Your work area
INTERNSHIP OPPORTUNITIES
FASHION FOR LESS
FOR TEENS BY TEENS
HOLIDAY SAVINGS
COLLEGE APPLICATION COSTS
FA L L / W I N T E R 2 0 1 0
ARE E-BOOKS
WORTH IT? PAGE 10
BLACK
2 0 $ N
BEWARE OF
$
TO WI
BUSINESSES PAGE 7
BAC E E S
FRIDAY
K PAGE
STICKING TO SMALL
PAGE 3
GUESS WHICH MODEL HEALTHY EATING SAVED MONEY PAGE 11
*SEE PAGE 4
THE ENVIRONMENT
MEANS BUSINESS PAGE 10
LETTER FROM THE EDITOR Dear On The Money readers, All the writers and editors are ecstatic to unveil the first On The Money issue of the 2010- 2011 school year! Besides being a senior at Francis W. Parker, I would also like to introduce myself as one of the editors of On the Money this year. Having been part of OTM since last year, I hope to continue publishing articles that shed light on consumption as well as on our power over the future of the economy. As some of us and our family members have fallen victim to the recession, the teenage population of Chicago has experienced and become more aware of economic hardships. In order to ensure that we progress and transcend the achievements of previous generations, we all need to become financially aware. (Check out the financial literacy article on page 9 and the budgeting guide on page 5.) What better way to accomplish all this than by sharing our own experiences, knowledge, and research with each other in the form of one essential guide to finance that we refer to as On The Money Magazine. Happy reading, Klaudia Bednarczyk
3 TURKEY DAY SAVINGS IS BLACK FRIDAY WORTH ALL OF THE HASSLE? 4 HOLIDAY FASHION FOCUS ECONOMICAL FASHION 5 BUDGETING FOR COLLEGE, LEARNING TO SPEND WISELY KINGS AND QUEENS OF THE CIRCUIT 6 GETTING THERE BEFORE GETTING IN: HOW TO VISIT COLLEGE WITHOUT BREAKING THE BANK
CONTENTS
COST OF COLLEGE APPLICATIONS
7 WANNA MAKE SOME MONEY?
10 ARE E-BOOKS WORTH IT?
STICKING TO SMALL BUSINESSES
THE ENVIRONMENT MEANS BUSINESS
8 UNKNOWN CAREERS
11 HEALTHY EATING ON A BUDGET
A SUMMER INTERNSHIP: A UNIQUE AND BENEFICIAL EXPERIENCE
SCHOLARSHIPS VS. PART-TIME WORK
21 ON ON THE THE MONEY MONEY
9 FINANCIAL LITERACY OUTSIDE THE CLASSROOM
FALL/WINTER 2010 2010 FALL/WINTER
ARE WE BEING 12 TREASURER COLUMN IN THE KNOW
Interns Klaudia Bednarczyk, Senior, Francis W. Parker School, Editor Kiara Hardin, Senior, Marist High School, Art/Web Editor Maribel Arellano, Freshman, University of Illinois at Chicago (Gage Park High School Graduate) Shaquille Armstong, Senior, Tilden High School Jackson Beard, Sophomore, Walter Payton College Prep Justin Banda, Senior, Home School Kamal Bilal, Freshman, Whitney Young Bjanka Mujicic, Senior, Northside College Prep Kellin Dixon, Senior, Hales Franciscan Janet Garcia, Junior, Walter Payton College Prep Brianna Garrett, 8th Grade, South Loop Elementary Jasmine Gilliam, Senior, Walter Payton College Prep Stephanie Greene, Sophomore, Walter Payton College Prep LaQuita Hampton, Senior, Tilden High School Cedric Hakeem, Senior, Urban Prep K’lex Hilton, Senior, King College Prep Jordyn Holman, Junior, Walter Payton College Prep Jada Jones, Sophomore, Walter Payton College Prep Skyler Lemons, Freshman, Kenwood Academy Lynda Lopez, Freshman, University of Chicago (Prosser Career Academy Graduate) Bria Pollard, Sophomore, King College Prep, Photographer - Cover Photo Sophia Vela, Senior, Chicago High School for Agricultural Sciences Mariah Wachtman, Senior, Lakeview Academy On The Money Volunteer Writing Coaches Elizabeth Thompson (Coordinator) Danny Byrne Ryan Dolan Brian Frizzell Curtis Krumreich Sarah McGinnis Teresa Lwyn Jack Tench Muz Waheed 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 7,500 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 sponsorship of this issue.
