Summer 2016 by Tracy Frizzell

By Teens for Teens

Summer/Fall 2016

On the Money interns make an impact across Chicago with banking & saving! Scholarships Page 5 Budgeting Page 7

Chicago Entrepreneurs Pages 16-17

Saving Page 12

TABLE OF CONTENTS

INTERNS

3 4

Letter from the Treasurer/ An Intern Experience

Save for the Future

One Summer Chicago Money Mentors

Money Smart Meal Planning

5 6 7

How I Earned a Full Ride to College!

14 15 16

8 9 10 11

The Freshman Fifteen College Budgeting and Saving Graduate or Go On On the Money Scholar Highlight Investing in the Stock Market Credit Matters!

17 18 19 20

Beauty on a Budget 3 Steps for Balancing Work and School Funding the Eye Love You Summer Camp Artists as Entrepreneurs The Power of the Black Dollar in Small Business Disparities Faced by LGBTQ Americans In the Know Activity Page

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. www.OntheMoneyMagazine.org

ABOUT THE EAC

Jennifer Baeza

Freshman, Xavier University, Phoenix Military Academy Graduate

Cyan Baker

Freshman, Vanderbilt University, Lindblom Graduate

Trenati Baker

Freshman, Amherst College, Whitney M. Young Graduate

Kezia Branch

Freshman, University of Kentucky, Rowe Clark College Prep Graduate

Kamal Bilal

Junior, University of Redlands, Whitney Young Graduate

Stephanie Dunning

Sophomore, University of Kentucky, Kenwood Academy Graduate

Matthew Harvey

Freshman, Missouri University, Whitney M. Young Graduate

Nia Hill

Freshman, Howard University, Whitney M. Young Graduate

Amy Jin

Sophomore, Boston College, Whitney M. Young Graduate

Clark Lewis

Sophomore, Middlebury College, Whitney M. Young Graduate

Kaliah Little

Freshman, Baylor University, Whintey M. Young Graduate

Hector Lopez

Junior, IIT, Harold Washington College Graduate

Samantha Mallett

Freshman, DePaul University, Lane Tech Graduate

Sana Moore

The Economic Awareness Council (EAC) is a non-profit financial education organization with program attendance of over 25,000 each year.

Sophomore, Missouri University

www.EconCouncil.org

Freshman, University of Illinois, Whitney M. Young Graduate

Hilary Pham

Serena Taylor

Freshman, Valparaiso University, Northside College Prep Graduate

Raven Temple

Senior, Robert Morris University On the Money Magazine would like to thank HSBC Bank, the Office of the City Treasurer of Chicago, State Farm Insurance CompaniesÂŽ, Republic Bank, U.S. Bank, FirstMerit Bank, Guaranty Bank, MB Financial and TCF Bank for their sponsorship of On the Money. 2

Instructors:

Toiria Baker, Tracy Frizzell, Jae Joseph

Magazine design by: Jessica Alessi

LETTER FROM THE CITY TREASURER OF CHICAGO Dear On The Money readers, As another school year starts, it is time to learn other ways to become financially independent. In this column, I will discuss saving and investing. Let’s start with the different ways to save. There are Savings Accounts, which many of you are familiar with, and Certificates of Deposit (CD). The latter will earn you a higher interest but you have to agree to keep your money in the CD for a certain amount of time. Once you start building up your savings, it is time to start investing. Why invest? Think about how many Apple or Nike products you own. Rather than just buying these items, why not own a portion of these companies? There are three different types of investments: 1. Stocks – these are a share in the ownership of a company, aka Shareholder. Stock represents a claim on the

company’s assets and earnings. As an owner, you are entitled to your share of the company’s earnings, and the value of your stock may rise or fall with the performance of the company among other factors. 2. Bonds – a debt security, similar to an I.O.U, where you are lending money to a government, corporation, or other entity known as an issuer. In return for that money, the issuer promises to pay you interest, and to return your money on a set future date. 3. Mutual Funds – are investment pools run by professional managers who research investment opportunities and select the stocks, bonds, or other investments they think are best suited for the mutual fund. Before investing, visit the U.S. Securities and Exchange Commission’s website, www.sec.gov, to review quarterly and annual reports filed by public companies. I highly encourage you to consider investing a portion of your savings in order to become more financially independent.

Kurt Summers, City Treasurer of Chicago

Office of the City Treasurer of Chicago: An Intern’s Experience AMY JIN “HDYHPT?” is seen scribbled in the corners of whiteboards and neatly printed on colorful post-it notes around the office. This motto, an abbreviation for “How did you help people today?”, is representative of the culture manifested at the Office of the City Treasurer of Chicago (CTO). As one of a dozen interns here this summer, I worked on projects that directly aligned with this belief in serving our communities.

tial homeowners. This program aims to make homeownership more accessible for Chicago’s working families by providing grants up to 7% of the total loan to those eligible. After researching existing housing programs, I mapped out which wards and neighborhoods lacked relevant resources. Pinpointing these areas provides additional direction for furthering this program because it helps identify communities that could most benefit from this initiative.

