OTM Spring 2016 Draft1

1. By Teens for Teens Spring 2016 BE MONEY SMART THROUGHOUT YOUR CAREER! Successful Professional High School Student High School Graduate College Student College Graduate

2. 2 INTERNS 4 3 5 6 7 8 9 10 11 Start-up Incubators After the Interview Self-Discipline at Work Ready for College Apply! Save! Budget! Income Inequality and Education Saving and Budgeting for College Creativity in the Workplace The Importance of Entrepreneurship Education Branding Yourself on Social Media Doctors as Entrepreneurs Entrepreneur Profiles Sandoval Elementary Networking to Build Your Business Letter from the Treasurer ENTREPRENEURSHIP 12 13 14 15 16 17 18 19 20 In the Know Activity Page Thank you to Our Program Sponsors FINANCE TABLE OF CONTENTS 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 Coun- cil through collaboration with Chicago Public Library, DePaul University, the Office of the City Treasurer of Chicago, and True Star Magazine. The Economic Awareness Council (EAC) is a non-profit financial education organization with program attendance of over 20,000 each year. ABOUT ON THE MONEY ABOUT THE EAC www.OntheMoneyMagazine.org www.EconCouncil.org On the Money Magazine would like to thank HSBC Bank, the Coleman Foundation, the Office of the City Treasurer of Chicago, State Farm Insurance Companies®, U.S. Bank, Republic Bank, FirstMerit Bank, Guaranty Bank, MB Financial and TCF Bank for their sponsorship of this issue. Jennifer Baeza Phoenix Military Academy Trenati Baker Whitney M. Young Magnet High School Kezia Branch Rowe-Clark Math & Science Academy Christina Butler Kenwood Academy High School Jasabella Clark Michelle Clark High School Collette Gordon Walter Payton College Prep Matthew Harvey Whitney M. Young Magnet High School Akili Hayden Lincoln Park High School Nia Hill Whitney M. Young Magnet High School Kaliah Little Whitney M. Young Magnet High School Samantha Mallett Lane Tech College Prep Hilary Pham Whitney M. Young Magnet High School Nia Robinson Jones College Prep Aisha Romer King College Prep

3. 3 Dear On The Money readers, As we gear up for the warmer months ahead, I want you to start thinking about smart money management with the paychecks you will bring home from your summer jobs. If you work hard, you deserve to have some of that money saved up for bigger purchases down the line! Now is the perfect time to build the financial habits that will help you succeed in college and your career. Not sure where to start? Here are a few easy things you can do: • Open a bank account: A bank account gives you a safe way to keep and save your money. My office has made it super easy for you to find a free or low-cost bank account. Check out BankOnChicago.org to find a bank that’s close to you and meets your needs. • Sign up for direct deposit: Did you know that using check cashers can cost you $65 a month? By signing up for direct deposit, your employer will automatically deposit your paycheck in your bank account, saving you the hassle (and cost!) of having to cash your check. Learn more about direct deposit at Plan2Achieve.org • Create a budget and save: Think ahead about the expenses and goals that you might have in the future. I also recommend starting an emergency fund, so that you’re prepared for anything that comes your way. Visit www.practi- calmoneyskills.com for helpful budgeting calculators to help get you started. These steps are easy to do and will help you get most out of your paycheck, setting you up for a future of financial success. Interested in learning more about my office or a future in finance? You can always reach me at city.treasurer@cityofchicago.org. Enjoy your summer! LETTER FROM THE CITY TREASURER OF CHICAGO Sponsored by Kurt Summers, City Treasurer of Chicago

