On the Money Fall 2014

BY TEENS FOR TEENS

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COLLEGE COSTS INTERNSHIPS

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INTERNS

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Roshni Babbar Senior, Van Stuben High School Mark Bator Junior, Whitney Young High School Sumayya Bisseret-Martinez Freshman, Monarch Rich School Goldene Brown Senior, Lincoln Park High School Christina Butler Junior, Kenwood Academy Tilea Carter Junior, Marine Leadership Academy Yetunde Dosu Senior, St. Ignatius Stephanie Dunning Senior, Kenwood Academy Saria Gates Senior, Bronzeville Scholastic Institute Nia Hill Junior, Whitney Young High School Julia Huebner Junior, Walter Payton College Prep Daszon Jordan Senior, Bowen High School Clark Lewis Senior, Whitney Young High School Kaliah Little Junior, Whitney Young High School Samantha Mallett Junior, Lane Tech Kayla Maney Junior, Kenwood Academy Kendall Nelson Junior, Urban Prep Bronzeville Hilary Pham Junior, Whitney Young High School Crystal Stonewall Senior, Chicago High School for Agricultural Science Khadija Williams Senior, Johnson Noble College Prep High School

Letter From the City Treasurer & About the New City Treasurer

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Prom Budget Tips & Crash Course in Banking

Internships vs. Traditional Teen Jobs & Save On College Costs PAGE 5

Rising College Costs PAGE 6

Summer Scholarships & Take a Break From Technlology PAGE 7

The Economics of Healthy Eating

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Economic Effects of Violence PAGE 10

Women in Technology & Enlisting Before or After College PAGE 11

Investment Tips to Jump$start the New Year

ENTREPRENEURSHIP PAGE 12

Social Entrepreneurship PAGE 13

New Faces of Entrerpreneurship PAGE 14

Teen Entrepreneurship PAGE 15

Careers and Entrepreneurs in Fitness PAGE 16

Ingredients for Success in Entrepreneurship

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Black Friday: Customer & Small Business Perspective PAGE 18

Scholarship for Students & Entrepreneurs PAGE 19

A Global Economy & Future Founders Foundation BACK PAGE

In the Know & Young Illinois Saves

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

ABOUT THE EAC

THANKS TO OUR PROGRAM PARTNER

The Economic Awareness Council (EAC) is a financial education non-profit organization inprogram attendance of over 20,000 each year.

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

Magazine design and layout by Jessica Alessi

On The Money Magazine Welcomes New City Treasurer of Chicago, Kurt Summers, Jr.

Treasurer Summers is a Chicago Public School graduate, graduating from Whitney Young in 1996.

Summers attended Washington University and Harvard Business School. He served as Chief of Staff for Cook County Board President Toni Preckwinkle and most recently was a Senior Vice President at Grosvenor Capital Management. On the Money looks forward to working with Treasurer Summers!

A LETTER FROM FORMER CHICAGO CITY TREASURER, STEPHANIE D. NEELY It’s not too soon to start thinking about your credit score. What is your credit score? It’s a number that predicts how likely you are to repay a loan in a timely manner, for instance a charge on a credit card, or a car loan.

Scores range from 300 to 850, with the majority of people scoring between 600-800. Anything below 650 is considered poor credit.

A credit report is your “financial resume”. It provides lenders with your history of borrowing and repaying credit. The better your credit history, the less you have to pay in interest and fees to borrow money.

A few things to know: 1. You’re entitled to a free credit report from each of the three credit bureaus once a year (so three free credit reports a year!). Go to AnnualCreditReport.com to request your free annual credit report.

2. Make sure no one is using credit under your name. Once you receive your credit report, review it carefully to make sure there is no fraudulent activity. Children are increasingly being targeted by identity thieves. Your family members or friends should not access credit in your name. If you suspect that someone has used your name to get credit, call the Illinois Identity Theft Hotline at 1-866-999-5630.

3. There are safe ways to build positive credit history. It’s important that you only borrow money that you can pay back on time, as a bad credit score can be expensive. Wait to get a credit card until you have enough income and financial experience. If you think you might have trouble paying off a credit card, consider secured credit cards or credit-builder loans, which can be safer ways to build positive credit history.

Learn how to manage your debt and build your good credit. Remember, it’s your money, your choice.

Learn more from the City Treasurer’s Office of Financial Inclusion at www.chicagocitytreasurer.com/ofi/

STEPHANIE D. NEELY

Chicago City Treasurer, 2006 - 2014

Sponsored by

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MIND OVER MATTER: INTERNSHIPS VS. TRADITIONAL TEEN JOBS

CRYSTAL STONEWALL

Most teenagers earn minimum wage, $8.25 an hour (Illinois Department of Labor). Teens can earn an hourly wage by lifting, moving, and bending or by thinking, envisioning, writing or speaking. Why underestimate your potential? It’s mind over matter!

One opportunity that allows teens to use their MINDS is internships. An internship is any official or formal program to provide practical experience for beginners in an occupation or profession. According to InternBrige.com, internships offer an hourly wage of $13.50 on average. Nia Hill, an On the Money intern, stated, “By participating in an internship, I gained knowledge that will help me with what I plan to focus on in college. During my particular internship, I gained a lot of knowledge about business and finance. Internships are also important because they help students gain connections.” Internships are important to participate in because they provide benefits that can be used in specific career fields.

In comparison, a basic low skilled production worker (job class 51-9198) only earns about $11.15 per hour according to the Bureau of Labor Statistics, regardless of experience level. Also, the future income growth potential is lower with the highest percentile wage amount topping out at about $17.50 (U.S. Bureau Labor Statistics). No matter how much muscle you have, your potential hourly earnings are not going to be high in this type of occupation.

Another opportunity to use your mind is enrichment programs. Enrichment programs are designed to meet the needs of high-ability learners and are sponsored by governors’ schools, school districts, and pre-collegiate programs.

When asked about the importance of an enrichment program, Khadija Williams, a Johnson senior stated, “Enrichment programs allow students to become exposed to opportunities within different fields. I participated in a law enrichment program... because I plan on Want to Intern with On the Money? studying law in college. During my enrichment Send us an email at program, I participated in mock trials, visited OTM@EconCouncil.org several law schools, and I was mentored by a to learn how to apply! government lawyer.” When faced with the decision of choosing an internship/enrichment program versus a typical low skilled job, think about the opportunity that will provide short and long term benefits. Internships and enrichment programs are proven ways to gain relevant knowledge, skills, and experience while establishing important connections in specific fields.

