On the Money Winter 2011

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IMPROVE YOUR RESUME

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COUCH POTATOREVOLUTION!

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CITY YEAR

THE BIGPAYBACK

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RECKLESSRECORDS

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1 ON THE MONEY FALL/WINTER 20102 ON THE MONEY WINTER 2011

CONTENTS

LETTER FROM THE EDITORFellow readers,

As we’ve come to this school year’s second publication, the contributors of On The Money are excited to have arrived at the issue, “Money Mad-ness.”

While sports enthusiasts commonly associate the month of March with the NCAA’s tournaments, everyone at On the Money would love to expand on that custom of watching basketball. Although shooting hoops is another conventional March

pastime, why not explore possibilities beyond sports and start a new tradition pertaining to your economic goals?

Applying for a job? Check out our tips on writing a resume on page 9. Interested in internet movies? Find out what you might be missing on page 8. Not sure what is going on with the election? Get the scoop on all the candidates on page 14.

We hope that you take notice of some of our own suggestions in this issue!

Happy reading,

Klaudia Bednarczyk

InternsKlaudia Bednarczyk, Senior, Francis W. Parker School, EditorKiara Hardin, Senior, Marist High School, Art/Web Editor Maribel Arellano, Freshman, University of Illinois at Chicago (Gage Park High School Graduate)Jackson Beard, Sophomore, Walter Payton College Prep Justin Banda, Senior, HomeschooledKamal Bilal, Freshman, Whitney YoungKellin Dixon, Senior, Hales Franciscan Janet Garcia, Junior, Walter Payton College PrepBrianna Garrett, 8th Grade, South Loop Elementary Jasmine Gilliam, Senior, Walter Payton College PrepStephanie Greene, Sophomore, Walter Payton College PrepCedric Hakeem, Senior, Urban PrepK’lex Hilton, Senior, King College PrepJordyn Holman, Junior, Walter Payton College Prep Andrea Johnson, Sophomore, Walter Payton College Prep Jada Jones, Sophomore, Walter Payton College PrepSkyler Lemons, Freshman, Kenwood AcademyBria Pollard, Sophomore, King College PrepSophia Vela, Senior, Chicago High School for Agricultural SciencesMariah Wachtman, Senior, Lakeview Academy

On The Money Volunteer Writing Coaches Elizabeth Thompson (Coordinator) Danny ByrneRyan DolanBrian Frizzell Curtis KrumreichTeresa LwinSarah McGinnisRobby SchoderJack Tench

Layout & Design Jason LipsLizzie Callen

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

About the Economic Awareness CouncilThe Economic Awareness Council is a financial education non-profit organization that services over 9,000 individuals each year with programming for students and families. On The Money Magazine would like to thank HSBC North America and the Charter One Foundation for their sponsorship of this issue.

Unknown Careers: A Look at Economists

The Big Payback: City Year

College Choice

No Resume Necessary: Alternative Teen Jobs

Wanna Be a Billionaire?

UndocumentedBut Undaunted

Our Mayoral Election: Who Do You Support?

Americans with Disabilities Act

Take the Young Illinois Saves Challenge

In the Know

Letter from the City Treasurer of Chicago

Money Smart Week Events

Meet the City Treasurer of Chicago

One Woman’s Journey to the Top

A Little Low on Cash? Budgeting Basics

Economic Basics

Budget, Save, Donate

Couch Potato Revolution: Online Movies & TV

Reckless Records: A Break from Music Downloads

Spruce Up Your Resume

Work Your Network

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LETTER FROM STEPHANIE D. NEELY, TREASURERThe last week in February is America Saves Week. This is a perfect time for young people to start thinking seriously about how they relate to money. Do you earn some extra cash from baby-sitting or yard work? Do you spend it all at once? Or do you set aside a little bit each time and watch your savings grow? Turning a little money into a lot of money is one of the most satisfying and empowering things that a young person can do. Please take some time to set a personal savings goal for yourself, and take the Young Illinois Saves Challenge. It is a lesson that will shape your life, and the seed that can make your dreams grow. Learn more at Savespendgrow.org, YoungIllinoisSaves.org and AmericaSavesWeek.org. Remember, it’s your money, your choice.

Stephanie NeelyChicago City Treasurer

Check out these Money Smart Week programs for middle school, high school and college students!