4. 4 When you imagine a model company, you probably think of a large, well established company. But how do companies start and who helps them grow? Each company begins in a “startup” phase but most are unknown because 9 out of 10 startups fail (Fortune). This startling statistic has led to a new type of organization to help more startups succeed--the startup incubator. Incubators’ primary goal is to provide startups with support services and physical space in which to work Some incubators might have rigorous application processes or require companies to fit into certain categories. The wide variety of incubators has led to their specialization with some focusing on science and/or technology based companies. One incubator that is changing the incubator business model is Roniin. At Roniin, each company is started by Roniin and then developed in their space. Roniin co-founder Ryan Jeffrey explained, “Roniin provides everything a founder/CEO needs to be successful. This means all administrative and back office related tasks and execution based support. Essentially, everything a startup needs to get up and off the ground while pursuing sustained and intel- ligent growth”. Roniin has been very successful thus far with a growing network of companies that includes Office Luv, pearachute, Grace, and Matchist. EnterpriseWorks Incubator at the University of Illinois is an incubator that focuses on scientific based startups that are primarily linked to the university’s graduates and professors. EnterpriseWorks Director Laura Frerichs explained, “The defining feature of the incubator is the support services they provide to companies. These services include Entrepreneurs in Residence which matches companies with mentors, and EnterpriseWorks’ ability to match companies with global venture capital firms”. These programs, in addition to many others, have allowed for EnterpriseWorks’ 230 companies, all in various stages of development, to raise $880 million in capital. Access to potential investors is very important as 29% of failed startups cited a lack of sufficient capital as a reason for failure (Fortune). With new ideas being created everyday, incubators are becoming the place where many startups spend their first few years. As a result of the growing number of incubators, the next issue for budding entrepreneurs might not be how to start their company but with which incubator. STARTUP INCUBATORS Colette Gordon ENTREPRENEURSHIP ON THE MONEY: Entrepreneurship

5. Creativity Integrity Global Thinking Inﬂuence Openness Dedication Focus on Sustainability Humility Fairness Most Important Leadership Qualities Over the Next Five Years 60% 52% 35% 30% 28% 26% 26% 12% 12% 5 CREATIVITY: The New “IT” Factor for the Workplace? Nia Robinson Dedicated, strong-minded, and committed; all are positive adjectives used to describe leaders like Barack Obama, Bill Gates, or Oprah Winfrey, but many overlook one of the most important qualities for the workplace--creativity. Creativity in the workplace is a valuable skill because it can increase the ability to solve problems in a new way, potentially leading to global ideas that achieve a business’ goals. Jessica Hammond, Leader of Human Resource Partners at kCura said, “Creativity usually applies to thinking outside the box. Here at kCura, we see creativity as a collaborative process of thinking together to create something bigger than any one person can do on his/her own.” kCura is not the only company to understand the importance of creativity. 60% of top executives agreed creativity is the most important leadership quality (IBM, 2010). Why? Creativity helps spur imag- inative ideas. With a more open mind, one is able to solve solutions in a new way leading to an evolving company. Many know creativity is important, but one problem many business leaders, employers, and executives have is how to encourage creativity in the business workplace. Accord- ing to Hammond, kCura leaders em- brace, “the concept of a growth mindset, which thrives on challenge and sees failure as a springboard for self-improvement.” According to an employee from Google, “Creativity often involves working with others to come up with new ideas” and the physical Google work- space helps to encourage this, “Some of my favorite areas are the ones that are set up to encourage conversation and collaboration -- like lounges, cafes, and restaurants.” Other employers CEO Mark Tutssel said, “...we have a passion- ate belief in the power of creativity, and this is our shared focus and our shared passion.” So to all future employees, employers, and students, look for creativity in your workplace. Try to “think outside the box” to help implement innovative, new, and fresh solutions that can help build up your team, your workplace and your life in a whole, new 21st century way. Designed by Pressfoto - Freepik.com Entrepreneurship 2010 IBM Global CEO Study http://www.fastcompany.com/1648943/most-important-leadership-quality-ceos-creativity