When Kurt Summers came into office in 2014, he initiated a 90-Day Action Plan that allowed him to visit all 77 Chicago communities in 77 days. By personally reaching out to community members, he was able to set a precedent for future conversations towards the city’s progress. An ongoing initiative to further exemplify this consists of community think tanks who collaborate with Treasurer Summers in monthly conference calls and quarterly meetings.

Erik Martinez, Director of Outreach, describes the importance of HDYHPT and how it influences the work of the CTO, “HDYHPT speaks to our office’s focus on service and efficiency for Chicago’s taxpayers. The office’s 77Proud program brings together Thought Leaders from every neighborhood to shape the Treasurer’s policy agenda. For example, the Thought Leaders expressed a need for access to capital so the CTO is working to amend the investment guidelines to allow the city to invest in the neighborhoods.”

One of the projects I worked on pertained to the Home Buyer Assistance Program, designed to offer aid to poten3

ONE SUMMER CHICAGO: The Money Mentor Experience KEZIA BRANCH

ver the summer, I worked with a team of 17 One Summer Chicago Money Mentors. We spoke to youth around the city at their youth employment orientations informing them about financial literacy. Specifically, we spoke to the One Summer youth about the products that banks offer and how they could benefit from them. The One Summer employees were informed about checking, saving and direct deposit as well as avoiding overdraft and check cashing fees. As a team, we’ve helped over 8,000 youth throughout the entire City of Chicago. Being a money mentor, I learned that a lot of youth had the wrong idea about banking. Many of the youth that we spoke to did not want a bank account. They believed that having cash and using the currency exchanges which charge fees was the way to go. In fact, 72% of youth in Chicago applying for One Summer reported using check cashing. They were not aware of all of the positive benefits that banks offer. For example, banks allow youth 18 and older to open checking accounts and receive debit cards providing youth with every day access to their money. Some savings accounts are noncustodial or co-sign free, this means a youth does not need a parent or guardian to open their account. Savings accounts allow youth to have a smart option of saving money in a controlled manner with lim-

ited withdrawals only a few times a month. Direct deposit allows teens to avoid check cashing fees and keep them from wasting time going up to their work site to pick up a check. With direct deposit, the youth’s money is available in their accounts on their payday, and they are able to make purchases with their debit cards. Avoiding check cashing fees taught the youth to save money because it makes no sense to pay someone else to receive your money that you have earned. The Money Mentors also gave youth employees tips on managing their bank accounts. First, they encouraged opting out of overdraft protection because it can save the youth from going into the negative [ie. having a negative balance which means you have spent more money than you had]. If you overdraw your account, you will pay more money in fees for not having the money to use. Opting out of overdraft will ensure that if you only have $2 dollars in your bank account but you’re purchasing a $5 meal at McDonalds, your bank card will decline instead of the bank loaning you the extra $3 but charging a fee as well. (The fees could range anywhere between between $30 $50 dollars or more for going over your available balance.) Throughout the entire experience, the Money Mentor team promoted smart banking and advised youth that they chose a bank that is the most reliable and available to them. Learn more at Plan2Achieve.org!

On the Money Mentors at Republic Bank’s Madison Street Office

The Economic Awareness Council & One Summer Chicago would like to thank Republic Bank for hosting the 2016 One Summer Chicago Money Mentor internship program. Without the support of Republic Bank, this program would not have been possible.

How I Earned A Full Ride to College NIA HILL

lthough the college I’m attending did give me a full scholarship covering tuition and fees, what made college a full ride (meaning I don’t have to pay anything out of pocket) was how much scholarship money I won. Applying for scholarships has to be one of the most imperative thing to do during your senior year. According to America’s Debt Help Organization, about 60 percent of college students will graduate with student loan debt. Doesn’t sound scary? Let’s do a little activity. Close your eyes. Imagine yourself 5 years from now. You arrive at your job, and you begin to look through your mail. You find a letter from a student loan company. You read the letter, and one sentence in particular increases your heart rate: “[y]our monthly payments will be $250.00, beginning on 07/21/2021.” In other words, you have to start paying back your student loan debt! Applying for scholarships does not only benefit you now, but it will definitely make living in the future much easier. According to U.S. News & World Reports, there are three reasons why applying for scholarships is more important now than ever: 1. Many families cannot afford to contribute financially to college. 2. State support for students has decreased substantially. 3. College costs more than it used to.

Here are some tips to make the scholarship application process a little easier: • START EARLY! I cannot stress this enough. Do not wait like I did. Apply for scholarships as soon as you get back to school. • Find people who can write amazing letters of recommendations for you. Sometimes the letters of recommendation you submit can make it or break it for you. Find teachers or mentors to write letters of recommendation. • Notify them at least a month in advance to write a letter for you. Do not wait until the day before a scholarship is due to ask your teacher to write a letter of recommendation for you. You have to give them time if you want a really good letter of recommendation. • Don’t settle for less. You just won your first scholarship for $500. Congrats! But don’t stop there. Keep applying for scholarships! • Research! Do your research for scholarships. Some will be recommended to you, but most you will have to find on your own. Use scholarship engines such as Cappex, JLV College Counseling, College Greenlight, or, if you’re a CPS student, CPS Academic Works to help you find scholarships. • Reserve time to apply for scholarships. Balancing school and extracurricular activities is already challenging. Adding time for applying to scholarships won’t make it any easier. However, you have to set aside time to apply for scholarships if you want to be really effective. Applying for scholarships is not fun, but you will realize later on in life that the time and effort you invested was so worth it!