Turkey Day Savings
by JACKSON BEARD, Sophomore, Walter Payton College Prep, 2009 Chicago Money Smart Kid
From Pilgrims and Northeastern Native Americans, to huge feasts and shopping sprees, Thanksgiving has come a long way from its origin as a colonial gathering. Laurene Hynson, a 54-year-old Chicago parent, remembers when, “Thanksgiving was a day to spend time with your family, not a day to worry about what gifts to buy.” It has morphed into an American tradition, characterized by friends, family, feasts—and big expenses. In fact, the average American spends nearly $350 over the Thanksgiving weekend, turning the holiday into a commercial phenomenon. Here are some ideas to help you spend less money on Thanksgiving: • Instead of making your own Thanksgiving din-
ner, plan a potluck. Encourage neighbors to bring their favorite homemade dishes to a single Thanksgiving party. Families will spend less money on one dish instead of purchasing items for a multi-course meal. Save on food costs while you gain a greater sense of community. • Take the time to attend a Thanksgiving Day parade. Chicago’s State Street Thanksgiving Parade will take place on November 25, 2010 and is known for its floats, marching bands, and balloons. It’s a time to have fun with your loved ones! • Think of ways to create a new family tradition. Morgan Holmes, a Chicago-area high school student, says that she spends her Thanksgiving on a “city-wide scavenger hunt with my family, visiting parks and spending time together.” Watch old movies or play board games; this year is a great year to be creative. • Consider volunteering. There are numerous shelters and food depositories seeking assistance, like the Hyde Park Kenwood Food Pantry (www.chicagosfoodbank.org). Pack groceries, organize supplies, and prepare meals. Volunteerism embodies the American spirit—plus, it’s free!
Cutting back on Thanksgiving holiday expenditures does not mean you have to cut out the significance of the occasion—just ask the Pilgrims!
Is Black Friday Worth All the Hassle? by JORDYN HOLMAN, Junior, Payton College Prep
It’s Black Friday. Sale signs are everywhere, the parking lots of stores are filled to capacity, the sun hasn’t risen yet, and massive crowds of shoppers are waiting for the doors of their favorite stores to open so they can race in and buy everything in sight for an extremely discounted amount. Are you in line waiting among the anxious shoppers?
SALE
Every year the beginning of the holiday season is marked by Black Friday, which is the day after Thanksgiving. It is the day that retail stores go out of debt, or “out of the red” and begin making a profit on their yearly sales by “entering the black”. In the past decade, Black Friday has become a very popular custom in Chicago. With its rise, the number of teenagers who find Black Friday sales appealing has also significantly risen. In comparison with previous years, teens are spending 6% to 8% more money on Black Friday shopping. Although the assumption is that by shopping on Black Friday you can save a lot of money, the opposite might be happening. Many shoppers are tricked into buying excessively and dishing out more money than they plan to. The reason for this is because on Black Friday, stores use the sly sales tactic of the loss leader. A loss leader is a product that is sold at a lower price in order to attract shoppers and “I like the excitement of rushing convince them to buy other there and getting good sales”more expensive Alex, Junior, Payton College products that will Prep produce greater “I don’t really notice all the sales profit for a store. So what does this until the commercials come mean for teenup, so I don’t intentionally save agers? Because money and end up spending more money than planned when teenagers are the Black Friday comes” – Pranvera, largest consumer group, many Junior, Niles North High School advertisers try to appeal to their needs. According to a Maritz study, the teens who shopped on Black Friday spent more money overall during the holiday season. Don’t get sucked into the store by the loss leader and then end up buying things you did not originally intend to purchase.
23
Economical Fashion
Holiday Fashion Focus
As we all know, the economic downturn affects everyone from realtors to teachers as salary and budget cuts become more common. The small retail owners are among the hardest hit by the recession. Many view clothing and similar items as superfluous and unnecessary items, resulting in a dramatic drop in sales.
With school in session and the warm summer breeze fading, you may be compelled to start your closet from scratch. Each passing season dictates the new “must” have items, bringing with them a hefty price and rendering your current wardrobe worthless. However, it certainly is possible to remain in style without totally breaking the bank.
by STEPHANIE GREENE, Sophomore, Walter Payton College Prep
Small retailers experienced major cutbacks; in mid-2009, Mark Reed, owner of small high-end retailers in Colorado, reported sales decreases of 40 percent compared to earlier in the year. The drop in sales led to layoffs, which ultimately contributed to the high unemployment rate.
& pop mom store
Many small retailers rely on customer loyalty to keep their business lucrative, but when the consumer becomes more frugal the business suffers. We, as shoppers, might think that a store should just lower prices, or have more “deals” but small retailers cannot afford to do so. This would simply contribute to the problem. Increased “In these times, I’ve marketing will not provide had to increase my faith an easy solution either. Big muscle, step out of my chain retailers are attractcomfort zone and begin ing customers through ads on an array of media, but to be as creative and innovative as necessary the small retailer is simply trying to survive. Spendto build my business.” ing money on advertising -Nicole Jones, owner would be too much of a of Sensual Steps Shoe risk. Salon in Chicago In response, the retailers have become “more creative in selections to offer consumers something different,” said Barbara Glass, fashion expert, and writer of the popular blog at www.infashionchicago.com. Nicole Jones, owner of Sensual Steps Shoe Salon in Chicago, can attest to this: “In these times, I’ve had to increase my faith muscle, step out of my comfort zone and begin to be as creative and innovative as necessary to build my business.” According to the U.S. Census Bureau, small businesses account for 99 percent of the businesses in America and they employ a majority of Americans. When small retailers take a hit, everyone takes a hit. For the American economy to come out of this recession strong, we need small retailers to come out absolutely resilient.