6. 6 Business is the driving factor in our economy. From the largest magnates in the realm of Wal-Mart, Microsoft, and Walt Disney, to medium sized retailers like Villa or Journeys, and even local small businesses such as your local mom-and-pop diner; entrepreneurship is what makes or breaks our capitalistic society. Given these generally agreed upon truths, why is it that so many of our students aren’t receiving this education in public school systems? In Chicago, this issue disproportionately affects students of minority demographics, often liv- ing and learning in low income neighborhoods. According to a report from University of Illinois- Chicago (UIC) Great Cities Institute, approximately forty-seven percent of black males age 20-24 are out of work and out of school. The number is about 35% for women. The same study showed that in Los Angeles, where “Career Pathway” and “Life Skills” are two separate graduation requirements, the number of out of work and out of school men is closer to about 30%. When asked about how she thinks this dispar- ity affects communities, Ms. Nancy Zook, a teacher at Community Christian Alternative Academy, had this to say, “Lacking this training makes you feel hopeless…, you end up having to ask other people for jobs; [but] what happens when they’re not there?” Zook, a former entrepreneur turned educator who was exposed to entrepreneurship in high school, also commented, “It’s doing a huge disservice to the students, not having some kind of business or financial education as a graduation requirement”. It’s no doubt that business & financial education opens up numerous opportunities, a point certainly exemplified by Bakari Simmons, a 16 year old sophomore at Simeon Career Academy, and young entrepreneur. Merch: Always Official is the name and tagline of Simmons’ clothing brand, which sells shirts, hats, bags, and sweat suits. “I like looking good”, Simmons said when asked about the motivation for starting his brand. One key fact makes Simmons’ experience so different: Simmons’ parents are both entrepreneurs. His mother owns a manufacturing company and his father has his hand in multiple ventures including nightclubs and clothing stores. “... I learned a lot of what I know about business from my parents,” says Simmons. Simmons is a prime example of how learning about and having experience in business can open your mind to creating your own opportunities. So what about kids that don’t have the advantage of being raised by two successful entrepreneurs? That’s where our public school system comes in. Entrepreneurship, business and financial education are essential to ensuring that a student graduates with all of the tools they might need to succeed, create and capitalize on opportunities. THE NEED FOR ENTREPRENEURSHIP EDUCATION Matthew Harvey Entrepreneurship

7. 7 BRANDING YOURSELF ON SOCIAL MEDIA Akili Hayden Entrepreneurship Have you ever thought about turning your social media account into a brand or even just how social media impacts how you market yourself? Statistics show that “95% of all teens ages 12-17 are now online” and “81% of online teens use some kind of social media” (Pewinternet.org). Why not use social media as a marketing tool? Both teens and adults are using social media as a resource for marketing and branding themselves. For example, Ashlee (@Annifaras), has used social media as an outlet to express herself, become a successful brand ambassador, and also start a channel on You- Tube at 15 years old. While Rob Johnson (@Rob- JhonsonCBS2), professional news anchor, uses social media to stay on top of what is trending, give resources for news stories, and to help support himself and his news coordinators as they promote their stories. Social media has become critical even for mainstream news media, “It takes a coordinated effort just to keep up with the quickly changing social media landscape.” These are two different approaches in the social media world, but they are both using marking strategies to engage their audience and meet their professional goals. As teens, we usually go on social media to see what’s trending, catch up on notifications, or even to share what you ate for lunch that day. Why not use what you do every day and build a brand for yourself? I have five tips for marketing or branding yourself on social media. 1. Stick to a goal Setting a specific goal (such as number of followers or likes) and sticking to it can take you a long way. 2. Know what you’re marketing Knowing what your marketing plays a huge role in what you want to show to your audience and what you need to do to keep that audience engaged. 3. Know who your main audience is Your audience is based on your followers and who you’re marketing to. 4. Don’t let negative comments outshine the positive comments Yes, the social media can be prone to obnoxious trolls, but there are many ways to ignore or deal with it. (sidebar below) 5. Spread positivity Share your story, inspire someone, or even make someone laugh. What you give is what you get and spreading positivity can take you a long way. ” “While interviewing Ashlee, I asked how to deal with negativity and she said, “I don’t deal with it, I block and delete, and rebuke it. If you simply close your com- puter, none of those people exist anymore. You can’t hear them.” While Rob Johnson said, “ It’s easy to criticize people when there is no face to put with that criticism. If somebody criti- cizes in a constructive way, I will engage them. If they are profane or exceedingly rude, I will delete it, block them, and unfollow them.” BLOCK THE BAD

