SUCCESSYour guide to managing money, work and the business of life

In matters of romance, breaking up may be hard to do. But when it comes to business, corporate chieftains suffer little separation anxiety. Last year, 65 publicly traded fi rms broke up or spun off some of their units

(the most since 2000), and as many as 55 fi rms may do so this year, says Joe Cornell, editor of the Spin-Off Research newsletter.

Upcoming breakups could provide monetary rewards

The Consumer Financial Protection Bureau has delivered a strong message to Internet scammers: Don’t mess with student loan debtors.

Those borrowers are a tempting tar-get, given that there are about 40 million of them who collectively owe more than $1.2 trillion. That total includes more than 8 million who are in default on federal or private student loans.

Just the potential for problems recently caught the eye of the federal consumer watchdog organization.

In a June 22 letter to Google and other major Internet search engine com-panies, the consumer bureau expressed concern that “unscrupulous companies may be using aggressive advertising” through sophisticated Web search tools to lure borrowers seeking repayment help.

Search engines generally have policies to protect consumers against misrep-resentations in advertisements. But the bureau asked Google and the other com-panies to work with federal and state regulators to ensure search products are not being used by debt relief busi-

nesses to gouge or defraud borrowers by “implying an affi liation” with the U.S. Department of Education.

“By more closely monitoring advertis-ing on key search terms and helping to drive traffi c toward unbiased sources of information, your users will gain greater value from your search products and scammers will be less likely to fl ourish,” the consumer watchdog said in its letter.

According to an analysis of Google trend data, the consumer regulator said, struggling borrowers are search-ing online for help using keywords such as “student loan default,” “student loan forgiveness” and “Obama student loan relief.”

To regulators, this resembles search behavior during the mortgage foreclo-sure crisis. That’s when some borrow-ers were given confl icting information about their repayment options “and found scammers who made false prom-ises on loan modifi cation in exchange for steep upfront fees,” the consumer bureau said. The search engine compa-nies joined with federal regulators in 2011 to stop scammers from targeting troubled homeowners.

The consumer protection bureau said there has been an increase in recent years in the number of companies and Internet services requiring large upfront fees to help distressed borrowers.

Keep in mind that the Department of Education provides numerous options to make repayment of college debts more manageable — and they’re free. Some include provisions that let borrowers set their monthly payment based on their income.

Even before the consumer protec-tion bureau issued this latest warning, regulators had been cracking down on student loan fraud artists. Most recently, state regulators in Illinois sued Broad-sword Student Advantage, the operator of GetForgiven.org, to block the fi rm from preying on student loan debt-holders. You can steer clear of student loan debt scams by watching for these warning signs: pressure to pay high up-front fees, promises of immediate loan forgiveness or debt cancellation, and requests for your federal student aid number.

If in doubt, call the Consumer Finan-cial Protection Bureau at 855-411-2372 or go to www.consumerfi nance.gov.

Questions, comments, column ideas? Send an email to srosen@kcstar.com.

Regulators eye scams promising student debt relief

By Nellie S. Huang |

‘Unscrupulous companies may be using aggressive advertising’ to lure borrowers seeking repayment help.

Spin-offs worth your investment

DMITRI STALNUHHIN/FOTOLIA

Steve RosenKids & Money

Investing in spin-offs has been rewarding. Over the past fi ve years, the Bloomberg U.S. Spin-Off index returned an annualized 25.1 percent, compared with 16.9 percent for Standard & Poor’s 500-stock index. The index tracks the prices of shares in newly spun-off companies, from the fi rst trading day to the end of their third year of independence. Over the same period, Guggenheim Spin-Off ETF (symbol CSD), an exchange-trad-ed fund that tracks up to 40 spin-off stocks, earned 20.3 percent annual-ized. (Returns and share prices are as of June 5.)

To make money, look for a breakup that makes strategic sense. In a sound deal, a sprightlier parent company can focus on its core business, and the jet-tisoned fi rm can escape the shadow of its parent and grow on its own merit. Of course, not every breakup is a winner. “Some can create shareholder value, and others are just rearranging the deck chairs on the Titanic,” says David Berkowitz, co-chief investment offi cer of the RiverPark Funds. Plus, the price has to be right. You can buy before the split or after, but “valua-tion always matters,” says William Mitchell, a hedge fund manager who specializes in spin-offs.

