S PENT
Magazine
manage finances the right way! what the hell is a 401(k)?
the financial struggle Apartment 8 Investment tips
nightmares
and how to avoid them page 10
$5.99 Spent Magazine May 29, 2016
Look Great Now!
4 Tips to Revamp your closet page 16
party on!
Entertain for under $35 page 38
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contents
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Cash? Bonds? Stock? Real estate?
oh my! It’s a Bargain, B*tch Tips to looking incredible in your granddad’s clothes.
To find the price per ounce, take the total dollar amound and divide by the number of ounces.
Cover your asset
Step away from the ramen and natty, and impress your friends at your next ‘family dinner’ with these wallet-friendly recipes.
Adulting is really hard. Protect your finances and understand how to balance risks and rewards of your investments. It will save you the stress now and in the future.
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Ballin’ on a budget
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Mission: Possible — Grocery Store Your mission, if you choose to accept it (and you should so you don’t starve): stock the fridge. Get in and out with the goods.
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Look Before You Lease
Take the advice from apartment amateurs as you search for your next home.
IN EVERY ISSUE
Don’t Wine About It Stop complaining about your bland apartment and use materials you already own to give your place a makeover.
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Making the move A recent grad shares her experience out on her own after college.
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All right now stop, collaborate and listen
People are abandoning corporations and turning to their peers for a ride, room and everything in between. Find out how the sharing economy and its apps are changing the way the world is doing business.
“An era where Beyonce rents out a house for the weekend of the Super Bowl instead of staying in a hotel. An economy in which people share.”
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Living Simply Author and full-time traveler Colin Wright talks living out of suitcase in order to see the world.
411 on the
In the Know 9 End Game 44
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Get in loser, we’re going shopping And saving you money. The limit doesn’t exist for how much money you’re going to save with these tips from a frugal fashionista.
401(k) Everyone talks about it, but no one really says what it is. Until now. Learn how this small word plays a big part in your retirement.
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from the editors “I have eaten questionably old food to avoid going to the grocery store.” #broke
“Once I went out with $1 in my wallet and woke up with $2.” #winning
“I sneak Tupperware into buffets to make meals for the week.” #thestruggle
“Sometimes I walk with my head down to search for money on the ground.”#desperate
SPENT
Magazine
EDITORIAL Editors Scott Germanetti Rachel Jelinek Abby Kass Taylor Lower Contributing Writers Kahlie Kilcher Ellise Verheyen
ART Creative Director Brianna Schroer Designers Megan Bedford Matt Hellman
Advisers John Fennell Renee Martin-Kratzer Spent Magazine 302 Lee Hills Hall Columbia, MO 65201
C ongratulations! You’ve made an investment into your financial future. If you’ve ever eaten cereal for every meal to avoid going to the grocery store, or asked “how do I adult?” you’re in the right place. And you’re not alone. We are right there with you. All of us editors are trying to navigate the journey to adulthood just like you. We’ve noticed a pattern in financial magazines. They boast about their “affluent” and “influential” readers, but you are not one of them … yet. And that’s okay. We are here to help answer the questions that you’re too afraid to ask. These pages are filled not only with stories to help you navigate grocery shopping while looking fabulous, but also everything you need to know about that dreaded 401(k). This magazine is a tool for you and your future. We promise to never use the dirty “m-word” — millennial — from here on out. We promise to never talk at your or about you, but with you. We promise to provide you with the most up-to-date knowledge that will help you live a financially sound life. We want to hear from you and what your financial worries are. Visit our website spentmagazine.com to submit your questions that could be answered in upcoming issues of the magazine. Thank you for including us in your exciting and often overwhelming financial adventures.
Now go forth and prosper,
READERS QUESTIONS Bradley, 19
“What am I supposed to do with an IRA? Tell me more about credit. I also still don’t get taxes. Help.”
Amber, 23
“How can I get a credit if no credit cards want to approve me because I have no credit? How much money should I be saving? How do I invest?”
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in the know
Wage-ing war In April, New York signed a bill that will gradually increase the minimum wage from $9 to $15. While this might seem like a great thing for some workers, others are not impressed. The increase will likely cost people jobs and increase prices. A study at Purdue University found raising the minimum wage to $15 would increase the average price of food at restaurants 4.3 percent.
Think before you click Put the credit card down! Don’t you dare buy tickets for “The Super Crab Festival.” It might sounds delicious, but it’s just another company trying to steal your money. Young adults are more likely to fall for scams like this one according to a study by Truecaller. A whopping 38 percent of young men say they’ve been caught in a scam as well as 17 percent of women. These scams cost people money, a total of $7.4 billion in 2015. Wow.
Oh, the places you’ll go People between 25 and 34 are predicted to claim a third of home sales in 2016 and buy more than 2 million homes. But where should you buy your next house? Where do you even start looking for a new city to live in? Niche.com ranked cities based on number of young adults, jobs, afforable housing and locations of bars and restaurants to find the best cities in America for you. 1. Cambridge, Massachusetts (yes, really) 2. Manhattan, New York 3. Alexandria, Virginia 4. San Francisco, California 5. Jersey City, New Jersey Are you a Carrie or Miranda? (Just don’t tell the people moving to Manhattan that you’re moving here.)
I'm gonna go get one of those job things.
Job apps on apps on apps Getting a job is one of the first steps into adulthood. Many people feel like they have to find their dream job right away. But, a study by the U.S. Bureau of Labor Statistics found that young adults have an average of 7.2 jobs between 18-28. And even more assuring is the fact that half of those jobs are between the ages of 18 and 21. spentmagazine.com 11
home & furnishings
Housing Horror Stories The houses might not be haunted, but there are still some things you should know before signing a lease Scott Germanetti @sgmiz
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“My friends and I got an apartment a little ways out of town because it was much cheaper, and there was supposed to be a bus stop right next to our place. Even though the complex advertised the buses, they sold the line to the city, and it had a totally different schedule by the time we moved in. After enough people complained, the city improved the routes, but it took almost a year. If I had looked into the public transportation more, I might have decided it would be worth living closer.” -Haley Pitto, 23 21 Spent Magazine
2. “Since I had been living with the same people for two years, I decided to try moving in with some newer friends I’d made at parties. They seemed like cool girls, and the first month or two went great. But after we had a few smaller parties of only about 20 people, one of them started complaining that we were always keeping her up. I thought we had made it pretty obvious that we were planning to regularly have people over, but we should have made things a little clearer before she agreed to sign a lease with us.” -Abby Pagel, 24
“I wish I would’ve been able to look at different apartments, but I moved across the country so I didn’t have any way to check them out. The place I ended up signing a lease with had a lot of information and pictures online and some signing deals, but it wouldn’t have been hard to find a better place if I knew someone in town who could check it out first.”
