On The Money - Spring 2010

Page 1

DO’S & DON’TS OF INTERVIEWING 8| DO BOYS HAVE MORE TOYS? 3

WA N T

BY TEENS FOR TEENS

$20 SEE PAGE 6 .

Prom on a budget


WHAT’S LETTER INSIDE... FROM THE EDITOR DO BOYS HAVE MORE TOYS?

CONTROL YOUR SPENDING 3 WHO’S READY FOR PROM? PROM ON A BUDGET 4

SAVING DURING SUMMER BREAK 5 YOUNG CHICAGO SAVES CONFERENCE LOVE DOES COST A THING 6 FREE COLLEGE CLASSES CANCELLED 7

DO’S AND DON’TS OF INTERVIEWING 8 INTERVIEW WITH DYROL JOYNER BECOME A LISCENSED NURSE VISIT TO THE CITY TREASURER 9 BUILDING YOUR BEST BUSINESS 10 COMPARING COLLEGE ACCEPTANCE LETTERS INTERNSHIP 101 11 IN THE KNOW LETTER FROM THE CITY TREASURER 12

2 | ON THE MONEY |

Dear On The Money Readers,

Thanks for tuning in for our spring issue. In this issue, you will find tips that will help make your spring and summer easier. For all the seniors, as college decision letters come in, see page 11 for ways to help make your decision easier. As we all well know, prom is around the corner for many students. It is one of the most memorable events in high school and also an excuse to splurge and spend a lot of money. But that doesn’t have to be the case; you can set a budget for prom of even around $200 and survive. (See page 4). Prom is not the only thing that you can make a budget for. Over summer break, you can set a budget for all the things you want to do. Remember there is always an inexpensive way to do something. (See page 5). Lastly, if you are running a little low on cash you can always get a summer job or internship. (See page 11). Keep in mind, before you go to the interview; do research on the job and your employer. That is essential; also, dress appropriately. (See page 8). On that note, remember the safest way to double your money is to fold it over and put it in your pocket. Good Luck,

Chelsea Farkye

On The Money Creative Staff

Chelesa Farkye, Senior, Saint Benedict High School, Editor Aminat Agaba, Senior, St. Ignatius College Prep, Student Design Coordinator Salma Ahmedin, Senior, Uplift Community High School Maribel Arellano, Senior, Gage Park High School Jackson Beard, Freshman, Walter Payton College Prep Klaudia Bednarcyzk, Junior, Francis W. Parker School Kiara Hardin, Junior, Marist High School, Technical Coordinator Jasmith Joseph, Senior, Morgan Park High School Octavia Washington, Sophomore, Dunbar VCA Lynda Lopez, Senior, Prosser Career Academy Brianna Garrett, 7th Grade, South Loop Elementary Jordyn Holman, Sophomore, Walter Payton College Prep

On The Money Volunteer Writing Coaches

Elizabeth Thompson (Coordinator) Desalina Allen Charmaine Daniels Brian Frizzell Renita Gayles Carter Glass Kana Mitsushio Jarrett Sidaway Teresa Sonka Jack Tench

Layout & Graphic Design www.jason-lips.com

About On The Money

On The Money magazine is written by teens for other teens. On The Money covers business, finance, credit, saving and more...providing real-world experiences and resources that can help students learn to meet their money and career goals. On The Money is provided by the Economic Awareness Council through collaboration with True Star Magazine, the Office of the City Treasurer of Chicago, Stephanie D. Neely and the Chicago Public Library.

About the Economic Awareness Council

The Economic Awareness Council is a financial education non-profit organization that services over 5,000 individuals each year with programming for students and families.

On The Money Magazine would like to thank HSBC North America and Bank Of America for their sponsership of this issue.


WHICH

GENDER

SPENDS

MORE? by Salma Ahmedin,

Senior, Uplift Community High School

Do you think teen spending choices are gender specific? Understanding where teens spend their money, helps industries use gender specific marketing to attract attention in order to improve their competitive edge. At Uplift Community High School, I surveyed 60 students (30 of each gender). After taking a close look at monthly average spending, it was clear that males in this survey spent more money than females. Average males spent more money on clothes, entertainment, and food with the biggest difference being $5 extra males spent on entertainment compared to females. On the other hand, females spent more money on transportation and other expenses than their male counterparts. Overall, teens spent the most on clothes, entertainment, and food.