One promising breakup is the plan by eBay (EBAY, $63) to spin off its PayPal unit later this year. Though de-tails aren’t out yet, the two businesses may be better off apart. By spinning off fast-growing PayPal, eBay can focus on its struggling online-auction business. We’re not endorsing eBay because we think the stock, which has jumped 32 percent since mid Octo-ber, is too pricey. Using a “sum of the parts” calculation, newsletter editor Cornell thinks eBay is worth $60 a share.

Danaher (DHR, $86) is a better bet. Arguably one of America’s least-known industrial giants (its market value is $61 billion), the Washington, D.C.-based conglomerate announced plans in May to split in two. One fi rm will retain the Danaher name and focus on the rapidly growing science and technology businesses (including Pall, a maker of fi ltration and purifi ca-

tion systems, which Danaher is buying in a deal expected to close before year-end). The other fi rm, whose name has yet to be determined, will hold Danaher’s steady, highly profi table in-dustrial businesses, including the unit that makes testing and measurement instruments. The breakup, which is likely to occur in late 2016, will allow both sides to rev up acquisitions and spur growth, says UBS analyst Shan-non O’Callaghan, who pegs Danaher’s worth today at $94 per share.

Cornell favors two other upcom-ing breakups: Barnes & Noble (BKS, $25) and SPX Corp. (SPW, $74). B&N plans to spin off its col-lege stores as Barnes & Noble Edu-cation in Au-gust. Cornell thinks the book-retailing and campus-bookstore businesses combined are worth $27 a share. Af-ter the split, the ailing bookseller will be able to focus on reviving its stores and its ho-hum Nook e-reader. And the Education division, which the fi rm says reaches 24 percent of students in the U.S. with its 714 campus stores, is one of the largest contract operators of campus bookstores in the U.S.

SPX, a conglomerate that makes, among other things, processing sys-tems for the food industry and cooling systems for power-generation plants, plans to spin off its fl ow-control busi-ness this year. That unit, which ac-counted for 55 percent of SPX’s sales in 2014, makes products that are used to process, blend and transport fl uids for various in-dustries. Cornell thinks SPX’s parts are worth $86 a share in total.

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Hello

10 great work-from-home jobsWorking from home can promise big benefits — extra income, flexible hours and a dress code of slippers and sweatpants. We combed through employment data to identify occupations with good hourly wages and promising growth prospects.

Web search evaluator$14/hourEssential skill: Goinggaga for Google

Medical transcriptionist$17/hourEssential skill: Following doctors’ orders

Customer service rep$10/hourEssential skill: Gift for gab

Computer supportspecialist$24/hourEssential skill: Knack for tech

Virtual assistant$15/hourEssential skill: Juggling calls and clients

Web content writer$18/hourEssential skill: Dedicationto deadlines

Online tutor$15/hourEssential skill: Noggin’s worth of knowledge

Proofreader$18/hourEssential skill: Eye for detail

Translator$24/hourEssential skill: Way with words

Web developer$33/hourEssential skill: Cuckoo for codeSOURCE: Kiplinger Washington Editors

Scroll down Scott Lipps’s Insta-gram page, and you’ll see something out of place: a “#tbt” photograph of Lipps from 1980-something, hair held aloft by way too much Aqua Net. That was his life before he founded One Management, whose 25 staffers rep the likes of Claudia Schiffer and A$AP Rocky.

A rock connoisseur and drummer since age 8 — who says his style is “one part John Bonham, one part Keith Moon, and a little bit Jimmy Cham-berlin” — Lipps played during the hair-band era for Black Cherry and for the Boogie Nights. Then he hurt his

arm on tour and realized he needed to fi nd a second act. Fortunately, he’d al-ways kept an eye on the business side. As he points out, many drummers “don’t write the songs” — therefore, “you want to manage or market the band so you’re not easily replaced.”

His mom suggested he contact a cousin who managed a modeling agency, and Lipps was soon chauffeur-ing the long-legged and lithe. Within a year, he was an agent. In 2001, he founded One. Back then, he had a handful of clients; today, seven divi-sions represent more than 300 mod-els, musicians and celebrities. As his arm healed, Lipps started doing gigs with friends. In 2011, while looking

for an act for One’s 10th anniversary party, his team stumbled on Courtney Love.

