On the money issue spring 2013

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BY TEENS FOR TEENS

Illinois Entrepreneurs Make an Impact!

Pages 8 - 13

Want to Intern?

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SPRING 2013

It’s Money Smart Week!

Create YOUR own budget!

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Credits

About On The Money

Aliyah Abu Hazeem Senior, Wells Community Academy High School Christopher Amidei Senior, Northside College Prep Kamal Bilal Junior, Whitney Young High School Joshua Connor Senior, Phoenix Military Academy Demetrius Drummer Junior, Lindbloom Math & Science Academy Nam Duong Senior, Hyman G. Rickover Naval Academy Donnell Felton Senior, Gage Park High School Kobina Grant Senior, Urban Prep - West Campus Stephanie Greene Senior, Walter Payton College Prep Dayanara Guyton Senior, Phoenix Miltary Academy Empress Howard Sophomore, Martin Luther King Jr. College Prepatory High School Michelle Houston Senior, Jones College Prep Tia James Senior, Walter Payton College Prep Sade C. Johnson Senior, Gwendolyn Brooks College Prepatory Academy Tanesha Jordan Senior, North Lawndale College Prep Kinidee Lanier Junior, Chicago High School for the Arts Vicky Li Senior, Kenwood Academy Samantha Mallett Freshmen, Lane Tech College Prep High School Kaprisha Martin Junior, North Lawndale College Prep Alex Mitchell Junior, Whitney Young High School Justin Mitchell Junior, Whitney Young High School Sana Moore Junior, Chicago High Schoool for the Arts Brittany Kelly Smith Junior, Chicago High School for Agricultural Sciences Crystal Stonewall Sophomore, Chicago High School for Agricultural Sciences Deniz Tatargil Senior, Walter Payton College Prep Desiree Wordlaw Austin Polytechnical Academy

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, Stephanie D. Neely, and True Star Magazine.

About the EAC The Economic Awareness Council (EAC) is a financial education non-profit organization that serves over13,000 individuals each year with programming for students and families.

Teen Volunteer Opportunity for Youth Ages 12-18 From June 17-August 10, 2013, Chicago Public Library will host the first-ever citywide Summer Learning Challenge for youth to READ, LEARN, DISCOVER and CREATE! Volunteers have always played a key part in the success of the summer program, and with the many new features of our Summer Learning Challenge, they are more vital than ever. During this eight-week challenge, responsibilities of volunteers vary daily but will always be related to the encouragement of children and families in reading, learning, discovering and creating. Volunteers play a meaningful role in developing lifelong readers and learners. To find out about available volunteer positions and hours, contact your neighborhood library and sign up online at onesummerchicago.org.

(Space and capacity are limited.)

Special Thanks to the DePaul Writing Cent

er!

Magazine Design and Layout by Jessica Alessi

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On the Money Magazine would like to thank the Coleman Foundation, HSBC Bank, the Office of the City Treasurer of Chicago, State Farm Insurance Companies速, the Charter One Foundation and Republic Bank for their sponsorship of this issue.

Letter from the City Treasurer We’re only two months away from summer and I cannot wait for blue skies and warm weather.

Many of you will be working a summer job so that you can buy clothes, go to movies, and lots of other fun things.

If you work 25 hours a week you will probably earn over $2,000 this summer. But, before you start dreaming about all of the things can buy, take a few minutes and make a plan for how you will manage each paycheck.

If you don’t already have one, the first thing you should do is sign up for a bank account at a local bank so that you can deposit your checks and keep your money safe. Not only will the money be secure, but you will save a lot of money by avoiding Currency Exchange check cashing fees.

The next thing is to make a budget. Just because you have money does not mean you need to spend it right away. Think about all of the things that you need money for such as food, movies, and clothes. If you save a portion of each paycheck you’ll have money available to buy things that you may want or need at a later date. It’s simple, the more you save now the more you’ll have later.

Summer jobs are great way to get work experience, meet new people, and earn money for your future. So take a few minutes and make sure that you are able keep all that you earn.

Stephanie D. Neely Treasurer, City of Chicago

Finances for College-Bound Students Saying goodbye to your high school years may be difficult, but your upcoming college experience can be a thrilling and exciting new chapter!

The following financial insights can help you prepare for the next stage of your life.

Short-term: Set-up or fine-tune your budget If you haven’t already done so, get a solid grasp on your finances. A good understanding of your cash flow can help lessen the financial anxiety many college students face. Know how each dollar of your income is allocated and spent, including federal and state taxes, gas money, clothing, savings and entertainment. Establishing a solid budget, sticking to it and using your credit card wisely can help you avoid money mistakes your freshman year.

Long-term: Plan wisely for college debt With high school graduation right around the corner, it’s not too early to start planning your finances beyond college. While you may not be 100% certain of your career plans yet, you can begin investigating what a typical first year salary might be once you graduate. A good rule-of-thumb is to make sure that, when you graduate, you have no more in student loans than what your first year’s salary may be. If your calculations are worrisome, you may need to consider a less expensive school, start out at a junior college for a year or two, or even aim to graduate in three years.

Your college years can be some of the most thrilling and anxious times of your life. Having a solid plan for your short- and long –term finances can help you focus on the other aspects of your college years – thought-provoking coursework, a newfound sense of independence and friendships that can last a lifetime!

Visit YourMoneyCounts.com for more information.

Carlo Airdo Vice President, Corporate Sustainability HSBC Bank

Sponsored by

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Financial Tips from the Pros: Pro-Athletes That Is! Donell Felton Many young athletes have the dream of playing in the pros and most think that all professional athletes live the life of luxury, but some face financial hardships.

Seventy eight percent of football players have gone broke 2 years after retirement (Sports Illustrated, September 2012). Some reasons for this are a 50% divorce rate and bad investment choices (Sports Illustrated, February 2013). Even one greatest football players of all time, Dan Marino, went bankrupt because of some these problems. In my interview with Adrian Aucoin, NHL player with the Columbus Blue Jackets, he explained that when he started, “I wasn’t making much money, so my challenges were saving enough for rent and car payments. When I made the NHL and my salary got a lot bigger, I had to worry about how to not go crazy and spend too much. A lot of athletes get asked by family and friends for money. That is always one of the biggest challenges.” In my interview with Sidney Blum, (a financial planner at Great Light Fee Only Advisors, LLC), he said, “Family and friends can influence you to buy things you don’t need.”