Learn more about Chicago based summer jobs at www.onesummerchicago.org.

HOW TO SAVE MONEY FOR COLLEGE DURING HIGH SCHOOL!

MARK BATOR

According to the National Center for Education Statistics, “the average cost of a 4 year college education in the United States is approximately $95,000 dollars.” The overwhelming cost leaves over 70% of students with an average of $30,000 dollars of debt by the time they end school. In order for you to be able to finish college without burning a hole in your future bank account, there are a number of things you can do to keep the cost of your education low.

In many CPS High Schools, Advanced Placement Courses (AP) offer college-level curricula and examinations to high-school students. Towards the end of the school year, students take the AP test which is scored on a 1 to 5 scale, where most scores over a 3 are sent to colleges that you apply to. If the college accepts the credit, you no longer have to take that course. Instead, students are able to create a more flexible schedule where they can take upper-level courses, find an internship or take a semester to study abroad. Robby Feldman, former student at the University of Michigan, stated, “during my second semester of my senior year, I was able to save half of my tuition thanks to the AP classes that I passed during my junior and senior year of high school.” Do well on your AP test and that’s one less class to pay for in college.

Another way to save for college is by attending a City College of Chicago (CCC). Through various scholarships or dual-enrollment programs, CCC’s are a great way to transition into an affordable college education. City Colleges offer high-school juniors and seniors the opportunity to receive college credit before they graduate. Enrolling in a dual-enrollment program allows students to save time and money for college, and often helps students determine what major they want to pursue.

By taking advantage of resources such as AP Courses and CCC Programs, students can get a head start on their college education and continue to develop their passions and interests. Why not start now?

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COPING WITH RISING COLLEGE COSTS

DASZON JORDAN

The skyrocketing costs of college can lead a parent to wonder if an investment in higher education still makes sense. This is especially true when the annual cost of attending a private college can easily exceed the annual salary a graduate receives during their first few years of work.

Why has the cost of a college education gotten so expensive in recent years?

The first reason is probably inflation. Inflation is the natural increase in the cost of living over time. While no one loves inflation, it’s accepted as a fact of life. In the broad economy, this annual increase has historically averaged about 2%. The cost of college increases an average of 4-6% annually. That means that a college education costing $10,000 this year will likely cost $400-600 more next year (CBS Money Warch). So why do college costs “inflate” so much faster than the overall economy? It’s hard to say for sure, but we know university expenses are rising faster than the average household. To explain, colleges have to keep their technology and resources up to date versus an average household who can put off these pricey items. Also, insurance costs for running large institutions and businesses have risen significantly since 9/11 (CBS Money Watch) and several states such as Illinois have reduced the amount of support that state universities receive from the government. Both of these expenses are passed on to students in the form of increased tuition.

Demand also plays a role in the rising cost of higher education. With a limited number of spaces at American institutions and a growing demand for these slots prices are likely to increase – it’s simply the law of supply and demand. The rising costs have caused student loan debt to increase to over $1.2 trillion dollars within the past couple of years. Loans aren’t students’ first choice but sometimes they are the only option. James Thomas, a junior at Southern Illinois University said, “Unless you have a full ride scholarship, a loan is your only choice.”

College costs are increasing at triple the rate of inflation and show no signs of slowing. This can mean that your last year of college may cost 15-25% more than your first year. (College Statistics at SIU). When asked how the increasing cost affected his college plans, Eugene Robinson, a professor and attorney at law said, “You just have to and pick the one that makes the most sense.”

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VISIT WWWCOLL EGEBUDGE TBUILD TO TO HEL P YOU DET ER.ORG ERMINE OUR BEST BUDGET PL AN!

PLAN2ACHIEVE - YOUNG ILLINOIS SAVES SCHOLARSHIP WINNERS The Economic Awareness Council, Young Illinois Saves, Office of the City Treasurer and Office of the Mayor of Chicago would like to congratulate the winners of the Plan2Achieve Scholarship Competition Summer 2014: Crystal Stonewall, Jalil Khoury and Jose Capetillo. The Economic Awareness Council would like to thank the U.S. Conference of Mayors for sponsoring the Plan2Achieve scholarship competition. Over 1,200 digital badges for financial education were awarded during Summer 2014. Check out these tips from our Summer Scholars! Get certified and apply at Plan2Achieve.org Crystal Stonewall “It’s not about how much money you earn. It’s how much you save.” My saving experience has been as exciting as a rollercoaster ride at Six Flags. Initially when I started my own savings account in 2011 after receiving money for my grammar school graduation, I did not use the account properly. I used it primarily as a checking account--spending more than saving. Prior to opening my saving account, I knew the primary purpose of the account was to save money, but that was easier said than done. Throughout the years, I looked for a bank that allowed for direct deposits, no ATM fees, no overdraft fees, no minimum account balance, and high interest rates. By following these tips, I took charge of my money. Additionally, after choosing a bank, I created a spending plan. By making a plan and setting goals, I was able to track how much I earned, spent, and saved in a more organized manner.

Jalil Khoury Having the opportunity to save has offered me a taste of the future. I have never realized the importance of saving until creating an account and actually seeing that I have money, in my name, saved up for me.

Saving is extremely important, especially in a bank, because it gives one the feeling of security. With less cash in my pocket, I spent much less than before and my balance in my savings account increased. I advise other Chicagoans to open a bank account because holding cash is dangerous and risky. One might lose their cash or get it stolen. Therefore, having one’s money safe inside a bank account is vital. Also, I would suggest using direct deposit because it is convenient, safe, and very quick. Direct deposit also helps with saving because one does not always see what is being put into the account. Therefore, when they check their balance, it would be higher than one would expect.

Jose Capetillo I have always had trouble saving money during my teenage years because, like many other teens, I like to buy nice things and they always come at a high price. What I didn’t realize is that I never really thought about the future and never invested in myself. Saving money is easier than most think and now after going through [Plan2Achieve], I learned how to make better use of my money. I now set aside ten dollars every week from my allowance. Everyone should save and put money into a savings account. If you have a job, ask for a direct deposit so you don’t have to give away your hard earned money to pay fees to cash your check at a currency exchange.