“I said, ‘Listen, I’d love to play drums with her,’ ” Lipps recalls. Love was not as enthusiastic — at fi rst. “I went to soundcheck, and I was kind of almost ready to throw him off the stage,” she says. “And then he was really, really good.” A month later, he joined her band for a festival in Brazil attended by nearly 40,000 people. This spring, he toured with Love, per-forming at venues like the Hollywood Bowl. Lipps is not quitting his day job. But, he says, “I think my essence is more of a creative person.” Once a rocker, always a rocker.

SUCCESS

By Peter Daisyme Young Entrepreneur Council

Being self-employed rocks. In many ways, it is the very essence of the Ameri-can dream. It means being able to apply yourself and build something spectacular on the foundation of hard work, a strong worth ethic and your dreams.

As amazing as owning your own busi-ness can be — and it really is an amazing experience — before quitting your 9-to-5, there are a few things for which you need to plan. The realities of the challenges are just as inescapable as the benefi ts.

New skills: The self-employment transi-tion involves going from being an employ-ee to learning how to manage it all alone. You are now taking on the responsibility of a business. To develop these new skills, you may need training. There are online options — many of which are affordable — for those who may not have the interest in sitting in a classroom. Some people are great self-starters and may be able to learn as they go.

Whatever route you choose, making sure you have a way to gain the new skills you need to grow is important to being successful. Look for resources at your local library, networking groups or online at sites like Lynda.com

Support: Not everyone has a strong support system, but as a business owner, you will need a great support system to help you get through. Work-life balance is challenging to achieve and even more so for the self-employed. Your hours will be longer, you will have fewer days off, especially in the early stages, and you and you alone will be responsible for it all. It is a lot to handle.

In addition, your fi nancial responsibili-ties will increase as you look to support your business as well as pay your bills, and everyone in your life will need to be prepared to make sacrifi ces in order for you to succeed. This could mean spending less time with your family and less money to go out with friends, or paying for ex-tended child care. Take the time to speak with your family and friends before you make the leap to help prepare them for the adjustment. In doing so, you may also fi nd a great support system in them. Those closest to you may also be willing to lend a hand, allowing you to outsource simple tasks early on.

Finances: This leads to one of the largest if not the most diffi cult challenge of be-coming self-employed: your fi nances.

A lot of new business owners and freelancers quit because of the fi nancial challenges and headaches of being self-employed. In the early stages, you will fi nd

yourself spending a lot of money while seeing little to no return. Your paychecks may be unpredictable, you may fi nd your-self in debt, and the costs of benefi ts such as medical and dental insurance (neces-sary for anyone with a family to support) start to weigh on you.

How do you make it work? Consider waiting to make the leap until you have a nest egg. You may also need to take a part-time job or take clients you don’t love to pay the bills. Keep your eye on the end goal, which is the freedom of being self-employed.

I also highly recommend sites like Due.com, Mint.com and QuickBooks.com to handle your fi nances. With them, you have everything you need to bill clients, keep track of fi nances and do your taxes.

Plans: Make plans, and do your research beforehand. For example: Will you need to rent offi ce space, or can you save money by working from home? What are the tools that you will need to remain productive? How much will it cost to get the business up and running?

In business, the unexpected should always be expected, but having an idea of what to expect will make the transition a lot simpler for you.

Peter Daisyme is the co-founder of Palo Alto, Calif.-based Hostt, a company special-izing in helping businesses with hosting their websites. The Young Entrepreneur Council (YEC) is an invitation-only orga-nization composed of young entrepreneurs worldwide. BusinessCollective, launched in partnership with Citi, is a virtual mentor-ship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives and small busi-ness owners.

4 CRUCIAL FACTORS OF SELF-EMPLOYMENT

ARIA ISADORA/BFA (ABOVE); CLINT SPAULDING/PATRICK MCMULLAN CO. (RIGHT)

Scott Lipps, above, attends Hunter Barnes’ Exclusive Show in New York on June 3. Lipps and Courtney Love, at right, attend a movie screening in New York in August 2013.

VENIMO/FOTOLIA

In an important report earlier this year, the federal Consumer Finan-cial Protection Bureau defi ned an essential part of its mission: to help Americans achieve “fi nancial well-being.”

