Professional Documents
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Young Money - Earn It. Invest It. Spend It. Summer 2009
Young Money - Earn It. Invest It. Spend It. Summer 2009
2
Volume 8 Issue 2
PUBLISHER
Benjamin P. Levy
The Million Dollar Beauty
EDITOR
Cara Newman
VICE PRESIDENT OF BUSINESS
DEVELOPMENT
Todd Romer
VICE PRESIDENT SALES
WESTERN REGION
Sheryl Hill
DIRECTOR OF DESIGN
Michelle Margulies
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24 10 Steps to Success
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6 Six Amazing Women
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28 Living in Mom’s Basement? 10 How Green Is Your Campus?
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Don’t Worry! 20 How to Deal with Debt Collectors change the way young adults earn, man-
age, invest and spend money. The Young
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17 The Business of Loan Forgiveness
Collars Slip into
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25 Cheap Summer Vacations investment, accounting or other profes-
GreenSoul Shoes sional services. If legal advice or expert
JOB JUMP assistance is required, the services of
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4 The High Cost of Internships sought. The publisher and publisher’s
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13 Green Internships be liable for any loss, damage, or injury
Save the Plant. Save Your Résumé. in any matter arising out of incident to
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18 Should You Go to Grad School? consequential damages.
TECH TALK
32 How to Green Your Dorm Room
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entrepreneurship By Jamie Fleming
The
Million Dollar
Beauty
W
hile many teens are focused on prom, new cars and
graduation, 17-year-old Jasmine Lawrence from
Waynestown, NJ, is developing and expanding her
million-dollar company, EDEN BodyWorks.
Created when Lawrence was just 13-years-old, her business
Photo by: Brian Branch Price focuses on the desire for natural hair and skin products. She
founded the company after attending a camp sponsored by the
National Foundation for Teaching Entrepreneurship.
Lesson 1: Find your niche
Lawrence created Eden BodyWorks after
a bad experience with hair chemicals at Lesson 2: When a door closes, Eden BodyWorks in Wal-Mart stores.
age 11. Her goal was to create prod- there’s almost always a window “[It] has grown from 10 stores to 300
ucts that were natural and that actually stores, now to 1,000 stores later this
worked. “I decided to make my own The story of getting her products into
Wal-Mart is a story that Lawrence year, so I’m just glad I was nominated
when I couldn’t find anything that would [for the competition], and I was able to
truly work for me that was all natural,” considers one of the more humorous
moments of her career. be in the right place at the right time”
Lawrence says. “I also didn’t just want Lawrence says.
something that was natural; I wanted “I was flown to Texas for Black Enter-
something that I could afford to continue prise magazine’s Teen Entrepreneur of After getting over the initial shock, she
to buy.” the Year Conference. My two competi- realized how great an opportunity this
tors for finalists were one girl who made was.
Even though she started young, Law-
rence didn’t really feel intimidated bumper stickers and another girl who “Now, in our economy, they’re do-
launching her business. “I think I was made cakes and baked goods; and by ing so great. What they stand for, what
just naive because at 13, the only people then, I had already had a full line of 15 they represent—affordable, quality
telling me I couldn’t do it were people I to 20 products,” Lawrence says. “My products—that’s exactly what I want to
didn’t know; my family was supporting line was pretty solid and my customer offer,” she says. “And Wal-Mart is a
me 100 percent,” she says. “So because I base had grown to 20,000. place where everybody shops no matter
didn’t know the legal and financial risks what ethnicity they are, so I know I can
“I thought I was a shoe-in. I totally reach my large customer base.”
of starting a business, I wasn’t so much
thought I was going to win this contest.
concerned with stuff stopping me. I just For the record, Eden BodyWorks’ prod-
And I actually lost to the bumper sticker
went in head first.” ucts are created for everyone, including
girl,” she says, laughing.
It’s a good thing she did. Last year, Eden men and women and every ethnicity.