TAKE A BREAK FROM TECHNOLOGY

CHRISTINA BUTLER

The over-usage of technology is impacting the academic and physical interactions amongst teens. In today’s society, almost every teen has a cell phone or access to a cellular device. In fact, over 60% of teens already own an iPhone (New York Daily News, 2014). The Washington Post reports that today’s teens spend more than 7.5 hours a day consuming media such as: watching TV, listening to music, surfing the Web, social networking, and playing video games (Ahuja, 2013).

In an interview with a local Johnson College Prep Student, Khadija Williams said that even though she only spends 2 hours on her phone, it is still too much time being wasted that she could’ve spent reading books or doing other academic activities. She also goes on to say that she believes current and future relationships can be damaged when too much time is spent using technology. “It’s more difficult to create more relationships when people are too focused on their phone, and individuals often miss the opportunity to meet new people.”

At Kenwood Academy, a social studies teacher named Marcus Wilson was interviewed in regards to the topic of teens and the usage of their phones. In his class, he has a no-tolerance policy for phones. He notices that students that tend to defy this rule seem to have lower grades than the average student.

Teens should challenge themselves by leaving their phone at home or in their locker on a specific school day or by going out with friends without technology to discover how much more productive their day will be without it.

Relationships are out there and ready to be made. Sometimes individuals just need to take a break from their phone to find them.

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AN APPLE IN A SEA OF FRENCH FRIES

SUMAYYA BISSERET-MARTINEZ

Most teenagers are responsible for at least one of their three meals a day, and it seems that it’s usually whatever is fast and accessible, rather than a healthy alternative. Damariz, a senior at a local Chicago public high school said, “I just eat whatever my boyfriend buys me from Chipotle, Jewel, or Mariano’s. It’s really not beneficial for me to go and get organic; it’s really expensive.” Such thinking could be true for a lot of teenagers, especially considering the abundance of fast-food restaurants in the city. In fact, since the 1970’s fast food restaurants have doubled according to the USDA. More than 400,000 Chicago residents live in neighborhoods that have an abundance of fast food restaurants, and their price can be enticing. A week of a McDonald’s lunch could be as little as $35 –an affordable cost for teenagers.

However, there might be long-term costs. “A diet rich in whole plant foods can reduce your risk of many diseases, thus save money on health care costs in the future.” Sharon Palmer, a Registered Dietitian Nutritionist, food author, and journalist explained the benefit of organic foods, “They contain potentially higher antioxidant levels and support a more sustainable food system. Studies show that people are exposed to fewer pesticide residues, which can have great health impacts.”

So where can teens buy organic foods for an inexpensive price if they live in Food Desert = an urban neighborhood a food desert? Palmer recommended, without ready access “Trader Joe’s has inexpensive organic foods and your farmer’s market, [as to fresh, healthy and affordable food well as] CSA (Community Supported Agriculture), WIC (Women, Infants and Children), food banks and other nonprofit organizations.”

Chicago was recently awarded a USDA grant to support three major farmers’ markets in food deserts. There is still more to be done to make healthy and organic food accessible and affordable, but it’s refreshing to know teens have more options.

SURPRISE! EATING HEALTHY IS ACTUALLY AFFORDABLE

ROSHNI BABBAR

With the staggering 21% adolescent obesity rate reported by U.S. News alongside a rising cost in food, it is no shock that 57% of young Americans prefer eating fast food (www.health.usnews.com, 2014). Evidently, our unstable economy has initiated various health issues resulting from mass fast food consumption. However, new research highlights that the notion about expensive healthy food is actually false. The fact is that healthy food can be cheap as well as fulfilling.

Researchers from the Harvard School of Public Health have justified the price difference between eating junk and healthy – eating healthy will cost a family merely “$1.50 more per day.” By adding nutrition dense foods, such as “fresh produce, leaner meats, and fish into [our] daily diet,” we will benefit in the long run (www.hsph.harvard.edu, 2013). Similarly, Dr. Singh of Advocate Lutheran General Hospital asserts that if “the younger generation can start making healthier choices, healthcare costs for obesity related diseases will decrease.” To avoid future diseases and high healthcare costs, consuming healthy food is a big incentive. But are there any AFFORDABLE alternative food options?

Dietician David Shah identifies a few of the many delicious food swaps we can make to instantly reshape our diets, such as “Greek Yogurt against creamy processed chip dips, warm oatmeal with frozen berries against sugary cereals, and frozen fruits with caramelized nuts against a large bowl of ice cream.” Each of these healthy options will cost under $2 maximum.

As teens, incorporating healthy food in our diet is possible with cheaper options like these. By conforming to a healthier diet, we will we be able to reform our lifestyle and act as role models to our peers. Through such a simple decision, healthcare costs and teen obesity will no longer exist to impede in the success of future generations.

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PROM BUDGET TIPS

SARIA GATES

How long have you been waiting on your moment? Every guy and girl can’t wait to get pretty or handsome and drive a nice car around the city for the night. When it comes to prom, it can be very expensive. You may end up spending between $1,000 to $1,140 dollars on prom (The Associated Press).

Prom costs will hit certain people with a shock if they don’t start early! Don’t wait until April! Start shopping in November or December. Once you start shopping around and you find something that you know for sure that you are going to buy, put some type of deposit on it. It doesn’t have to be a lot, just in case you change your mind.

Also, it’s best to start off with a budget so you can know how much you want to spend or plan to spend.

Create a budget for everything that goes on a prom list (see sample budget) and start shopping around or shopping online. Start planning early, around the end of your junior year or beginning of your senior year, so that you know exactly what you are looking for when that time comes.

“I budget for everything!” says Kaliah Little, Junior at Whitney Young. Khadija Williams, Senior at Johnson Nobel College Prep High School, also knows how to budget for prom. She saves money from working a seasonal job; she is having her dress handmade which will only cost $200-300; and she is going to borrow her cousins’ car and just pay for gas.

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Prom Tickets Tux’s Car Shoes Hair stylist Mani/Pedi Decorations Food Eyebrows Watches

$115-160 $75-300 $300-500 $50-130 $50 $40 $40 $100 $10 $100

A SIX WEEK CRASH COURSE ON BANKING

Cost for Girls

Sample Prom Budget

Cost for Guys

Finally, before you even start shopping, make sure your prom and senior fees are paid off. You are NOT going to be able to go to prom if your fees are not paid off.