NUMBER OF STUDENTS

National surveys have also found that teens spent most of their money on clothes, entertainment and food. According to the Rand Youth Poll, clothing was biggest expense for teenagers at 34 percent of their spending. Entertainment was second at 22 percent, and food was third at 16 percent. In 1998, teen spending reached $119 billion and in 2001, $136 billion. Although America is facing an economic crisis, today’s generation of teens still find a way to get what they want - both male and female teens spend a significant amount.

25

Where Do Teens Get Their Money?

20

How To Control Your Spending by Briana Garrett,

7th Grade, South Loop Elementary School When you’re at the store have you ever had that feeling, the one when you’re paying for your items? With the swish of YOUR money in your hand, you feel great! You feel like you’re in charge and you’ve got your own. You can get the same emotion with credit cards, too. When you swipe them and hear the ring of the register you get the sense of sovereignty and the joy of being able to get what you desired, what you’ve yearned for. Well, sometimes teens abuse and overuse to get that feeling because we can spend, spend, and spend more. According to the Charles Schwab Teen Spending Survey teens ages 13-18 know how to spend money; but we seem to be unaware of the consequences that come after our actions. Only 48 percent of teens understand how to set budgets and stick to them. Let’s be real, it’s impossible to stop spending entirely so let’s just try to reduce our spending amount. Here are 3 simple steps to consider to reduce your spending:

1. Create a “Want-O-Meter” (a scale from 1-10 on how much you want an item) 2. Rate the item by comparing it to something you may want or need in the near future. Think, “Do I want gas in my tank or that cool new tank top?” 3. Make your purchase decision based on your responses to these questions. By following these simple steps you can save yourself from being swallowed in the deep abyss of dept, and you can walk home with more cash than unneeded trash. Good luck!

How Do Teens Label Their Spending Type?

Money Blowers

15

26%

Budget Keepers

10

Frequent Spenders

5 0

Tips For Teens:

Non-Spenders

JOB

Female Students Male Students

PARENTS

OTHER

29%

12% 33%

(More older teens labeled themselves as “Budget Keepers” whereas more younger teens labeled themselves as “Money Blowers”)

3 | ON THE MONEY | SPRING 2010


Who’s Ready For Prom? Dress For Less

Prom on a Budget by Jasmith Joseph Senior, Morgan Park High School Prom is one of the most anticipated nights for teens all across America…it’s also one of the most expensive. So the real question is...How can I look great for less? Well, let’s start with the ladies. What is the first thing you need (besides a date – lol)? YOUR DRESS!! Your dress does not have to be $450. It can be less than $200 if you visit David’s Prom - that’s where I got mine; it was $160 . Now for the second most important item – shoes! Barefeet has really nice sandals and pumps for less than $50. Everything else like your hair and nails should be done in moderation. Save a little bit of cash now so it won’t be so heart wrenching later. Guys, it’s your prom too. Just because you’re not a girl doesn’t mean it won’t get pricey. Your tuxedo can be rented for as low as $49.99 at the Men’s Wearhouse

“You’re going to like the way you look. I guarantee it” I’ve also come across some really nice shoes from Payless as well for $35. (Don’t worry. No one will know - lol) Your hair cut and MANICURE won’t be much but still moderation is key. How do you plan to get to prom…in a limo perhaps? Most limo companies have prom deals like Ace Limos. Also, try riding with a group of friends so you can split the price and pay a fraction instead of the whole price. “When I go to prom, I’m riding in a limo with friends because it’s way more fun and cheaper”, said E. Hawkins of Morgan Park High School. Keep these suggestions in mind. Prom is expensive, but with the right tools, it won’t lead to bankruptcy!