3. -Nate Bellmann, 21
Don’ts What NOT to do 1. Don’t be afraid to shop around You don’t have to sign a lease as soon as you find a place you like. The perfect apartment could be the very next place you look.
4. “I wish I made more of an effort to get to know my roommates before moving in. It would have been nice to have a Skype session or something. We talked briefly online, and they seemed nice, but our hobbies didn’t match well. I’m fairly religious — no drinking or swearing — and they were not at all. We ended up regularly getting into arguments the whole year, even though we became friends once we didn’t live together.” -Jennifer Lu, 27
2. Don’t settle for the cheapest place If an apartment is cheap, it won’t have all the bells and whistles. It might not have a washer and dryer, a washing machine or an AC unit. Make sure that these are compromises you’re okay making.
3. Don’t sign blind It’s a risky move to sign a yearlong lease without ever visiting the property. Ask for additional photos or if the landlord can walk you around the apartment with a webcam if that’s your only option.
4. Don’t be a stranger It’s easy to get sucked into the social vortex of the workplace, but fun and interesting people are right beyond your apartment’s front door.
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“When I went to grad school in a different state, I really struggled to find affordable housing. The applications were and still are competitive, and it’s hard to find an open place that’s suited to people my age in a college town that has all the perks. I wanted something with a pool, lounge and weight room but that wasn’t crazy expensive. After the first year I realized it was way cheaper to rent a house with people and just go to a local gym instead of staying at a complex.” -Derek Dolitsky, 25 spentmagazine.com 31
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home & furnishings
A New Chapter for your Old Clutter A couple crafts to make your home a little brighter
DIY: VASE What you’ll need: • One wine bottle • Assorted acrylic paints • Paint brushes • Newspaper • Long-stem flowers
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abby kass @abby_kass Living on a budget can be challenging. Especially when your apartment is overdue for a makeover, and the IKEA catalog is calling your name. A towel organizer? Sure, that could be practical. Oh, and a magazine rack? Add that to the list. And don’t forget that $300 end table. Before you know it, IKEA has taken over your apartment and your bank account. Put the catalog down, and step away. Instead, here are two simple crafts to turn your home from drab to fab with items you already own.
Book end table What you’ll need: A variety of books of different sizes
1. 2. 3.
Find books that are different sizes. Coffee table books work well. Start by putting the biggest and heaviest book on the bottom next to a couch or another piece of furniture. Stack books according to size from largest to smallest.
4. 5. 6.
Add a small piece of wood to finish the table. (Optional) Place a photo frame, plate or coffee mug on the table. Enjoy your new book end table!
Fully submerge wine bottle in hot, soapy water for 5-10 minutes. Carefully remove the labels while keeping the bottle under water. Use a sponge to scrub the remaining residue from the bottle. Allow bottle to dry completely.
2. Spread newspaper on the ground or table, and put a small amount of paint on a plate. Completely cover the wine bottle in a solid color or paint. Allow to dry. Repeat.
3. Use paint bottle cap to print circles on the bottle for a polka-dot pattern.
4. Place flowers in vase, and enjoy your new centerpiece.
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home & furnishings
An Underrated Success Story Danielle Berg shares her experience establishing herself in Minneapolis Scott Germanetti @sgmiz Armed with an elementary education degree from the University of Minnesota, Danielle Berg, 25, teaches third grade. She always loved Minneapolis, but she hated the idea of moving away after graduate school because of the cost of living in such a large city. Danielle currently rents a three-bedroom house with a friend from college and has plans to rent a different house across town with her boyfriend once her lease ends in the September.
After leaving college, how did you approach the job market? I started applying around spring break while student teaching because there weren’t any openings at the school I wanted to work at. I got a couple of interviews and went to a couple job fairs about 45 minutes outside the city. I knew I didn’t want to work out there, but I desperately wanted a job right out of college. Even though I was asked back to one pretty far away, I didn’t accept it because there were some other opportunities at the school I wanted by then. I applied twice before I ended up getting a job teaching third grade. I’m so relieved I didn’t force myself out of the city because I don’t think I would have been as happy.
Were you able to work exclusively as a teacher after college? I waitressed all through high school and college, and I still have both of those jobs. I work on the weekends and a couple nights of the week. If I don’t work enough, I get restless. Even though I have four or five days where I work as a server on top of teaching, there is still time where I’ll hang out with my boyfriend. I’m friends with my roommate, so we obviously hang out, too. Because I’m not a tenured teacher yet, it’s a relief to have that added security. It’s great to have that extra money so I can actually do things with my friends.
Did you consider living with your family if you hadn’t been hired right away? I don’t think I would have minded. My parents live 20-to-30 minutes away in
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St. Paul, so I would still be in the place I wanted to live and work. I wouldn’t want to be dependent on them, but I think I would leave as soon as I was able to stay by myself. I’d compromise living in a not-sonice place if it meant living independently from them, though. If I did come home, I’d limit myself to something short term. Beyond being financially independent from them, I’m just used to living on my own and doing things on my own time.
How did you discover the house you’re living in now? It’s best to look around at everything like newspaper ads, forums and posters. This is especially important in a town with a college because there are so many apartment options aimed at students. A lot of these tend to be really expensive because they are upscale, and they’re kinda small. Some of the older houses in family neighborhoods are surprisingly cheap. I’ve had luck Googling ‘houses for rent in Minneapolis.’ We found this one on Craigslist. There wasn’t a lot of houses up for rent when we first started looking because the students were trying to find a place to stay for the next school year. But, about a month out, a
bunch of houses opened up.
What are some things you were wary of when deciding to sign a lease? The landlords prefer to lock you into a twoyear lease. It might be a little cheaper every month, but if you need to find a different place to work, you’re stuck. Depending on the contract, you can give them 60 days, and they’ll try to find a subleaser for you. But if they can’t, you’ll have to keep paying on top of wherever you move to.