Many professional athletes are not given any help in learning how to manage their money when they sign that big contract, and like Mr. Aucion, they have to learn to manage money on their own. But there are other positive role models as well as Mr. Aucion.

Walter Payton was very successful football player with the Chicago Bears. After that, Walter Payton was also successful financially in retirement, co-owning a racing team and restaurant. Payton’s son, Jarrett Payton still helps to run the family’s charitable foundation today.

(See On the Money Fall 2012) Some advice for any successful athlete, professional or not, is to manage money. Try creating a budget and keeping track of the things that you buy. Once you have set up your budget, you need to live by it. This means not spending more than your finances can handle, especially on big-ticket items like cars and homes. Excessive purchases can also have a huge part in bankruptcy because they can really catch up with you. To avoid a fate like this plan within your budget a responsible amount of money that can be spent on fun.

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ACT: It Pays to Prep

FAFSA What?

Michelle Houston

Tanesha Jordan

The ACT (American College Test) is an important factor in college decision making, and students should prepare for the exam. The ACT is an exam that measures college readiness, and most colleges weigh it heavily when accepting students.

High school students should seek methods to prepare.

Student: What is FAFSA? Student: Free Association Food Secret Apples?

Student: I don’t think that’s right…

Most students coming into their senior year don’t know what the FAFSA (Free Application for Federal Student Aid) is or how to work it. I honestly didn’t learn what the FAFSA was until the first semester of my senior year, and that was only because I had a class. Whoa was I lucky! So to help up and coming seniors, here’s some brief information on what the FAFSA is and how to do it. In an interview with Jessica Taylor a college coach at North Lawndale College Prep, she explains “The FASFA is the Free Application for Federal Student Aid. If you’re interested in applying or attending college, please fill it out. It goes for grants, scholarships, work study and loans.”

One example of an outside prep course for the ACT is Revolution Prep. Revolution Prep meets every Saturday and gives practice ACT exams every other Saturday to help students feel at ease when taking the actual exam. Revolution prep prices range from $599-899. A Revolution Prep student said “Revolution Prep prepared me for ACT by teaching me how to look past the tricks of the test, and improved my ACT score by 3 points”.

The Office of Federal Student Aid through the United States Department of Education provides $150 billion in federal grants, loans, and work-study funds each year to more than 15 million students!

Ms. Taylor also suggest that students, “Complete FAFSA as soon as possible. Its free money it’s on a first come, first serve basis. It becomes available January 1 every year. If possible, you should complete it January 1. You do not need to have your income tax completed for the year. You can fill in previous income tax information and go back and update it.”

Another way to prepare for the ACT exam is to get outside tutoring from companies such as Academic Approach. High school senior Carmen Oo stated, “The tutoring took my ACT score from a 22 to a 28.” Outside sources like these can improve a student’s score by focusing on the student’s individual weaknesses.

To complete the FASFA, go to www.fafsa. ed.gov. Select “Begin New Application” button and you just click on it! It is that easy to begin!

If none of these options works, there are several ACT self-study practice courses and tests that have been published; some can even be checked out at the library. This might be more challenging to stick with on your own, but it is better than no ACT prep at all!

Look for several free workshops in your area! Ask your school counselor NOW and visit these helpful websites to learn more: www.fafsa.ed.gov www.isac.org www.knowhow2go.org www.isac.org/students http://www.mappingyourfuture.org/ www.bigfuture.collegeboard.org www.collegexpress.com/articles-and-advice/ financial-aid/articles/applying-financial-aid/ how-fill-out-fafsa-step-step/ www.collegeprowler.com

According to ACT.org the average ACT composite score in Illinois is a 20.9. On average outside preparation courses raise a student’s score 2-3 points.

This may not seem like a significant increase, but the difference between an ACT score of 26 and a 29 could be the difference between student loans and an academic scholarship.

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Going Above and Beyond: College Education Kobina Grant As a high school student, you hear many of your peers discuss why they think college is or isn’t important. When you hear a high school student talk about why they don’t think college is important, it often goes something like this: “It’s stupid, another four years of schooling.” But, as you will see, college creates opportunities and it’s a great investment.

High school graduates today are not able to get the highpaying jobs that used to be available to them. Over the years, America has become an economy based on knowledge, what you know, rather than a manufacturing based economy, which focused on manual labor. Students who graduate from college earn more money, are healthier, and participate more in their communities. “An average annual salary for a person with a bachelor’s is $52,220, which is over $20,000 more than the salary for the person with only a high school diploma. Over a lifetime … bachelor’s degree holders earn approximately $2.1 million, nearly twice the sum of a high school graduate’s lifetime earnings” (College V.S. High School Degree Salaries, eHow.com, 2013).

There are several barriers to attending college. First, college is very expensive; the average cost of tuition, room and board is $22,092 per a year (http://nces.ed.gov, 2013).

Fortunately, the federal government has grant money which is called financial aid that helps students in financial need to reduce the cost of college. Managing your money in college is hard. But generating wealth relies on a person being able to budget and make more with your money and college can help teach that.

There are programs to help students adjust to college and gain professional experience.

One of these is InRoads (www.inroads.org) which helps “develop and place talented underserved youth in business and industry, and prepare them for corporate and community leadership”.

Did you know? College graduates earn over $1,000,000 more than non-graduates over their lifetime.

Patrice Russell, Program Coordinator at InRoads has these tips on making it in college.

With a little help from State Farm. ®

1. Self-management - have goals, “Students need to know how to prioritize their lives.”

2. Solution management (problem solve) “look at the opportunity”, use your resources, seek advice.

3. Tenacity - don’t give up, keep on trying and always try something to your fullest ability.

Ask about our Education Savings Options.

SMS-70161 03-2012

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My Trash, Your Treasure: Got $20 in Your Pockets?

Crystal Stonewall Have you ever thought of trading something you have for a profit? I’m sure we have all heard the saying, “one man’s trash is another man’s treasure”, and believe it or not, this saying is completely true. With the proper guidance, you can become a money making machine in no time.

One of the most important things to consider when trying to make a profit changing your trash into treasure is, “how quickly do you want or need money (time) vs. how much you want or need to make on the sale (profit)”. This is important because 6 out of every 10 teens would prefer to make money at a faster pace (Quizilla), and it helps you decide where to sell.