Financial well-being is a holistic concept that connects money to the rest of life. It asks the question, What are we managing our money for? According to the CFPB, those who enjoy fi nancial well-being have four basic attributes: They have control over day-to-day, month-to-month fi nances; they have the capacity to absorb a fi nancial shock; they are on track to meet fi nancial goals; and they have the fi nancial freedom to make the choices that allow them to enjoy life.

These attributes arise out of other personal qualities, skills, mindsets and habits for success, like drive, grit and workplace engagement.

In a previous column I discussed the fi rst two attributes. In this col-umn I’ll talk about the latter two.

What does it mean to be on track to meet your fi nancial goals?

For one thing, it means that you have fi nancial goals in the fi rst place. And, experts say, they need to be specifi c and achievable.

Financial goals vary greatly at dif-ferent stages of life, as well as accord-ing to individual goals and prefer-ences. Younger people that the CFPB talked to commonly mentioned things like paying off debt, accumu-lating an emergency fund, going on vacation without credit cards, buying a new car or paying for a wedding.

Older people were more con-cerned with not outliving their savings and not imposing on their families for help.

The most important thing here is to make sure that your goals are your own, and not anyone else’s. I hate to hear young people say that they “can’t afford” to get married, when what they mean is that they can’t pay for a Kardashian-level wedding. Be-ing married doesn’t cost money — it saves you money, provided you get married to the right person and that the relationship leads to more saving and better planning for the future, as it does on the average.

As for staying on track, this is a question of having the maturity to delay gratifi cation. But you can make things much easier on yourself by automating your savings at a rate that will enable you to make steady progress toward your goal. If that seems impossible or daunting, maybe adjust your sights and create interim goals that are reachable. (City Hall wedding, anyone?)

And that brings us to the fi nal at-tribute of fi nancial well-being: having the fi nancial freedom to make the choices that enable you to enjoy life.

I’ll use a controversial example. Have you ever seen a homeless per-son with a cell phone? A small study found that 62 percent of homeless youth own one.

It is easy to point fi ngers and say that anyone panhandling for spare change to get something to eat shouldn’t be diverting a penny to pay for credits on a phone. But consider that a cell phone might be essential to connect someone to employment or to services or information that could possibly save their lives.

The point is that fi nancial freedom doesn’t just come from a certain level of income or a set amount in the bank account. It comes from the ability to exercise judgment and set priori-ties. This is a component of personal autonomy. And happiness should be one of those priorities. We’re not living just to make money. We are making money to live.

Anya Kamenetz welcomes your ques-tions at diyubook@gmail.com.

Live to make money, or make money to live?

Financial well-being is a holistic concept that connects money to the rest of life.

One Management founder Scott Lipps, a veteran of the hair-metal wars of the ’80s, shed the spandex to start a successful company. But sometimes he’s still gotta rock out.

By Sheila Marikar |

This founder won (Courtney) Love from behind the drum kit

Anya KamenetzThe Savings Game

ARIA ISADORA/BFA (ABOVE); CLINT SPAULDING/PATRICK MCMULLAN CO. (RIGHT)

My wayFive years ago, Helena Morrissey

set herself a seemingly impossible challenge: Persuade the chairmen and CEOs of Europe’s largest cor-porations that their boards should be at least 30 percent female. Today, she’s tantalizingly close to achiev-ing her goal — and is expanding her efforts to reach companies around the world.

The problemEarly in her tenure as CEO of

Newton, a U.K.-based investment management firm, Morrissey start-ed an initiative to increase women’s representation in the higher ranks of the company, which at the time was less than 15 percent female. Five years later, with no results to speak of, she was almost ready to

give up.

The epiphanyMorrissey studied up and found

that 30 percent tends to be the threshold where a minority voice becomes more than just a token part of a group. She shared her findings with 15 fellow female executives, and together they hashed out what would become the 30% Club. “We decided it would be focused to start with,” Morrissey says. Their goal: to make the boards of all companies on the Financial Times Stock Ex-change (FTSE) 100 index at least 30 percent female by the end of 2015.

The executionThe 30% Club frames its mission

as a business imperative: Diverse boards are more innovative. Mor-

rissey won the support of a core group of what she calls “enlight-ened” chairmen and CEOs (many of whom had daughters) and the message spread from there. “Their evangelism about this issue has really transformed the thinking,” Morrissey says.