4 ON THE MONEY
FALL/WINTER 2010
by JADA JONES, Sophomore, Walter Payton College Prep
It is surprising just how much new life you can bring to tired pieces by simply partnering your clothes with something different. Rather than constant splurges at GAP or Forever 21 for your fall/winter collection, why not spend money on items that are made to last all year round? Salvaging summer apparel is not only a great way to cut costs, but it will also help you get a jumpstart on the next season’s attire. “Try a sweater, leggings or boots to change up a short-sleeve blouse or skirt.” Accessories are also great investments that can liven up any look. They’re perfect at adding an individual touch to classics to make them less basic. Rachel Adams, a senior at Lincoln Park, recommends shopping at thrift stores to save some cash. “It is a great alternative to [a] traditional department store. I usually find brand names for a fraction of the retail price,” she says. Bargain stores provide another option for stylish looks at reasonable prices. Check out our comparison on this issue’s cover of two fall outfits from a high end retailer and What are teens spending on a discount store. “WE fashion items? SAVED $150!” Over half of teen mall shoppers spent $50 or more on their last Whether you’re a typishopping trip, and almost one in cal hipster, a preppy three teen fashionista, or into shoppers spent over $100. emo apparel, it’s best While 43% of teens surveyed said to expand your possibilities by exploring they have spent less money, the majority (54%) of teen new stores and refreshmall shoppers are still spending ing old favorites. Remore/about the same as they did member that anything six months ago. will look fabulous if it’s worn with confi52% of teen shoppers surveyed dence and a smile! said they are choosing to shop at less expensive stores than they used to. (Scarborough Research, 2009)
*COVER NOTE
Jordyn (left) is sporting a sassy floral dress and sweater from H & M while the Mariah is showing a striped dress and brown sweater from Macy’s. These shoppers purchased 2 great outfits from Macy’s at $390 and 2 outfits that were also very nice at H& M for $150.
Kings and Queens of the Circuit Teenage talent uncovered and rewarded with the click of a button
Budgeting for College, Learning to Spend Wisely by LYNDA LOPEZ, Freshmen, University of Chicago (Proser Academy Graduate)
The power associated with a position on a major label is waning, with creative power instead placed in the hands of the musicians themselves. Teenage artists should put effort into internet networking, not only because is it free, but it also spreads quickly.
Johnathan Wheeler is a rising sophomore at Miami University in Ohio and a 2009 graduate from Walter Payton College Prep. A drive to and from Ohio takes about 5 hours and he goes home frequently on breaks. Jonathan’s parents pay for all his expenses and here is a rundown of what they pay for in one academic year Shakira Jenkins, an incoming freshman at DePaul University and a 2010 graduate of Amundsen High School, has quite a different situation for college. As a commuter to college, she does not have to worry about rooming costs. In addition, DePaul is part of the U-Pass program which gives students the access to unlimited rides on the CTA when they swipe their special CTA card. Living at home will relieve Shakira of many costs such as food. Here is an estimate of Shikira’s expenses per year in college College is expensive but there is no reason you can’t be smart and thoughtful about money. Budgeting worked for the students below and it can work for you too! To learn more about budgeting, check out http://financialplan. about.com or make your own budget as you plan for college by checking out the Budget Builder link at www.UniversityIllinoisSaves. org.
School Related Spending Dorm & Supplies $200 Books $500 Non-School Related Spending Food $50 Transportation to and from home $600 Clothing $50 Entertainment $75
75 00 $7
$7
School Related Spending Technology Fee: $228 Facilities Fee: $120 Metro Bus Fee: $120 Room and Board: $9,458 (including $2,400 for food) Books and Supplies: $1,500
$4 ,1 00
According to sysomos.com, the largest number of YouTube videos are related to music, about 30.7%. Aside from watching and discovering new music on YouTube, teenagers like Drew use YouTube to promote their own independent music. Dominic Sieminski, a senior at Northside Prep High School, thinks that teenagers promote their music this way to avoid the middle man: “Teens promote the music by word of mouth and shout outs using social networking … because it gives them a direct communication device with their target audience.”
Amy Li, a rising sophomore at Pomona College and a 2009 graduate of Walter Payton College Prep, is a Questbridge Scholarship recipient. The scholarship covers her tuition and room/board. Despite her scholarship, Amy still makes sure to watch for money for extra expenses such as going home to Chicago to visit her family and buying clothes when needed. Amy says that her entertainment budget is low because of the free events on campus and eating in the dining halls. Here is Amy’s 2009-2010 school budget
$1 1, 42 6
Christofer Drew, formerly known as Nevershoutnever, has skyrocketed to musical success. For the first whirlwind year of his career, Drew gained a rapid fan base using little more than a Myspace account full of homemade music videos. A year later, Drew was signed to Loveway Records, started headlining tours across the country, and released two full albums. This begs an intriguing question: is a major (or even indie) label necessary for musical stardom?