A quick way of making a profit is the use of a pawn shop. Research shows 7 percent of U.S. households have used pawn shops, which is roughly 8 million households. The process is very easy. When using a pawn shop, you receive your money on the spot. For example, if a customer sells a working DVD player to the shop for $30 he or she will receive the $30 dollars on the spot.

A more time-consuming way of making a profit is consignment, a second-hand shop that sells used goods for their owners. (The shop owner doesn’t have to pay up front and the seller might get more funds than at a pawn shop.) 12 to 15 percent of Americans visit consignment stores (America’s Research Group). When asked about consignments shops, Chicago High School student Pierce Conway stated, “I sold clothes to Plato’s Closet and it took about 10 months to sell all my pieces”.

Before reading this article, the thought of turning your trash into treasure while making a profit may have seemed far-fetched. But with the proper guidance mentioned in the article, this challenge will become a normal way of life.

(Actually) Studying Abroad Deniz Tatargil As a senior fresh out of the college application process, I’ve been wondering why people don’t apply to school abroad. It’s understandable to reject the idea of moving to a country with another language, especially as the first move from home, but there are a multitude of English-speaking destinations with good universities.

Leyla of Chicago, IL and a student at King’s College in London, England said, “I don’t like that living in London and visiting home are so expensive, but it’s far outweighed by my savings in tuition costs.” This sentiment was echoed by Ms. Rose, also of Chicago, IL, who went to school in Scotland. Expanding beyond the cost of school into the sheer value of studying abroad, she said that “Living in the U.K. helped me grow as a person. I saw a new place, a new government, a new culture, and met new sorts of people. Some things were better and some things were worse, but the chance to see each without spending more money …provided a great opportunity for me.”

The chart shows tuition and housing costs at American verses Canadian or British Universities. They are grouped according to the U.S. News and World Report: World’s Best Universities list (which is usually considered the most respected unofficial ranking); each school is grouped with another that is bordered to it in the ranking.

As you can see, foreign schools of equal caliber tend to be significantly cheaper. There are of course a couple issues: more expensive travel, possibly more expensive living, fluctuating currency exchange rates, and often less granted money from schools. When each year at Duke University, however, is about $40,000 more than McGill University (a school of equal prestige in Canada), it seems impossible that four years of occasional flights and expensive sandwiches will add up to over $160,000 after currency fluctuations!

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The Importance of Math

Majoring in Business: An Easy Win!

Kaprisha Martin

Dayanara Guyton

There always one person who complains in math class, “Why do we have to learn these skills? How does this help us?” Math is helpful mentally and financially.

Math is important because it gives people more logic skills, and careers in math fields actually have larger salaries.

The world of possibilities is endless with math.

With a business major, you could receive the critical skills for a variety of high positions in an industry. Business is composed of fields such as accounting, finance, human resources, marketing, non-profits, management, etc. The outstanding skills you will obtain throughout your undergrad degree include planning, organizing, staffing, directing and budgeting, which are transferable to any career and are life skills.

What you do with a business degree is up to you; you could have the opportunity to own your own business or you could work for a company.

Kye-Anne Wilborn, the owner of Exclusively For You Events, joined the business industry and says, “It’s extremely rewarding, and I wanted to have options …

I’m glad majority of the tasks for my business I can do myself.” This African American business woman has accomplished many goals and tasks in her life and her journey is not over. (She is currently in school, achieving even more dreams, and proving it’s never too late to do so!)

Math is used to teach people logic. Logic is the step by step process that people follow to get a result. Math teacher, Jessica Pursley says, “Mathematics is very logical. There are some aspects that don’t lend much to real life but those are building skills that will apply to more applicable things. So I enjoy breaking down the steps and applying how math is used everywhere.”

Math is often hard and strenuous, but it does teach you to look for the correct answer. “I feel that solving math problems provides great training for solving problems more generally.

Especially as math classes become more advanced, they become more about problem solving and less about memorization” says Teresa Lwin, a Ph.D. student in Finance.

Math gives people greater opportunities in life.

A study on graduate school admissions tests show that people who majored in mathematics had higher scores. Plus, they make lots of money! (See sidebar below)

Although it is expensive to go to college or stay in school after college to earn an MBA (Master of Business Administration) degree, it’s worth it because of the opportunities it will give you. A business degree will increase your chance of earning a higher wage. The Bureau of Labor Statistics states, “The average annual wage for business degrees is about $70,000. All occupations’ average annual wage is perhaps $24,000 less than business majors” (www. bls.gov, 2011). The demand for people who hold business degrees is high, and, therefore, in any circumstance, you should stay determined to obtain your degree.

There is only one outcome to your finances, and you create it. Invest in making a budget plan, or start paying attention in Algebra class. It’s time to notice the uses of math in your everyday life!

Jobs Involving Math Statistics • Actuaries make: $87,650 per year or $42.14 per hour • Electrical Engineers make: $87,180 per year or $41.92 per hour • Surveyors make: $54,880 per year or $26.39 per hour http://www.careercast.com/jobs-rated/jobs-rated2009-comprehensive-ranking-200-different-jobs

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Considering manufacturing as a career field?

Social Entrepreneurs Make 30 year Impact on City’s West Side

Desiree Wordlaw

What was the initial motivation around CLCR? Dan Swinney had been working as a machinist and union organizer for 13 years for steel mill companies around the Chicagoland area when he was laid off like thousands of other workers in the wave of plant closings in the late 70s and early 80s. Knowing first hand how critical manufacturing jobs were to working and middle class communities, Dan started CLCR, then the Midwest Center for Labor Research, in 1981, asking the question “is there something that can be done to save all these jobs?” CLCR started as a research/ consulting non-profit, and over the last 30 years, published the Labor Research Review, as well as worked on numerous community and economic development initiatives and campaigns to keep certain companies from closing, foster new manufacturing development.

Skilled workers are in high demand in manufacturing, particularly workers who are capable of running innovated machines (or new machines that are constantly being developed each year). Manufacturing careers carry strong earning potential. According to the National Association of Manufacturing in 2011, the average U.S. manufacturing worker earned $77,060 annually, including pay and benefits. The average worker in all industries earned $60,168.

How did APA come about?

APA is inspired by the very successful economic development model in Mondragon, in the northern region of Spain.

Mondragon was a small, ethnic-minority (Basque) community devastated from the Spanish Civil War in the 1940s.