The resultThere are no all-male boards left

on the FTSE 100, and 23 compa-nies have already reached the 30 percent mark. 30% Club chapters have been formed in the U.S., Hong Kong, Ireland and East Africa, with launches in Italy, Canada, Austra-lia, Malaysia and the Persian Gulf planned for later this year. The progress vindicates Morrissey’s philosophy: “Fighting against the established position doesn’t get you as far as changing it,” she says.

CHANGING THE ODDS

A wedding can be an incredibly special event — and incredibly expensive. The average cost of a wedding in the U.S. is more than $31,000, and that amount doesn’t even include the honeymoon.

You don’t have to get caught up in overspending just because other people you know had fancy events. With enough planning and a little bit of creativity, you can cover the cost of a dress, invitations, photographs and more for just a fraction of the average wedding cost.

Here are three areas where you can save big when planning a wedding:

Stick to a single venue. By holding your ceremony and reception at the same venue, you can eliminate the cost of transportation from one place to an-other and condense the amount of time a photographer is needed. Even better,

going with a venue that can also provide food, tables, chairs, linens, plates and silverware eliminates the need to hire an outside caterer or rent those items separately. One couple we spoke with paid just $3,600 to host their wedding ceremony and dinner reception at a historic mansion that offered all those things.

Look beyond the bridal shop. The average amount spent on a wedding dress is $1,357, but if you shop smart you can score a bridal-worthy look for much less. Instead of buying your dress from a bridal shop, try finding a formal dress — not an actual wedding gown — online through a site such as Etsy.com. You can also try purchasing a previously worn wedding dress via an organization such as Brides Against Breast Cancer or rent-ing one from RentTheRunway.com or BorrowingMagnolia.com.

Skip the florist. Flowers from a florist can turn out to be an unexpectedly large wedding expense. One bride we spoke with got a quote of $450 from a florist for just three bouquets and two boutonnieres. If you want flowers at your wed-ding, try buying them from a wholesaler and going the DIY route. That same bride we talked to decided to go to Costco, where she spent $96 on a bulk purchase of roses, bought floral supplies from a craft store and then spent about an hour assembling the bouquets and boutonnieres herself.

SUCCESS

Terry SavageThe Savage Truth

Target-date mutual funds have become the most popular choice of re-tirement plan investors. They appeal to savers because of their implicit promise to take the work out of making invest-ment decisions.

They appeal to the company sponsor-ing the plan, because they have been deemed a “safe harbor” default invest-ment — into which the company can automatically direct your retirement contributions, without liability.

And financial consultants like target-date funds because they provide the self-discipline that most investors lack — automatically restructuring the portfolio when it becomes unbalanced because of gains (or losses) in a specific sector.

All those reasons have led to more than half of all 401(k) assets now being held in target date funds. But before you think that target date plans will solve all your retirement investment issues, you should understand these five factors:

1. Not all target-date funds are in-vested in the same way. Different fund management companies have different percentages invested in stocks (vs. bonds or even money market funds) even in the same target year. Some are more aggres-sive, which may be fine if you are young and have longer to contribute. Your contributions may buy funds at a bargain price, as in 2008-09. But that’s a problem if your target-date fund is invested in a greater percentage of stocks just as you are getting ready to retire.

2. Costs of target date funds can vary widely. For example, target date funds from Vanguard carry an annual cost of less than 0.25 percent, while other funds might have annual charges of more than 1 percent. Those costs add up — and subtract from your investment results.

3. Not all employees of the same age have the same risk tolerance or goals. If you’re a 40-year-old executive who also has company stock options, outside investments and a large salary, it may make more sense to have less exposure to aggressive stock market investments inside the plan. Similarly, a lower-paid assistant of the same age may actually need more exposure to stocks in order to make a smaller amount of retirement assets work harder toward reaching a retirement goal.

4. Target-date funds have a “glide path” — and not all are the same. The fund management company decides how to glide down to a less aggressive mix of investments inside the target date fund in order to be appropriate for retirement goals. But not all fund managers agree on the best mix of investments, especially as the fund approaches its target date for your retirement.

5. Target-date funds held during retirement may not be appropriate during your withdrawal years. What do you do with your target date funds after you retire? Take a close look at how these funds continue to invest — and do some withdrawal modeling. The one thing you don’t want to do is to be forced to sell stock funds at a loss to make required minimum withdrawals. Work closely with a financial planner to study the mix of ALL your assets, not just those in your target date funds.