Learning to budget for life in college does not come naturally for most people. It is a skill that you acquire through learning what works for you and your situation. According to the College Board, students can expect to spend an average $12,127 for tuition, room and board at public colleges this year. But there’s another $3,000 likely to be spent on textbooks, supplies, transportation and “other”. On the Money Magazine has just made things a little easier for college bound seniors by interviewing college students and asking them about their college spending budgets. Take a look below. What do you notice? What areas take more money than others?
$1 ,2 00
by BJANKA MUNICIC, Senior, Northside College Prep
00
$5
Non-School Related Spending Transportation (Based on coming in August, Fall Break, Thanksgiving Break, Winter Break, Spring Break and leaving in May): $600 Personal Expenses: $3,500 (movies, going out to eat, etc)
Non-School Related Spending Food: $300 Transportation to and from home: $0 Clothing: $600 Entertainment: $300
School Related Spending
If you save just $7 per day until you retire, you will be a millionaire! (Assumes an 8% APR from age 16 to 65.)
Start small. Think Big.
Join the Young Illinois Saves movement today!
www.YoungIllinoisSaves.org
saving information, prize drawings and savings accounts with no fees.
Made possible through the generous support of the
Bank of America Foundation
5
Scholarships vs. Part-time Work? Getting There Before Getting In by JASMINE GILLIAM, Senior, Walter Payton College Prep
Many high school students dream of going away to college--without having to worry about the cost. Unfortunately not all of us have the 4.0 GPA’s and the 36 ACT’s required to obtain a full ride scholarship to the school of our choice. Some might think that getting a job while in high school will allow them to save enough to pay for college. However, one of the problems with working and getting paid is actually saving the money. Many teenagers, me included, have a hard time saving their paychecks for college rather than spending it on clothes. Students who work also have to maintain a balance to keep their grades and activities in order. Given these challenges, it is nearly impossible for high school students to earn enough working to pay for all of college. Luckily, many students are able to obtain scholarships to pay for some of their college costs. As Mr. Richard Hazley, the Director of the Wright-Purnell College Placement Center at Trinity Higher Education Corporation explains, “Scholarships are practically free money given to you for being different.” Scholarships provide you the opportunity to get up to a full ride in far fewer hours than it would take to earn the same income working, just for being unique and special.
How to visit colleges without breaking the bank by JANET GARCIA, Junior, Walter Payton College Prep
It’s November. As a junior, one is dreaming of dorm life and dreading the ACT. Meanwhile, seniors are perfecting and mailing applications. But don’t forget to actually visit the college! It’s a crucial part of choosing which school to attend. Ana Diaz, a freshman at Illinois State University, said: “I’ve always wanted to go to ISU, and when I stepped foot on campus, I just knew it was for me”. However, the college visit is not cheap. According to Cliff Kramon, an independent college advisor,: “It’s not atypical for someone to spend $3,000 on travel, food and lodging costs from such visits before selecting a school.” A number that large can be daunting to parents and students alike, but it doesn’t have to cost a fortune to visit a campus. Here are some tips: Look for deals on plane tickets. Whenever possible, travel by car or train. (Amtrak offers a deal to high school juniors/seniors: buy one ticket get the companion ticket ½ off. See: www.campusvisit. com/amtrak) Gas is expensive! Carpooling with friends is a great way to save. Visit colleges by region.
Paying for College
Talk to the office of admissions about discounts for local hotels and travel deals.
Should high school Already going on a family vacation? Try to combine it students focus on Visit www.YoungIllinoisSaves.org to set a savwith a college visit or two. work or applying for ings goal. Set a goal of how much you can save Find out if your high school organizes college tours. They scholarships? Well, for college this year. Get more information about are much more affordable. a survey collected saving and banking products for young adults. by Sallie Mae shows Avoid hectic weekends. Hotel rates go up during “parent’s week” and “moving week”. that 25% of money Check out these scholarship resources! used for college is Narrow down your list. Though 25 schools might appeal •http://www.collegezone.com/ obtained through to you, you realistically can’t afford to apply to or visit all •http://www.goladderup.org/financial_aid.php of them. Most counselors suggest applying to 10 colgrants and scholarleges. •http://www.scholarships.com/ ships, while 10% Eat at the dining hall. Not only do you get a glimpse of comes from student •https://secure.whatsnextillinois.org/Default.aspx the typical meal, you also save on food costs. savings and income. •http://apps.collegeboard.com/cbsearch_ss/welYou could work on Just can’t make the visit? Virtual tours on the college come. jsp sites and attending informational sessions are great ways weekends, seasonto learn about the school and make personal connecally, or only in the •http://www.studentscholarships.org/ tions. first two years of •http://www.blackexcel.org/100minority.htm Other sources: high school and be •http://www.consumerfraudreporting.org/Scholsure to first put some Check out the Princeton Review’s “Guide to College arshipGrantList.php Visits” filled with helpful tips & info on over 350 colleges. of every paycheck into savings for colFor more up to date information on tour dates the lege BEFORE you spend. This type of strategy would leave the website of the college is a great resource. remainder of your time to applying for scholarships and other acTry www.campusvisit.com for hotel deals in the northeast. tivities.