What is something that you absolutely need to have near your house? I’m all about supporting local businesses and helping out mom and pop stores, but I can’t express how helpful it is to have a big grocery store nearby. Sure you might be able to drive to a Wal-Mart or something, but not everyone in the city has a car, and it’s hard to carry more than a couple day’s groceries on a bike. More than anything, you need a way to get around town. There better be a bus stop nearby, or else you’re stuck walking everywhere.
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Style Know the worth Say you fall in love with a dress that’s on sale for $100, originally $300. It’s beautiful, but is it worth the price? Before you take the plunge, think for a second. Do you need the dress? How many times will you wear it? If you’ll only wear it two times, is it worth $50 per wear? Or, is something you will wear 10 or more times a better investment. This trick will help you stop making impulse purchases you, and your bank account, will regret later.
Avoid the front of the store
Confessions of a Frugal Fashionista One fashionista shares her ‘lifetime of knowledge’ for saving Abby Kass @abby_kass I have a slightly skewed memory of my childhood. Sure, I remember my mom teaching me to look both ways before crossing the street and to keep my elbows off the dinner table. But the one lesson that clearly stands out in my memory is her telling me, “Don’t buy anything unless it’s on sale.” It’s a simple sentence that has shaped the way I shop. Instead of jumping in and buying things at full price, she wanted me to stop and think about the quality and price of an item and find a deal that was worth it. The people in my
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life know that I love to shop — a quick look in my closet will show you that — but I am also a frugal fashionista. Over the years, I have stuck by my mom’s advice. That’s not to say I never buy anything full price. I do, but I do it in a smart manner. It’s all about getting your money’s worth. To me, shopping is a sport. I joke that “sale” is my favorite word. Shopping takes time, dedication and practice. So, if you haven’t had years of training (like me), it’s okay. Here are a few simple tips to help you win the game.
Stores like to play tricks on you. The front of the store is always organized and laid out nicely to draw you in. But it’s a trap. These products are the newest, so they have the highest price tags. Instead, enter the store, browse the front sections, but then head to the sales section — my favorite area — for a whole new ballgame. It might be cluttered, but by taking time to look through the heap, you can often find quality clothes for better prices. Spend some time in front of the sale rack. Stand with your whole body facing it, and push a section of clothes to one side. Then, slowly browse through every article of clothing and look at the price tag, size and style. Grab a selection you think might work.
The fitting room is your friend Don’t fear the fitting room. Sometimes (okay most times) it sucks to undress and redress. But it’s the only way to know if what you grabbed will fit. Trying on clothes also reduces the chances you’ll have to return anything. And don’t be afraid to bring in a selection of sizes because there is no universal sizing system. Also, if the medium shirt is just a little too big, but the small is WAY too small, see if there’s another medium. Because clothes are manufactured, each one can be slightly different.
Take advantage of deals When you check out at a store, the cashier will often ask for your email address. If you shop at the store a lot, do it. The store will periodically send you emails, many of which will have sales and coupons you can use on your next visit. Signing up for rewards programs and using apps such as RetailMeNot can help you save a little more on the things you need.
SHOPPING STEALS & DEALS Get ideas from the stores you love that will brighten up your wardrobe without spending a fortune
H&M $12.99
Kohls $14.99
Gap $24.99
shopping tip: Don’t go shopping on an empty stomach. It will make the experience miserable. Instead grab a bite to eat before you go.
PRICES: Necklace: H&M, $5.99; Clutch: Forever 21, $8; Belts: Walmart, $7.99; Hat: American Eagle, $19.99; Shirt: Target, $12.99; Wallet: TJ Maxx, $15; Polo Shirt: Gap, $24.95; Shoes: Marshalls, $19.95
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Style
Thrifty Threads Coppin’ it, washin’ it, ‘bout to go and get some compliments Ellise Verheyen @ellisenichol The double doors slide open and my nostrils are filled with the aroma of recycled clothing. Goodwill. This mecca of ugly sweaters and giant T-shirts has become my main source of attire over the years. Thrift and consignment stores are too often seen as dirty, dingy and fruitless of desired brands for less dedicated shoppers. However, as a seasoned veteran, I rarely end a trip without at least two additions to my wardrobe. The stores overflow with clothes ranging from $2 to $15. Dresses, shirts and jackets cast aside by spring cleaners and retiring grandmas find solace in the rusted shelves and metal rods. Rack after rack is filled to the brim with treasures untold. What I’ve learned from my many trips to Goodwill is that trying things on is essential. I’ve discovered a passion for 02 Spent Magazine
stripes and XXL clothing just because, on a whim, I picked out a large navy and white striped tee, with no intention of purchasing something that would likely swallow me whole in the most unflattering way. To my great surprise, I looked fab-u-lous. It was the perfect illustration of my aesthetic: lazy grunge with a pop of personality. What really makes these thrift and consignment stores great is that they show we aren’t all self-absorbed, flashy consumers. Rather than throwing out something you don’t wear anymore, donate it. You might provide shoes for someone who can’t buy things firsthand, or for someone like me with a tight budget who might find a favorite snuggly sweater. With a little hard work, time and commitment, you too can master the thrift store.
TIPS AND TRICKS Go in without expectations If you plan to find the perfect pair of overall cut-offs, forget about it. Take a friend As much as I hate shopping with my mother, she always pushes me to try on clothing outside of my comfort zone. Friends will do the same for you with the added bonus of not saying, “I told you so.” Most of the time. Buy high-waisted grandma pants You can cut them and create your very own high-waisted shorts to fit today’s trends without breaking the bank. Go during late winter or summer for better deals That’s when the stores switch stock for the forthcoming season. Don’t forget shoes I know. Feet. Gross, right? But on a good day, you could find yourself leaving shop with a pair of sweet white Vans. Try on something you’d never consider You may find it becomes your personal fave.