Many 401(k) and 403(b) plans are now offering individualized investment advice to plan participants. This can give you a broader overview of your risk exposure, diversification and retirement planning. Considering target date funds is far better than the way most people used to make choices — by guessing or asking a friend or coworker. But they are not the final answer to retirement secu-rity. And that’s The Savage Truth.

Terry Savage responds to questions on her blog at TerrySavage.com.

5 things to know about

target-date funds

Take a close look at how these funds continue to invest — and do some withdrawal modeling.

By Andrea N. Browne |

How to throw a wedding for $5,000

AMILI/FOTOLIA

30% Club founder Helena Morrissey is out to convince the world that women are good for business

By Linda Kinstler |

GEORDIE WOOD

Gender quotas aren’t the solution, Helena Morrissey says. Real change is needed.

For golf die-hards, there’s Scotland. For surfers, there’s Waimea Bay. And for table tennis players, one Chi-cago company hopes they’ll think of

Sardinia.Table tennis company Killerspin says it has

launched a partnership with Forte Village, a resort on the Mediterranean island, to offer “Killerspin Paradise,” a table tennis package that includes the option of training at Killer-spin’s Skill Academy.

Killerspin founder and CEO Robert Black-well said the “Paradise” model is based on the “European delivery” programs offered by luxury automakers, in which automakers offer a discount on new vehicles as well as travel deals, so customers can pick up their

new vehicle and drive around during their trip. The carmaker then ships the car to the buyer’s home.

“You can buy a Ferrari, you can go to the Ferrari factory, look at your car and then drive around Italy,” Blackwell said.

Killerspin says it’s offering the same sort of thing, only for table tennis. “Killerspin is the world’s only luxury table tennis experience brand — and this really fits that,” he said.

Visitors can also opt for training at the Skill Academy, which will be open July through September this year and May through September next year, the company said. The academy offers private lessons, group trainings and casual play at several venues.

“European Delivery” packages beginning at $7,999 include lodging and Killerspin’s

Revolution Table, which typically retails for $2,199. More expensive packages include a Revolution BlackSteel, which retails for $4,999. Tables and equipment are shipped to customers after the trip.

The company said 30 visitors, including some professional athletes being sent for pro-motional purposes, were planning to depart for the first Killerspin trip. Killerspin would not say how many of those guests were pay-ing customers.

Blackwell said that though some individu-als will visit the resort to give their table tennis game a leg up, he hopes Paradise also attracts families and friends for a unique bonding experience.

Of the game, Blackwell said: “It’s fast, it’s accessible and it’s a way for you to really make connections with people.”

Q: I have to pay much more out of pocket for pre-scription drugs than I did in the past. What can I do to reduce these costs?

—S.R., Tampa

A: Prescription drug costs spiked 13.6 percent from 2014 to 2015 for a family of four with employer coverage, according to the Milliman Medical index. That’s why it’s important to compare out-of-pocket costs for your drugs when picking a plan each year and to review the differences in co-pays within each plan.

Generic drugs can cost up to 85 percent less than brand-name versions. Ask your doctor if you can switch. And generic prices can vary even within the same category, says John Lee, a senior direc-tor at Walgreens. Your phar-macist should be able to point you to the least-expensive option. Paying cash for gener-ics sold at Wal-Mart, Costco and Target, or through the Walgreens prescription sav-ings club, may be cheaper than your insurance co-pay.

Most insurers now have preferred pharmacies, which have lower co-pays than other in-network phar-macies. For instance, you might pay a $1 co-pay for a preferred generic instead of $10; $4 for a non-preferred generic instead of $33; and 35 percent of the cost instead of 50 percent for non-preferred brand-name drugs. Your insurer may have a preferred mail-order pharmacy that charges no co-pay for certain generics. Filling the prescrip-tion for 90 days rather than 30 can also reduce your co-payments.

SUCCESS

TTSTUDIO/FOTOLIA

How to cut your

prescription drug costs

By Kimberly Lankford

By Meg Graham |

A TABLE TENNIS

‘PARADISE’Killerspin launches

travel packages that include new

equipment, option of training on a

Mediterranean island