A Catholic priest, Jose Maria Arizmendiarietta, decided that the best way to revitalize the community was by starting a “polytechnical” high school to educate the young people in engineering and manufacturing skills. Five of the first graduates of that polytechncial high school started a small manufacturing business making and selling small stoves.

Since 1983, a group of social entrepreneurs, the Center for Labor & Community Research, has been making a positive impact in manufacturing education on the west side of Chicago. There the demand for skilled workers is being met by the school the organization founded, Austin Polytechnical Academy (APA).

What has made APA a success?

Erica Swinney, one of the co-founders of APA stated, “I am fortunate to work with the students of APA. Working at APA and seeing it grow every year is the best part of my experience here. I would love to see more female students develop an interest in engineering. But until then, I will continue to help students and promote manufacturing at APA.” APA continues to open new doors for its students.

APA exposes high school students to advanced manufacturing beginning their freshman year. The students are introduced to real world problems manufacturers face, while also getting hands on knowledge about this particular career field.

CLCR is one of the primary reasons why APA has this unique program. CLCR provides APA students with job shadow opportunities, internships and possible careers after high school.

Quan Trimble, a senior at APA stated, “I am delighted to attend a school like APA; I have earned four NIMS (National Institute of Metalworking Skills) credentials throughout my four years of high school. I am excited to explore a career job with one of our partners after graduation.”

APA has been recognized as an excellent job training opportunity by Chicago Mayor Rahm Emanuel. The mayor recently announced the school will receive $1.25 million to create new advanced manufacturing programs for the students.

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Minimum Wage vs. Teen Employment Kamal Bilal If you already have a minimum wage job, the increase in minimum wage from $8.25 to $9.00 may be beneficial to you; however, employers often look to cut jobs as wages increase. Economist David Neumark of the University of California, Irvine, states that, “a 70-cent-an-hour increase in the minimum wage would cost some 300,000 jobs.” Unemployment for America’s youth is already over 33% (Bureau of Labor Standards, year). With teen unemployment the highest it has been since World War II, knowing about different job opportunities will motivate you and allow you to find work that fits your interests.

An Entrepreneur’s Tool Box: 5 Key Skills (Learn more from the Consortium for Entrepreneurship Education at www.entre-ed.org) • Adaptability- Being able to recognize and apply to changes to certain situations • Creativity- Helps with coming up with your initial product or service • Realistic- Knowing your limits allows you to have a successful start up • Organization- Being organized is key in keeping track of everything in your business • Research- Researching and knowing your market, competitors, etc… will facilitate the process of organizing and solving problems in your business plan

As teenagers, with young and creative minds, you can create business opportunities for yourself.

Online blogs are a way to make money through advertisements and subscriptions while incorporating your day-to-day interests. There are also more traditional self-employment options such as seasonal jobs like lawn care or snow removal; however, these require you to be self-motivated and cater to your clients.

Whether you are working a minimum wage job or you’re starting your own business, there are pros and cons. When you work a traditional job, you’re hired based on the skills you possess, and your earning potential is limited. However, in your own business, you control your own destiny, and are able to use all of your skills to increase your potential income. Take freshman Elena for example, she started her own summer day camp with a couple friends. She says, “It’s given us really good experience now and is going to be a great experience to have as we go to college and start our careers.”

Sophia Alexis Vela, former On the Money intern and entrpreneur agreed, “Starting my business in high school taught me how to manage my time and think rationally.” Myles Gage, who started a custom jewelry box business through his investment club, Ujamaa Jr. said that, although time consuming, “It was nice to have a side income making something inexpensive and affordable to the masses”.

His advice to other teen entrepreneurs, “Don’t be afraid to experiment and fail, if you’re doing something you’re passionate about it will eventually take off.” With unemployment rates being so high, recognizing your skills and interests will help you in finding or creating a job.

A Day in the Life of An Entrepreneur: Johnnie Lovett, Fresh Connection Brand How did you get started?

I was motivated by my love for fashion and sneakers initially, but as I grew older I wanted to find ways to earn revenue from my passion so that work wouldn’t feel like work, but still paid the bills.

What is Fresh Connection Brand?

Fresh Connection Brand is an urban street wear line inspired by contemporary fashion, but created with street wear influence.

What tips would you give to other entrepreneurs?

- DO YOUR RESEARCH! Know the ins and out of your product or service, brand, and even what you want people to think/feel when they interact with your brand.

- STEP OUT OF YOUR COMFORT ZONE! You have to be ‘the everything guy’, so stepping out of your comfort zone will allow you to polish your great skills, and build on those you aren’t as strong at.

- COMMITMENT! Entrepreneurship is not about winning overnight… commitment is the name of the game.

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Thank you for supporting the On the Money internship program.

We increased production by 1,000! (photographed with Kandi Conda of KC Biz Boss)

Teen Employment & Entrepreneurship: Find OR Create Your Own Job

Don’t Have a Job? You’re Not Alone Christopher Amidei

Brittany Kelly Smith There are 3 major ways us teens can make money: jobs, internships/apprenticeships, or starting your own business. Want to know more? Well, keep on reading!

In 2012, four million of the twenty one million teens were unemployed. The unemployment rate of teenagers in the United States is 19 percent. That may sound bad but that means that 3 of every 4 teens looking for a job WILL find one.

To get a job you must appeal to your employer. Be polite and straightforward. Prove to the employer that you are the best candidate for the position by letting them know that you know what you are doing. If you walk in, not dressed to impress and not knowing anything about the company you are applying for, you aren’t going to be their first choice.

When faced with the daunting task of scrounging for a summer job, many teens turn to entry-level positions available within their neighborhood. McDonald’s, the local hardware store, and the grocery store are all employers students seek to earn some cash to pay for their summer expenses. (Those frequent trips to the movies really add up!) These types of jobs seem to be tailored for teens with flexible hours and relatively little work experience required. The only downside is that the pay is often minimum wage, which is the lowest amount of money an employer can legally pay an employee per hour. The federal minimum wage is $7.25, while in Illinois it is $8.25.

An internship isn’t as hard to find as it seems; you just need to know where to look. On the website chicagocity.org or onesummerchicago.org, you can find over 30 internships throughout the city alone. Another way to find internships is to talk to your school counselors or teachers who might have suggestions and referrals.