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move over, corporate. The sharing economy is changing the economic landscape by empowering individuals to take charge of how and where they spend their money. Big businesses are being pushed out of the way by a generation who has capitalized on monetizing technology. Story by Rachel Jelinek and Abby kass Uber. Airbnb. Lyft. Poshmark. Before 2008, these words didn’t mean anything. Today, they represent a new era in the economy. An era where you can have a car pick you up instead of hailing down a taxi. An era where Beyoncé rents out a house for the weekend of the Super Bowl instead of staying in a hotel. An era in which people share. The sharing economy’s success began in 2008 with the idea of collaborative consumption and has evolved into a peerto-peer marketplace that connects buyers and sellers to a new way of spending and earning money. By 2014, the sharing economy had generated $15 billion, but it is estimated to reach $335 billion by 2025, according to a PwC report. The sharing economy mentality has reached various areas of consumerism, including hospitality and dining, transportation, consumer goods and media and entertainment. The market ranges from borrowing goods, to renting private rooms or entire homes, lending out an idle car, clothes shopping and more. Technology is the driving force behind
the sharing economy. It has connected people who want access to goods for a cheaper price with people who want to make money with their underused goods. It’s as simple as downloading an app. Whether it’s an individual offering a room of their apartment for rent, or companies lending out office spaces, the sharing economy has shifted the power from the clutches of large corporations to the once empty hands of individuals. The result: The sharing economy has attracted conscientious spenders, money makers, social souls and eco-friendly people. And most of those people fall between the ages of 18-34. This new trend has fed into the success of the sharing economy companies since they exist because fewer people want to spend money on items that they could lend to others. A 2011 survey by BAV Consulting showed, “66 percent of consumers (and 77 percent of millennials) preferred a pareddown lifestyle with fewer possessions.” The sharing economy fits snuggly into
this lifestyle shift. The desire to own less means more people are willing to sell and rent out their possessions, which means the sharing economy has entered the market at the right time. But the success of the sharing economy relies on more than just an attitude shift. It also relies on trust. Trust between the brands and the consumers, trust between the consumers and the employees and, frankly, trust between complete strangers. Although an initial reaction to the sharing economy is understandably skepticism — Hi, stranger, please take my car — the simple fact that this peer-to-peer marketplace has not collapsed, but thrived, reveals that the system has sustained the trust of its users. Each company does a background check on its vendors, and those who have used the services post reviews about their experiences. Social media is a key player in building trust within the services. The open for discussion platforms increases trust and encourages non-users to test it out. spentmagazine.com 52
“The biggest change to economic flow is the ‘who,’ and this is due in large part to the sharing economy. Instead of corporations, individuals have placed the power (and the money) in their own hands.”
Airbnb In 2007, Brian Chesky and Joe Gebbia couldn’t afford to pay rent, so they decided to buy three air mattresses to put in their loft and promised renters a homecooked breakfast in the morning. They took this idea and capitalized on the shortage in the hotel market by launching Airbnb in 2008, the same year the sharing economy’s popularity rose enough to be on people’s radar. Now, it is valued at more than $25.5 billion. But it’s about more than just the dollar signs. Airbnb tapped into an undiscovered market back in 2008, and it’s what entices first-time users and keeps customers coming back. Two parties benefit from this service: those renting their space, and those who need the space. It’s simple. People who have extra space can monetize it by offering it to travelers. Meanwhile, those who want a more immersive experience while traveling, as well as a way to save money, makes it a more viable and exciting option. “It’s the worst idea that ever worked,” Airbnb CEO Brian Chesky said at a 2015 PwC Corporate Leadership event. Although the question of trust comes into play, Airbnb’s rising status has proved itself to be a trustworthy go-to source for travelers. Airbnb hosts around 425,000 guests every night, which is 22 percent more than Hiltons around the world according to the PwC report. But perhaps the most important quality of Airbnb, other than trust, is the social and connectivity aspect. By literally opening their doors to the world, renters have created a new social network, one where travelers can enjoy the experience rather than worry if they can afford another night.
Poshmark Poshmark makes a person’s closet an online marketplace. CEO Manish Chandra created the app in
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2011 after the iPhone 4 hit the market. Chandra saw the number of unworn clothes his wife had in her closet and recognized a gap in the marketplace. Poshmark allows women to upload photos of their clothes and sell them directly. In seconds, that sweater (that has never been worn) is up on the site and ready to be sold. Poshmark caters to a specific market — users on the app only sell fashion apparel. Sales range from sweaters to designer handbags, to dresses and more. Poshmark sells more than 1.5 million items a year. Such a specific markets creates a community among users. “People are really wonderful about sharing items in your closet with their followers,” Poshmark user Lauren Grill says. “And it’s easy to share an item you like, but maybe isn’t your size or not what you’re looking for at the moment. It’s just nice, you know?” Trust continues to be a core value of Poshmark, as it is in other companies within the sharing economy. Although individuals are responsible for picking out their apparel and for sending out their sold product, Poshmark issues refunds to those who never receive their order or who are sent the wrong product. Poshmark’s shipping process makes it easy on those looking to make money through a sale. The company provides sellers with prepaid and preaddressed labels, and whether the seller drops off the box herself or has it picked up at her home, it’s quick and easy. There’s a small exchange of money between the seller and Poshmark, but the seller still walks away with a few extra bucks. Poshmark charges $2.95 for a sale under $15 or collects 20 percent commission for a sale more than $15.
Lyft It’s Friday night, and you’re getting ready to go out with your friends. But how do you get to the bars? You could venture out onto the street and try to hail a cab. Or,
you could pull out your phone and have a car pick you up at your front door. Lyft helps travelers save money, which is a goal any money-conscious person has. With the distinguishable pink mustache on the front of the vehicle, it is easy to spot when the money saver arrives. Lyft is a part of the sharing economy’s transportation sector. Lyft is an on-demand ride-sharing that connects people with a personable driving experience, while also helping both parties spend and earn money for the right price. “What was my experience with Lyft costs?” Lyft user Todd Mayfield says. “Well, I paid $25 for a 10-mile ride. Compared to about $35 for a taxi. That’s 29 percent less than a cab. Sounds about right!” In true spirit of the sharing economy, Lyft puts the power of the marketplace in the hands of individuals. It allows people looking for an extra way to make money to take the wheel and become a driver. With just an application process, a background check and a car inspection, anyone can become a new Lyft driver. Lyft understands the importance of having extra income and promises its users that “whether you’re trying to offset costs of your car, cover this month’s bills, or fund your dreams, Lyft will get you there,” according to Lyft’s mission.
