamin Kapelushnik make millions through the resale market. This markup may seem ridiculous but for people like Miguel, a high school junior, they are more than just shoes. “Being able to wear what MJ wore back in the day helps us connect with the athlete on a new level,” he says. However, reselling can be a high risk practice. Like any investment, people take the risk of not making as

much as they hoped or even losing money. Successful resellers must do lots of research and stay up to date on trends and the mind of the consumer. So how does one get these high demand sneakers? The first method is through online retailers such as Nike, Adidas, Footlocker, and Eastbay. Although buying a pair online seems convenient, in reality the process is highly competitive because of programs called bots, which are designed to bypass online release procedures. By the time a person clicks “add to cart,” the majority of the inventory is already out of stock. A better method is filling out a raffle ticket at a particular retail store. If a person’s ticket is drawn, he or she is then eligible to buy the pair at retail price. The last method is camping. Buyers wait outside of stores that sell their releases on a first come first serve basis. Many will camp for hours, days, or even weeks prior to the release. Sneakers are no longer just footwear. If you do your research, there are profits to be made in the resale market of sneakers. So whether you want to be like Mike, or show off to your friends, take a second look at the sneaker market. It could fund your next vacation.

INTERVIEW: Leah LaQueens By: Jonathan Lee Meet Leah LaQueens, an artist from the Southside of Chicago who uses her talents to spread a positive message while generating income. She draws her inspiration from her Chicago music and anti-violence movements, but her biggest inspiration is simply being a woman. “Being a women influences artwork the most; we have a lot of experiences, trials, history, scars, triumphs. There’s no one there to represent us within the mainstream media”, Leah says. While managing her full time job limits the time Leah can spend on her artwork, the spare time she does have is fully invested in her business. She makes money by selling her paintings (ranging from $50-$500 per piece) through her website, at pop up shops, as well as getting hired to paint/draw at events. Wherever you find your inspirations, consider taking up a brush or pen and turning your talents into a business. 12

Female entrepreneur Leah La Queens with her artwork.


For many decades now, conflicts regarding immigration have swept through the minds of the U.S. presidents as they tried to figure out how to positively build the country. As new presidents come into office every 4-8 years, it is important for voters to consider what policies a new president would propose. Some candidates proposed an immigration policy that evoked sentiment in the United States that they or others would try to tackle the situation to either prevent or allow illegal immigration. The new president-elect Donald Trump proposed the idea of taking a stronger stance on the illegal immigrants currently in the U.S. who number approximately 11 million. Some people say Trump does not seem to understand the difficulties coming with legal citizenship and how lengthy it is. Others say banning illegal immigration helps the U.S. become a more civilized and safer country. Victoria Otrubina is a legal immigrant from Russia. With great disbelief, she says, “There are many people who come here seeking refuge and they simply cannot afford to go through the rigorous processes of obtaining the citizenship.” Otrubina’s citizenship took her five years and although she filed legally,

she believes, “everyone deserves a place in this country without going through such lengthy procedures.” Many Americans continue to be divided on the issue, with a Pew survey finding that 42% believe immigrants help the American workforce and 45% say immigrant hurt the American workerforce (Pew Research). With hope and desire, both legal and illegal immigrants come to the U.S. to seek a better future. With the long citizenship wait, there comes a delay regarding the acquisition of a visa. A lawyer from the law firm of Minsky Mccormick and Hallager remarked, “If someone wants to travel to the U.S. they should apply for a visa six months in advance and usually need to wait for citizenship. The process of obtaining citizenship and a visa is very grueling but once all the paperwork is in, it is very easy.” (The Blaze) There are many differing viewpoints regarding immigration situations, but we must look more deeply to consider the impact of immigration policy on current and future U.S. citizens.