But, as fate would have it, two Wal-Mart
BodyWorks surpassed $1 million in rev- “It’s great to have an outlet that has the
representatives approached her as she
enue, and her products are currently sold same diversified customer base that I
was leaving. Lawrence worked with
in Whole Foods and Wal-Mart stores. want to have.”
them on a nationwide contract to place
throughout the day to keep her on track Lesson 7: Stay focused and
“I know that it wasn’t all me,” Lawrence
and makes sure to include fun, social
says about staying humble. “I wouldn’t be give it all you got.
events, as well as business items, on her
anywhere without God or my family just To become a successful entrepreneur,
calendar.
helping me out and being there for me.” Lawrence advises individuals to remain
“I won’t schedule an interview when
She says she started this business not focused and give everything they have.
there’s a party,” Lawrence says. “Things
to become a millionaire, but to help “[They] have to have a passion towards
[like a calendar] help me keep my life
people with their hair issues and body it and love what they do because it’s
balanced. It helps me live a full, as close
care needs. “I knew I wasn’t the only going to get really tough; it’s not going
to normal, life as possible.”
person,” Lawrence says. “I was blessed to always be easy,” she says. “You’re
with something I wanted to share with going to have to wait for things…and
the world. Starting a business was just there are other things you can’t just sit
the best way for me to be able to help around and wait for them to happen, you
other people.” have to make them happen.
“You have to network with people and
Lesson 5: Embrace not be shy and be proud of your busi-
your success, but ness. You also have to try and be the
always strive for more best in your field. You have to know
One of Jasmine’s biggest your competition and what makes you
achievements is being able different and what sets you apart and
to see her business run itself. exemplify that.
“It’s made me really happy “I could give so much advice, but it’s re-
to see how far I’ve come ally just do whatever you love, whatever
from almost five years ago,” it is.” YM
she says. “I can’t believe it’s
been so long, I mean, just Check out Eden BodyWorks products at
to be continuing selling and edenbodyworks.net
making a profit is amazing
to me.” Check out writer Jamie Fleming’s ad-
She doesn’t, however, feel ditional work on her website,
right saying that she’s finally mochawriter.com
made it. “Usually when peo-
ple get to the number one spot
or they feel as though they
are on top, they stop striving
for more and more,” she says.
“And I just feel like my com-
pany, and myself as a person,
have so much more that I can
C o s t
Hig h
The g a n
i n d i n
of F s h i p
t e r n
I n free
k fo r
t o wor
n g
Payi
T
here was a time when students in WSJ.com, “a one-week internship at University of Dreams
could find internships based on a music-production company sold last
their hard work, good grades, and month for $12,000.” That’s a lot of money Applicants must be 18 to 26 years old,
fantastic résumés. Unfortunately, with for a week of working for free. full-time students and have a minimum
the current recession and high unem- grade point average of 2.5 to participate
Another part of this trend is auctioning
ployment rates, there are fewer jobs in the program. Applicants can pay in
off internships for charity. Many charities
available. This means that more college full, apply for financial aid or finance
have been hit hard by the recession. This
students and graduates are searching payments with processing fees of 3
could be a win-win, good for the charities
for internships. In fact, the demand for percent. Costs range from $5,000 to
and the company gets some free labor,
quality internships is around 20 percent $10,000. According to the website,
but, is it good for the students forking out
higher than it was last year; so it should “Programs include internship placement,
thousands of dollars in the hopes of learn-
be no surprise that the newest way to housing, weekend activities, meals,
ing something new?
find an internship is to buy one. More transportation, career seminars, resume
Few people can argue with contributing revision, interview coaching and more.”
and more for-profit internship place-
to charity, but what about the companies
ment agencies are popping up. These This may sound like a lot for your
which are suddenly realizing that offering
internships are typically at well-known money, but think about it: an eight-week
internships can be an additional revenue
companies, such as Rolling Stone, Elle, internship in New York costs $7999.
stream? Now that people are paying,
or fashion houses like Donna Karan. The That comes out to $1000 a week. Two
companies may begin to form internship
cost can range from $2,000 to $12,000. months rent in New York might cost you
programs solely as a way to raise money.