Check out our Prom Spending Survey on Page 10. 4 | ON THE MONEY | SPRING 2010

by Klaudia Bednarcyzk, Junior, Francis W. Parker School

Prom is one of the most memorable events for every high school student! To make this moment truly special, most upperclassmen think that spending big for the night is inevitable. Although having a budget under $200 for prom may seem CRAZY, I have found that bargain hunting and planning can make it happen. 1. Prom tickets: $50-$90 for individuals. Tickets for couples usually range from $100- 175, so if you’re going with someone, split the cost with your date! If you are going solo, you may want to rethink that and go with a friend since the cost of one ticket is more than if you were to split it with another person. 2. Attire: $20- $50 (dress), shoes ($25), accessories ($10), makeup ($20). One of the essentials is of course attire! Instead of instantly hitting department stores, check out less expensive alternatives such as Forever21. They usually have an entire collection dedicated to prom at unbelievably lower prices. For a dress that would be most practical, chose the LBD (little black dress). Theyʼre a timeless classic and they always look stylish! 3. Transportation: Although renting a limo and splitting the costs with your friends is one way to go, getting to prom by car is your best option! The ride to the party canʼt be too far, so spending $90 to get there is senseless. Because I still don’t have a driver’s license and don’t want to waste all of my money on a limo, taxis are perfect for the occasion! 4. Dinner: $20-$30. No one wants to go to McDonaldʼs for dinner for prom, but you also donʼt want to break the bank. Remember that two of the most important factors of prom on a budget are having fun and making compromises! If you would prefer a nicer dinner, go for an even less expensive dress. Make up a list of all the endless possibilities and then choose from the ones that most appeal to you. The only thing that you can’t reconsider is your prom ticket. Other than that, you are free to experiment with your budget as you like.


Revitalizing

Your Summer

by Jordyn Holman

Sophomore, Walter Payton College Prep You have countless hours of free time during the summer just waiting to be filled. Going to the new blockbuster movie and shopping at the mall are the usual activities that teens do over summer vacation. However, those things easily get old and also can get too expensive to be fun for long. According to a Charles Schwab study on teen spending habits, teens spend an average of $19 per week and that average increases during the summer months. So, what are new, inexpensive alternatives for teens to do in Chicago?

From a survey of 25 teenagers, these are the most popular activities to do during the summer months.

32% 20% Go shopping Have fun at the beach 20% 28% Play sports See a movie

Luckily, there are many creative alternatives to popular teen summer activities!

1.

Instead of hanging out at the beach and playing in the water and tanning, you and your friends can plan a water balloon fight that could take place in one of Chicago’s many parks.

2.

Instead of spending your money at the mall, apply for a job and make money there! Plus, when you want to go shopping, you get employee discounts.

3.

Although going to the latest movie might be appealing, it’s also very pricey even with the student discount. However, renting a newly-released Redbox movie for the great cost of $1 allows you to have a movie night of your own! A ticket at a movie theater costs around $9.50 with food from the concession stand costing you another $5. Staying at home watching a movie allows you to have your own snacks, which are usually less expensive than food sold at the theater. By watching Redbox movies instead of going out to the movies, a person can save around $60 during the whole summer!

4.

Here are some fun, free activities suggested by REAL students:

If you love to play sports during the summer but want to put a spin on things, organize mini Olympic games with a group of your friends. Have tournaments for all of the sports that are enjoyable to play, such as basketball, volleyball, or soccer.

“I enjoy mixing a variety of sports at the beach, such as beach volleyball, beach frisbee, and beach football” “Going to the Apple Store and trying out their Mac Books by taking a bunch of pictures and uploading them to Facebook right there” “Going to the museums in Museum Campus on their free days are always fun! Especially going to the Shedd Aquarium and watching the dolphin shows”