Starting your own business can also be very beneficial in the long run. For example, check out an organization called “BUMP” that Johnathan Naber (pictured below) and his classmates created.

They are currently working on open socket below-elbow prosthetic arms that are around 10% of the cost of a custom-fit prosthesis.

BUMP helps to provide affordable prosthetic care to in-need amputees. Naber and his buddies began this organization their sophomore year of college. He said they were faced with many difficulties, but he wouldn’t have chosen to live his life any other way. The “BUMP” organization is very helpful to those in need and should be used as inspiration to create your own business.

The intent of minimum wage is to protect people who work lowskill jobs for employers that otherwise would pay their employees as little as possible, but recent trends have suggested a correlation between rising minimum wage and rising teen unemployment.

Between 2007 and 2010, the federal minimum wage rose from $5.15 to $7.25, yet during the same time span, a recession hit the United States that reduced the number of available jobs. This meant that it was more expensive for employers to hire people even when there were fewer jobs to be had.

So do YOU need money? Jobs can be found. Internships are also available. A challenging but beneficial way to make money is to create your own business. Which ever direction you choose to go in, you will make the money you need!

The results were reflected in the teenage unemployment rate, which soared from 14.9% in 2007 to 27.1% in 2009. It is now at 19% in 2012. Sandro Pineda, an out of work teenager affected by the recession, is currently having difficulty finding a summer job. “I am going to college next year, and I am tired of asking my parents for money. I really want to be able to pay for my summer expenses, and the job market out there is rough.”

The minimum wage may be good for those teens that acquire a job, but a higher minimum wage means fewer available jobs for all teens.

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FIND MORE SUMMER JOBS AT onesummerchicago.org!

How to start a Fashion line: Making your own success story

A New Way to Shop: Maximizing Your Fasion Dollar

Kinidee Lanier

Samantha Mallett Although stores like Urban Outfitters are good places to buy clothes from, they are not the friendliest for your wallet. According to brighthubeeducation.com, 13-17 year olds spend $300 to $400 dollars a year on clothing. However, there are multiple ways to save money while shopping without splurging.

First, head to the sales rack, and if you can’t find what you are looking for on the sales rack, you can ask an employee if an item will be on sale soon. Johnnie R. Lovett, entrepreneur and Brand Director at Fresh Connection Brand, recommends Karmaloop, an urban young adult clothing website, because of the deals that they offer. Check out Johnnie’s profile on page 10 and check out his clothing line at FreshConnectionBrand.com.

We all have a favorite article of clothing. Whether it’s your lucky socks, or the t shirt you always wear whenever to take an exam, but what are the brands behind these material necessities, that we are so dependent on? Fashion entrepreneurs can give us a behind the scenes look at what it is like to start and run a fashion business.

Another way to save is to revamp old clothing into today’s trends. Why spend $60 on a shirt when you can update something you already own? For example, you can cut old jeans into shorts and add details such as studs. Cutting up old sweaters and transforming the sleeves into legwarmers is another idea. Adding accessories can transform an old look to make it fresh and new. Try pairing an infinity scarf to an outfit with a cardigan and boots.

But it’s still easy to get carried away with your spending. Patty Brand Nalepa (pictured below), a former professional in the fashion industry, suggests, “Invest the most money on the pieces you wear the most. Think costs per wear.” Ms. Nalepa says that one way to do this is to spend your dollars on purses and shoes that can be styled across many outfits. Using these strategies can make staying up to date with today’s trends easier. Remember that shopping can be budget friendly.

Starting a clothing line or opening a self-sufficient store may evoke two thoughts. First, the amount of work it will take to start, run, and make the line and/or store successful, and second, how fulfilling it will be to see your dream come alive and know that you’ve succeeded at becoming an entrepreneur.

In 2007, the US economic census recorded that there were 156, 468 retail stores in the United States (Us Census Bureau). The market is huge and that’s a lot of competition! To have a successful clothing line, you must begin with your business plan. What will your clothing line represent? And most importantly how will you brand yourself?

According to Kandi Conda (photo page 10), a talent manager, branding is what your customers and competitors will remember you by.

Nicole Wheatly (seen above with intern, Sade C. Johnson), the owner of a successful Chicago shoe store, wanted to create a “new experience” for shoppers. Nicole believes that, “Shoes can change the way a woman feels about herself. It’s a boost of confidence.” With this theory Nicole Wheatly made her shop in Chicago into a national sensation. She recorded how the community reacted to the shop and adapted. She emphasized her audience and treating the customers with respect and kindness.

Starting your own clothing line may seem like a far fetched dream, but with patience and determination you can have your ideas come to life. I have a personal connection with this topic because I am in the process of starting a t-shirt line. I face many doubts and set backs, but am motivated by the possibility of having one of my t-shirts become someone’s favorite article of clothing.

12

Big Risk? Big Reward? Super Bowl Commercials Justin Mitchell The Super Bowl is one of the most exciting and most popular events in our country today, with over 115 million viewers. The commercials that take place during the super bowl have also become a real hit. According to ESPN. com, companies spend an average of $3.5 million every year to show their various products. Why do they do this? “To get the product on the shelf.

Our product (Mio Fit), needed a big new product introduction to be very successful”, said Kara Henry, the producer of the “Mio Fit” commercial that was shown during the Super Bowl. However, not all commercials are popular.

If people don’t enjoy the commercials, the company’s product may not be bought at high rates, and the company will lose a lot of money.

In this column, the money spent on a commercial and the popularity of a commercial will both be factored into a Chicago area survey with 100 students from different public schools to reveal the most successful commercial per the Chicago student vote. “I really liked the Sketchers commercial with the cheetah. It made me laugh and I think they did a really good job of representing the product”, said student Alex Mitchell. “The Oreo commercial with the people whispering in the library was my favorite”, said another student (anonymous). Results: The Oreos commercial named “Whisper Fight” had the third most votes with 23. The Hyundai commercial named “Team” had the second most votes with 32, and the Audi commercial named “Get in, Get Happy” came in first with 40 votes.

All three of these commercials had spent $4 million for their ad, so by students vote, “Get in, Get Happy” by Audi is Chicago Public School students’ favorite and most effective commercial.

Congratulations to the winners of the 2013 Chicago Small Business Online Marketing Competition offered with the City Treasurer of Chicago!