Thank you to Motorola & the Motorola Foundation for the inspiring visit to your offices in Chicago. This helped us to explore new and exciting career paths.

THE FRESHMAN FIFTEEN CLARK LEWIS

ollege is an exciting time for many students. Incoming freshman in a frenzy of excitement spend money unnecessarily on items they think they need. After completing my first year of college, here are 15 tips for being money savvy and career ready that I have learned. 1. Apps are great shopping tools to save money. RetailMeNot, Deals and Flipp provide coupons and price comparison for items at popular stores. 2. “Acorns” is an app that takes your spare change and invests it in penny stocks. This is a great way to learn about investing your money with minimal effort. 3. Department stores, such as Target, have programs for college students to send your purchases directly to your college eliminating shipping costs and transportation. 4. Amazon Student Prime is discounted for college students and is a good place to look for textbooks and other items. 5. CollegeBudgetBuilder.org is a good resource to plan a budget specific to your needs and to monitor your money. Assistant City Treasurer, Luis Frausto, notes that, “Ideally, a budget should not restrict your spending but make you a more ‘conscious’ spender.”

8. Be sure to use your bank’s free app to manage your money and savings. 9. Only 40% of students feel prepared for their careers after college (McGraw Hill, 2016). Colleges have Career Centers on campus in order to combat this. These are great places to go to work on your resume, professional career skills and to find internships or jobs but, in an interview with Geovany Martinez, he notes that “a lot of students don’t know all the resources their schools provide.” 10. Given that the average student can spend up to $11,000 per year on expenses (LoveToKnow.com), it can be beneficial to save money by utilizing student discounts. Here is a link to a list of 100 companies that provide student discounts: http://www.bestcollegesonline.com/ blog/100-stores-that-give-a-student-discount/ 11. Many colleges also have a recycling center where graduates dump their unwanted items. This is a great place to find dorm room decor and furniture for free or discounted prices. 12. “Do It Yourself ” projects are a great way to create personal room decorations more cheaply. 13. INROADS, MLT and SEO Careers are great internship programs that connect students with companies and internships and provide professional training.

6. Chegg, College Book Rental and knetbooks.com are good sites to visit to find discounted textbooks and book rentals.

14. Maintain a relationship with the financial aid office. This makes it easier to work with them and get help when needed.

7. Request money and gift cards as graduation gifts. This way you have more freedom with what you buy.

15. Update your resume every semester with new clubs and activities you join. This will help build your professional portfolio.

COLLEGE BUDGETING AND SAVING KAHLIAH LITTLE

udgeting your money is very important in order to be able to save and know how your money is being spent, but many people do not do it. According to a 2013 Gallup survey, only 32 percent of U.S. households prepare a monthly budget (creditdonkey.com). This is even more evident among college students. The percentage of students who said they planned to follow a budget to limit spending dropped more than 10 percentage points between 2012 and 2014 (U.S. News)! As more and more students go to college, it has become increasingly more important to learn how to manage money. In this article, you will learn quick and easy steps to successfully budget.

1. In order to create a budget you must assess your current spending.

Track your spending by keeping your receipts or reviewing your bank statement and then breaking down your expenses into categories, such as: • Food/ Incidentals • Eating Out/Entertainment • Auto • Cell/Telephone

3. Create a preliminary budget.

Address how much money you should spend in these categories according to your income.

4. Set goals!

Some short-term goals may be: • Saving $1,000 in an emergency savings fund • Putting 10% of each paycheck in a savings account • Paying off your credit card balances in 12 months

5. It is also important to create a “broke zone or red zone.”

This is the lowest amount that you feel comfortable having in your bank account at any given time. When you get close to that red zone number, it lets you know to put the brakes on your spending. Budgeting can help you be successful. Dr. Shenay Bridges, Assistant Dean of Community Resources at Depaul University has seen this first hand with her students. Dr. Bridges, believes budgeting is a crucial component in helping students become successful adults. Also, graduate student Jasmith Joseph, has seen a lot of success in her life because of her budgeting skills. Ms. Joseph believes, “As an adult budgeting helps prioritize spending.” Ms. Joseph doesn’t spend a penny on leisure until her needs have been met.

2. Differentiate your wants and needs.

A need is something that has to be bought to live, versus a want which is for your personal enjoyment.

On the Money would like to thank U.S. Bank for their sponsorship of this issue.