8. 8 Entrepreneurship DOCTORS AS ENTREPRENEURS? The Great Debate for Doctors: Hospital vs. Private Practice Kaliah Little It is no secret that being a medical doctor is a lucrative profession. The average salary of a physician is $176,851(what is source). One of the many things doctors must decide is whether it is better to work in private practice or as an employee at a hospital. While both are profitable there are benefits that may come with owning a practice that don’t come with working in a hospital and vice versa. A private practice doctor works independently and not as an employee. Private practice doctors must set up their own establishment. Private practice doctors are entrepreneurs; these doctors must find capital to fund their establishment, an establishment itself, and employees. These employees include but are not limited to: a team of doctors, nurses, personnel, etc. Private practice doctors must acquire a different set of skills in order to it to have a successful practice. Dr. Christina Bonner, private practice owner, is an Obstetrician and Gynecologist located near North- western Hospital. Bonner is her own boss and runs the practice, making her hours flexible and able to make more money because she allocates where funds go in her business. Bonner has a partnership with Northwestern where she and her fellow doctors have surgery and teaching privileges at the hospital. This helps with having space to perform surgeries, deliver babies and pet possible clientele. Dr. Scott Sims, on the other hand, is an emergency room doctor at a hospital. Sims says, “The most challenging aspect to being an Emergency Medicine doctor is caring for a wide variety of illnesses.” Since it is impossible to master every medical specialty, he frequently relies on consultants. Added to that is the pressure of deal- ing with, at times, very emotionally charged situations. This requires Sims to have a different set of skills than a private practice doctor in another specialty. There are many different medical specialties. A student interested in being a doctor must eventually explore these specialties as well as whether to be an employee or have a private practice. A little over two-thirds of physicians are now employed as opposed to being in private practice. This is despite the fact that employed physicians ($189,000 primary care, $258,000 specialists) make less, in terms of cash compensation, than self-employed doctors ($212,000 primary care, $329,000 specialists). Students interested in being a doctor should try to explore the different available specialties and what it’s like to actually be a doctor by reading about the field, conducting online research and working to arrange informational interviews with doctors in various fields. Designed by Pressfoto - Freepik.com

9. 9Entrepreneurship Sweat With Swagg Fitness was created by a young and ambitious man by the name of Cortez Hicks. Mr. Hicks got the idea for his business in Chicago when multiple females wanted to learn how to “Wobble” and “Twerk”, two very popular dances common at parties. He started to teach these dances in classes, and it soon spread to colleges. After graduating college, Mr. Hicks decided to turn his dance classes into a business, promoting health and fitness through fun aerobic dances. Sweat with Swagg Fitness is located on the south side of Chicago and offers aerobic dance classes for all different fitness levels. Strength and conditioning is also offered to members. In addition to each class, a nutritional component is included. This ensures that the person can learn to maintain a healthy lifestyle and that all their hard work and exer- cise isn’t going to waste by eating unhealthily. This is especially important to Mr. Hicks because he believes that a healthy and active lifestyle will help individuals to lead longer and fuller life.Nick Messina, Northwestern Law Student and Entrepreneurship Law Center Representative, recently spoke to On the Money interns about business entities. When making a decision about business structure, there are four types to choose from: 1. Sole Proprietorship - a business entity which legally has no separate existence from its owner and has only one owner. 2. General Partnership - an association of at least two parties who agree to share the management, profit, and liability, with an intent to make a profit (owners are called partners). 3. Corporation - There are two types: a. C-Corp: Any corporation that, under U.S. federal income tax law, is taxed separately from its owners (double taxation). b. S-Corp: A corporation that meets the IRS requirements to be taxed under Subchapter S of the Internal Revenue Code (flow-through taxation, cannot be taxed twice). 4. Limited Liability Company - a hybrid business entity having characteristics similar to a corporation Messina advises when choosing a business entity to consider: liability, taxes, controls, regulation/for- malities and financing. While you might not have a business to consider a formal legal entity for yet, it is never too early to build knowledge that could help you with this in the near future. SWEAT WITH SWAG with Cortez Hicks 4 TYPES OF BUSINESS ENTITIES with Nick Messina Kaliah Little Samantha Mallet Intern Samantha with Nick Messina