Economic Impact It’s not all luxury vacations and car services; the sharing economy has affected the United States’ economy. There are few empirical numbers available about its overall effect, and most information stems from opinions on both sides of the debate. For those using sharing economy companies to make money or save money, they argue that the sharing economy boosts social interactions, lessens an environmental footprint and provides individual
POWER TO THE PEOPLE Airbnb has translated economic power into political power by fighting off an initiative to restrict short-term housing rentals in San Francisco by out-advertising its opponents.
economic benefits. But the larger industries have a different view. Uber drivers are considered independent contractors. They don’t receive the benefits of paid vacation and health insurance, and they are not entitled to minimum wage. This has led to contention between taxi and Uber drivers. The hospitality sector has also faced backlash from larger corporations suffering under the rise of the sharing economy. Consumers benefit the most from this. Companies like Airbnb lower their prices to challenge competitors, which means that hotel industries lose customers. Airbnb might lose a higher income, but consumers travel for less money. “In areas where Airbnb is most popular, the revenue of the most vulnerable hotels in our data has decreased by about 8-10 percent over the past five years,” according to a study by the Boston University School of Management. The report also suggests that the sharing economy has ultimately changed consumption patterns. This change leaves the larger corporations with a smaller source of income and a higher chance of suing their opponents. The biggest change to economic flow is the “who,” and this is due in large part to the sharing economy. Instead of corporations, individuals have placed the power (and the money) in their own hands. The sharing economy has changed the way we interact with the world around us. Suddenly, the person next to you could offer to help you, for a small fee. Instead of owning a car or renting a hotel room, people are allowed to take matters into their own hands. But it’s all about finding what is right for you. Whether it’s to get a ride to the bar or to find someone to watch your dog, the sharing economy is here, and it is important to know what it means for the future. spentmagazine.com 72
app takeover The combination of a younger generation and the rise of smartphones has led to the steady decrease of old business and the rapid rise of a digitally linked marketplace. Here are some unique apps that have been a part of the takeover.
Uber The car-hailing app’s popularity continues to rise because in the push of a button, passengers, who can spend less than they would for a cab, are connected with drivers looking to earn money.
Lending Club The largest online credit market. Lending Club connects people who need money. The website facilitates personal loans, business loans and elective medical procedures with lower interest rate than banks.
TaskRabbit Have a little extra time on your hands and running low on money? Hop onto the app TaskRabbit to find someone who will pay you to complete their to-do list.
DogVacay There’s only one negative to going on vacation — leaving man’s best friend behind and sending your pal to a kennel. Through DogVacay, owners can find a sitter who will keep their pup happy and entertained.
EatWith Instead of eating alone while on a vacation, EatWith connects diners and hosts for a unique dining experience. The company vets the chefs beforehand to make sure they’re fit to entertain and cook.
Fon Tired of going over your monthly data plan? Fon let’s you connect to Wi-Fi around the world. Simply buy an access pass or sign up and share your Wi-Fi with other users.
Vayable Locals who are proud of where they come from and are looking for a source of income can offer their knowledge and experiences to travelers who want to become more immersed in the culture.
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Airbnb Travelers can experience the comforts of home by using this app. Staying in a local’s home becomes a more immersive experience, and a way for both parties to save money.
Hey, I’m Seth Putnam!
Chicago, Illinois, United States • Member since Fall 2013
60 Reviews
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Seth was an excellent host! From the get-go he was welcoming and a clear communicator. When we arrived, he made us feel right at home. The space was in a nice quiet location and we felt safe at all times. Everything in the house was very clean and tidy; Seth even provided wine, coffee, tea, and toiletries in our room! We had a wonderful time staying with Seth and would recommend him to anyone visiting the Chicago area. January 2016 Seth and his girlfriend were awesome hosts! My boyfriend and I were doing a cross-country roadtrip as we moved to Denver, and couldn’t have been more thrilled at the idea of a sleep number bed to sleep on. He left us a bottle of wine, had the room all done up, provided towels and shampooall making us feel very comfortable and at home. Thanks so much for your hospitality Seth! November 2015
After Seth Putnam’s brother got married, he found himself with a twobedroom apartment in Chicago and no roommate. A freelance writer and editor of Collective Quarterly, a magazine that explores different regions of the country, Putnam knew he couldn’t afford the rent on his own. Instead of finding a random roommate on Craigslist, Putnam turned to Airbnb. “We have an amazing opportunity to utilize wasted space,” Putnam says. “We can now make a living that allows us to go off and pursue our dreams” Putnam signed up for Airbnb in the fall of 2013. It was slow at first because the site relies on a review system. “Guests want to know they are staying in a safe and secure environment,” Putnam says. Different than a hotel, Airbnb depends greatly on trust. Because the site relies on reviews, it took a little a while for Putnam to get started. But after the first couple reviews, he’s been a consistent Airbnb host since the winter of 2014. Since then, Putnam has had more than 60 guests stay in his apartment. Sometimes people stay for only a short vacation, while others stay for a couple weeks to a month. The summer is the most lucrative time of the year for Putnam. Between April and October, his apartment is rented about 28 days of the month. In these popular months, he can make about twice his rent. Putnam realizes that the service is not for
everyone. “It takes a certain kind of person because there’s people in your house all the time, and they’re always strangers,” Putnam says. But for him, Airbnb is a way to meet new people and share new experiences. And hospitality is the first part of this. “The minute you’re staying in someone’s house it’s a different experience,” Putnam says. “You can make it your own.” And Putnam does try and make his apartment a great place to stay, which helps him stand out from the competition. He adds tiny touches for his visitors, including always having a bottle of wine, french press coffee and fresh towels waiting for every guest. But Putnam is also very upfront with his guests and lets them know that they can get as much as they want out of the stay. “Some people want local eyes,” Putnam says. “Some people want a place to crash. Others are open to hanging out.” Putnam enjoys going out for drinks with his guests if they’re open to it. He has also gone to museums with people and acted almost like a tour guide. To him, it’s about breaking down barriers and giving the guests what they want. “However creative you can get to show people that they’re welcome,” Putnam says. “That’s the idea to give them an unbelievable experience. Not just a place to stay.”