SavingTip: When paying your bills, be sure to pay yourself first!
www.yourmoneycounts.com
6 ON THE MONEY
FALL/WINTER 2010
Wanna Make Some Money? by CEDRIC HAKEEM, Senior, Urban Prep
As a teenager, financial opportunities don’t always present themselves. Therefore, we must make our own. There’s a little something called entrepreneurship. Unfortunately, it is difficult to become an entrepreneur at our current age but that doesn’t mean we can’t work hard at it. There are alternatives.
Tips on starting a business
Statistics show that in the year 2000 the percentage of teens Think of a product or with jobs was 34.6%. service that is needed In one decade, the currently in the world. percentage of teens with Think of something that jobs has dropped 16%. It is actually possible to now stands at 18.5%. create or do. These numbers have only decreased over the What can make money years. Something must in your community? be done! What benefits your community?
Sticking to Small Businesses
by KLAUDIA BEDNARCZYK, Senior, Francis W. Parker School, Editor
Although we frequently hear of large companies dominating the economy, small businesses actually constitute 99% of all businesses in the US. (US Census Bureau) Many also however forget the roots of corporate giants who had initially started out as small scale companies that catered to local residents. Despite the overwhelming feeling that may set in when analyzing leading businesses, small enterprises play a vital and unique role in our economy. Mark Hargis, the managing director and founder of The Claro Group here in downtown Chicago describes his small business as “a client service business so we provide services and our people do analysis and help our clients make better business decisions
by studying these analyses better so one of the obstacles I always To learn more about the option of entrehave is attracting, training, and developing high quality people.” preneurship, I interviewed Stephen Thurston, a local entrepreneur who owns a men’s Starting out as a basic business that had clothing store on Michigan Avenue. Check out these resources for emerged in a highly competitive environHe explained how hard it was for young entrepreneurs suggested him as a teenager to make money, by the National Foundation for ment, the enterprise has grown as a result of Teaching Entrepreneurship but he didn’t let it faze him. He did a strategy Mr. Hargis referred to as “stickthings like sell candy, host parties, Small Business Association to-it-ivness” which can be approached by and manage a store. One of his http://www.sba.gov/teens/ “having to stick to it.” The entrepreneur most phenomenal stories was when Entrepreneur Magzine he told me that at the age of sevenalso emphasized the importance of having www.entrepreneur.com teen he networked with an owner an open mind. While it is important to reof a clothing store and was asked to Business Week’s Top 25 tain the vision you have for your company, Best Young Entrepreneurs run the store and split the profit.
Mr. Thurston used the term “practice makes permanent.” He said that experience has trained him for what he is currently doing. He encourages all youth today who want to make money now or in the future to gain work experience through internships or your own “legal hustle” as he would say. If money is the motive, why not do everything you can to accumulate as much of it as you can?
http://images.businessweek. com/ss/06/10/bestunder25/index_01.htm?chan=smallbiz_ smallbiz+index+page_best+entrepreneu rs+under+25 PBS The New Heroes Video http://www.pbs.org/opb/thenewheroes/ whatis/ Examples of Elevator Pitches http://www.msnbc.msn.com/id/3627254/ ns/business-small_business www.youngbiz.com
inclusion and diversification of ideas allow
for even bigger expansion. While we usually shy away from already established giants, the need for new small businesses that offer unique services will always remain. With perseverance and commitment, anyone regardless of the experience they possess can start their own business that has the potential to be highly successful.
www.youngandsuccessful.com www.youngmoney.com/entrepreneur
7
Unknown Careers
A Summer Internship
Nurse, doctor, athlete, lawyer these are the career paths a majority of teenagers want to pursue. Most teenagers do not consider a career as a Senior Analyst. This career path is high paying yet goes unrecognized only because students are not informed. A Senior Analyst evaluates new investment opportunities, monitors the performance of their company’s fund and their individual investments, and does other research and analysis. They can make between $44,285-$84,780 a year. (US Census Bureau) This can fluctuate depending on what type of degree a person has. The ratio between males and females in this career path is 60 percent to 40 percent; meaning that there are more males in this career path than women. There were 250,600 financial analysts in 2008; Employment of analysts should grow much faster than average for all occupations through 2018.
by MARIBEL ARELLANO, Freshman, University of Illinois at Chicago (Gage Park High School Graduate & CSBI Alumna)
by KIARA HARDIN, Senior, Marist High School
William Cornell, senior analyst at Midwest Mezzanine Funds, started his career as a junior analyst. He majored in Finance at Indiana University. He says, “It’s also possible to enter this field with a degree in Accounting, or possibly another business major such as Economics if you have a minor in Finance or Accounting.” Cornell started his career at MMF, which is a rather small company, so he never experienced working for a large company. But he says, “I know from the experiences of friends and relatives that there are positives and negatives to both. You get to work with lots of different people... [but] sometimes larger organizations can be bureaucratic...” Leiah Wilson, Marist High School sophomore says, “ I have never heard of this career but they make a lot of money and it would be interesting to see exactly what they do. Also, another interesting thing to know would be if this career path requires more than four years of school.” Note: Most financial analysts have a college degree but a master’s degree in business administration (MBA) is preferred.