10. 10 Entrepreneurship Middle School Entrepreneurs GO GREEN at Sandoval Elementary School! Jennifer Baeza On February 23, 2016, I attended a special ceremony at Sandoval Elementary School. Fourth through 8th grade students from Sandoval Elementary School, that had previously entered and won a contest on environmental entrepreneurship, were being honored. The event was organized by the Economic Awareness Council (EAC), On the Money Magazine and the Museum of Science & Indus- try and was sponsored by BMO Harris Bank. Sandoval Elementary School’s Science Buddies club with the Museum of Science & Industry was being honored with a banner unveiling at the school for winning first place in the EAC’s Go Green Business Plan Competition for the third year in a row. Dignitaries from all over Chicago, such as local school principals, business representatives from BMO Harris Bank and a Chicago Public Schools area chief all attended the ceremony and communicated with the winners. I had the opportunity to meet the children and present their certificates to them. Before the ceremony, I had the chance to interview the program coordinator and students who participated in the program in the past year. The program coordinator explained that the best part of the entrepreneurship competition was that the students were really excited about selling their product. The students said, “We are really excited to work on this year’s project! We have so many ideas that we had to take time to decide on which one to work on.” The children were very excited to earn their certificate and to be able to present to and network with the adult guests. They are excited to participate in the upcoming contest and are determined to win four years in a row! Intern Jennifer with Sandoval Student Sandoval Elementary Science Buddies Club

11. 11 THE POWER OF NETWORKING Designed by Pressfoto - Freepik.com Entrepreneurship Jennifer Baeza According to Google, networking is defined as “interaction with people to exchange information and develop contacts.” Networking is a skill that a person develops over time and with experience. By being part of On The Money Magazine, I was able to learn how to network and have attended many events. My favorite networking experience was the Small Business on the Road Expo with the Office of the City Treasurer of Chicago. I got an opportunity to interview various people. At one of the events, I met a Colombian woman who runs a not-for-profit company that teaches English to Spanish-speakers. I told my mom about the program, and she referred one of her friends who is now taking classes for free. None of this would have been possible without networking! Networking is a strategy that high schoolers should learn to use when using social media as well as when reaching out to personal and professional contacts. According to Marcia Boyd, CEO of Financial Aid 4 Success, LLC, networking is one of the most powerful tools a professional will develop. “ I got my first professional position at an annual conference for graduate students, where my friend referred me to her boss. Treat people well in your networks, and you will always come out on top,” she says. Networking helps you to connect with others that have something in common with you but you will not be able to take advantage of that common connection unless you are READY! According to Tracy Frizzell, Executive Director, Economic Awareness Council, “When you’re networking, you have to have a pitch ready to interest the other person in you and your business, but always try to be a good listener and let people fully explain themselves as well.” According to the U.S. Bureau of Labor Statistics, 70% of jobs are found through networking. In fact, four in ten job seekers found their favorite job through a personal connection. “It is important to keep an open mind while networking because you never know if the people that you are talking to might relate to your objective and goals. It takes a lot of work so don’t be afraid to put yourself out there,” said Mrs. Frizzell. Through On The Money, I learned how to come out of my shell and go up to a complete stranger to talk to them about anything.