What about the kids who don’t have the $2000 (and that’s being really gener-
If you can get some really great experience
money to pay for a prestigious internship? ous, a quick look at Craig’s List shows
then working for free can be worth it. But,
One school of thought holds that paying rooms for rent for anywhere from $125
will internships that simply exist to raise
for an internship actually evens the playing to $1050 a month).
money for companies having a hard time
field; that if you come from a wealthy fam- making ends meet actually provide enough The list of possible internships is pretty
ily chances are you have some personal good experience? impressive: Glamour, InStyle, Chanel,
or political connections that can help you DKNY, Tribeca Film, but there are also
If you do decide to open your wallet to
anyway. This way, it’s not about whom less exclusive companies listed. To get
get your foot in the door, here are a few
you know, just about how much you can the entire list of internships offered
companies to check out:
pay. And many parents are digging deep you have to apply, be accepted, and, of
to help their kids. According to an article course, pay. The University of Dreams
Washington
Internship Program
WIP places undergraduate, graduate,
and college graduates in the nation’s
capital for a semester. The cost is
$3,400 but the WIP offers scholar-
ships and a job-bank of part-time paid
employment. Plus, you can receive
college credit for this program.
Students select internships according
to their areas of interest, like gov-
ernment or the media. International
relations, journalism, law, medicine,
public relations, business, the arts,
6
By Cara Bruce
Women Who
Make a
Difference
Social
zations have worked in both the private
and public sector—banking or venture
capital, management consulting, busi-
Kate Berglund
Occupation:
Non-Profit/
Bureau of Democracy, Human Rights
and Labor in State Department; Middle
Health
East and South Asia, with a focus
on Egypt, Afghanistan, Pakistan and
Bangladesh; makes sure that democracy
and human rights issues remain on the
broader U.S. agenda; works to draft Katie Hill
and implement elections strategies,
articulating the key steps that foreign
governments need to take to ensure that Occupation:
elections are free, fair and transparent; Energy Portfolio Manager for Acumen
drafts and edits an annual human rights Fund India, a venture fund investing
report for each country she covers. in businesses serving the poor (www.
acumenfund.com). “In the Energy
Career Path: Portfolio, we are looking for investments
“I studied Political Science at Stanford in renewable energy generation that cre-
and was fortunate enough to work with ates community-level power resources
professors who were very plugged into and in energy applications that allow Jessica Goldman
the foreign policy world. Through my households to address basic needs such
work with them, I got really excited as lighting and cooking. My time is split
about working in foreign policy. During between supporting our existing compa- Occupation:
my junior year, I got an internship at nies and scouting for new investments.” Development Manager for ODC, a
the State Department with the Bureau
cultural center that is home to an inter-
that I now work for. After graduating, I Career Path: nationally recognized dance company;
worked for a nongovernmental organiza-
“When I was 16, I spent a summer starting own line of no-sodium sauces,
tion in North Africa before coming back
volunteering in Botswana, and when I blogs about sodium-free living, sodium-
to work at the State Department.
was 17, I deferred college admission to friendly restaurants, and sodium-free
spend the year teaching in rural Ne- meals (www.sodiumgirl.blogspot.com).
Advice: pal. At Stanford University, I studied
“Networking can be the key to success in International Relations and Economics. Career Path:
Washington. It’s a great idea to set up lots I spent a lot of time looking at microfi- “I volunteered at the Arthritis Foun-
Occupation:
Account comes. You will learn and grow more if
you slow down to speed up.”