LEARN MORE ABOUT THIS CAREER!
www.payscale.com www.bls.gov
8 ON THE MONEY
FALL/WINTER 2010
A Unique and Beneficial Experience
Summer— A fun-filled, relaxing time of the year… but it can be so much more. Perhaps you enjoyed having a break from school and the chance to spend time with friends, but regret not having a more dynamic and fruitful summer. What was missing? A job! As a young adult, you do not have to settle for a common job at a store, or restaurant; there are opportunities to have prestigious positions that will prepare you to become tomorrow’s best and brightest professional. Why not have both a summer job and the chance to explore a career for the future? The Chicago Summer Business Institute (CSBI) offers internships to sophomores and juniors who are excelling in school and eager to learn and work. The program’s mission statement says it all: “It is not simply a matter of giving a student a job—it is an opportunity to positively influence a young life.” CSBI networks with numerous businesses to give students the chance to work in law, investment banking, and engineering firms, as well as government agencies, among others. Additionally, CSBI facilitates weekly educational seminars for students to participate in.
photo from CSBI
Constantino Martinez, a senior at De La Salle Institute, says: “I worked at a big municipal financial advisory firm. It certainly is something I would like to do 5 years from now, when I graduate from college. CSBI has helped me a lot “Exposure is a reflection of ever since. It has one’s thoughts, words and ac- taught me how to tions. I believe providing new be professional and responsible in the opportunities to students help workforce— from beshape their viewpoint of the ing punctual to doing research on multi-milworld beyond their borders lion dollar projects.”
and allow them to discover unlimited possibilities.” -Debra Carson, Director, Chicago Summer Business Institute
As a CSBI alumna, I personally had the pleasure of working in President Todd Stroger’s office for two years. At the conclusion of the internship, I received the Ed Bedore scholarship which was presented by Mayor Daley. Also, as recognition, my name was engraved on a plaque which is on display in City Hall. Opportunities like these are not very common for teenagers and should be taken advantage of. If you are interested, in applying to CSBI, applications will be mailed to your high school at the end of January and/or visit the website for updates: www.chicagobusinessinstitute.com Application submissions begin at the end of January.
Money Smart Kid Contest The Money Smart Kid contest is open to all Chicago area 5th through 8th grade students. The contest is held in the spring and the question is released in the late winter. Numerous valuable prizes are offered for the finalists. Visit www.moneysmartweek.org to learn more about how you can apply. According to the 2010 Chicago Money Smart Kid Kamal Bilal, “By entering the MS Kid contest, students learn a lot about how to create an essay from their resume/background knowledge … students have to learn how to transform their prior knowledge and the thesis statements that are given in the prompt and put that all together into a 300 word essay. Furthermore, if you make it to the final stages
The Cost of Applying to College by K’LEX HILTON, Senior, King College Prep
It’s about that time to apply to college. The college application process requires students to not only fill out applications, but to write essays, send test scores, send transcripts, and of course pay for the application fees of each college. College application fees can run you from about $50-$80 per college. If you’re applying to several schools, the cost can really add up and be very expensive.
$U
There are several ways to save money when applying to college. I interviewed two other students who are freshmen in college. I asked them how were they able to pay for their college application fees. “I went to my counselor and found out that I qualify for fee waivers which waived the cost of my application fees” said Aryana. Edward, on the other hand, said that he cut down on shopping, and entertainment. “I knew I had to pay for application fees for five schools, so I managed my money. I saved the money that I would usually spend on shopping and going to the movies and put it toward the cost of my fees.” Try to cut back spending on shopping and entertainment. With that savings, use the money toward your application fees. Also, visit you school’s guidance counselor to see if you may qualify for fee waivers. If you follow these tips, you’ll be able to save enough money to apply to the colleges you wish to attend.
of the contest, where you have to undergo interviews, you learn how to be quick on your feet and how to answer questions appropriately. All the things that you learn through the contest are hands on. Everything that you do in the contest from writing an essay to being interviewed is an experience that you learn from, which to me is better than something that you can learn out of a book.”
Learning About Financial Literacy Outside of School by KAMAL BILAL, Freshmen, Whitney Young High School
Whether you’re a 10 year old kid thinking of ways to buy a new toy, an 18 year old teenager figuring out how you’re going to pay for college, or a 25 year old alumni wondering how long it will take to pay back your college fees, it is important to know the importance of saving, spending and investing money. According to the Council for Economic Education, only13 out of the 50 states require their public schools to teach about financial literacy and the significance of economics. This means it’s up to you to become financially literate so that you can be more successful in the future. In our generation, there are no excuses for us not to be financially savvy. There is the internet, public libraries, magazines, newspapers, and you can even get financial updates on your cell phone. These are all great resources that we can learn from. For example, Joan Kane, business teacher at Whitney Young High-School, says, “Websites like ‘financialliteracy.com’ and ‘themint.org’ are informative and age appropriate for anyone who wants to self-educate themselves on financial literacy.” Additionally, there are many different magazines and books that talk about innovative ways to make and save money. Test the financial knowledge you gained through this magazine by taking the financial literacy review on the back cover. Furthermore, nearly all libraries have librarians specializing in finance that can potentially help you with anything you are willing to learn. Visit http://www.chipublib.org/ and select Ask a Librarian to have your financial questions answered. Taken as a whole it should be every young adult’s dream to be financially literate. Even if you’re not particularly focused on money, finance is the basis for many occupations. It can open doors for you in many areas and help you succeed. For example, Curtis Krumreich from Charles River Associates, says that his interest in money, while in college, helped him successfully pursue a career in financial consulting. Everyone has the resources and ability, it just requires a little bit of effort.