Create a college budget NOW at www.collegebudgetbuilder.org! 7

GRADUATE OR GO ON HILARY PHAM

epending on the career you intend to pursue, a graduate degree could be a worthwhile investment. On average, people with graduate degrees makes 16% more annually (US Census Bureau, 2014). Along with a higher salary, the employment rate for graduates from two-year MBA programs reached 95% with nine out of ten students employed by the following September (LinkedIn, 2013). There are plenty of benefits to continuing your education but there are competing costs that can cause prospective students to hesitate. The average cost of tuition at a business school is about $60,000 per year, a fee that has been rising quickly in the last few years (Bloomberg, 2014). In addition to a high tuition, the opportunity cost, the potential income unearned during the time spent in graduate school, has been calculated to be around $120,000 based off of the average ungraduate’s salary for two years (US Census Bureau, 2014). Despite the drawbacks, the “experience and knowledge” gained in graduate school has been “applied and used on a daily basis” throughout the career of Maura Murrihy, a CFA and financial professional with a MBA from the Kellogg

School of Business. For Kenneth Porter, a graduate from Illinois State University with a MS in Communication, the additional schooling will help him contend alongside the “equally qualified competition with advanced degrees.” Even though there are fewer options to finance graduate school, resources are available. When starting your career, many workplaces offer “cooperative education programs and employer paid tuition opportunities”, according to Danny Casarrubias, a member of the Illinois Student Assistance Commission Corps. Many graduate schools also have programs where students can assist a professor and have their tuition reduced or waived. There is a direct loan offered by the Department of Education for up to $20,500 per academic year (see more at https://studentaid.ed.gov/sa/types/ grants-scholarships). In addition, Casarrubias suggested students should “check with the department chairperson or dean” at their school or go to https://studentportal.isac.org/ web/guest/student/ to access a “large searchable database of scholarship opportunities.” If you’re considering a graduate degree, look to see if the extra schooling can help in your field. Not all career paths would benefit from a higher credential but many would as long as you also keep in mind the costs and benefits for the future.

The On the Money - Money Mentors provided financial education to over 8,000 youth at 116 events such as this employee orientation at Malcolm X College. Thank you to the City of Chicago, the Department of Family & Support Services, One Summer Chicago, the Citi Foundation and the Cities for Financial Empowerment Fund’s Summer Jobs Connect program for making this possible. 8

Congratulations to Our 2016 Plan2Achieve One Summer Chicago Scholarship Winners! Aylin Meraz,

One Summer Chicago, Heartland Human Care Internship My saving experience gave me so much more insight into the banking world. Previous to joining the One Summer Chicago program, I had created both a savings and checking account. The main reason for doing so was to keep my money safe and secure, but as time went by I realized how convenient it was because it helped tame my urge to spend. Aside from that, I realized that keeping my money locked away at home wouldn’t help me earn anymore money than what I already have. However, having a savings account meant I would be able to earn accumulated interest to my account, allowing me to earn more money. My bank account has allowed me to avoid check cashing fees, has provided me with easy access to my account information through mobile banking, and has given me the opportunity to receive my money faster thanks to direct deposit.

Hilary Pham,

One Summer Chicago, Elevarte - Economic Awareness Council - Money Mentor It wasn’t until after I completed the EAC’s five financial capability steps at LRNG.org/Chicago that I learned vital skills to save money. I chose to open a high school savings account [with] low minimums and almost nonexistent fees. I have also learned to set savings goals for myself. By placing Post Its listing the items I’m saving for on top of my debit card, it reminds me of my goal and makes me automatically reconsider swiping my card. While working this summer, I realized how convenient direct deposit is and signed up for the service on the first day of orientation. All of my experience saving and banking so far has opened my eyes to the importance of weighing my decisions first and shopping around for the best deal, whether on a [product you are buying] or a bank.

Due to all the positive benefits that a savings account and a checking account have brought to my life, I have really been able to take better care of my money and save more for college, which is my main priority. With my savings experience, I would like to encourage Chicagoans to try their best to save and the first step in doing so is by creating a bank account.

Thank you to the City Treasurer’s Chief Investment Officer Miriam Martinez & her team for speaking withour interns about investing.

Chicago City Treasurer, Kurt Summers, Jr. & EAC Money Mentors

Thank you to Alex Armour of the Office of the State Treasurer of Illinois for meeting with the Money Mentors.

INVEST IN YOURSELF, INVEST IN THE MARKET STEPHANIE DUNNING

job is not the only means of earning income. It’s important but so is what you do with the money you earn. How about investing? Anyone can own stocks and bonds and try to utilize the economic market for personal gain. Investing is not as hard as it may seem. People can invest in stocks, bonds, mutual funds, etc. According to Bankrate’s Money Pulse survey, “48% of Americans adults have money in stocks.” That means 48% of people are using their money to try to make more money (otherwise known as investing). Think you’re too young to invest? Starting early, as a young adult, actually allows you to have more time to invest in the market. David Borom from Loop Capital started investing when he was 13 (in a joint account with a family member). He recommends putting away about $400 to $500 to start. Once you are investing in companies, David said, “It is good to have a buy and hold mentality.” Don’t buy a stock only to sell the share the next week. There are fees each time you execute a