12. 12 FINANCE ON THE MONEY: Many Chicago teens and young adults will be getting jobs this summer. Over 25,000 youth will be hired by One Summer Chicago alone. Keeping a job is as important as getting a job and is a great experience to have. Being self-disciplined during work will give your co-workers and your managers a positive vibe, causing them to think highly of you and making your work a better place. Follow these tips to help become self-disciplined at work. Tip 1: Respect Yourself and Others Respecting yourself and others will positively influ- ence the way people perceive you. “[Respect] helps you feel better about yourself and motivates you to continue working hard,” says Ms.O’Connell, a college advisor. Tip 2: Know Your Goals on the Job and Come Up With a Plan to Get Tasks Done on Time Knowing what you are working to achieve and setting specific, measurable and realistic goals is essential to self-discipline and career success. According to Kathy Caprino in Forbes, 2012, getting clarity on your career goals is “the most important action if you want to achieve anything significant in life.” Tip 3: Being Self-Disciplined Could Motivate YOU! Viewing your coworkers with a self-disciplined atti- tude could help motivate YOU. “A positive aspect could be that [your coworkers] might motivate you directly or indirectly. For example, seeing someone who is on task and managing their time well might motivate you to be more disciplined so you can do the same. On the other hand, seeing someone who is constantly wasting time and stressing at the last minute due to their poor decisions can also motivate you to stay on task, so you do not end up in a similar situation.” -Ms.O’Connell Tip 4: Being self-disciplined at work results in a better connection with your co-workers and managers. Securing a reference is directly correlated to your performance. Therefore, YOUR on the job performance is the key. Keeping these tips in mind will not only help you get a job, they’ll also help you keep one while maintaining strong relationships with your boss. BEING SELF-DISCIPLINED AT WORK Jasbella Clark

13. 13 AFTER THE INTERVIEW: Designed by Pressfoto - Freepik.com One of the most important parts of job hunting is the interview process, prepping for the interview, the actual interview, etc. But, a most often forgotten but crucial aspect is the post interview interactions. In order to successfully follow up after an interview, follow these five crucial steps. 1. Follow Up Immediately It is recommended to follow up within 3-5 days after the interview. “ [This] gives the employer time to review all candidates, while you’re also showing con- tinued interest before a final decision is made.” Says McKenzie Marks. Following up consists of writing a letter or sending an email to the interviewer, thanking them for considering you for the position. Lainey Bell of Linked In recommends “As soon as the interview is over - you want to stay top of mind and show your enthusiasm for the job. Email primarily because it gets there faster and lots of companies make their decisions well before a letter can get there.” 2. Use Social Media to Your Advantage! Lainey Bell says “Connect with them on LinkedIn! If you see they post an update (similar to a status update on Facebook), either like it, comment on it, or share it out to your network as well.” Your social media profile is key to letting employers know who you are as a person. Ultimately, you control the content of your social media platforms (being mindful of nick- names and “middle” names). 3. Keep it Professional Beware of blasting the company/your interviewer on social media if you were not selected for that position; you never know if your interviewer may think you are suited for another position down the road. 4. Ask for Feedback Just because you did not get the job, does not mean they will not help you. Ask the interviewer about how you can improve in the future. 5. Don’t be Shy, Reach Out! Remember, don’t be shy when it comes to contact- ing your interviewer. A follow up email could be the deciding factor between you and another candidate. A former OTM contributor said “A lot of it is what you know, but it’s also who you know.” Networking is essential and does not stop after the interview process. Samantha Mallett 5 Simple Tips to Help You Land the Job!