Remember start early, not late. Time doesn’t wait on anyone.

Prom Tickets Dress Car Shoes Jewelry Eyelashes/Eyebrows Makeup/artist Hair/Hair stylist Mani/Pedi Decorations Food

$115-160 $300-800 $300-500 $50-130 $30 $30 $15 $215 $40 $40 $100

HILARY PHAM

Before my internship through the Chicago Summer Business Institute (CSBI), my knowledge and opinion of banks were minimal. Banks were magical places my mom and I went to cash my grandmother’s annual birthday check with a guaranteed a lollipop at the end of the trip; a kid’s dream come true. I could have never even imagined the magnitude and complexity of commercial banking. Fortunately, I was able to intern with FirstMerit Bank and learned firsthand how a bank operates. This summer, I was given the opportunity to shadow various departments such as commercial banking, credit operations department, and even specialties including Public, International, and Healthcare banking.

Throughout my six week program, I saw how each department had such different tasks and roles with their various customers, yet in the grand scheme of things, fit together to form a puzzle that makes the bank the important business it is today. I was able to see a bid for a deal turn into an opportunity memo, and then watched as it climbed through the ladders of the committees to be approved. Being a banker involved more than just finance. Every aspect of the deal is thoroughly researched such as the location, census information, and what the future prospects are for the company.

But what was the most memorable about my internship is the people behind the bank. My supervisors were less focused on the “paperwork” and more concerned about establishing trust and relationships with every customer. Whenever I accompanied my supervisor to a client visit, the atmosphere was always friendly and comfortable.

With my internship coming to an end, I am so grateful to have had the amazing opportunity to learn from this most dedicated, knowledgeable and caring group of individuals. Their personal attention to the customers, willingness to go the extra mile and the meticulous work is the bank’s secret to success.

Learn about FirstMerit Bank (www.firstmerit.com) and other Chicago Banks with free accounts for students at www.Plan2Achieve.org. Want to apply to intern through CSBI? Visit www.chicagobusinessinstitute.com.

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ECONOMIC EFFECTS OF GUN VIOLENCE IN CHICAGO

NIA HILL

“Chiraq” - the unsought name of this beautiful city, Chicago. Mostly because of the horrendous number of crimes that occur on all sides of town. People are starting to realize that this violence is taking such a huge toll on the city - not only a social toll, but also a financial toll.

According to the Chicago Tribune, from the beginning of 2014 until now, there have been 363 homicides. Many of the crimes took place in various neighborhoods all over Chicago: West Englewood (located on the South side; 23 so far), West Garfield Park (located on the West side, 20 homicides), Austin (also on the West side of Chicago, 30 homicides), (Chicago Tribune, 2014) - the list goes on, unfortunately.

If you were to ask any random citizen of Chicago, “Why does violence occur?”, you would get synonymous answers: most crimes that occur are gun violence and drug related and most of the victims are of young ages. Most adolescents have lost someone due to gun violence, which means their likelihood of being involved in any type of violence increases (CeaseFire, 2014).

Now, how is all of this violence financially related? If we think about it, every time someone dies, a variety of costs are associated: hospital costs, medical treatment, lost wages, missed opportunities, investigation and court costs, and more. Violence does not affect just any individual personally. Violence affects society as a whole. When a person gets killed in a certain community, that hinders people of all incomes, races, and backgrounds to move into or invest in that community.

Na-Tae’ Thompson, executive director and co-founder of True Star Foundation (TSF), believes that the young people of Chicago are involved in violence because of numerous reasons: “being bullied into it, searching for friends or some form of family, seeking out protection from bullies, and looking for financial gain because youth employment and opportunities are at an all-time low”.

She also believes that violence takes a huge toll on youth and that they might not realize it. They are so used to it that they become unaware of it.

At the end of the day, violence affects everyone. We need to make a change. We need to work together to stop violence in Chicago. We need to be aware that violence in our communities cannot continue to go on, because it will affect future generations. As Valeria Andrews once said: “If you wanna be somebody, If you wanna go somewhere, You better wake up and pay attention.”

Special thanks to our many writing coaches, partners, and volunteers from DePaul University

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TrueStar is a nonprofit organization that provides literary and professional development programs for Chicago youth.

Contact True Star via email or phone (info@truestarmagazine.com / 312-588-0100) for more information.

CRACKING THE CODE: WOMEN, CODING, AND A CAREER

JULIA HUEBNER

In a room of 25 engineers, only three are women (Girls Who Code, 2012). This striking discrepancy is visible in the general workplace, where women will only occupy 25% of technical or computing jobs (Ibid). Kathryn Exline, co-leader at Girl Develop It, comments, “We are all trying to fight the stereotype that working in technology is unattainable and boring.” Prime offenders to this stereotype include “poor recruiting efforts, lack of support once enrolled in math and science programs, and personal reasons that stem from expectations and stereotypes that have been projected on [women] since they were younger.”

Cathleen Gui, a senior at Walter Payton Prep, recognizes the roots of these issues. She reports that the “vast majority” of students in her Honors Computer Science class are male. An avid Math Team member, Gui states, “by [my] senior year, almost all the girls had left the team.” She found herself asking, “is this really the group for me?”

The answer is a resounding, “yes!” Seda Memik, Associate Professor of Computer Science at Northwestern University, comments that if STEM and coding are of interest to a student, then he or she should follow this intrinsic motivation. “It is really shocking to me that in this day and age, there is still a large [gender] imbalance,” says Memki. “I always wished there were more girls [in my classes] .. [but] I just moved on.”

Her advice to female college freshmen? “It’s absolutely okay if you haven’t coded a single line in high school,” as such skills are taught to students regardless of prior knowledge. Coding does not need to be a career by itself; this ability can simply be a tool in finance, fashion, biotechnology, and limitless other professions (Kathryn Exline).

“Don’t let all the boys get all those high paying computer technology jobs!” Memik urges.

On the thanks F Money also ifth FirstMer Third Bank, Financia it Bank, MB l, TC U.S. Ban F Bank and k fo sponsors r their hip this issu of e

ENLISTING BEFORE OR AFTER COLLEGE

KHADIJA WILLIAMS

As high school seniors get closer to graduating, the question of how students will pay for college is on their minds. Many consider enlisting in the military to help pay for their education. Others go to college first, and then enlist. More than 180,000 new soldiers enlist every year (Military. com). Should graduating seniors be joining the military before college or after?