trade that will eat into your profits. He continued with, “Understand the company’s vision.” Don’t be discouraged if you aren’t good at finding trends or understanding everything about the market. There are companies you can go to for help, mutual funds and index funds that select stocks Designed by Creativeart - Freepik.com for you, and sites where people can invest in the market on their own. Even if you don’t have enough money to buy stocks now, start learning more about investing by checking out companies that you know on stock tracking sites like Yahoo or Google Finance. Also, explore mutual funds and index funds as well as general investing principles. Visit www.econcouncil.org (Get Real: Financial Decisions in the Real World-Investing) to learn more. Do not be like the 21% of people who do not know about stocks (Bankrate’s Money Pulse survey). The stock market is accessible to everyone with some research, savings and help from trusted sources.

On the Money would like to thank the CFA Society of Chicago & David Borom of Loop Capital for speaking with our interns about investing.

CREDIT MATTERS! HECTOR LOPEZ

ave you ever thought about buying a house or car when you’re older? It sounds great but in reality, borrowing money may be more expensive than you think; it is much harder with bad credit!

What is credit? Credit refers to money that you borrow so you can make purchases, buy a car, a home, pay for college, etc. When you borrow money or use credit, you generally must pay off the money that you borrowed plus interest. Interest is money that is charged to the borrower for the privilege of using the lender’s money.

Every time they ran his credit, he never qualified. To buy our house was hard because the bank did not want to give us a loan,” Sol said. “At times, we had to ask his parents to cosign for us.” Visit econcouncil.org (Programs/Get Real/Credit) or consumer.ftc.gov (Credit and Loans) to learn more about credit . In the long-run bad credit can make car insurance, mortgage loans, credit cards, car loans, etc. expensive or unattainable. Be responsible for yourself and your money!

The time to learn about credit is NOW! According to Consolidated Credit, 78% of college students have at least one credit card. Nearly 40% of freshman in college sign-up for credit cards and almost 20% of students get them in high school. (Young adults under 21 without sufficient income must have a cosigner to get a credit card). Credit is not that scary, IF you start out focused only on building credit, NOT spending more money than you have! Credit scores range from 300-850. Scores of over 749 are generally considered the “best”. Paying ALL of your bills on time, keeping the amount of credit you use low and not applying for too many credit cards at once are a few things you can do to build your credit. Be sure to check your credit report for any fraud or errors, even if you haven’t used credit yet. Check your credit at www.annualcreditreport.com. Many of students may ask, “Well, what if I have bad credit? How does that affect me?” Here is story of an old coworker of mine, Sol Ortiz. Sol’s husband had extremely bad credit. The thing with bad credit is it didn’t affect just Sol’s husband, it affected Sol as well. “We couldn’t purchase anything.

On the Money Mentors help over 9,000 youth in Chicago bank and use direct deposit. 11

SAVE FOR THE FUTURE SANA MOORE

ollege is near, and it’s time to start saving for the future. Saving in college can be difficult since expenses include books, school supplies, and basic living expenses too. However, there is a solution to being able to have money saved in college and after college as well. Having both a checking and savings account is beneficial for the long term in life. However, according to the Federal Reserve Bank of Boston, 10 to 25 percent of families do not bank! With a savings account, you can earn more interest just keeping your money saved in the bank, but you have limits on withdrawals. On the other hand, a checking account stores your money in the bank, but it doesn’t gain as much interest in general and may not gain interest at all. According to Alison Lewitas a representative at Republic Bank, “Using a checking account, a college student can pay their bills and track their spending to remain within their set budgets. A savings account allows those students a separate area to deposit funds in to achieve a financial goal or have funds for an emergency.” She also suggests that when looking for a savings or checking account to make

sure they are free and have a low minimum as well as branches near you. Having a bank that is close to where you reside is important because you are able to avoid unnecessary check cashing and ATM fees. Kamal Bilal, an undergrad at the University of Redlands in Southern California, has both a savings and checking account. Kamal explains that having both a savings and checking account is beneficial because it makes him feel more secure financially for the unexpected hurdles that come along. For example, during Kamal’s sophomore year in college, in the middle of the semester, he had to purchase a $275 book for his ecological economics course. Kamal states, “If I didn’t have both the checking and savings account to play for the book, I definitely would have found it harder to manage my budget for the rest of the semester.” All in all, having both a savings and checking account is beneficial in more ways than one. It is important that incoming college students have both a checking and savings account to protect themselves from any surprise costs that may arise in college.