14. 14 READY FOR COLLEGE? Aisha Romer Since starting high school, I have been asked about college and told what to do to get into a good school. However, a lot of the information I have been given is to generalized and is therefore difficult to apply. A lot of freshman like me don’t know how to start planning for college. I know about the basics like getting good grades, partici- pating in extracurricular activities, doing well on my ACTs and building a relationship with my teachers for recommendations, but what else is there that I should do or know? I recently received some specific advice from Hilary Pham, a senior at Whitney Young. She said, “Don’t stress out about the whole process of college”. This means you shouldn’t join clubs only because you think it will look good on your college application, just do your best and have fun with what you want to do. Another thing I learned from Ricardo Romero of ISAC, the Illinois Student Assistance Commission, is that I can start learning now about financial aid instead of waiting until senior year. Ricardo is a recent college graduate who works as an ISACCorps member educating juniors and seniors about financial aid, making him an excellent source of information. According to Ricardo, high school students interested in attending college need to know three main points: 1. Be aware of expenses in advance 2. Compare different schools and their admission requirements 3. Use all of the resources available, such as counselors and ISAC corp members From the information that I gathered from these two people, I now have the specific advice I was lacking before. As a result, I feel much more confident about the college application process, and I hope that you feel the same as well. Ricardo Romero speaks to OTM Students

15. 15 College Budgeting and Food Costs Kezia Branch Having money for college is the topic! These past two months I have done a case study to vary my savings and see how much I spend eating out for one month versus not eating out at all. I began this case study because I wanted to see how much money a college student could possibly save or lose by eating out a lot. What are expert tips to save on food costs? Tracy Frizzell, Executive Director the Economic Awareness Council & On the Money Magazine, suggests that you keep your savings goal in mind and specific objectives (or a list) while shopping. David Borom, Analyst at Loop Capital, also recommends that you should make a list before shopping and stick to the list so that you don’t go over your budget. Although a lot of college students have a meal plan, many still purchase a lot of outside food for themselves. How does this add up? For two months, I participated in a case study assessing the difference between eating out every day versus cooking. I spent approximately $85 on outside food for one month of eating out. During the month, I was completely unaware of my spending, and I got so used to swiping my credit card that I didn’t notice how much I had spent until I checked my bank statement. This case study showed me that it is imperative to not only manage money but be aware of the food that I buy. In a survey of 112 peers at Rowe-Clark Academy, only 60% of students reported that they had budgeted before, and students gave themselves a very average rating on budgeting ability with a 2.7 average rating out of 5. In contrast, 98% of youth reported that they under- stood the importance of saving. How do Other Students Budget? Designed by Pressfoto - Freepik.com

16. 16 It’s As Easy as 1, 2, 3: Apply! Save! Budget! For seniors, as tax season comes to an end, FASFA and IDOC are completed and updated, and financial aid award letters come out, college may seem like a confusing financial quagmire. This is especially true for students with large gaps in their financial aid packets, leaving them with unmet need that is the difference between attending and not attending the institution of their dreams. Trenati Baker APPLY! When trying to close or reduce unmet need gaps, it is important that students apply for jobs/in- ternships and scholarships. The money gained from these sources can be used to supplement college fees and are wonderful resume builders. To find 2016 summer employment and internship opportunities, students should go to the One Summer Chicago website (http://www.onesummerchicago. org) and click the “Apply Now” button to be redirected to an application with over 25,000 opportunities exclusively for Chicago youth. Chicago Public Schools (CPS) hosts a plethora of scholarship resources and applications, with some scholarships that are for and awarded to CPS students only, at their Choose Your Future and Academic Works website (https:// chooseyourfuture.cps.edu & https://cps.academicworks.com). SAVE! When you have been awarded scholarships or receive paychecks from your summer employment, saving is a great way to help reduce unmet financial need. Please be advised that some scholarships go directly to the collegiate institution; however, other scholarship foundations may deliver the award directly to the scholarship recipient in the form of a check. If this applies to your situation, it is imperative that you open a free student savings account at an FDIC accredited bank, where the scholarship money can be in- sured and gain interest (see www. Plan2Achieve.org for a list of free bank accounts for students). (Set a savings goal and review other financial literacy modules on the Plan2Achieve website (http:// plan2achieve.org/) and you could win a scholarship (see scholarship details on the P2A website)). BUDGET! This one goes almost without an explanation. When we analyze our spending habits and create realistic and wise budgets, we tend to spend and save better. High school seniors and college students alike can use the (FREE!) College Budget Builder (CBB) app to “get a handle on [their] money management plan for college” (http://www.collegebudgetbuild- er.org/#/login). Students can use their financial aid award letters to plug figures into the CBB which will, in turn, help them concep- tualize the actual cost of college. The College Budget Builder does a wonderful job of revealing the hidden costs of college to students, and it is an absolute must for any first year college students.