Go Green: Making Money Grow with Green Solutions! Museum of Science & Industry, 57th & Lakeshore Dr., Chicago4/2 – 4/9 10am to 1pm (M – Sa); 11am – 2pm Sun

Want to save money & help the earth? Learn about the economics of going green in this activity booth. Try green technologies & learn what you’d save. Standard museum admission rates apply. Offering is free with museum ad-mission.

Harris Bank, Museum of Science & Industry, Economic Awareness Council, Office of the City Treasurer of Chi-cago, Peggy Notebaert Nature Museum

College Smart Fair Wednesday 4/6 9am - 4pm James R. Thompson Center 100 W. Randolph Street, Chicago

Learn about managing your money in college and obtain-ing financial aid for college from student financial aid and student account representatives from Illinois colleges, uni-versities and community colleges as well as from college student ambassadors.

Illinois Student Assistance Commission (Young Illinois Saves/On the Money Magazine will have panel & booth)

Careers in Business Panel with On the Money MagazineTuesday 4/5 5:30pm – 7pm Harold Washington Library Center Lower Level400 S. State St., Chicago

Interested in a career in business? Interns lead a panel of business professionals as they discuss careers in account-ing, consulting & banking.

HSBC North America, Chicago Public Library, On the Money Magazine, Illinois CPA Society, Financial Planning Association of Illinois, Economic Awareness Council, Office of the City Treasurer of Chicago, True Star Magazine

In support of Money Smart Week 2011, HSBC, together with the YWCA of Metro Chicago will offer financial literacy workshops and/or panel discussions at three of the YWCA’s Chicagoland locations – Laura Parks and Mildred Francis Center, Patterson McDaniel Family Center and the West Side Center.

Food and give a ways will be provided at each of these events free of charge as well as a chance to win great raffle prizes, i.e. I-Pads, I-Pods, Laptops

Saturday, April 2 Financial Survival: Small-Scale Investment and HomeownershipLaura Parks and Mildred Francis Center9:30 a.m. – 12:00 p.m.

Tuesday, April 5 Financial Survival Lunch and Learn: Identity Theft and Credit BasicsLaura Parks and Mildred Francis Center12:00 p.m. – 1:30 p.m.

Wednesday, April 6 Financial Survival Lunch and Learn: Identity Theft and Credit BasicsPatterson and McDaniel Family Center12:00 p.m. – 1:30 p.m.

Thursday, April 7 Financial Survival: Understanding Your Financial Foundation and Borrowing Basics (Bilingual)West Side Center12:00 p.m. – 1:30 p.m.

Financial Survival: Planning for Death, Divorce or Financial Devastation (Bilingual)Patterson and McDaniel Family Center5:30 – 7:00 p.m.

Saturday, April 9 Financial Survival Lunch and Learn: Identity Theft and Credit Basics (Bilingual)West Side Center

MONEY SMART WEEK EVENTS

4 ON THE MONEY WINTER 2011

One Woman’s Journey To The Topby JORDYN HOLMAN, Junior, Walter Payton College Prep

Stephanie Neely’s journey to becoming City Treasurer is very inspirational to all teenagers aspiring to work in corporate America. From an early age, Treasurer Neely’s father taught her to be financially savvy by telling her “not to spend more than you have.” Throughout her life, she lived by this principle. As a teenager she grew up on the southside of Chicago while attending the University of Chicago Lab School. Upon graduating from high school, she attended the prestigious Smith College in Massachusetts where she majored in pre-med. After tak-ing a summer economics course, however, she decided to alter her coursework to focus on fi-nance. She earned an MBA in Economics with a concentra-t ion in Finance from University of Chicago. Shortly after, she interned at Smith Barney, and later became a Vice President at Northern Trust.

In 2006, she became the City Treasurer of Chicago under Mayor Daley and has used the platform to pass on her father’s advice about being money smart to the rest of the city. Neely warns teenagers about be-ing careless with credit cards and recommends that high school students participate in internships. She has experienced success throughout her career by remaining diligent and focused on her goals. Her path to becoming one of the highest elected officials in Chicago is evidence to every teenager that it is never too late to change one’s path and still accomplish many life goals as long as one is dedicated to taking advantage of the opportunities that come their way.

Meet the City Treasurer of ChicagoBy MARIAH WACHTMAN, Senior, Lakeview Academy

My eyes wandered around the office when suddenly they focused in on a framed magazine cover. On the front was a stunning photo of Stephanie Neely rocking a pink trench coat and an exuberant smile. At the top of the cover it was labeled TCW, unfamiliar with the acronym but captivated by the cover, I asked Steph-anie, “Were you a model?” She modestly laughed and said that it is an issue of Today’s Chicago Woman, a magazine that showcases high-achieving female professionals. Other than being featured in one of Chi-

cago’s top maga-zines, her role mod-el qualities are best illustrated through her work, inspiring and engaging Chi-cago financially as the City Treasurer.