The EAC would like to thank the following bank partners that were part of the One Summer Chicago Banking Initiative in 2016:

BANK OF AMERICA FIFTH THIRD BANK FIRST MERIT BANK FIRST MIDWEST BANK GUARANTY BANK MARQUETTE BANK

MB FINANCIAL NORTHSIDE COMMUNITY FCU PNC BANK REPUBLIC BANK TCF BANK

Thank to you to Summer Jobs Connect, the CFE Fund, and Citi Foundation for their support of financial capability for summer youth employees

Money Smart Meal Planning TRENATI BAKER

ummer is an exciting time for and a carb (see the image below). Chicago youth, especially those Kim says that this method is a simwho are employed through the plified guide to formulating healthy One Summer Initiative or other job and filling meals—meals that don’t programming. For some Chicago have to be expensive. Simple stayouth, this summer may mark their ples like chicken, rice, green beans, first time receiving a paycheck, and and apples are examples of food for others this may be one of the that can be purchased inexpenmany checks they’ve earned; howsively, cooked easily, and eaten to ever, what ties everyone together is help youth get healthier and avoid the struggle to budget and, specifspending copious amounts of their ically, how the temptations to eat paychecks during their lunch hours. Designed by Jcomp- Freepik.com out complicate money management. Fear not, effective meal planning is an essential One Summer Chicago Money Mentor and teen practice that allows one to save money and can help financial ambassador, Kaliah Little, explained her individuals lose weight. experiences with meal planning as “life changing.” She explains, “at first, I would go out for lunch—Potbelly one day, Meal planning, similar to what its name implies, is Chipotle another—but it just got really expensive, especially planning and preparing your meals in advance at downtown... meal planning helped me save money, avoid stress home. On average, if a person were to go out from waiting in restaurant lines during rush hours, and eat for burgers and fries every day for a year, they’d healthier... I’m not going to lie, meal planning takes discipline, spend a whopping $1600 (Get Real 39). This stabut once you begin and start to get the hang of it, meal plantistic speaks to the importance of meal planning as ning gets easier and you can really put the extra money you save a money management tool. By purchasing groceries, to good use. I’m buying some of my college textbooks with the home cooking them, and bringing balanced meals money I saved!” to work for lunch breaks, youth could save lots of money which could be put into a savings account or invested. This is why it is imperative for everyone to begin to meal plan. Chicago Nutritionist, Karen Kim, advocates for basic meal plans that are in line with those advocated by the United States Department of Agriculture. These plans include a serving of fruits, vegetables, a protein,

The USDA recommends approximately 30 percent grains, 40 percent vegetables, 10 percent fruits, and 20 percent protein, as shown by this pie chart.

BEAUTY ON A BUDGET CYAN BAKER

ver sit at home trying to think of ways to lessen the cost of maintaining your hair? Try doing your hair yourself! Here are 6 tips to help you stay beautiful on a budget.

have been wasted on buying products that don’t work well with your hair texture.

1. Determine your curl pattern.

3. Consult a beautician.

Determining this is a major key in figuring out what hair products to use. Different curl patterns include: wavy-curly, curly-spirally, curly-kinky, and kinky-coily.

2. Determine which hair products work well with your hair texture. This will save you a lot of money and time that may

As beautician Kiana Savage stated, “consulting a stylist will not only help you understand your hair texture better, but it will also give you a better understanding of the products available to you and will lessen your search for products good for your hair.” Your stylist knows best.

4. Figure out what style you want to achieve.

YouTube and Google are your best friends when looking for a multitude of styles. YouTubers from Taren916 to Andria Childress to Purely Kaice--they can all help you achieve that ideal style whether it’s a massive jumbo bun or boxer braids or a simple wash ‘n go.

5. Consider protective styles.

Whether you want box braids, micros, crochet, or faux locs, try out different protective styles that will last you for months. Think about it, if you spend $120 on faux locs (including the hair), and your hair lasts 2 months, you spent an average of $15 per week for your hair. That’s not bad compared to spending $45 at the salon every two weeks.

6. RESEARCH!

Research before you do anything. It’s the most important thing above everything else stated above because without research it’s all for nothing.

3 Easy Steps for Balancing Work and School SAMANTHA MALLET

ach year a new wave of students make the transition from high school to college. One common problem with college has been the cost of attendance which averages $40,614 for private institutions and $15,640 for public institutions (Digest of Education Statistics)––causing most students to search for a job. According to researchers at Georgetown University, “Over the past 25 years, more than 70 percent of college students have worked while attending school. And the number has grown as college enrollment and tuition have increased” (Learning While Earning: The New Normal).

However, there is no need to fret. Follow these tips from Sana Moore of University of Missouri (majoring in Journalism) and Hector Lopez of Illinois Institute of Technology (majoring in Applied Mathematics) on how to successfully manage your schedule like a pro.

1. Don’t Overwork Yourself.

Only work a maximum of 20 hours a week. Moore recommends only working 10 hours a week because she still had time for studying and extracurriculars. If you work full time while being a full time student, it may become overwhelming for you to manage.

2. Budget Your Money Wisely.

With the endless opportunities of college life, sometimes it can be tempting to spend your money quickly. Try to use your money for books, cleaning items, school supplies, etc. before using your money for leisure. Lopez advises spending your leftover money for leisure (after paying for your needs).