5 | ON THE MONEY | SPRING 2010


Over 150 Students Attend Young Chicago Saves Conference

Over 150 student leaders in the Chicago area attended the Young Chicago Saves conference at Flashpoint Academy in the Merchandise Mart in February. Part of the statewide savings campaign, Young Illinois Saves, and the national event, America Saves Week, student participants received training required to teach others about saving at their schools. Students attending were from the following schools: Whitney Young Magnet High School, Austin Polytechnic Academy, Chicago Talent Development and Gage Park High School. Students learned from young investing whizzes Mario Gage and Jackson Beard as well as a number of community organizations including: Illinois Student Assistance Commission, Fresh Start Financial, Chicago Summer Business Institute, Bright Start College Savings Program, Financial Planning Association of Illinois and United States Department of Education. Students also had the special opportunity to hear from our Chicago City Treasurer, Stephanie D. Neely. The event was a cooperative effort of the following organizations: Young Illinois Saves, America Saves, the Economic Awareness Council, the Chicago City Treasurer’s Office, the Illinois State Treasurer’s Office, True Star Magazine and On the Money Magazine. The event was supported through a donation from HSBC – North America. YOU too can join Young Illinois Saves. Enroll today at www.YoungIllinoisSaves. Mario Gage, Senior, University of Chicago Laboratory School, 2004 Money Smart Kid Mario recommended donating 10% of your money, saving and investing 40% and spending 50%. He also said that you should always, pay yourself first to increase your wealth. Jackson Beard, Freshman Walter Payton, 2009 Money Smart Kid “While I am too young to have a job and a paycheck, I save my allowance and think twice before I spend it on a $5 foot long. I have found it is the little things that have really made a difference for me.”

Love Does $ Cost A Thing

By Aminat Olayinka Agaba Senior, Saint Ignatius College Prep

They say love don’t cost a thing, but whoever it was that said it obviously was probably never in a relationship to know, because according to our wallets, that just may not be true. Compare, for instance, the price of two different guys going out for a school homecoming dance, one with a date and the other without. How much would the guy with a date be looking at for the night? Tickets for two for the annual Homecoming Dance, $20. Dinner for two at Pompei’s, $28.59. Matching corsage for date’s dress, $13.01. Cost of gas for the whole night $30. Basically, the price for a fun night may be more than doubled for someone with a date, so this person better start saving up their paychecks or start begging their parents for an increase in allowance. I interviewed a couple of people to find out the answer to what the cost of love really is. Romayne, a Chicago high school senior, commented that “Usually, when I go out on dates with my boyfriend, he pays for whatever we’re doing. However, we don’t always go out and just spend money. We have lots of fun doing things like watching old movies at home or having picnics. Also, sometimes I pay when I’m the one taking him out. I figure we’re teens, often we’re broke, and this is a recession; so we have to work together!” Peter, also a senior, said, “Traditionally, I think it’s the guy’s responsibility to pay for dates and outings; however, I think it’s cool for a girl to take the initiative, too. Sure, I might spend a lot of money, but I think it’s worth it if I really like the girl.” Ashley Banks, junior, replied, “I have found lots of fun things to do without spending too much money. Instead of going to the movies all the time or eating out, sometimes we might rent out or make something to eat. I think it’s really the thought that counts the most, and I feel that it’s that much more special when someone does something creative for me.” Students agree that there are plenty of cheap or free non-traditional things to do. So consider this: Movie tickets for two at the AMC: $24.50. Dinner for two at the Cheesecake Factory: $42.68. Picnic for two by the lake...priceless.

S aving M atters... • Resolve in 2010 to save more money by paying yourself first! • Explore low - or no-fee savings accounts to help keep your costs down.

www.yourmoneycounts.com

6 | ON THE MONEY | SPRING 2010


FREE E C N A C COLLEGE

D E LL

COLLEGE

CLASSES By Lynda Lopez,

Senior, Prosser Career Academy In the winter of 2009, Yiwei Gong, now a senior at Lincoln Park, took a music class once a week at DePaul University. She was a part of the College Bridge Program which gave high school students the opportunity to take FREE college classes during the evening as long as they met a certain GPA requirement. “It allowed me to explore other areas that I don’t have a chance to in my regular classes,” Gong says. Due to budget shortfalls within CPS, the Department of College and Career Preparation cancelled all College Bridge Programs for the 2009-2010 year at all 13 participating universities. “CPS does not have enough The 13 colleges would typically magnet schools to provide enroll hundreds people with rigorous classes, of students into so College Bridge is helping their program to level the field.” every year. Asher Stuhlman, former College Bridge student at Amundsen and freshman at the University of Iowa, says, “CPS does not have enough magnet schools to provide people with rigorous classes, so College Bridge is helping to level the field.” Rhonda Bell, the new Director of College Bridge in CPS, said that the future remains unsure for College Bridge when asked during an On the Money interview.“College Bridge is in the process of being reconceptualized.” In the meantime, students are trying to find ways to keep the program running. Geovanni Almanza, a senior at Morgan Park, has been petitioning and rallying students. He started a Facebook group called “CPS students fighting for College Bridge” and even contacted Univision. “We have to fight to protect what is valuable to us if CPS won’t.”