Tips for cost-effective small business marketing By Steve Robinson, Area Director-Midwest United States and Canada, Constant Contact • Develop a plan Planning can make a real difference in your marketing efforts. It enables you to come into every marketing task better prepared and with a better probability of achieving your marketing goals.

• Leverage email marketing Email marketing is an affordable way to stretch a tight marketing budget - and whose isn’t these days? Unlike direct mail, there is virtually no production, materials or postage expense.

• Embrace social media Engaging customers on social networks like Facebook, LinkedIn, and Twitter helps small businesses grow their business by both increasing customer loyalty and spreading messages to a new audience.

• Share your content across channels Be sure to cross-pollinate your content with teaser links across all media. That includes linking to your Facebook, YouTube and other social media pages from your e-newsletter, blog and website.

Winners: Best Business Email Marketing 1st Place: Elements Contemporary Ballet 2nd Place: The Honeycomb Project Rookie Award: Shawn Sargent Studio Winners: Best Overall Users of Social Media 1st Place: Hensler integrated marketing 2nd Place: Kinzie Chophouse Rookie Award: My Daily Escape

Thank you for speaking at our 2013 Young Chicago Saves Conference - Kandi Conda, KCBizBoss.com; Nicole Wheatly, Nchantment.com; Charisse Conanan, Smarteys.com and Jonnie Lovett, freshconnectionbrand.com, Pictured with On the Money Intern Sade C. Johnson

13

Business and Journalism Worlds Collide: Social Media Influences on the Journalism Industry Josh Connor While the popularity of print and broadcast media outlets continue to decline, more news companies are innovating with social media to compete in a competitive technological market.

See Socia lM Tips on Faedia Career On the M cebook! oney EconCoun cil.org/on or at themone y.

Most teenagers spend an average of seven and half hours a day on entertainment media, and one and a half hours on the computer, as concluded in a study by the National Heart, Lung and Blood Institute, 2012. Presently everyone tries to be a journalist by posting and tweeting on events. Broadcast radio and even newspapers have also joined in this trend by creating Facebook pages, Twitter, or even having bloggers to gain more news momentum.

The news outlet hit the hardest by this new technological age would be the print industry. The State of the News Media, 2012 states that “Ad revenues are now less than half what they were in 2006”, and as The State of News Media, 2012, study explains, “Daily circulation, which stood at 62.3 million in 1990, fell to 43.4 million in 2010, a decline of 30%.”

Katie Comeford, journalism teacher and yearbook advisor at Phoenix Military Academy, believes that social media has allowed people to access news at a faster pace. Although Comeford has a Facebook, Twitter and Instagram account, she wants to understand how the tools work, before she integrates them in a journalism classroom curriculum. “If Phoenix does decide to have social media accounts I think we will definitely use it as a tool to promote the yearbook” said Comeford.

Jason Knowles, general assignment reporter for ABC7 Chicago News, also displays his social media savvy by posting news updates to both his Facebook and Twitter accounts. Updates keep his audience loyal, help bring in new viewers, reach a younger audience, and help Knowles keep track of his stories, as well as engage the audience in conversation about the story. “Many times that is how we break news,” said Knowles. “I’m trying to do better at having original content, having one post that is on Twitter, and one on Facebook.” Knowles also states, “[I have to] be careful what is going on my public Facebook and Twitter because I’m representing the ABC brand”.

Journalists aren’t the only ones, who have to maintain a positive online identity. With colleges and employers checking Facebook and Twitter accounts, here are five easy tips to present your best online identity.

1. Limit photos. Instead of posting ten photos of an event, chose two or three significant ones.

2. Think before you post. Before you start posting a negative comment or something that might not be considered appropriate, think of how it will affect your image in the long run.

3. Use social media as an educational tool. Use social media to get an in depth or personal view of the college, job or current news events.

4. Take a break. You don’t have to share your entire life with the world.

5. Brand yourself. Make an appropriate name and platform, and stay true to it in all social media; try connecting your Facebook and Twitter accounts.

14

Senior Budgeting Aliyah Abu-Hazeem With senior year comes great excitement! There are many events that one has to look forward to such as prom, luncheon, graduation, and senior class trips. Although these events may seem like a regular part of one’s senior year, they are far from inexpensive.

In addition, high school class fees alone can range from anywhere between $50-$200.The best thing to do is BUDGET, BUDGET, and BUDGET. Having a financial plan as early as your freshman year in high school can aid in money management skills, ability to go to college, and chances at a successful future. Students who have been saving are four times more likely to make it to college than those who are not.

More students aren’t on the bandwagon to go to college because they aren’t eligible to graduate due to accumulated debt they owe. According to senior Sarah Lopez, from Wells Community Academy High School, “I don’t think I will be able to go to college next year even though it has been my dream since I was little because I do not have the money. The money my mom did save for my college fund she had to spend paying off my school fees!” The biggest regret amongst students is that they did not create a payment plan or budget to aid them in paying these expenses off.

Being financially responsible early on can have tremendous long-term benefits. Senior Activity Coordinator, Vashti Taylor, of Wells Community Academy High School says that “More students should have a budget.

I have to deal with a line of seniors filled with tears because they fear they will not be able to graduate due to their misguided financial planning over their high school years.” Having a budget is the smartest thing a high school student can do in order to ensure that they are financially stable and prepared for life after high school.

Learn more about Money Smart Week at www.moneysmartweek.org!

BUDGET = a plan with an estimate of the money you will make (your income) and the money you will spend (your expenses) for a specific length of time INCOME = money you earn or receive EXPENSES = money you spend

get he bud own t g n i s your udget u llege b ncil.org Make et form! o c a e Creat at econcou imple budg builder et with this s budg

15

Hallelujah to the Mula

Start Saving Your Money Now!

Demetrius Drummer

Vicky Li Do you keep track of the money you spend?

Do you set aside a small portion of my money for regular weekly expenses?

Do you save money towards your college education?

Counting is a breeze Learning to add and subtract You do it with ease Cashing a check After work jitters at its best The joy of a fat wallet or purse Laughing to the bank Smiling until it hurts 23.1% of kids in low-income homes I Crime rate increases its toll While Iraq loses lives More die in Chicago II “The guilt, resentment and blame Can result verbal and sometimes physical altercations.” III Greed for the green Praises raise the quibble Question the selection of money Can it be used as a weapon It’s used to buy them Does the less fortunate appreciate While those privileged don’t hesitate To Grossman their money And lob it during the Super Bowl Hallelujah to the Mula But “Money doesn’t necessarily make you happy” IV

The majority of the teens do not know how to control their spending habits. Based on the Teenage Consumer Spending Statistics, the total U.S teen spending (products bought by or for teens) is around $208.7 billion.