Attending college before enlisting may be the better choice because you make more money while serving AND the military still helps pay for college.

Anthony Lyke, a military veteran who served four years says, “By enlisting after you graduate [from college] you [typically] make $34,000-40,000 more dollars a year than other people in your profession.”

If you have taken out loans for tuition, enlisting in the military pays off even more. The military helps pay for college in two ways. Your military salary can be put towards loans, and the interest on your loans is put on hold. Lyke says, “…your loans are put on hold when you enlist, so there isn’t any interest added.” Another benefit of enlisting after college rather than before is that you earn a degree sooner. This helps you have the “college experience” while you are still young.

In conclusion, if you’re considering enlisting in the military, it may be to wait until after college.

By waiting, you will earn more money, have a “college experience,” and the military will still help pay off your loans.

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INVESTMENT TIPS TO JUMP$TART THE NEW YEAR

SAMANTHA MALLETT

On the Money was fortunate enough to be invited to the Illinois Jump$tart Financial Education Coalition’s holiday award reception and benefit at the Wishbone Restaurant. Illinois Jump$tart celebrated their many achievements of this year, including being the 2014 Coalition of the Year.

A couple of highlights from the event include: Maria Ramos from Junior Achievement receiving an award and the guest speaker, columnist for the Chicago Tribune, Gail MarksJarvis’ presentation.

When Ramos and MarksJarvis were asked about tips for teen investment, they gave excellent advice. “Teens should start to save as soon as possible, even if it is $5 per week” Maria Ramos advised. She explained it was crucial for teens to start using their money wisely now so they can have a better financial future. Gail MarksJarvis stated, “Take a bit of summer job money and open a Roth IRA at a mutual fund company or discount brokerage firm.” Remember, if the money being invested is needed within a few years do NOT invest in the stock market. When money is invested in the stock market, the stock market can increase or decrease in value so it is not stable enough for the short-term. However, if an investor has 30 or 40 years, historically the market has increased in value by 10% per year over this long of a time period.

Make sure to read about more financial advice from Gail MarksJarvis from her award winning financial column in the Chicago Tribune (as seen on CBS, NBC, and ABC). Also, read her book Saving for Retirement (without Living Like a Pauper or Winning the Lottery).

On the Money Intern Samantha Mallett and award winner Maria Ramos

Samantha Mallett and Gail MarksJarvis

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ON THE MONEY: ENTREPRENEURSHIP Through the On the Money Entrepreneurship Program, interns have increased the production and distribution of On the Money magazine to reach an additional 3,000 teens each semester. Interns also develop business plans, conduct business presentations and lead entrepreneurship education with area youth.

MORE THAN A VOLUNTEER, A SOCIAL ENTREPRENEUR

TILEA CARTER

Social entrepreneurs are not your typical entrepreneurs. They help solve society’s major issues by creating innovative solutions that impact society’s problem on a wider scale. Have you ever had an idea that could change the world for the better? If so, then you may want to consider begin a social entrepreneur.

Social entrepreneurship is gaining popularity in today’s society. At Harvard business school, the number of social enterprise classes increased from 20 classes in 1995-97 to 221 classes in 2010-11.

Dave Hanson, founder of Lights Give Heat brand director, suggests that social entrepreneurs “Don’t shy away from big dreams as much as they sound dumb, they work.” These dreams can work to create positive change. For example, Donorschoose.org a non-profit organization that helps low-income schools provide funds for projects such as field trips, art supplies, book etc. According to Donorschoose.org, 62% of all the public schools in America have at least one teacher who has posted a project on the site and over 69% of projects are fully funded.

Social entrepreneurship provides funds and jobs for the community which lowers poverty, hunger, and social inequality and improves education. Nate Nasralla whom works with the marketing of charities and social entrepreneurship ventures said, “Any business that can be built in a way to further the work of nonprofits will not only serve the community but I truly believe [will] double the bottom line with long-term business success.”

Social entrepreneurs can change the world. They leave an everlasting impact on people, their lives and their communities. If you want to leave a mark on the world, consider being a social entrepreneur!

On the Money interns lead a program for students developing their own business plan at Sandoval School on Chicago’s southwest side.

Milagros is an example of social entrepreneurship training women in Guatemala to produce and sell jewelry to better their lives and that of their local community.

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NEW FACES OF ENTREPRENEURSHIP A NEW TAKE ON AN OLD TRICK

SAMANTHA MALLET

“The next generation, shape-shifting, 3D logic puzzle.” This quote from the young entrepreneur, Dane Christianson, explains his vision for an innovative take on the traditional Rubik’s Cube. The idea for the X-Cube originated from Christianson’s 7th grade self, a young student obsessed with Rubik’s Cubes. During his sophomore year at Illinois Institute of Technology, he decided to take this logic puzzle to the next level and create the X-Cube.

After posting a video of solving the X-Cube to Reddit, the video reached 1.5 million views in just 9 days (https://www.kickstarter.com/projects/danec/the-x-cube, 2014). With this kind of support, Christianson knew he had to bring his product to the world. Containing 52 moving parts, 102 stickers, and 1.254 x 10^35 permutations, the X-Cube was destined to stand out against the Rubik’s Cube with only - 4.352 X 10^19 permutations.

With his Kickstarter website, Christianson hopes to continue to raise funds towards producing his product.

The production process is rather complicated as it “must be injection molded, assembled, stickered, packaged, and shipped” (https://www.kickstarter.com/projects/danec/the-x-cube, 2014). Therefore, funding for the X-Cube is essential for Christianson’s success.

Christianson does not currently have a patent on his invention. He believes, “a patent is for keeping something out of someone’s hands, which runs opposite to the spirit of the puzzle.” However, Christanson does maintain a provisional patent for the X-Cube which allows him to patent the technology within one year.

Passion has driven Christianson to achieve his goal of turning his idea into a reality. With his invention already available in stores, it is evident that this young inventor has a bright future ahead of him.

LOGAN RUSH, A SUCCESSFUL ENTREPRENEUR - TWICE IN A ROW!