THE GENDER WAGE GAP AND FAMILY RELATIONSHIPS By: Natasha Chaiyarat There have been many advances towards equality in multiple areas of American society. However, the difference between the paychecks of males and females is still significant. According to the Institute for Women’s Policy Research, in 2015, female full-time workers made only 80 cents for every dollar earned by men, a gender wage gap of 20 percent. The pay gap affects many people including the families of the working class and teenagers. Briana Barner, a PhD student majoring in Media Studies, says that “family relations can be compromised due to the pay gap.” Essentially, the husband receives a higher salary than the wife, which could lead to the notion that women are inferior and dependent of men’s salaries. The magnitude of the pay gap is most obvious among women of color. For

“Straight from the Go” Straight From the Go is a Chicago originated t-shirt company created by high school senior, Raven Smith. Raven was looking to get rid of the use of the word “chiraq”, along with the violent and negative associations with Chicago. In order to do this she created the phrase “Straight from the Go” in order to show that Chicago has much more positivity within it than some may believe. With her idea and passion she went on to create a line of t-shirts that swept the nation by storm. Her mother, Eraina Smith, says she is “proud and amazed at the positive response the t-shirts have gotten.” Raven’s story shows that with hard work and ambition, change can truly be made. Learn more about how you can make your business idea a reality by viewing our entrepreneurship articles and videos at OntheMoneyMagazine.org and learn more about applying for our entrepreneurship competition. 14

example, in 2014, only 35 percent of black women and 26 percent of Hispanic women were employed in higher-paying management, professional, and related jobs—compared with 48 percent of Asian women and 43 percent of white women according to the U.S Bureau of Labor Statistics. With 66% of Black and 42% of Hispanic children living in single parent homes (Annie E Casey Foundation, 2016), this may make it harder for these minorities to thrive economically.

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One of the ways to potentially reduce the pay gap and its effects is by becoming better informed. Sandra Koehler, a history teacher at Lincoln Park High School believes that “financial literacy is important to people of all ages.” With enough knowledge of finance, it allows for more appropriate decision making leading to a better lifestyle.

By: Allegra Mendosa


ENTREPRENEURS Applications available online at: www.OntheMoneyMagazine.org

“Have you ever played Sudoku puzzles before?” A New Look at Careers in Accounting By: Min Zhen Chen A few weeks ago, I walked into one of the largest accounting firms in Chicago to meet a wonderful and successful accountant, Dawn Simon. She explained a very different concept of accounting to me. When I asked,“What type of people would enjoy being an accountant?” The response I got was not the response I expected. To respond, she questioned, “Have you ever played Sudoku puzzles before?” She continued expressing her interest in solving puzzles and working through challenging problems to meet the needs of her clients. For her, being an accountant is not just a job to fulfill her financial needs, but it is also satisfying. To reach the position she’s in right now, she gave me advice on courses to take in college and different internship opportunities to take advantages of during college. She suggested courses such as accounting, auditing, and tax classes. Ms. Simon finds being an accountant appealing because it’s a very stable job. According to Bureau of Labor Statistics, the job outlook for an accountant is expected to increase by 11% from 2014 to 2024. The increasing demand for accountants make accounting an appealing field for many prospective students. At a very young age, I was exposed to banking because of my father and accounting also caught my attention in internship opportunities that helped me understand more about business.

To meet the educational needs for an accountant, one would need to pass the Certified Public Accountant (CPA) exam. In an interview with Dr. Kelly Richmond Pope, an Associate Professor of Accounting at DePaul University and CPA, she explained that students who major in accounting take a combination of accounting, management, marketing, and statistics courses to get a better understanding of business and accounting. Dr. Pope also was able to suggest the type of student that would be a good fit for accounting. Dr. Pope suggested, “I think people that are hard-working, love critical thinking, like challenging business questions, love to working on teams, enjoy travel, can work long hours and are smart would love a career in accounting.” The response I got from the professor was similar to the response from the accountant, which led me to conclude that accounting is for people who love critical thinking and could apply this skill to solve puzzles in a team.

Accountants and Auditors

Percent change in employment, projected 2010-20

Business and Financial Operations Occupations


Accountants and Auditors

Total, All Occupations

On the Money would like to thank US Bank for their sponsorship of this issue.

Note: All Occupations includes all occupations in the U.S. Economy. Source. U.S. Bureau of Labor Statisitics, Employment Projections program.






Apply what you learned in On the Money!

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