As City Treasurer, Neely’s job is to protect and manage the city’s money and investments. She also manages the city’s liquidity, otherwise known as the degree to which an asset or security can be bought or sold in the market without af-fecting the asset’s price. Overall, she invests $7 billion in assets and, while in office, she has earned about $500 million dollars for the city. Ultimately, the City Treasurer’s office’s main objectives for the city’s mon-ey are safety, protecting principal, liquidity, and making sure Chicagoans get the best return for their money.

Stephanie Neely has a warm heart for helping the city, and she hosts events for all ages to learn about sav-ing, spending, and investing. She maintains programs within the city that promote financial literacy to Chi-cagoans and continues to support small businesses through events, such as the annual Small Business Expo. Her newest project “Save it, Spend it, and Grow it” is designed to give people the tools to make smart financial choices and prevent over-spending.

This resource can be found on her website www.savespendgrow.org.

I never realized how many different things the City Treasurer was involved with!

http://www.savespendgrow.org/

On the Money Interns Meet the Chicago City Treasurer

5

A BUDGET!! One of the most important things you’ll ever come across in life. Without a stable budget you are doomed for pockets with no money, bank accounts with nothing to withdraw and credit cards with unimag-inable debt. To avoid this when money is tight, your budget must be impeccable. You must know where every penny is going when it leaves your pockets. Budgeting is very simple, but not often used. As a re-sult, about 56% of Americans are in some type of debt. It is very scary to know that in our enormous country over half of the peo-ple are in debt. Do not let the number scare you though. We are the new generation. We can take budgeting and perfect it. By the time we are adults, we will have enough money to reach our money goals.

Here’s the big question: How do you make a budget? I interviewed numerous adults asking them this very question, and I received different answers from each. However, what I pulled out from all the adults was a simple sentence, “Keep some, spend some, save some.” This means whenever you receive money from anywhere you immediately save some of it (at least 10%) so that you never go broke; then keep

some in your pockets so you have money to spend later; and of course you can spend some. This cycle makes man-aging money so much easier, because it ensures that you

always have money. If this doesn’t work, there are numerous alternatives. For example, you can down-

load charts and graphs from the internet to keep up with your money. Or, there’s

the old fashioned way; getting a pencil, notebook, calculator, and keeping track of your expenses manually. It will benefit you to budget your money. You’ll be surprised at the results.

Try it yourself! Check out the Budget Builder at

www.YoungIllinoisSaves.org.

56% of Americans are in debt

Keep some, spend some, save some.

A Little Low On Cash?by CEDRIC HAKEEM, Senior, Urban Prep

Your Voice On SavingsHow many teens save money? How much do they save? These questions and more were answered by you, our teen readers, by responding to our latest survey. Also, congratulations to Bria, the winner of our $20 random drawing for responding to the survey.

Be sure to take this issue’s survey at http://www.otmsurvey.com for another chance

to win $20.Have you ever set a savings goal?

Do you have a checking account?

YES 83%

NO17%

YES 37%

NO63%

AVERAGEAMOUNTSAVED

$721(70%)

AVERAGESAVING GOAL$1,040

Teens said they were saving for many different things, but common goals were to save for iPods, cell phones, college, and travel.


If you save just $7 per day until you retire, you will bea millionaire! (Assumes an 8% APR from age 16 to 65.)

Start small. Think Big.Join the Young Illinois Saves movement today!

saving information, prize drawings and savings accounts with no fees.

Made possible through the generous support of the

Bank of America Foundation

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

Made possible through the generous support of the

State Farm Insurance Companies

We hear the term economics on a daily basis while conversing with friends and family. Oddly enough, we turn on the TV and once again hear the word being tossed around by the media. Dubbed a dismal science and often thought of as boring, economics is defined by pro-duction, consumption, and movement of wealth. While we are exposed to it in countless ways, the subject is fre-quently mentioned and further compli-cated by other seemingly foreign eco-nomic terms. It obviously seems to be significant, but what does it have to do with us?