THE BUDGET DEFECIT THAT CPS IS FACING • According to cps.edu, CPS is facing a budget deficit of $ 700 million dollars which some predict may rise to over 900 million. • What is a budget deficit? A deficit equals the amount of money being spent that is exceeding the amount of revenue or profit. The impact of state budget problems on CPS • According to Illinois.gov, the state of Illinois is facing a $13 billon dollar deficit. College Bridge • The Chicago Public Schools paid a large portion of the tuition, books, and materials within the College Bridge classes. As of August 2009, CPS was not able to continue funding the program for hundreds of students

“College Bridge was serving students, giving them a real taste of college course work.”

Eve Davis Senior, Jones College Prep

“I took Sociology 101 at Depaul University. It was great! The college students came from diverse backgrounds and made the discussions so interesting.”

Xavier Ramirez Senior, Prosser

“I took Psychology at Depaul. We learned more than what is taught in AP Psych at my school.”

Chastity Stokes Senior, Kenwood Academy

7 | ON THE MONEY | SPRING 2010


THE DO’S & DON’TS OF INTERVIEWING Tips for those very important job, internship and college interviews by Maribel Arellano, Senior, Gage Park High School

“An interview is a participatory opportunity, and not merely a spectator’s experience.” Debra Carson, Program Director, Chicago Summer Business Institute

DO...

1. Research the company or employer. Have an understanding of who they are and what they do. 2. Prepare what you will say in the meeting. Practice talking about yourself, why you want to work for the organization and your past experiences. 3. Dress appropriately. Dress according to the environment you are about to enter. An interview is not a style contest; it is about having a professional appearance. 4. Be persuasive, confident and articulate. Maintain eye contact and let them know why they should hire you. Sell yourself! 5. Ask questions. This demonstrates you are interested. Examples include, “What are some of the job responsibilities?”, or “How would you describe the work environment here?” 6. Thank them for interviewing you. Follow up with an email or thank you note within 48 hours of the interview.

Don’t …

1. Show up late. Try to arrive fifteen minutes early. Arriving right on time is being late. 2. Ramble on for too long or stutter. Be concise with your answers. 3. Answer your cell phone. Make sure your cell phone is on silent or better yet, turned off. 4. Talk negatively about former jobs and people you know. Demonstrate that you are a positive person who works well with others. 5. Appear bored when you’re answering questions. Be alert and show that you are excited about the position. 6. Interrupt when the interviewer is talking. Employers also want someone who is a good listener.

For additional information about interviewing, including common interview questions visit jobweb.org, lakeforest.edu/life/cac/students/interviewprep.asp or quintcareers.com.

If you save just $7.50 per day until you retire, you will be a millionaire! (Assumes an 7.5% APR from age 16 to 65.)

Start small. Think Big.

Join the Young Illinois Saves movement today! saving information, prize drawings and savings accounts with no fees.

8 | ON THE MONEY | SPRING 2010

Made possible through the generous support of

Bank of America


A Career in Journalism: Interview with Sportscaster Dyrol Joyner by Maribel Arellano