3. Don’t Procrastinate.

In class, syllabi are generally given with the dates of important exams and assignments. Do not wait until the day before to complete your assignments. If needed, ask for time off (with at least a 2 week notice) so you can prepare for tough course times like finals. Overall, make sure you prioritize your activities. Working can be very beneficial, but do not forget about your classes either. 15

Entrepreneurs Funding the Eye Love You Summer Camp KAMAL BILAL

e as youth, have a huge social responsibility to use our creativity and access to resources to our full advantage. With the ability to connect with people across the world with a swipe of a finger, we have no excuse but to positively influence our society with our brilliant ideas. However, money to support these ideas can be harder to come by, but it might not be as hard as it may seem. Last summer, a group of 20 teens and I raised over $6,000 in 2 months to fund a free, one week summer camp that reached 40 children in the south side of Chicago. Hopefully, what we did can give you some ideas on how to fiscally support your dreams and aspirations. The first thing we did was create a Gofundme page. By creating a promo video, and using social media, we were able to raise a little over $5,000. Gofundme is a great way to not only get the word out about your cause, but also to accumulate funds. Overtime, if we received a donation, we made sure to recognize the person on social media, which turned out to be a great marketing technique. While the Gofundme was up, we also planned an event with performances by local artists. We charged $5 a ticket and sold

Eye Love You merchandise, and we were able to make $600 in profit. We also got in contact with various companies to ask for donations. BIC was our biggest sponsor and donated “back to school” supplies for our campers. Even if companies don’t give you money or donations, often they have gift cards which you can use to supply your small business. Finally, we threw a gala after the camp in order to raise money for the counselors. At the gala, we invited parents, family and friends and showcased our recap video. We made $800 and were able to pay all of counselors a small stipend. All in all, when you are thinking about raising funds to support your entrepreneurial ideas, create an online portfolio in order to raise awareness and receive donations from a wider audience. Talk to corporations and local businesses to receive donations and sponsorships. Lastly, be creative! Host events, sell t-shirts, brand your idea! Once people know how important your project is to the community, it will be a lot easier to raise money.

The Economic Awareness Council & the On the Money - Money Mentors were pleased to participate in the Chicago Park District’s 2016 TIP Fest.

Nancy Vegara was recognized by the Chicago City Treasurer, Kurt Summers, Jr. as the 2016 winner of the Young Illinois Saves Get Your Money Right Essay Contest.

Four entrepreneur groups listed below won the 2016 Teens in the Park Entrepreneurship Challenge and were selected to sell their product at the festival after entrepreneurship training with the Economic Awareness Council. LaQueens, Leah Stevenson Born Made, Cameron Green Straight from the Go, Raven Smith Columbus Park Teen Entrepreneurship Group

EAC On the Money Mentors assisted entrepreneurs at the event and helped share information about banking and saving.

ARTISTS AS ENTREPRENEURS JENNIFER BAEZA

n July 9th, 2016 the event Teens in the Park fest, was hosted by the Chicago Park District. Young entrepreneurs across Chicago had an opportunity to compete to sell their products at TIP Fest 2016. Four winning youth entrepreneurs were selected. One of these entrepreneurs was Leah Stevenson who started her own business, Leah La Queens, by selling her paintings. According to a Global Entrepreneurship Monitor (GEM), “twenty-seven million working-age Americans—nearly fourteen percent—are starting or running new businesses”. Among the 14% is Leah Stevenson, an artist and entrepreneur. Many of Leah’s art pieces are centered around the theme of women becoming independent. During the TIP fest, Leah and other entrepreneurs featured their products including beautiful mural paintings of how they interpret the world. Many people came up to buy paintings or give the entrepreneurs a hug because they recognized their artwork.

Leah Stevenson of “Leah La Queens” with her artwork at TIP Fest.

According to Ben Davis, only 32% of women artists promote their own art pieces. Leah and other highly motivated young artists can start their own business by doing what they love, which is art. They’re a representation of women who follow their dreams to become what they always wanted to be.

Thank you Dwan Johnson-Bell, State Farm Insurance Companies Agent, for sharing your story of networking and entrepreneurship with our interns.

POWER OF THE BLACK DOLLAR: Empowering Black Owned Small Business Through Consumer Activism SERENA TAYLOR

hile others engage in protest for social reform, many African American consumers are seeking to engage in the Black Lives Matter movement through their support of black-owned businesses. While the nation has endured tragedies, this also is a time period where there is opportunity for significant growth in a segment of the consumer market that in history has been ignored. As detailed in a study by the University of Georgia’s Selig Center for Economic Growth in the journal UGA Today, the black consumer market now exceeds one trillion dollars and is predicted to reach 1.4 trillion dollars by 2020. Black consumers can provide spending power to impact black business owners. Using consumerism as activism is nothing new to social reform, as seen with bus boycotts during the Civil Rights Movement. With websites like officialblackwallstreet.com and theblackmall.com, black consumers have resources to find black-owned businesses locally. The Black Ensemble Theatre is one of the black-owned businesses in Chicago. Interview excerpts from Lyle Miller, The Black Ensemble:“The Black Ensemble Theater was founded in 1976 by Jackie Taylor and was a theater company with the mission eradicate racism through theater. I work with outreach