Here are some tips for controlling your spending!

1. When you have money, you should always save at least half of that money first before you spend.

2. Think before you buy.

3. Always try to compare prices in stores and have coupons when you are buying things like groceries.

The top two things that teens usually spend money on are beverages and eating out.

According to “Money 101: For Parents & Teens” (http://dailyinfographic.com/ money-101-for-parents-teens-infographic, 2012), eating out is around 29% of teens spending and buying beverages and snacks is around 20% of total teen spending. Teens care about food because that is what teens like to do all the time after school. One senior from Kenwood Academy High School, Yan, said, “In order for me to control my spending habits, I try to buy cheap food coupons for half price at Groupon and not go out as much”. Another parent, Li, said, “I prefer my child to save her money by giving me half of her money to save.” If you take these tips into account, then you will be successful in controlling your spending habits.

Notes: I. http://www.huffingtonpost.com/2012/05/30/us-child-poverty-report-unicef_n_1555533.html II. In 2008, 314 U.S. soldiers died in Iraq while there were 509 homicides in Chicago, a fact alluded to in the Kanye West song “Murder to Excellence.”

III. In my interview with Kimberly Stephens, the Director of Programs for HCS Family Services, she discussed the struggles of low income families and their adjustments through financial crisis.

IV. In my interview with Cliff Nelson, a consultant for Charles Rivers Associates, he discussed the misconception on how money makes a person’s life: happier, easier and more sufficient.

Tips for spending less and saving more!

(Suggestions from Tracy Frizzell, chair of the Young Illinois Saves coalition) 1. Save first, set aside of some funds that you get before you start spending.

2. Deposit funds in a bank account so it will be less visible to spend.

3. Set a savings goals. People with savings goals tend to save more than those who don’t.

Learn More at www.YoungIllinoisSaves.org!

16

Healthy Eating on a Budget: Combating the Rising Costs of Obesity Nam Duong The United States is faced with the growing problem of early teenage obesity. It is estimated that 16-33% of children and teens are obese (American Academy of Child and Adolescent Psychiatry, 2012). The annual cost of obesity is over $100 billion. Students have to be proactive in the food choices they make in order to solve this problem.

With many lunch options at school, students can have their choice of one entrée, one side, one fruit, and milk. A number of students neglect the milk and fruit, then complain that cafeteria food is unhealthy.

Cafeteria food provides healthier choices than most vending machines and aids students financially by saving them money. Most vending machines offer little nutritional value, as the majority of their products contain less than 10% of the daily value of vital vitamins (cps.edu, Snack Vending Approved Product List). Even with limited funding in Chicago Public Schools, we are still provided with good quality food.

It is all about choices. According to Principal Elsa Carmona, Little Villages Academy, a good comparison would be, “It’s milk versus a coke.” 62% of students surveyed want more training about healthy food (realfoodrealjobs.org, CPS Report). The decision to be healthy is a conscious one, meaning that students have to be thoughtful about the selections that they make in the lunch line. “Try every option and see what is best for you,” says Joshua Prudowsky from Mikva Challenge. Try looking for healthier options whenever you can. Leia Kedem, a Extension Educator in Nutrition and Wellness at the University of Illinois recommends 3 tips: 1) Don’t go to the store hungry! This increases the likelihood of impulse purchases, 2) Planning ahead saves a lot of money. What in your cupboard needs to be used up? 3) Compare unit prices for the best comparison of price between similar products.

Learn more about healthy eating at from the following sources: www.choosemyplate.gov http://www.mckinley.illinois.edu/Handouts/list%20by%20topics.html www.letsmove.gov

Five Finger Discount Hurts Businesses and Consumers Stephanie Greene Shoplifting is a serious problem for businesses as they see their products disappear without any revenue appearing, BUT what does it have to do with you as a consumer or community member?

Larger cities were hit particularly hard in the summer of 2012 when the phrase typically used to describe large groups of spontaneously dancing people was pegged to describe large groups of people that shoplift. “Flash mobs” allowed people that were not skilled thieves to overwhelm the store’s staff so that there is no one person that can necessarily be pinpointed as the thief. That is exactly what happened to Mildblend Supply Company in Wicker Park when about twenty young men entered the relatively small store and stole upwards of $3,000 worth of merchandise; a devastating hit for a small business.

According to Time Out Chicago, State Attorney Anita Alvarez’s office predicts that Illinois loses more than $77 million in tax revenue every year on account of shoplifting. Time Out Chicago also reports that the American family ends up paying $450 more in price markups because of stolen goods. Patsy Polston, former manager of Gap and Banana Republic, stores located in malls, says, “As employees, we were not supposed to do anything if we suspected that someone was shoplifting; we had to leave it up to mall security.” In the end, paying customers and taxpayers pick up the slack from those who steal.

Cook County has begun taking measures to increase police presence during high volume shopping periods. The County is also leading a nationwide effort in the prosecution of shoplifters. All in all, shoplifting hurts businesses, consumers and could land the perpetrator in jail.

177

iPhone vs. Android

iPad vs. Textbook

Sade C. Johnson

Alex Mitchell The textbook: a staple of the average student’s learning diet used by teachers for over a century. The iPad: an up-and-coming technological phenomenon, and a developing tool in the education and work environment. How long will it take for the former to become obsolete to the latter? Some more progressive schools are exploring the new Apple product for in-class research purposes, and making use of the apps that Apple has to offer. However, virtually no schools have abandoned the textbook.

Financially speaking, the average textbook costs around $175, according to OnlineEducation.net, while the iPad costs $400. In Illinois, the average high school has around 713 students. This means that a school would have to pay $71,200 for 178 new students’ iPads (for every freshman class). Another cost that must be considered is the cost of getting the textbooks on the iPad. According to cultofmac. com, the average cost of buying an online textbook is around $82, but a school would only need to by a class set and that would last forever (or at least until they wanted a new version of that textbook) for a total of $33,000.

Apple’s iPhone or Google’s Android? Both are great options, but exactly which phone is better for you and your wallet? Recent statistics reveal that about 67% of the population own iPhones, while 22% own Androids, but how much does this reveal about the phones?