Senior, Gage Park High School

It’s friday night, you are flipping through the channels and come across FOX sports news. You see Dyrol Joyner speaking loud into the microphone right on the field of your favorite team. What do you feel? Do you wish you could be in his place . . . possibly have his career? Well, it is not impossible! You might want to pursue a career in journalism. Mr. Joyner advises “Check with your school guidance counselors ... check with the company’s human resources office. Getting an internship is great because it gives you experience early that will benefit you later as you launch your career. Having had an internship gives you a leg up, or an advantage, on the people that you’re competing with for the jobs. I was selected as an Aftra Trainee (intern) for Wusa-tv in Washington, DC... That served as a great foundation for my first job in tv.” Pursuing journalism as a career also involves being knowledgeable about many other subjects. Dyrol explains, “Take many different classes in many subjects to give you a broad base … Combining these classes with journalism courses will serve your best interests in the long run. Learn about history, philosophy, religion, just about everything under the sun, and it’ll make you a much better writer.” “Journalism is a way of exploring your imagination and also using your wit so to speak,” says Dyrol Joyner. Journalism is a great way to convey news to the public while having an opportunity to show your own style and personality when communicating. It is an ideal career for those who find it easy to express themselves and communicate with others while keeping their attention. • Learn more about careers in journalism at http://www.bls. gov/k12/index.htm. • Find Chicago writing and journalism contests, information and more at http://www.truestaris.com/. • Visit us on Facebook - search On The Money

Become a Licensed Nurse While Still in High School! by Jasmith Joesph,

Senior, Morgan Park High School Did you know you could become a licensed practical nurse by the time you graduate from high school and make $22 and hour??? Becoming a licensed practical nurse requires an associate’s degree, but with a program implemented by Chicago Public Schools, you can be one by the time you’re 18! The CPS-LPN Program is a two year program that allows high school juniors and seniors pursue careers in nursing. The first step is taken during your sophomore year. If you have a minimum GPA of 2.5 and are in good standing in attendance, you may be eligible. All you have to do is apply and take the entrance exam. Once you pass the exam, which consists of reading comprehension, vocabulary and math, there’s a bit of paperwork along with obtaining immunizations and you’re in! Junior year, students go to their home school in the morning and then to nursing which may or may not be at another school in the afternoon. Seniors attend nursing classes in the morning and go to their home school in the afternoons. While in nursing classes, you will spend a lot of time in hospitals all across the city! You’ll be able to observe surgeries, give shots and have meaningful hands-on experiences…not to mention off-campus lunches … who wouldn’t want that? “This program offers a lot and I can explore new territory before college”, said senior T. Martin of Morgan Park High School. This program is open to students interested in nursing who have a 2.5 minimum GPA. You can go your school counselor for applications or call Crane Tech Prep High School for more information at (773) 543-7890.

On the Money Visit to the City Treasurer’s Office During December, On the Money and PUMPS (Providing Us Motivation to Pursue Success) students met with the Chicago City Treasurer Stephanie D. Neely. We would like to thank Treasurer Neely for her time. Here are some comments from students regarding what they learned through this experience. “I learned that anything can happen with a little determination.” Brittany Poole “You have inspired me to be a driven young lady and to accomplish my goals. Your successful story shows hard work pays off no matter what the color of your skin as long as you have a strong ambition and a strong heart …” Cierra Spencer “You made me look at things a lot differently. The way you talked about your family and your career and how you balanced them encouraged me the most.” Jasmine Brown

9 | ON THE MONEY | SPRING 2010


YOUR VOICE How much does prom cost? Your voice has been heard and here are the results from 36 area teens about how much their special night cost.

HOW MUCH DID YOU SPEND ON THE DANCE? $1,200 $1,000

$713

$400

$415

$200 $0

Tips & Tricks for Success by Jackson Beard, Freshman, Walter Payton College Prep

$1,010

$800 $600

Entrepreneurship

PROM

Female Students Male Students

$374

FORMAL or SEMI-FORMAL

Outfits and transportation made up half of what students spent on prom

Dress/Tuxedo Transportation Other Tickets & Fees Hair Styling Dinner Flowers

The majority of students’ prom money came from their parents. Other sources were money earned from a summer job, prior savings, other relatives, and friends. Lynda from Prosser was the winner of this month’s $20 prize drawing Go to WWW.OTMSURVEY.COM to take a short survey for a chance to win a $20 prize drawing