An author, journalist and creative writ-
ing instructor. Shawna has covered
music, pop culture, animal rights and
Executive
veganism for Alternative Press, Veg
News, the LA Weekly, the Indianapolis
Star, Transworld Skateboarding and
Swindle Magazine, among others. She
runs the blog www.shawnakenney.com
Check out these sites:
Career Path:
“I started my own magazine in high
www.nextbillion.net
Shawna Kenney
school—a music fanzine that I sold at www.acumenfundblog.org
www.netimpact.org
Occupation:
An author, journalist and creative writ-
ing instructor. Shawna has covered Sapna Talati
Work Up a Charge
Wouldn’t it be nice if there were more
motivation to go to the gym? Yale student,
College became one of the first under- Henrique Rocha, developed a way for
Feeding the Masses graduate colleges to offer an environ- an exercise bike to do more than just
Most college cafeterias include pizza, mental studies major. In 2005, they burn calories. He discovered a way to
hamburgers, and all you can eat desserts; began Sprout! the College’s first sustain- channel the wasted energy and heat from
but, some greener colleges are looking able gardening initiative. Sprout! now bicycling to charge several small elec-
for ways to add healthier items to the provides more than 100 pounds of fresh tronics such as a cell phone, an iPod, and
menu. Way back in 1969, Connecticut food grown organically on their own possibly a laptop. According to the Yale
friendly recycling competition. Since You can make a difference in your school
then the program has expanded to more by raising awareness of green issues and
than 500 schools competing and recycling coming up with ideas that support both
more than 40 million pounds. If your your school and the earth. You may be
university is not yet involved, talk to surprised to find out how many of your
Daily News, future plans for this project your school’s supervisor and enroll fellow students are willing to help. YM
include providing enough electricity to at Recylemania.com. There is a good
power the gymnasium. chance your university is enrolled in Ashley Sinatra is a freelance writer based
the competition but not at a competitive in Lancaster, California. She enjoys reading
level. You, and others at your campus, and saving money.
SmogWatch can rally and bring awareness to the
UCLA’s group PEIR (Personal Envi- Looking for more ways to
recycling competition. Make sure to
ronmental Impact Report) has invented help your school go green?
place clearly labeled recycling bins near
a way to know how many carbon Visit: www.youngmoney.com.
regular trash cans to make recycling
emissions you are creating in your easy for everyone.
daily life and how you are impacted
every day by different exposures.
Go Paperless
PEIR allows users to track their foot- Think about all the announcements
print via cell phone or through Face- posted campus-wide—everything from
book. The cell phone tracking is made football games to chess club meetings—
possible by using GPS to track your then add up all the papers your professors
exposure indirectly. When you add the give you. Having professors and club
PEIR application via Facebook, you
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Visit our blog, Young Money Talks for comments and discussions ranging
from entertainment news to how to get out of debt to how to “green” your
new business to tips for entrepreneurs.
Young Money Talks features experts, including a collection agency
insider and a life coach to help you maximize your true potential.
www.youngmoney.com
www.youngmoneytalks.com
job jump By Ashley Sinatra
Green Internships
Are a Win-Win!
T
his summer you can help Jobs—jobs that help the environment
the environment while while helping people make a living. Green
for All helps put together job listings, train-
adding a green edge to
ing, and entrepreneurship opportunities.
your résumé. Even if you are They are based in Oakland, California and
not majoring in environmental offer internships for spring and summer in
studies, these green intern- media and communications. They also offer
ships can help the planet and a development internship which helps put
together grants, seek out donors, and plan
your career.
events. Their state policy internship helps
connects people with policymakers, legis-
Green Mountain Club lators, and community groups. Highly
The Green Mountain Club offers intern-
ships to students at Long Trail in Vermont. “Landing an internship with one of these
The Long Trail was built between 1910
and 1930 and is the longest distance trail big companies will look impressive on your
in the United States. They offer intern- résumé, no matter what your major.”
ships in leadership, education, construc-
tion, and management. This internship desired candidates showing a financial research, drafting memos, and making
is a great chance to live and work in the need may receive a stipend. Read all about appearances in front of public agencies.