One of the most basic economic terms that is frequently used is opportunity cost. It can be described as the di-lemma that one faces whenever given different alternatives that imply poten-tial gains or losses. This simply means you have a choice and choice has both positive and negative aspects and con-sequences. Its meaning is rather simple and there-fore can be applied to any situation. For example, in the case of whether to work or go to college, would it be bet-

ter to take on a job, but sacrifice free time? What are some ways you could have taken advantage of the time while you’re at work so that your earnings are bigger? A college education at a private school can range from $40,000- over $50,000, while a community college a mere fraction of the cost. Is the differ-ence in the education and resources enough for you to make the financial sacrifices? In each of these choices (to go to college or to work – to go to a private college or to save money) you are taking one option and giving up a second choice. This choice you have given up is your opportunity cost.

While we’re exposed to various termi-nologies (like opportunity cost), we of-ten don’t understand the root definition. The wording throws us off and seems to take on a foreign connotation. Once we, however, fully grasp the definition we’re able to apply it to our own daily situations. Ultimately, this can help us to make better choices.

While perusing the in-ternet one day, I came across Carlo Garcias’ blog (livingphilanthropic.tumblr.com) and was

inspired by his dedication to giving back. On April 22nd, 2010 Carlo began his “365 Charities in 365 Days” project, in which he planned to give money to a different charity every day until April 22nd, 2011. So far, he has given over $3,000 to various charities. Other people have taken up his cause, as well, and have donated over $7,000 altogether.

Carlo is from the South Side of Chicago and admits that he doesn’t come from money. He is an employee of Ticketweb, and donates $5-$30 a day to a charity of his choice. In or-

der to afford this, Carlo gave up buying new clothes and his daily Starbucks habit, according to Timeout Chicago. When asked about the source of his donations, he answered “I’ve actually had to take a look at my spending to find a way to move funds away from unnecessary expenses and gave that budgeted money to charity.”

Depending on how much time (or money) you may have, if you save 50 cents a day for an entire year, you could donate over $180.00 to charity by the end of the year. If you would like to donate to a charity, set a specific goal and save mon-ey everyday or every week. Cut back on the purchases you want but may not necessarily need. You will meet your goal in no time. You would be surprised you at how much money you can use to affect someone’s life in a positive way.

22FEB Budget, Save, Donate by ANDREA JOHNSON, Sophomore, Walter Payton College Prep

by KLAUDIA BEDNARCZYK, Senior, Francis W. Parker School, EditorEconomic Basics: What is Opportunity Cost? Learn more about economics on

these sites & check out the article on the career of being an Economist on page 10!

http://www.econcouncil.org/kids.html

http://www.socialstudiesforkids.com/sub-jects/economicsbasic.htm

http://www2.scholastic.com/browse/col-lection.jsp?id=455

http://www.pppst.com/economics.html

http://www.genirevolution.org/

http://www.practicalmoneyskills.com/games/trainingcamp/

http://studentcenter.ja.org/Pages/default.aspx

http://www.fdic.gov/about/learn/learning/index.html

http://www.federalreserve.gov/kids/de-fault.htm

http://www.ssa.gov/kids/kids.htm

http://www.bls.gov/k12/social01.htm

®

RECK

LESS RECORDS

ABRE

AKFROM MUSIC DOWNLOADS

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COUCH POTATO

REVOLUTION

Movies and TV shows have evolved to the point where one can access them anywhere, anytime. Variety is the zeitgeist, and the days of $5 rentals at Blockbuster are over.

Missed an episode of “Glee” or “House”? Go to Hulu. “In Mandarin, Hulu has [an] interesting meaning,” explains Hulu’s blog. “In ancient times, the Hulu was hollowed out and used to hold precious things.” Hulu allows anyone to watch the latest episodes of their favorite shows. Both free and $10-a-month subscriptions are offered, and the company’s profitability has soared since it introduced the for-pay version in October.

But Hulu lacks one vital media: movies. Netflix, a sub-scription program, offers thousands of films for varying subscription rates (the cheapest is $7.99 a month). Al-though some studios withhold their latest movies for a thirty-day period to drive sales, Netflix offers the largest disc-exchange library available. Netflix enforces a ‘throt-tling’ policy which moves over-consumers to the back of a queue. This policy increased the company’s revenue and customer base.

However, there’s always iTunes, a free, award-winning multimedia center. Apple’s popular software offers the latest from major studios, and lets you rent or buy stan-dard- or high-definition versions of movies. Downloads aren’t speedy, but the films are yours forever. While the iTunes Store itself makes less revenue than Hulu or Net-flix, sales made at the store drive consumer demand for products on which to watch films, like the iPhone or iPad (which Apple directly profits from).