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We need to talk Let’s be real, who really knows anything about investing? It’s not as scary as you think. Here’s why. Story By Taylor Lower / photo by Matt Hellman
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You’ve received your hard-earned paycheck, and now it’s time to make your money ‘work work work work work’ for you. Invest! Investments are anything you put your money in or toward to get a profitable return. Investments vary in risk and return levels, as well as multiple other factors. No-risk investments are non existent, so it’s important to know how comfortable you are with risk. Different kinds of investments work better for different kinds of people, so consider your current financial situation and future goals before deciding where to invest your money. Most investors choose from four main types of investments known as “asset classes:” cash, bonds, stock or real estate. Cash investments are generally low-risk, low-reward and highly liquid (meaning you can get your money when you need it with few, if any, withdrawal penalties). One example is a CD. While your music collection could be worth something (or nothing, let’s be real) cash investment CDs refer to certificates of deposit. CDs are extremely safe, flexible savings certificates that pay a fixed interest rate until they reach their maturity. This usually occurs after three or six months, but it can also take years. Then the holder receives the original amount invested plus interest. Certificates of
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deposit are mostly issued by banks and have a slightly higher interest rate than a savings account. There is a penalty associated with removing funds from a CD before the maturity date, which is the case with most investments. Another plus about CDs is they are insured by the federal government, up to $100,000. Bonds, also known as fixed interest securities, are like an IOU, and you’re the “U.” You lend your money to a company, city or government, and they pay you back the loaned amount plus regular interest payments. If you’re nervous about investing, some bonds are extremely safe and generate a steady stream of income and might be a better option for you than the raging stock market. Some bonds pay you more, but they are more risky. There
is always the chance that the bond issuer will fail to make payments on time or in full. Some less credit-worthy issuers will offer a higher interest rate, and thus a larger reward, known as “high-yield” or “junk” bonds. Stocks are an equity investment, which means that buying stock in a corporation gives you part ownership in the company and the title “shareholder.” The size of your stake in a company is determined by how many shares you own. This comes with some perks. You get to vote for candidates who have been nominated to the company’s board of directors, who are responsible for making profitable decisions for the company you’re invested in. But company voting rights aren’t generally the reason you buy stock. You buy stock because you have confidence the company will prosper. The more successful the company, the more your stake in the company is worth. With stock, you have the ability to buy or sell shares every day. Real estate investments, or other property investments, mean buying, owning, managing and renting or selling real estate properties for profit. Property investments have limited liquidity and take a large amount of money to get started.
Still unsure about what to do? Here’s how you can get started.
How to Invest 1. 2. 3. 4.
What do you want/need? Decide what you want an investment to do and what you hope it will do. Is there an upcoming expense you need to save money for? Are you just trying to provide extra security in case something goes wrong? How long can you invest? Decide how soon you need to get your money back. Do you need something with a higher risk and a higher reward in a shorter amount of time? Or would a low-risk, low-reward, longterm investment work? If you’re 27 and saving money for retirement, you probably aren’t going to need those funds for at least another 30 years. The same idea applies if you are starting a college fund for a kid you don’t even have yet. Make a plan Once you know what you need and how much risk you can handle, make an investment plan.
Diversify your assets The bigger the return, the bigger the risk. But that doesn’t mean you should put all your money in one super risky investment. You’ve heard the saying, “don’t put all your eggs in one basket,” right? This is where it applies. Spreading your money out among different investment types is called diversifying. Diversification of assets helps you reduce overall risk of your asset portfolio. It’s okay to take a chance on a riskier investment if you have other, lower-risk, investments to protect you from a big loss.
5. 6. 7. 8.
Establish your involvement If you want to make hands-on decisions, you invest in individual shares. If you don’t have the time or expertise, find an investment fund.
Check charges Different investments have different fees. If you directly purchase individual shares, you have to use a stockbroking service, which means you pay dealing charges. Investment funds have charges that are used to pay the fund manager. Consulting a financial adviser results in a charge as well. Sometimes a higher charge means better quality, but you should ask yourself if what you’re paying for is worth what you’re paying. Low-cost operations are available, such as Vanguard and Fidelity investments.
Avoid what you don’t understand Only consider high-risk investments when you have built up savings in low- or medium- risk investments and understand the specific risks associated with the high-risk venture. Monitor your investment Regularly check in on your investment, once or twice a year, to track performance and adjust as needed. But don’t worry about the day-today. Investments aren’t meant to yield daily returns. Markets have highs and lows, but if you ride out the fluctuations, you will generally see some return on investment. Investors who watch their investments day-to-day buy and sell on impulse and have worse returns.
When should you start investing? RIGHT NOW. If you can. If you have enough cash in your savings account to cover your expenses for at least six months, and you want to see a profitable long-term return on your money, consider investing.
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Running your first
401
One of the biggest mysteries of the employed world is the 401(k). Where does it come from? Where does it go? Little help here, Cotton Eye Joe. Story by taylor lower
A 401(k) is an employer-based savings account known as a tax-qualified, definedcontribution plan. This just means that it’s a savings account set up by your employer that gives you tax benefits. There’s also an arranged deposit plan that is worked out between you and your employer, so they will automatically deposit money from your earnings into the account on a schedule. More companies are automatically enrolling their employees in 401(k) plans.
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In most cases, workers can choose to raise or lower the savings rate or opt out of the plans entirely. The initial contribution rate is generally pretty low, around three percent according to the Profit Sharing 401(k) Council of America. That default rate generally won’t leave you with sufficient funds to retire on though. Many financial planning experts suggest saving 10 to 15 percent of your annual income for retirement.
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“I didn’t sign up for the 401(k) at work because there’s no way I can run that far.” No, it’s not a marathon. But it does take time to get to the financial finish line: a secure retirement.
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How does it work?
In a traditional 401(k), what most people have, you contribute pretax income from your salary. All it means is you take a portion of the money you would have received in your paycheck and put it in an account that you don’t have to pay income taxes on. Overall, your taxable income is lowered, which means you have less take-home pay, but it also reduces your income taxes. You eventually pay taxes on the amount when you withdraw, but it’s usually when you retire and your overall tax burden is lower.
401(k)
• Withdrawals taxed • Distribution can begin at age 59½ (or 55 if retired) • 10 percent penalty for early withdrawal before age 59½ • Can be rolled over into IRA • Employer matching
So if you make $36,000 annually, that breaks down to $3,000 a month. If you put $500 monthly into your 401(k), only $2,500 of your monthly earnings are subject to taxes. This takes your annual taxable income from $36,000 to $30,000. Meanwhile, that six grand sits in your 401(k) account and gains interest. The other kind of 401(k) you could have is known as a Roth 401(k). Contributions to this account are made with money that has already been taxed, so you never pay taxes when you withdraw. This type of
Roth 401(k)
• Contributions taxed • Distribution can begin at age 59½ • Can be rolled over into IRA • Employer matching goes into traditional 401(k) portion
• Employer opens account • No income limits • Contribution limits: $50,000 ($18,000 employee portion) • 70½ minimum distribution age (unless still working) • 10 percent penalty for early withdrawal
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IRA
account is more flexible and gives you access to your money as long as you’ve held the account for the established minimum amount of time. Maybe your company doesn’t have a great 401(k) plan, but you still want to save for retirement. You always have the option of an individual retirement account, known as an IRA. An IRA is basically a savings account with tax breaks. The biggest difference between an IRA and a 401(k) is that you open an IRA, whereas a company provides a 401(k).