10 | ON THE MONEY | SPRING 2010

Summer is one of the best times to start your own business. If you are finding the summer job search challenging, starting your own business can serve as an alternative to a summer job. One of the perks of managing your own business is that it allows you to call the shots and make your own decisions. Once you establish your own business, you can call yourself an entrepreneur, an individual who discovers a new idea and pursues it (Drucker, 2007). Once school is out, think about starting your business and follow through with your goals. First, brainstorm things you love to do. Generating a list of your hobbies and talents will make deciding on the right business idea easier. For instance, if you love clothing, consider a business in fashion. Be creative with your ideas! After deciding on a business idea, find someone who has done it successfully: Kai Mitsushio, who has been a part of two startup companies, believes that finding a mentor in the field is helpful because you can learn from both their successes and their mistakes. The next step is to balance school and your new business. Remember to stay focused on what is important: your education. Look at education as a “catalyst and backbone to developing a successful business over time” says Johnnie Lovett, founder of Stay Fresh Online, graduate of Gwendolyn Brooks College Preparatory Academy, Junior at Illinois State University and finalist in the National Foundation for Teaching Entrepreneurship (NFTE) Business Plan Competition. Enjoy the benefits if your business succeeds, but do not get discouraged by failure. “Don’t be afraid to fail – otherwise you’ll never get to the [business] that is going to work” says Mitsushio. Just work hard and keep trying! Learn More About Entrepreneurship! Visit the Small Business Association’s Webpage for Teens http://www.sba.gov/teens/ or access a full resources list on the On the Money Face Book Page.


COMPARING COLLEGE ACCEPTANCE LETTERS by Chelsea Farkye, Senior, Saint Benedict High School

For all you seniors, I bet that senioritis kicked in a long time ago. After four years of hard work, it is finally almost over. But wait, what about college? It may seem like just yesterday that we were applying for colleges, but now, as the acceptance letters come in, we have yet another big decision that will affect us for the next four years. Why not make it easier for yourself by creating a well-organized spreadsheet for all the acceptance letters that you have received? Think about all the factors and qualities that you want to see in your dream college. Morgan, a current high school senior said, “I make sure that I take everything into consideration because that will be my home for the next couple of years. So I want to be as comfortable as possible.” Maybe your view of comfortable is a school that has a Division I sports team, a Greek System, a diverse campus, or a study abroad option. Also, remember to consider the location (Urban, Suburban, or Rural), size and extracurricular activities. Think of the all the factors above plus extra money for unexpected items and whether you will be living in the dorms for four years or two. Remember, it is important to carefully consider the costs of your favorite schools. In addition to researching tuition and room and board, it is important to review your financial options. Phyllis, a senior at Neuqua Valley High School advises students to “Pay attention especially to your reward packets because the money that you are so happy about getting might be free. They might be loans that have been factored into your award letter. Also, add up the expected cost of attendance and compare it to the money that the school is offering you.” As a senior, I am doing my own spreadsheets, and I have found it to be really helpful. It keeps all my college expectations organized and helps me prepare a budget. I challenge you to start your own college spreadsheet. You may learn a lot about yourself. Below are some helpful websites, so sit down, organize your thoughts and start making your spreadsheet. Need Help Comparing Your College Award Letters? Check Out these Helpful Sites http://www.hesc.com/Content.nsf/HESC/Comparing_College_ Award_Letters http://www.educationplanner.org/education_planner/selecting_ article.asp?sponsor=2859&articleName=College_Comparison http://www.collegeboard.com/student/apply/letters-are-in/103. html http://www.offtocollege.com/first_time/april.html