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The Environment Means Business
by SOPHIA VELA, Senior, Chicago High School for Agricultural Sciences
Are E-Books Worth It? by JUSTIN BANDA, Senior, Home School
This past fall, I considered buying an e-reader to save money on my books. But after doing some research, I’m not convinced e-books are worth my time. Here’s what I found. First, how much do you plan to use your e-reader? According to a 2007 AP-Ipsos poll, the median American buys only seven books a year. Average it out, and that comes to around $90 spent on books, per year. Consider that an e-reader alone will set you back by around $150, and suddenly it doesn’t sound like such a deal. Are e-books themselves actually less expensive? Stieg Larsson’s “The Girl Who Played With Fire” costs $7.59 on Amazon’s Kindle. The same book in paperback goes for $7.19 at Barnes & Noble, and can be found at even lower prices on Ebay. The price gap between digital and print isn’t as big as e-book sellers make it sound—in fact, sometimes e-books are more expensive. What if traditional books just aren’t for you? I talked with Katie from Circulation at the Michigan City Public Library . She revealed that modern libraries offer patrons options: “Several libraries offer ‘playaways,’ cheap MP3 devices preloaded with one audiobook. The advantage of playaways is their portability compared to regular audiobooks. All you need to provide are headphones.” So what’s the verdict on e-books? Wait until prices go down—as it stands, publishers are looking for ways to make a profit in the digital marketplace, and as the consumer, you’re paying for it.
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In a time when natural resources are becoming scarce, entrepreneurs are developing new environmentally friendly solutions that can protect our planet as well as relieve economic issues. With today’s economy, businesses large and small are facing difficult times. However, we are living in a world threatened by global climatic changes, and profits from green businesses are rising as they try to supply the growing demand from the general public. According to The Workplace Insight Survey eighty percent of young professionals are interested in securing a job that has a positive impact on the environment, and ninety-two percent would be more inclined to work for a company that is environmentally friendly. Companies are finding many different ways to tackle environmental and social issues. Increasing revenue while saving the planet, not only benefits the earth, but also benefits the economy and society. “Environmental businesses are not only important, but they can educate others on proper ways to help improve the environment and save many endangered wildlife while bring in a profit” said Environmental Science teacher Ms. Gail Gavin. Many green businesses like Invenergy, works to build, operate and own energy efficient power plants. “Based upon those that I have spoken with, it seems clear to me that younger, more technologically inclined, generations know that there must be a better way to power the global economy while reducing our impact on the environment.” said Marc Atlas with Invenergy. In the business world, investment strategies such as Socially Responsible Investing (SRI) are getting traction as more businesses and companies become conscious about investing in a way that is friendly and responsible toward the environment. According to Cynthia Sajid Agricultural Finance teacher says “Environmental friendly businesses are shaping the way new generations are planning to live.” Here are some other ideas for going green: * Enjoying nature; * Walking to work or closer destinations will help reduce the amount of carbon dioxide released into the atmosphere; * Shopping for organic products is better for your health but also supports small local organic farms; * Recycling = one of the easiest and most effective ways to help save the planet from deforestation and also provides business to local recycling plants.
Healthy Eating on a Budget
by MARIAH WACHTMAN, Senior, Lakeview Academy
Do you choose a $1 cheeseburger at McDonald’s instead of a healthier meal for $7? Does money interfere with your ability to eat healthy? This is becoming a big issue as 1 out of 3 teens are obese in Illinois according to the Consortium to Lower Obesity in Chicago Children. Teens often do not eat healthy because they find it inconvenient, not appetizing,- or too expensive. After following these tips, convenience, flavor, and money will never determine you decision to eat healthy. 1 Switch to Water Do not get sucked into buying a can of soda because it is cheaper than bottled water. Invest in a good BPA plastic free water bottle and you can fill it up wherever you go. A high school Senior, Marioshares the benefit, “I’m surprised how clear my skin looks when I drink more water.” 2 Eat Real Food The additives in many foods are chemicals that make the food taste good and drive us to repeat purchasing-and eating! Julie Burns, the Blackhawk’s team nutritionist and owner of Eat Like The Pros reveals, “You can invest now by choosing to eat real foods or pay later in poor health, medicines, and less productivity.” Buying real foods, foods without sugars, colors, hydrogenated oils, and additives, will keep you physically and financially fit later. 3 Plan What You Eat Plan what pack a lunch, stick healthy nuts, apples, carrots etc. in that water bottle ready! If you simple tasty meal such as ive oil and vinegar versus salad dressing.
you eat in advance; snacks such as your bag -and get are at home, a salads with olstore bought
4 Shop Smart Whether you are eating at a restaurant or shopping in a grocery store, think about what is in your food and if it is worth buying. To make shopping easier, choose places that are known for providing healthy items such as Costco, Trader Joe’s, and Whole Foods.