NIA HILL

Logan Rush, a young entrepreneur, grew up in Lafayette, Indiana. He attended Indiana University where he received degrees in finance and accounting. He started his first business at the age of 17, MillennialServices. Angie’s List, a company that assists consumers in finding the best local businesses and also a company where he worked at prior to him becoming an entrepreneur, was his biggest client.

MilliennialSevices has just over 100 employees. MillennialServices makes money on a per hour basis; they charge employers for how many hours MillennialServices staff works.

Rush is also Director of Operations at 1 Point Mail, a digitally automated marketing platform that allows customers (usually big companies, such as Karmaloop) to send lots of emails at once to individuals. For every thousand emails sent out, there is a dollar rate that is charged. Rush got involved in 1 Point Mail over 2 years ago.

Rush is clearly a successful entrepreneur! He recommends that we start businesses at a young age as a student because anyone listens to students!

On the Money would like to thank the Coleman Foundation for their support of entrepreneurship education.

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TEEN ENTREPRENEURSHIP

KAYLA MANEY

92% of African American males between the ages 16 and 18 are unemployed in Chicago, Illinois (Chicago Urban League, 2013). Teens want to work and stay occupied; however, they do not have the places and resources needed to do so.

Many teens are beginning to explore becoming an entrepreneur. In an informal survey we recently conducted, many teens wanted to create their own businesses, but most did not know how to start it and were scared of the risk of their company failing.

After this, we sought help from successful entrepreneurs to learn more about starting a business. When we asked Johnnie Lovett how he started Fresh Connection Brand LLC, he responded, “I launched my business with the help of two business partners, Kenny and Joshua, who helped lay the foundation for what our brand would be, and what it’d look like as well. I joined them in 2010 to create Fresh Connection Brand, and the investments literally came from Joshua selling his car, and me putting up the savings I had to get all of the legal documentation completed.”

Despite this challenge, Fresh Connection Brand has persevered for over four years. What advice would Johnnie give to other potential entrepreneurs? “FOLLOW YOUR PASSIONS! In everything we do we must follow our hearts, and I chose to find out how my passion for sneakers and fashion, and interest in entrepreneurship could overlap and work together.

Fresh Connection Brand is how I brought it to life... for everything that exists today lays an opportunity for the next great thinker to enhance or revolutionize.” Johnnie showed that success can come from hard times, struggle, and creativity.

Reagan Wright and Madeline Carter Shownkeen are also entrepreneurs in the fashion industry. Reagan & Madeline described the start of their business Wright & Carter, “We have always been interested in both fashion and business and were inspired through the accomplishments of others, especially women, who have been able to break into the world of business and entrepreneurship. We also… wanted to help support the education of girls and women around the world. We found a way to incorporate all of our passions in our jewelry collections that support the education of girls through the charity Educate 2 Envision.”

An Entrepreneur’s Toolbox Here are a few key skills highlighted from the Consortium for Entrepreneurship Education.

Learn more about these skills and check out many other important skills at www.entre-ed.org.

• Adaptability - Being able to recognize and apply to changes to certain situations • Creativity - Helps with coming up with your initial product or service

Reagan and Madeline also encountered challenges, “In every business venture there are always going to be problems... We kept going because we truly believe in our product and that we can make an impact with our jewelry collection.” Reagan & Madeline recommend, “If you want to start a business make sure that you are very passionate. Be aware that it takes a lot of time and effort, nothing is handed over to you on a silver platter!”

• Organization - Being organized is key in keeping track of everything in your business • Research - Researching and knowing your market, competitors, etc… will facilitate the process of organizing and solving problems in your business plan

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CAREERS AND ENTREPRENEURS IN THE FITNESS INDUSTRY

KALIAH LITTLE

The fitness industry is a very successful industry. The fitness industry grosses up to $52 billion a year (Statistica, 2012). This includes gyms, health/fitness clubs, Pilates/yoga studios, boxing gyms, and fitness DVD production. There are a number of careers you can pursue in the fitness industry, and I highlight two below.

Leah Marshall is a certified Zumba Instructor and says that she, “loves her job!” Zumba is a fun and easy way of exercising that combines aerobic Latin and international dances.

A Zumba class typically lasts about 45 minutes and an instructor may teach a single or multiple classes in a day. According to the Bureau of Labor Statistics, fitness instructors earn about $32,000 per year, or about $15.25 per hour (BLS.gov, 2014).

Entrepreneur:

Someone who organizes, operates, and manages a new business

Franchise:

A single location of a larger multilocation enterprise in which the single location is given rights to conduct business in that location through a contract (generally for a fee) with an already successful business (examples: McDonald’s, Subway, etc.)

Another career in the fitness industry for entrepreneurs is to own a fitness establishment.

Jacquie Fowler is a gym franchise owner for Orangetheory Fitness. Orangetheory’s purpose is to use the science of Heart-Rate Based Treadmill Interval Training, Indoor Rowing and Weight Training Blocks to help people create the fitness level and body they have always desired (Orangetheory, 2014). Orangetheory focuses on aerobic exercises See More Definitions on Page 18! that guaranty its’ members to burn 600-1000 calories in one workout and is open to 16 year olds, not just people 18 and older. Fowler says, “The best thing about being an entrepreneur in the fitness industry is that I am able to combine my lifelong passion for health and wellness with a unique and proven concept that works for people of all ages and fitness levels. I am so proud of my team and the role that we have played helping our members reach their goals and achieve some truly transformational results!”

Both of the careers highlighted above are part of the largest segment of the fitness industry - gyms, health and fitness clubs. This segment of the fitness industry grosses about $25 billion a year. One main benefit of a career in the fitness industry is that it allows you to earn money while staying in shape. At my school, Whitney Young, I started my own club called the Zumba Dance Club. I started this club to promote a healthy lifestyle in a fun and easy way. By incorporating lessons about healthy eating and easy snacks, it demonstrated to our members how simple eating and living healthfully can be!

BBANDS: STUDENT BUSINESS PROMOTED ON SOCIAL MEDIA

STEPHANIE DUNNING

The BBands business was created by Bianca Perry, a student currently attending DePaul University.

Making her vision happen did not come easily and without strategic planning. When asking Ms. Perry about her first steps, she discussed the action of creating a list of what needed to get done to produce her product. Her list included obtaining supplies and branding her product so she needed to get logo tags and branded boxes. Once the list of her strategic tasks was made, she added them to a calendar. Ms. Perry stated, “Every time a day came where I had things to do, I did those [things].”