• Withdrawals taxed • Distribution can begin at age 59½ • 70½ minimum distribution age • 10 percent penalty for early withdrawal before age 59½
Roth IRA
• Contributions taxed • Distribution can begin anytime • No minimum distribution age • No penalty for early withdrawal
• Individual opens account • Income limits of $105K - $120K if single and $167k - $177k if married • Contribution limits of $5,000 before the age 50 and $6,000 after the age of 50
It’s called a 401(k) because that is the number derived from the tax code it falls under on tax forms. Worried about your 401(k)? So maybe that job with the startup company wasn’t the best call. Your 401(k) isn’t going to lose you money. If a company goes under, an employee’s 401(k) is off limits. Yeah, your plan will be terminated, but the money is still yours. What happens to your account if your company goes under varies between companies. You can roll this money to an individual retirement account (IRA), stay with your existing plan, roll the money to another employer’s plan, or take a cash distribution. There are specific fees associated with each of these choices (boo), but each option has its advantages and disadvantages. There are many rules about when you can withdraw your money and what the costly penalties are if you break any of them. That’s why it’s important to know all the details of your specific 401(k) plan. An employer usually hires an administrator to oversee 401(k) accounts, and he or she will give you updates about your plan and its performance, manage the paperwork and assist you with questions or requests. Sound intimidating? It’s not so bad, promise. If you want to know EVEN MORE or just have questions, visit www.spentthemagazine.com.
Why Me? Why Now? Worrying about your retirement fund at this point in your life seems absurd, hell, some of us are still searching for our dream job. But understanding the retirement situation can actually help you lock down a job. Retirement funds are an important issue today, and employers like to hire people who know what’s happening in the real world. A recent study by the Employee Benefit Research Institute suggests many U.S. workers aren’t doing enough to prepare for retirement. The average 50 year old has about $42,000 in savings for retirement. According to the U.S. Census Bureau, 80 percent of people between the ages of 30 and 54 believe they will not have enough money put away for retirement. This means that current workers will have to work longer, spend less and save
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more to (hopefully) have enough in their savings account to retire comfortably. You might be thinking, “but there’s that Social Security thing people are always worried about, isn’t that supposed to help with retirement income things?” It is. As of today, 36 percent of Americans over the age of 65 rely completely on Social Security for their retirement funds. But according to the 2014 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, this fund is likely to be exhausted in 2033. That’s only 17 years from now. People aren’t retiring (or dying) like they used to, so it’s important to have personal savings and investments available for your retirement years.
Just keep swimming
Keep making contributions to your retirement fund. Sure, the economy isn’t doing so hot right now, but odds are you will retire at some point, and you’re going to need that money.
Don’t mind the market
Don’t let a roller coaster market sicken your stomach. The economic market is going to have its ups and downs, and sometimes that can get emotional. Ride out the fluctuations, and you’ll generally come out on top.
Out of sight, out of mind
Your 401(k) is going to be tempting to tap into before your retirement — think wedding, a boat, a second house — but the penalties and fees associated with doing so before you’re ready to leave the workforce can be costly. Thinking of your retirement fund as the Golden Snitch, only to be opened at the close of your working life, will help deter you from dipping in for impulse purchases.
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Food & Drinks
Grocery Store Game Plan 2.
Beat the grocery store at its own game rachel jelinek @racheljelinek
2.
The grocery store is a battlefield. It’s full of obstacles waiting to capture your attention and your money, but you need to leave with your wallet intact. Here are the rules of navigation. Start by setting a goal to spend only $25 dollars for a week’s« worth of groceries. Set your stopwatch — no more than 20 minutes in the store (excluding the annoyingly long time checkout line). It’s you against them. Grocery store managers want to trick you into spending more time — and money. But with these tips and tricks, you can win. Let the battle begin.
Almost there
Once inside
BEFORE YOU GO
Take inventory Even if you think your fridge is empty, check again. Don’t waste money on food you already own.
When you first walk in the store, stand guard. Your senses will be on high alert with the colorful array of produce and welcoming smell of freshly baked bread. Your eyes and nose will be under attack, and your stomach will play tricks on you, making you think you’re hungry with the sound of a deep rumble above your waistband. But you know from previous battles through the aisles that you can make it through. These are only the preliminary challenges, but the grocery store is smart, and it is full of even more booby traps once you venture further in.
Eat a snack Never go to the grocery store hungry; an empty stomach results in a heavier bag and a lighter wallet.
Use coupons Who says coupon clipping is for your grandma? Join the club because they’re the ones laughing when they walk out with an extra $10.
Reach for the back Always grab from the rear of the shelf. The milk and bread will have a later expiration date, and eggs are less likely to be cracked.
Look down
Make a list And stick to it to decrease impulse purchases.
Aisle domination route
Beware The food you need — milk, eggs, bread — is all the way in the back. The goal of the grocery-store villian is to make you maneuver through each aisle in the hopes you will be lured into picking up something that catches your eye. That Trix cereal box with the white bunny and vibrant red color might look delicious, but leave it for the kids. But watch out. The best brands displayed on the end caps are waiting for their next prey, but the end-of-theaisle displays don’t always mean there’s a sale. Keep your head down, stick to your list and keep moving.
The most expensive brands are at eye level. The store brands, which are normally cheaper, are on the bottom shelf. Bonus tip: Watch out for the kid-friendly foods that are in a child’s direct line of sight.
Rethink bulk buying It might seem like the better deal, but it’s not always the most economical choice. Try dividing the number of ounces by the price to determine the cost per ounce. Plus, your savings might be garbage since research shows that about one third of all food is thrown away.
You’re almost in the clear. Your list has been your ally and you have yet to reach out for the unnecessary and expensive stuff — like Ben and Jerry’s ice cream. Eighteen minutes and counting. You have two minutes to make it from the back of the store to the checkout aisle. Duck your head and keep moving.
DON’T stare at snacks You’re prepared for this. You’re not hungry; you’re just bored in line. This is a staring contest you will not win.
Ask for coupons Set aside your pride and ask the clerk if he or she knows of any good deals.
Rewards programs Now that you’re BFFs with the clerk, ask if the store has any rewards programs that can help you save.