When considering the iPhone, one must take into account that it dominates the app market with a selection of 700,000 apps, but it only comes in the style of a full touch screen and an unlimited data package is unavailable. However, when considering the presentation of the phone, according to one student, Morgan Bethany from Brooks College Prep, the iPhone “has [a better] variety in case styles.”

In comparison, textbooks could last for seven or so years, but only cover one subject (therefore different books are needed for different grades). Assuming one student needs on average five textbooks, a school would pay close to $156,000 for each grade, or about $624,000 for the whole school. However, given the life expectancy of a textbook, a school would only need to buy new books every seven years resulting in a year one total of $89,142, for textbooks.

In comparison, the Android comes in a variety of different styles (touch screens and full keyboards), but students feel there’s less selection in cases. Also, the Android lags behind in app selection with just 400,000. Although the phone is quite affable to use, an android user named Paulena Hopson says that her biggest pet peeve is when the screen “randomly freezes up.” Although the phone itself is cheaper, the Android is generally more expensive for monthly costs because plans offer unlimited features; however, the iPhone can get even more expensive than the Droid if you go over your total data usage limits.

These numbers, of course, vary from school to school. But overall it would appear that switching from textbooks to iPads may be not only educationally beneficial but also economically beneficial as well. For the most part, students also like the idea of retrieving their texts on an iPad. After polling 20 high school students, 18 of them said they would prefer to use the iPad.

So, the Android appears to have more features when comparing this product with Apple’s iPhone. However, when looking at the finances, the iPhone is a more affordable option IF you can stay within the data limits. So when going out to choose your Smartphone, consider which features better suit you, and which phone would comply with your budget.

The cost of an actual phone may seem manageable BUT total annual costs for a Smartphone can easily run over $1500!

Think twice before deciding you HAVE TO HAVE that Smartphone!

“I can’t find any reason that a textbook would be better than an iPad.” Chicago High School student

18

Babies Love Bands: Exploring the Cost of Raising a Child

Have you ever had a dream car that you wanted, but you just didn’t know how to get it ?

Empress howard

Sana Moore

Nowadays, it seems like everybody either wants a baby or already has one… even teenagers. Often, teens overlook the fact that babies are expensive to care for, especially if they’re doing it alone. According to Alyssa Horton, a teen parent and advocate at Teen Parent Connection, “Financial challenges for a teen parent start right away with prenatal care, including doctor visits, ultrasounds, and the vitamins and supplements recommended during pregnancy. The hospital bills are a little overwhelming, especially if the baby has to stay in the hospital longer than expected.”

The cost of raising a child has gone up and is expected to increase, now ranging from $8,147 to $9,272 annually, meaning you would spend about $146,646 to $166, 896 total to age 18 (excluding college costs).

Buying a car is a big decision. The average new car costs $30,000 (National Automobile Dealers Association, 2013) and the average used car costs $12,000 (US News, 2012). In addition, you will have to pay for gas, upkeep, insurance and parking. Think carefully before you buy! The average consumer pays over $5,000 for their automotive expenses (gasoline, repair, etc.) each year!

What should you look for when you buy your first car? Shannon, a young professional residing in Chicago, recommends looking for good pricing, good quality, and safety when buying a car. Shannon says that, “Patience is important because you don’t want to rush the process, but rather spend time finding a car that will last as long as you need it for.” She stated that she recommends considering a used car as it can be cheaper if the car is in good shape.

Another important aspect she suggested was to “keep your options open.” Keeping your options open gives you a better chance of finding your perfect match!

Many to-be parents don’t fully consider the financial difficulties of having a baby. Imagine having to pay for diapers, baby clothing, baby furniture, daycare (so you can work and/or go to school) plus other necessities that come along with caring for a baby…all while you’re between the ages of 15-19. Take just diapers for example: according to many parents, on average, a baby will go through 10 or more diapers a day. According to Wal-Mart, diapers range from $0.14 to $0.30 per diaper. So on average, with the bag of diapers that are $0.14 per diaper, you’ll spend $511 a year– just on diapers! Daycare costs even more as in a majority of states, the average annual cost for an infant in center-based care now exceeds a year’s tuition and fees at a four-year public college.

I also interviewed a car dealer who stated that patience is critical and to have a budget before you go to the dealership. He explained that it makes it easier if you have an exact budget to spend including your insurance and other expenses.

After reading this article, from both perspectives, you know what to look for when buying your first car or just a car in general.

Check out more resources online when buying a new or used car such as: http://www.consumer.ftc.gov/articles/0209-buying-new-car or http://www.uspsfcu.org/Resources/Buyinga-Used-Car.aspx. These resources have other tips such as: do your research, prepare to negotiate, consider the cost of financing or loan payments, learn related terms and consider insurance and service contract costs carefully.

As you can see, teen pregnancy can be 100% preventable if you practice abstinence or use contraceptives, such as birth control and condoms. There will be plenty of time to have children in the future, but if you’re a teen, now is not the best time.

Find resources for teen parents at teenparentconnection.org.

19

On the Money Survey, Spring 2013 Articles in On the Money Magazine are clear and easy to understand (20 responses)

On the Money Magazine helps me learn more about managing money, business, careers and entrepreneurship

A majority of readers (55%) read On the Money most or every issue, and On the Money was listed as the #1 place teens learn about money.

In The Know 1) In Kobina Grant’s article on page 6, he compares the average earnings of college graduates and non-college graduates over their lifetime. Use the graph on page 6 to find the average earning of: College graduates ___________ High school grads ___________ Non-high school grads ___________ 2) In Vicky Li’s article on page 16, Vicky notes 3 suggestions for controlling ‘your spending and saving more’. Fill in the blanks to identify these steps below.

•Save f_ _ _ _. Before you spend.

•D_ _ _ _ _ _ your funds in a bank account.

•Set a savings g _ _ _.

Learn more at www.YoungIllinoisSaves.org.

3) Locate the 5 traits of an entrepreneur identified in Kamal Bilal’s article on page 10. Use traits 1-5 to complete the crossword at right.

4) Identify 2 practical tips you can use to manage your money or career from 2 articles in On the Money!

Tip 1:

Page #:

Tip 2:

Page #:

Visit RVEY.COM SU TM O to take our Survey Money Smart d to re and be ente win

$20