programs as well as being involved in marketing, social media, IT, video editing, and acting.” The mission of the Black Ensemble Theater is “to eradicate racism and its damaging effects upon our society through the utilization of theater arts. BE is the only theater in the nation whose mission is to eradicate racism.” With the success with the musical Hamilton, conversation about diversity has become more relevant in the theater. Also, the Tony Awards made history this year. All four musical acting awards have gone to people of color, all of whom were black. Do you believe the theater realm is making grounds to shift their focus on highlighting disenfranchised communities on stage? “I think it’s a combination of opportunities and good shows. I do not think one quality is more significant. [In] our shows we have expanded similarities and have differences left in the shadow.” What advice do you have to youth that want to be involved in the performing arts and possibly want to open their own organization like Jackie Taylor? “As someone who worked with Jackie Taylor, my advice is to never stop trying. Never give up.”

Thank you to Micae Brown of the WVON Urban Business Roundtable for interviewing our interns, Cyan Baker, Matthew Harvey & Sana Moore. 18

The Disparities Faced by LGBT Americans in Our Economy MATTHEW HARVEY

ewsflash: There are low-income LGBT eople.The statement may not come as a surprise, but—in large part due to the portrayal of LGBT couples/individuals in popular media— many people are confused as to just how many LGBT people struggle financially. Teaching financial literacy to low income and minority communities has garnered much attention. There has, however, continued to be a lack of programs specifically reaching out to LGBT youth who tend to face a plethora of systemic issues that intersect gender, race, sexuality, and socioeconomic status. Organizations like the Financial Literacy for Youth (FLY) project out of Massachusetts— in partnership with UMass Amherst— and The Center on Halsted in Chicago actively promote the importance of financial education in LGBT youth who face obstacles as a result of their identity. LGBT Americans of color have an average unemployment rate of approximately thirteen-percent, that’s nearly 3 times more than the average American unemployment rate at 4.9%. The facts become even more staggering when the microscope is focused on trans people of color in extreme poverty, a figure that hovers around an astonishing 26%.

One major driver in change on this issue may be the existence of LGBT-owned businesses. LGBT-owned businesses have become more prevalent over the years as acceptance has become more mainstream in our society. Chicago-native Krystle Harvey, along with her longtime girlfriend Jessica Riesen, joined the LGBT business community with the launch of their active wear clothing line: BE Fitness Apparel. “We faced the usual struggles that come with opening a [startup company]”, Krystle said when asked to address the difficulties with starting a business as a LGBT couple. “But I know there have been times in my life where my [sexual orientation] has been an unfair obstacle for my career.” These quotes, while simple, truly capture the picture well: LGBT business owners face those same financial, emotional, and mental struggles that come with being an entrepreneur; but are also faced with an extra set of obstacles based solely on their sexuality. The issue now becomes how to truly combat discrimination. Krystle went on to give this advice later in the interview: “Just keep on fighting, it’s going to be hard and you’ll get the urge to quit, but you gotta power through”, words that truly encapsulate the persevering spirit that has been so characteristic of the LGBT community.

Think you might want to join our amazing group of Chicago young adult interns? Learn more about On the Money magazine events and opportunities. Visit www.OntheMoneyMagazine.org or www.OntheMoneySTL.org (for St. Louis). Follow us on Facebook at OntheMoneyChi & on Twitter at @OntheMoney13. 19

TRY IT OUT!

Apply what you learned in On the Money!

1) On page 5, Nia Hill discusses scholarship strategies. Did you know the FAFSA opened on October 1st (2016)? Learn more about applying for scholarships and financial aid by visiting these websites: fafsa.ed.gov; isac.org; collegegreenlight.com. List 3 strategies you found or 3 scholarships you will be applying for here: I) __________________

II) ___________________

Want to In te On the Mo rn with ney? Send us

an OTM@Eco email at nCo to learn h uncil.org ow to app ly!

III) _____________________

2) Kaliah Little explained the need for budgeting on page 7. Have you ever created a budget for your college expenses? Try it out! Visit collegebudgetbuilder.org! Record your results here: Income ______________ Expenses _____________ = Surplus/Deficit ____________ (If you have a deficit, go back and reduce expenses or increase your income.) 3) What did you learn about investing from Stephanie Dunningâ&#x20AC;&#x2122;s page 10 article? Match the term to the correct definition. When my car was broken into, I made my repairs using my emergency savings. I am going to invest my money so it will grow in the future. When I purchase stock, I become a part owner in a company. When you invest in a stock there is always the risk that you could lose money. Mutual funds allow investors to own a group of stocks vs. the risk in ownership of just one stock. Mutual funds allow an individual to diversify so that they own a mix of investments.

EMERGENCY SAVINGS INVEST STOCK RISK MUTUAL FUND DIVERSIFY

Visit OTMSURVEY.COM to take our Money Smart Survey and be entered to win

$20

The chance that your investment may make less money than you expect or you could even lose money . A group or collection of stocks or bonds. To use the money you have now to try to make more money. To obtain a mix of investments to reduce risk Represents an ownership (called equity) in a company. Funds set aside specifically for urgent, critical needs.