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Food & Drinks
Hosting on a Budget It’s fiesta time, but you’re broke as sh*t so spend $33 on a 3-course meal for friends Rachel Jelinek @racheljelinek You love your friends, you really do. But not when you have to host the party. It’s not that you don’t want to show off your shoebox sized apartment, but you’re feeling buyer’s remorse from that $30 jacket you thought you had to have. Now, with your friends’ upcoming visit, you don’t want them to see that you survive solely on frozen pizza and cheap beer. Instead, you want to impress them with your cooking abilities without taking out a loan to set the table. It’s okay, breathe, at least that’s what Faith Hill always says. You’re probably thinking, “Who has time to breathe when the weight of financial pressure feels like a ton of bricks sitting on my chest?” It’s fine. We’ve got this. Here’s an easy three-course meal, guaranteed to make your guests feel stuffed like the lobster tail you wish you could afford.
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1 | Affordable Appetizer: Chips & Queso Prep Time: 5 min Servings: Around 4 Cost: $6
You can’t go wrong with melted cheese. Queso dip is a crowd pleaser regardless of where it comes from. Save money here, and pick up your favorite jar. After congratulating yourself on only spending a few dollars, pour the cheese into a sauce pan and stir continuously on mediumhigh heat for about 5 minutes, or until warm. Transfer cheese into a serving bowl, and place the bowl in the middle of a plate, and stack chips around it.
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2 | Zesty White Chicken Enchiladas Prep Time: 15 min Cook Time: 25 min Servings: 4 Cost: $21 8 2 2½
small flour tortillas, taco size
cups shredded Pepper Jack cheese (divided) cups cooked chicken strips, or shredded chicken
Italian dressing and 1 cup cheese. ▪ Evenly distribute the chicken mixture among the tortillas and roll up. Place seam side down in prepared pan. ▪ Melt the butter in a large saucepan over medium-high heat.
tablespoons butter
▪ Add flour; cook and stir until thoroughly mixed.
cup Italian dressing (divided)
▪ Add the chicken stock and whisk until smooth.
1 1
cup sour cream
▪ Bring to a soft boil, it should be thick.
∞
Cilantro for garnish
▪ Stir in sour cream, remaining Italian dressing and diced green chilies.
3 3 ⅓ 2
tablespoons flour
cups chicken stock
4 oz. can diced green chilies
▪ Preheat oven to 425 degrees. ▪ Spray a 9x13 baking dish with non-stick cooking spray, and set aside. ▪ In a large bowl, mix together the chicken, 1 tablespoon
▪ Pour sauce over enchiladas. ▪ Top with remaining cheese.
Because you saved money on the appetizer, splurge a little bit and buy cilantro to spruce up the top of your enchiladas. It’ll have your guests’ taste buds tingling like your happy heart after reading the subtotal.
▪ Bake for 20 to 25 minutes, or until golden and bubbly. ▪ Sprinkle with fresh chopped cilantro, and serve.
3 | Baked Cinnamon & Sugar Bites PREP TIME: 5 min COOK TIME: 8-10 min SERVINGS: 4 COST: $6 12
small flour tortillas
½
cup butter, melted
1
tablespoon cinnamon
¼
cup sugar
▪ Preheat oven to 350 degrees. ▪ Microwave butter until melted. (30 seconds to 1 min) ▪ Mix together sugar and cinnamon in a separate bowl.
▪ Brush one side of tortilla with butter and sprinkle on as little or as much cinnamon sugar as you’d like. ▪ With a pizza cutter, cut the tortilla in half and then into fourths. Place tortillas, sugar side up, on baking sheet. Repeat with remaining tortillas. ▪ Bake for about 8-10 minutes, until the tortillas have puffed up. ▪ Remove from oven and let cool. ▪ Enjoy!
Do you ever walk down the the dessert aisle at the grocery store but resist the temptation because you’re almost out of cash? Well today is your lucky day. Try this recipe on for size. Everyone expects a dessert, even if they don’t say so.
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@colinismyname
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alt lifestyle
colin wright Mix wanderlust with a laptop and loyal followers, and you get this guy. kahlie kilcher @kkilcher After living a successful, white-collar life in Los Angeles, Colin Wright gave it all up to be a world traveler. After graduating from Missouri State University in 2007 he founded his brand consultancy, “Colin is My Name,” in 2008. Less than a year later, he sold his possessions and started a blog, “Exile Lifestyle,” which chronicles his minimalist lifestyle and unique travel experiences.
When you initially left L.A., how did you decide what to take with you? I got rid of everything that wouldn’t fit into a carry-on, but I brought all the wrong stuff. I brought a crazy amount of extra luggage. I had two laptops with me for some reason. It was really silly, so over time, I’ve whittled down. I pay attention to the things I use and don’t use, that changes as my needs and lifestyle change. If something ends up being the type of thing I could lose, get rid of, or discard without noticing, then that’s probably something I won’t pack next time.
How do you decide where you are going to travel and live? I let my readers decide. I felt that everybody else had a better idea of where to go than me. I went to Argentina — that was the first country I lived in, I had such a good time that I thought I could just make that a part of what I do. People who are reading my blog can write to me, which helps build relationships. People can tell me why they want me to go somewhere, so I can learn something about the country straight from the source. But it’s mostly the randomization because, frankly, I want to go everywhere.
What has been one of the biggest lessons you’ve learned? I get emails every day from people asking, “How do I make a living?” It’s relatively easy once you learn a few tricks. You’ve got to create something you can really throw yourself into because you believe in it or because you enjoy the day-to-day. For me, that’s how writing has been. I’ve tried things that have been very lucrative, but I didn’t enjoy them. Part of my maturing process as a businessman has been walking away from those things. That was probably the biggest lesson for me.
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End Game
Gone Wasting money on getting wasted Rachel Jelinek @racheljelinek Last night was fun…until you groggily checked your bank balance this morning. You spent 50 freakin’ bucks at the bar. Money earned, gone — just like your memory of how you spent it. Your grand idea to close down the bar — bad decision. That tequila shots competition — even worse!
5 better ways you could have spent that money: • A week or so worth of groceries (you just remembered how hungry you are). • A gym membership (to work off that beer belly.) • A nice dinner for two (that doesn’t involve yelling to place your order in a drive-thru lane.) • A savings account that places your money in a secure location (where your drunken hands can’t reach it.) • A gift for that special someone (who judges you for your foolish spending habits but deserves a gift nonetheless.)
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