Eventually, she and her partner launched the BBands website and the business took off.

Challenges are something every entrepreneur, including Ms. Perry, has to face. Ms. Perry explained that the biggest challenge for her was just making the vision happen and putting it out there. The next steps for BBands were for Ms. Perry and her partner to turn the website into an online, customized headband company so she would be able to make headbands for teams and other individuals.

Ms. Perry’s goal for advertising and expanding is to learn more about influencing her audience. The BBands business is mainly promoted through social media. The BBands business has been launched, and Ms. Perry is ready to take it to the next level. You can find BBands on Facebook or Instagram.

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INGREDIENTS FOR SUCCESS IN ENTREPRENEURSHIP, CAREER, AND LIFE

CLARK LEWIS

• Create a Network

Networks are a powerful tool that can be developed and used over the course of your career. Micaela Brown, host of the Minority Report with the Chicago Sun Times, stresses the value of expanding and utilizing networks effectively. Networks can be used for collaboration and maintaining contacts. Sites such as LinkedIn are a great way to develop a professional network of peers and colleagues.

• Get an Education Statiscally, college educated professionals make $1 million more than non-college educated individuals over a lifetime (Bureau for Labor and Statistics, 2012). Education is the first step in starting your career.

• Be Prepared For Risk Individuals should be aware of the risk they may take in their entrepreneurial journey. Seventy-three percent of entrepreneurs believe luck was a major component of their success (Wall Street Journal, 2012). Employment is risky and unpredictable, but be prepared for the possible reward of the situation.

• Be Humble and Learn From Others View everyone as an opportunity to grow and learn. You never know what you can take from others or what they will teach you. Chief Operating Officer of the student run M Demon Fund, Annabella Rojas notes that her mentors have been a great source of support for her. People can be great resources and mentors for you in your journey to success.

• Work and Learning Experience Internships and volunteering are great ways to gain experience and insight into what you are studying.

Through this type of work, you can gain hands-on experience and firsthand knowledge of the field and if it is right for you.

• Have a Goal Have a goal or a dream that you are working toward. Having a sense of direction helps you stay motivated by having something to work for. Working without a sense of direction may lead to work that is not your best or prevents completion.

Qualities of an Entrepreneur Vision Eager to Learn Willing to Take Responsibility Easy to Like Ambitious Skilled at Multitasking Highly Motivated ...Someone Like You?

Anabella Rojas, entrepreneur, DePaul University student and Chief Operating Officer for the M Demon Fund at DePaul shares her social entrepreneurship tips with On the Money interns.

Micaela Brown of the Chicago Sun Times shares the secrets of her success in business journalism with On the Money interns.

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NICOLE WHEATLY LOVES SHOES! A STORY OF A RETAIL ENTREPRENEUR

KALIAH LITTLE

Nicole Wheatly is the owner of the business Nchantment.com. She started out working in corporate America for eleven years. She liked her job but, wanted to pursue something that she was more passionate about.

Nicole has a strong passion for shoes and created the concept of ‘Heels On Wheels.’ She knows that being able to see and feel a shoe on the actual person helps convince someone to buy them, so her company brings them to the comfort of the person’s home. This unique experience gave Nicole her niche for her company. People continued to tell her that her company would not make it, but she persevered. She ignored the negative energy she was receiving and has made her company very successful.

BLACK FRIDAY SALES: CUSTOMER AND BUSINESS PERSPECTIVE

KENDALL NELSON

Did you know that the average person in 2013 spent $1,429 on Black Friday sales? In the previous year, the average was $1,192 (Deloitte. com, 2013). These two numbers are the highest since the 2008 crisis.

How can you be a smart Black Friday consumer? Retailers do much of their marketing on Black Friday to people who are looking for large discounts. On Black Friday, companies often heavily discount a lot of their merchandise which is great, but this may mean you as a customer might be tempted to buy more items and spend more money than you originally planned. When you see commercials for discounts of 10%, 25%, or even half-off, consumers might buy more than they intended to purchase when they came into the store. This is a business strategy where customers are ecouraged to make “impulse purchases”. When you buy other stuff that is in stock as well, you end up spending more than what you thought you would.

To avoid this problem, you should make a budget BEFORE YOU SHOP to watch what you spend and to avoid spending more than you want.

Nicole Wheatly, an entrepreneur and Black Friday shopper, uses this strategy, “I prepare a budget and a list of what I need… It’s especially nice when I actually come in under my budget because I’ve received great deals on sale.” If you make a budget before Black Friday you can save money and prevent impulse buying!

What do entrepreneurs and small businesses do to prepare for Black Friday?

An Interview with Nicole Wheatly, Entrepreneur, Retailer & Owner of Nchantment.com How do entrepreneurs & small business owners prepare for Black Friday?

Small business owners must set-up negotiations with their suppliers to get discounted pricing so they can offer them to consumers. Shoppers are looking for great deals and we must step-up to the challenge to offer great products at phenomenal prices.

Do small businesses raise prices or discount them in preparation for Black Friday?

We work with our suppliers to receive additional discounts and then we pass them along to our clients. This helps us to be more competitive with the big box stores.

Do small businesses care about their customers’ experience on Black Friday?

It is absolutely essential that small business owners provide great service and products to our clients. It is our responsible to create a win-win situation by making our clients satisfied by getting high quality products at great prices.

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SCHOLARSHIPS FOR ORDINARY STUDENTS & ENTREPRENEURS

STEHPANIE DUNNING

Good news! No matter what school you go to or what your academic record looks like, there is a scholarship and a college for you. In high school, everyone can’t be in the top 10% of their class. Looking at the average high school grade point average (GPA) at U.S. high schools in 2009, the average GPA for college admission was a 3.0 (www.usnews.com). Today at least a B+ average is needed to be considered for the most prestigious schools and scholarships. Nia Hill, a junior at Whitney Young Magnet High school states, “3.3 and higher [is the new average].”

Your GPA isn’t quite a 3.0? Don’t be discouraged. 46 billion dollars in aid is awarded to students by the Department of Education and 35 million dollars in scholarships are awarded by private companies, foundations and civic groups (www. collegeplanningservices.org). There could be a scholarship specifically related to your interests.