The benefits of eating healthy are endless. As Julie Burns put it, “Many teens find that as they replace their processed food snacks with real foods that they have more energy, look and feel better.” If it works for the Blackhawk’s, it will work for you! You can find more tips and advice at www.eatlikethepros.com.
Are We Being Robbed?
by SKYLER LEMONS, Freshman, Kenwood Academy
As of 2002, teens had spent $175 billion! Where did all that money come from? There aren’t many stores in America that teens can shop at that offer good grade discounts or valued customer discounts. Is America robbing teens? Teens need to be financially responsible so that more money stays in their pockets and not in stores cash registers. How can you do that? Well first, you can shop at discount stores (e.g. Nordstroms Rack, Marshalls, etc.) and use coupons.
Coupons are hard to come by but can save a Teens that are not being robbed! lot of money in the long run, and when shopping online, you should look “I found the car I wanted cheaper by shopping online.” for a discount code. -Kellin, Senior, Hales Franciscan Second, you should shop at stores like “If I don’t like the price at BestBuy that give ten one store, I know I can always go to another store dollar gift cards for every ‘’A’’ received to check the price.” -Jordyn, Junior, Walter Payton on your report card.
Teens should also get “My dad taught me to look auto insurance from at the cost if it is a 4 for 1 or companies that give 1 for 2 deal to consider the student drivers “Good unit price.” Grade Discounts”. -Andrea, Junior, Walter Payton Lastly, you should save money.
Now, as a teen, I’m sure you’re wondering “Can I still get all the things I want if I start to save my money?” The trick is patience! If you wait a while to purchase the things you want, there’s a good chance that they’ll be on sale, especially if you purchase it in the opposite season. So take charge, and stop getting robbed!
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VISIT WWW.OTMSURVEY.COM TO TAKE OUR TEEN COLLEGE SAVING SURVEY AND BE ENTERED TO WIN $20.
LETTER FROM STEPHANIE D. NEELY, TREASURER I often talk about the importance of saving, budgeting and investing, and I know that these topics are sometimes difficult to understand, much less to abide by. That is one of the reasons I have launched the Save It, Spend It, Grow It campaign. This effort is meant to help educate you on the choices you have with your income.
IN THE KNOW HOLIDAY SAVING IN STYLE
The holidays can be an expensive time of year with the purchasing of new winter clothes and gifts for your loved ones. These expenses can be overwhelming if you have not budgeted for the season. Check out www.savespendgrow.org for money saving tips and a guide to budgeting to help you through this season. Chicago City Treasurer
1) Take two of the tips discussed in Turkey Day Savings, Black Friday and Fall Fashions describe how you can use these tips to save during the fall and holiday seasons.
2) What were two of the ways that the students in College Budgeting saved on their expenses? (Record these here and then visit www. YoungIllinoisSaves.org to set a savings goal and create your own budget.)
3) What career was highlighted in Unknown Careers? _________________________________ What are the expected earnings for that career? _____________________ Visit www.bls.org to learn about a career that interests you and record the career title and expected earnings here.____________________________________________________________________ Spend Smart – Save Smart: Double Puzzle Questions 1) Fill in the blank by unscrambling each of the clue words. 2) Complete the crossword 3) Take the letters that appear in the circled boxes and unscramble them for the final message. 1) Students in the College Budgeting article (page 5) must _ _ _ _ _ _ their money carefully to make ends meet in college with tuition and room and board averaging over $12,000 per year. 2) Many holiday shoppers get drawn into stores because they are tempted to buy one really inexpensive item in the store called a _ _ _ _ leader (page 3). 3) In planning a college visit, Janet Garcia recommends talking with the college _ _ _ _ _ _ _ _ _ _ office about deals on travel and lodging (page 6). 4) According to Klaudia Bednarczyk (page 7), 99% of businesses are _ _ _ _ _ businesses. 5) In Economical Fashion (page 4), Stephanie Greene describes how small businesses including small fashion retailers have been hit hard by the economic downturn or _ _ _ _ _ _ _ _ _. 6) In Healthy Eating (page 11), you will find many suggestions on eating healthy on a budget which is important as 1 in 3 teens in Illinois is _ _ _ _ _ which can lead to many health problems and costs over the long-term. 7) In the _ _ _ _ _ _ _ _ _ _ _ Means Business (page 10), Sophie Vela recommends walking and recycling as two cost saving ways to go green and save some green.
Unscramble the clue words below. Take the letters that appear in the boxes and unscramble them for the final message.
SOSL SOBEE IDASNIMSOS UEGBTD SLMAL NOESIECRS VMNOERENTNI FInal Message
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