The days of going to your local video store and paying super inflated prices are over. There are better options for the couch potato these days—you just have to know where to look.

by JUSTIN BANDA. Senior, Homeschooled

by JANET GARCIA, Junior, Walter Payton College Prep

Today we, as young adults, often find ourselves hu-mored and horrified by the eight-tracks and vinyls our parents had to endure. We picture them riffling through shoddy record bins; overpriced & oversized. Today’s consumers don’t have their patience. They want it here and they want it now.

We’re all about marketing and mass production. But, we may have swapped convenience for quality. We find ourselves basking in the instantaneous satisfaction to our musical craving. But, what we fail to realize is, we’re often paying more for less.

Paying $9.99 for a downloaded album? That’s the fact of the matter. But much like the independent books stores that surpass the mainstream Borders and Barnes & Noble. Reckless Records is Chicago’s escape from the mundane virtual music store.

While perusing Reckless I was overwhelmed, I stood in front of every album ever released by Bright Eyes and a wall filled with new releases. Tee shirts, mugs, buttons, pins, vinyls and CDs. It’s a music lover’s sanc-tuary. From personality to price, Reckless Records has it all. I found new albums that ranged from $2.99 to $14 dollars. But, most albums are used and are priced at about $5.99-$7.99. Having music equipped with a case, the hardcopy of the CD, the album artwork & the lyrics beats going to a playlist labeled “purchased” for me. And, with all the choices of indie rock, I don’t worry too much about choosing the wrong CD, though on iTunes I often fear clicking “add to cart” while lazily “shopping” and Facebook chatting.

In the midst of this downloading frenzy, Reckless Records provides us with a long overdue dose of substance.


Whether you plan on flipping burgers or working in a corporate office, there comes a time in one’s life when a resume becomes a necessary tool in nailing an interview. Before starting your resume, it is important to gather all the important dates of your previous em-ployment and education. Also, remind your-self of all prior certifications and skills involv-ing any software programs, etc. that will be valuable to any prospective employer.

After you have made a list of these items, begin to compile them in this order.

The first section of your resume should high-light any technical skills, training, degrees and your grade point average that might set you apart from the crowd. Use words that are relevant to the position you are seeking, giving yourself credit for knowledge required in your relative field.

The second section of your resume will cover prior work experience and volunteer service, stating what you did and learned.

Then a small list of references from your previ-ous work and service experience will conclude the third section of your resume. Always re-member to ask for permission before listing a contact. “Typically, resumes should fill one page only however there are times when you may be asked for a more complete list of experiences,” said former On the Money coach and Program Assistant at the NYU Wasserman Center for Ca-reer Development, Desalina Allen.

With this in mind, run spell check and also check your grammar. No mistakes are allowed on a resume; it is a bad first impression! In a recent study by CareerBuilder.com, 71 percent of hir-ing managers’ preferred a resume custom-ized for the open position. Employers love to see how they would benefit from hiring you be-cause it is reassuring that their business is safe in your hands. Each resume is different because it reflects who you are as a dependable worker.

SPRUCEUP YOURRESUME

Here are some tips to remember when building your resume:

• Remember to keep the information brief, using bullet points.

• Use action verbs and words that stand out.

• Make sure your resume is consis-tent and targets the type of job you are seeking.

• It is better to start with the most relevant position held, also elaborate on any details like how you helped your employer succeed in accom-plishing a goal.

• Keep all facts true and give dates that are accurate. Brag about your-self. This is your time to sell your-self.

• Make sure to list all relevant (or related) employers and any awards and special achievements earned.

by SOPHIA VELA, Senior, Chicago High School for Agricultural Sciences

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Go to YoungIllinoisSaves.org

for more saving strategies!

Or Enroll Now:YoungIllinoisSaves.org

WORD BANKBillion Undocumented Million Disabilities Debt

1) City Treasurer, Stephanie Neely, has earned over $500 _ _ _ _ _ _ _ dollars for the city in her time as Treasurer. 2) There are 65,000 _ _ _ _ _ _ _ _ _ _ _ _ stu-dents that graduate from US high schools each year. 3) The _ _ _ _ _ _ _ _ _ with Disabilities Act is intended to ensure the protection of those with disabilities. 4) The City Treasurer manages assets worth of $7 _ _ _ _ _ _ _ dollars. 5) 56% of Americans are in _ _ _ _.

Visit

OTMSURVEY.COM

to take our

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and be entered to

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Intern with On The MoneyDo you like to write or have an interest in money or

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On the Money Winter 2011