When looking for a scholarship, go beyond the norm, especially if you do extraordinary things. For example, those interested in entrepreneurship have a scholarship just for them. The NFIB Young Entrepreneur Award Program* (www.nfib.com) understands the importance of encouraging young people to see small business ownership as a viable career. When asking about the award, Molly Young, Senior Manager of the Young Entrepreneur Foundation stated, “We want to identify and reward students who have demonstrated entrepreneurial spirit and initiative by running their own entrepreneurial venture. All young people have this ability regardless of their performance in school or the demographics.”

When picking colleges and finding scholarships, be open-minded. You don’t know what will come your way or what you will find. GPA and ACT scores don’t determine everything. Apply to colleges and scholarships that are best for you. Be positive, everything will work out in the end!

Learn more about entrepreneurship through the following sites: www.nfte.com, www.nfib.com, www.entre-ed.org

Back to the Lemonade Stand: Simple Entrepreneurship Definitions You Can Use! Here are some examples from a lemonade stand that apply to major business plans as well!

• Entrepreneur: Someone who organizes, operates, and manages a new business. If you start your own lemonade stand, YOU are the entrepreneur!

• Producer: Someone that makes items for sale. The person who actually makes the lemonade (product) for the lemonade stand would be called the producer.

• Consumer: Someone that buys something for their own use. The people that buy lemonade at the stand are considered the consumers.

• Revenue: The money you earn through a business. The revenue from a lemonade stand is the money you earn from selling your lemonade.

• Expenses: The money you spend on a business. For a lemonade stand, the expenses would include: the lemons, water, and sugar to make the lemonade or anything else you spend money on to help your business.

• Profit: The amount of revenue left after you pay for your costs. After you subtract the costs of running the lemonade, you end up with the profit.

Created by Yetunde Dosu, Kaliah Little, and Sumayya Bisseret-Martinez

ENTREPRENEURSHIP LAW: AN INTERVIEW WITH NORTHWESTERN LAW STUDENTS

KALIAH LITTLE On the Money had the pleasure of speaking with two students from the Entrepreneurship Law Center at Northwestern University. In this interview, we learned that when starting a business it can be helpful to obtain a lawyer because a business should be set up as a separate entity. This is important because if the company is being sued, you don’t want to be liable personally so they won’t be able to take your property or belongings. Also, we learned that when setting up a non-for profit organization, it will remain a non-for profit as long as it is in existence and cannot be changed. Lastly, we learned that S corporations are usually for small companies and C corporations are for bigger companies.

On the Money Magazine thanks the Northwestern University Entrepreneurship Law Center for sharing information about business law for small businesses at the Harold Washington Library Center.

It is very important to choose the right business structure upfront for your business. Consider legal, taxation and accounting issues in your decision. Learn more – visit EconCouncil.org.

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CELL PHONES IN A GLOBAL ECONOMY

HILARY PHAM

What’s in your pocket? When I asked a high school student, she responded with “my wallet”, which was quickly followed by “oh, and my cell phone”. In recent years, cell phone usage has significantly increased with statistics showing that about 87% of high school students own cell phones and 98% in the college age group (Pew Internet Research Project, 2014). Although these statistics could be influenced by the advancements in technology, the globalization of trade has allowed markets to expand, especially in electronics.

Within the last three years, the value of imports from technologically based countries has How does your increased by 10.23% (Census Bureau, 2014). These countries, including China, South Korea, cell phone relate to and Japan, are some of the world’s leading international business? manufacturers of cell phones. The United States’ expanding foreign policy, the recent agreements to eliminate tariffs on technological goods, and the overall advancements in technology have caused phones to be readily available, allowing phones to be produced and shipped for under $200 a phone (CNBC, 2013). When I reached out to a banker, Jeffrey Gray, he agreed that “international relations help the business world continue to turn.” The recent changes and agreements in foreign policy will allow for increased trade between countries and lead to the creation of more jobs.

The growing roles of cell phones and their impact on our daily lives are clues to the future. Based on the last few years, trends seem to point to a continued increase in hand-held technology and an expanded view of the world, allowing shorter, cheaper, and more effective processes to produce and transport cell phones. Next time you look in your pocket, think about where your phone came from and what it took to get it there.

THE FUTURE FOUNDERS FOUNDATION The Future Founders Foundation provides programming to encourage youth in Chicago to explore and engage in entrepreneurship. They provide programs to connect students with mentors and to provide project-based learning such as business plan competitions.

Over 350 guests attended the annual citywide business competition held at the Hard Rock Cafe in spring 2014. The winners recognized at this event included: Product & Service Category Winner – T Beats Founder: Tierre Randle – Austin Business & Entrepreneurship Academy Technology Category Winner – Healthy Founder: Angel Gomez – EPIC Academy Business Plan Competition Honorable Mention & Audience Vote Winner – Tribes & Natives Founder: Christian Flowers – Thornwood High School Elevator Pitch Winner – Vizual Affectz Founder: Tommy Johnson – Chicago Tech Academy Elevator Pitch Runner Up – Praise Him While You Can Founder: Taa Calhoun – Perspectives IIT/Math & Science Academy

On the Money’s Kimo Cox interviews winners featured at the business competition

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IN THE KNOW 1) Complete the pie chart to show the percentage of African American males age 16-18 that are unemployed in Chicago in 2013. (See page 14 – Teen Entrepreneurship).

First, draw a pie segment to represent the percentage of African America males age 16-18 that are employed. Second, color this slice green. Third, leave the rest of the pie blank or white.

2) Identify 3 traits of entrepreneurs from Anabella Rojas’ list on page 16. Describe how these 3 traits are a fit for you!

Trait 1) Trait 2) Trait 3) 3) Select 2 entrepreneurship skills from the sidebar on page 14, Teen Entrepreneurship. Then describe how the entrepreneurs, Logan Rush or Dane Christanson profiled on page 13, used these skills.

Skill 1: Skill 2: 4) Complete a college budget (page 5) for yourself at www.CollegeBudgetBuilder.org.

Income __________ -- Expenses __________ = __________

Visit OTMSURV EY.COM to take ou r Money Sm art Surve y and be en tered to win

$20

On the Money would like to thank Former Treasurer Stephanie D. Neely for over 5 years of partnership and dedicated service to our students.

Or visit www.YoungIllinoisSaves.org to pledge online.

(Must be 13 years of age or older)