INTERNSHIPS 101 by Klaudia Bednarcyzk, Junior, Francis W. Parker School

With a summer break lasting 2-3 months, students often get caught up in vacations and hanging out with friends. As the time quickly passes by, we soon realize that our entire summer was unproductive and wish that we had done something in preparation for the future. With the college process approaching, why not have an additional, enriching experience that will set you apart from other applicants? Internships are jobs in which students work in a particular professional setting in order to gain work experience. These opportunities are not restricted to business and banking, and have a place in every industry. Whether you are interested in journalism, religion, or photography, internships offer you an enriching experience in the field of your dreams. Cydney a junior at Francis W. Parker, for example, was a photography intern at Columbia College here in Chicago. Working with a professional and experienced photographer, she said that her internship “was the best way to help me learn about photography”. Although internships may be unpaid, they give students valuable knowledge about their dream occupation. If paid, the wage is often relatively close to the minimum wage ($8.25 in Illinois). However, internships give students the opportunity to gain professional experience, educate themselves about the realities of their field, and distinguish themselves from others in the college application process. Tips for finding an internship include: 1. Asking local businesses whether internships are available, whether it’s a representative at a bank across the street, a professor at a school or an organization you’re interested in, don’t hesitate to ask. 2. Browsing on Google by typing key phrases such as “high school summer internship in Chicago” yield results. 3. Finding organizations that are dedicated to student high school internships. Programs such as the Chicago Summer Business Institute (CSBI) and magazines like On the Money offer great paid internships that include workshops and direct assistance from professionals! Even once you find an internship, you may find the application process stressful. However, hunting for a job and interviewing are necessary skills that need to be developed. The more you do it, the easier it will get. Good luck! Learn more about Chicago internships and youth employment! Visit http://www.youthreadychicago.org/. (Applications due June 4th.) For CSBI 2011, visit egov.cityofchicago.org/CSBI (Applications past due for 2010) visit On the Money on Facebook-Search On The Money.

11 | ON THE MONEY | SPRING 2010


IN THE KNOW 1) How much can YOU save by renting movies instead of going out to the movie theater this summer? (see page 5) What if each person in your family did this? Calculate it! ________ What are your top 3 inexpensive summer entertainment alternatives? List them below & calculate how much you could save. 1) _________________________________ 2) _________________________________ 3) _________________________________ 2) List your favorite 2 “Dos” and 2 “Don’ts” of interviewing from Maribel Arellano’s article on page 8. Dos 1) _________________________________ 2) _________________________________ Don’ts 1) _________________________________ 2) _________________________________ 1

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3) From Entrepreneurship: Tips and Tricks for Success (Page 10), think of a small side business (babysitting, yard work, personal assistant, etc.) that interests you. Then visit the recommended site www.sba.gov/teens/. Select the Business Plan or Put It In Writing section and answer two of the questions there about your business such as: What service or product does your business provide, and what need does it fill? Who are the potential customers for your product or service, and why will they purchase it from you? 3

4) Fill in the crossword puzzle to answer these 4 questions from this issue. 4

DOWN 1) In the college comparison article on page 11, Chelsea Farkye recommends developing a _ _ _ _ _ _ _ _ _ _ _ to compare the financial details of your college acceptance letters. 2) In the Young Chicago Saves conference recap (page 6), Mario Gage recommends paying yourself first or saving or _ _ _ _ _ _ _ _ _ 40% of your money to build wealth for yourself. 3) _ _ _ _ _ _ _ _ _ _ _ _ : (page 10) an individual who discovers a new idea and pursues it ACROSS 4) In Do Boys Have More Toys? (page 3), we learned that teens spend the most money on clothes, _ _ _ _ _ _ _ _ _ _ _ _ _ and food. ON THE MONEY Wants YOU! Do you like to write OR have an interest in money & business? Do you want to make some extra cash AND build your resume? Contact ON THE MONEY at otm@ecocouncil.org for more information. Next meeting date: May 25th

12 | ON THE MONEY | SPRING 2010

I know that at this time of year there is one thing on your mind. Summer! Many of you will be starting your first summer job. While there is probably a long list of items that you are planning to buy, you should take a minute and think about all the things you have to save for. If your whole pay check is spent on cool summer clothes, then how will you purchase cool winter clothes in the fall? How will you buy holiday gifts for your family? These are short term savings goals to keep in mind. Before the warm summer days set-in, take an afternoon to create a budget. First, decide how much you want to save out of every paycheck or weekly. Remember to think about the entire year ahead when deciding how much to save. Every week deposit your budgeted amount into a savings account. Not only will this prevent you from accidentally spending the money, your money will also earn interest. I am sure, when the summer is over, you will be happy to have a big savings account.

Stephanie D. Neely Treasurer A SAVINGS TIP FROM ON THE MONEY MAGAZINE

1) Look for a savings account with no or low minimum and no fees. 2) Check out the identification required and the minimum opening deposit before you visit the bank. (There are accounts that you can open with a state id AND less than $25.) 3) Visit www.YoungIllinoisSaves.org to learn more about saving and to get a list of Saves banks with youth friendly savings accounts near you!