17. 17 INCOME INEQUALITY AND EDUCATION LEVEL Nia Hill A problem persists in low-income neighborhoods not only in the City of Chicago, but throughout the nation. This problem has the potential to take away one’s opportunity to learn and become successful. This problem is called the School-to-Prison Pipeline. The School-to-Prison Pipeline, as reported by journalist Marilyn Elias, consists of “policies that encourage police presence at schools, harsh tactics including physical restraint, and automatic punish- ments that result in suspensions and out-of-class time.” Well, at least that’s a part of what the School- to-Prison Pipeline is. The Pipeline can essentially lead to an individual getting introduced to the criminal justice system, especially African-Americans. Ac- cording to the University of Chicago’s Consortium on School Research, African-American males and females are much more likely to attend schools with high suspension rates. Additionally, according to Elias, 1 in 6 Black students were suspended during the 2009 - 2010 school year. These suspensions can lead to a loss of educational time. Dr. David Stovall, a professor of Afri- can-American Studies and Educational Policy Studies at the University of Illinois at Chicago, believes that the quality of locally available education is heavily connected with one’s level of income. “The education system is based off of property taxes. This guarantees that those who don’t have strong property taxes, or those who live in low-income neighborhoods, have fewer resources in the public education system,” he said during an interview. Funda- mentally, those who are low-income and have limited access to resources are those who could potentially receive a lower quality of education. Problems like the School- to-Prison Pipe- line and school funding inequality are reasons teenagers have to pay attention to the larger world around them. We must continue to ask questions around what is relevant in terms of our lives & in what ways we can contribute to the changing of the conditions that lead to exploitation and marginalization. We must stay aware of problems that persist around us. “Be the change you want to see in the world.” - Ghandi 1) Increase positive supports. 2) Track incidents. 3) Work with the police. 4) Have clear policies in the student handbook. 5) Provide special teacher training. Tips for Reducing the School-to-Prison Pipeline

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19. 19 Should Chicago Public School Teachers GO ON STRIKE FOR BETTER PAY? Christina Bulter Should Chicago Public School (CPS) Teach- ers go on strike for better pay? This great question impacts everyone involved in Chicago’s public education institutions. So who better to ask than a teacher? During an interview conducted with a Chicago Public Schools teacher, Mr. Wilson of Kenwood Academy, when the topic of potentially going on strike was introduced, his initial response seemed apprehensive. “It’s tough”, he said shaking his head, “there’s so much to consider and we’re trying to figure out what’s best for the students as well as ourselves.” Finances The total fiscal year 2016 budget $5.7 billion (cps.edu), which is a reduction of about 69 million dollars from the fiscal year 2015 budget. Of the total budget, $2.3 billion comes from property taxes and effectively 750 million in additional funding needs to be identified. This additional funding would equate to a 33% increase in property tax contribution in order to make up for this deficit. This is equivalent to a $785 dollar tax increase for the average Chicago homeowner (fy2016 cps budget, p. 9). Updates The Chicago Teachers Union (CTU) conducted their first strike April 1st. In the event that teachers go on strike again in late May, CTU teachers risk possibly losing their salary, health insurance and possibly the support of parents who may become upset due to the inconvenience of having to find a place for their child to go due to this decision. Contingency plans for CPS graduates are expected to continue normally. Graduating seniors and 8th grade activities and ceremonies can continue as planned. If CTU teachers refuse to participate in these events non-CTU teachers are planned to be in attendance.

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