mountains (housing is paid for), while Green for All at Greenforall.org. Interns have the opportunity to attend
receiving school credit. Visit court. Other available internships are in
Greenmountainclub.org for more infor- Rainforest Alliance environmental advocacy, development,
mation. and environmental outreach and educa-
Based in New York City, Rainforest tion. Visit Edcnet.org for more informa-
Green America Alliance is a non-profit organization tion on any of these programs.
that helps preserve tropical forests
Green America is a non-profit organiza- worldwide for the betterment of the Landing an internship with one of these
tion that brings members together to global community. Majority of intern big companies will look impressive on
develop a socially and environmentally work includes work in communications, your résumé, no matter what your major.
friendly society. Based in Washington increasing donors and funds, and plan- To increase your chances, focus on
D.C., they offer summer internships ning special events. Hour commitment specific abilities the internship is looking
which cover fair trade, advertising, per week is low and flexible. Visit for while highlighting your desire to
publication, business, and shopping. Rainforest-alliance.org to apply. help the environment. It will also help
They also offer internships that can be to include a written recommendation
accomplished online, so you can get Environmental Defense Center and any related environmental work you
experience and help society no matter have recently done. For green intern-
where you live. For more information go If you are interested in law the Environ- ships in your state, visit http://www.in-
to Coopamerica.org. mental Defense Center (EFD) can help ternships-usa.com/BigGreen/green0506.
get your foot in the door. EFD is the only html. YM
Green for All non-profit law group in Los Angeles that
Ashley Sinatra is a freelance writer based
works towards the protection of environ-
Green for All is building a green economy in Lancaster, California. She enjoys reading
mental issues, such as water protection,
that is strong enough to lift people out and saving money.
species protection, and general public
of poverty. They believe in Green-Collar health. The law internship assists in legal For more internship
information:
www.youngmoney.com/careers
impressive freshman grades can trans- card company about their individual
Discounts for late into merit aid. Many schools offer good grade programs.
in-school scholarships or rewards by
Making the department so ask your department head Rent
Apartment complexes in college towns
within your individual program of study.
Dean List The federal government offers two
are known for offering students dis-
counts on their rents if they can maintain
need-based grant programs for full-time
You’ve worked hard all year and the required GPA. Some schools even
students who are U.S. citizens with a 3.0
have discounts on dorms. Make sure
your parents are finally going to or better GPA.
to ask your housing office or potential
help you get a car. If you have a landlords about possible rental rewards.
•The Academic Competitiveness Grant
high GPA you may be eligible for is available to college freshmen and
a good grade discount! But good sophomores. Games for grades
grade discounts don’t just stop at •The National Science and Mathematics Play ‘N Trade has a “Games for Grades”
Access to Retain Talent (SMART) Program. Students receive a 10 percent
car insurance. Many companies
Grant is available to college juniors discount on any used video game for
now offer incentives for high each “A” on their report card. Check
and seniors.
GPAs. Check this list and see if you with a store near you to make sure they
can’t score an additional discount “Many companies participate in this program.
for making the dean’s list.
now offer incentives Travel
Car insurance Ask about good grade discounts when
Yes, there is a proven correlation
for high GPAs.” booking a trip—especially for spring
between good grades and safer driv- break. Many resorts and hotels will
ing. Most car insurances companies Credit cards offer good grade spring break discounts.
will offer a “Good Student Discount” Citibank wants you to “learn and earn Check with a student travel agency
between 10 and 25% for an undergrad with the Citi® mtvU™ Platinum Select® about GPA deals for airfare, car rentals,
with at least a 3.0 GPA. Keep in mind, Visa® Card for College Students.” Every and hotels.
one ticket can erase a semester’s worth semester that you get good grades, you Good grades are their own reward, but
of hard work. receive bonus “ThankYou® Points”; why not take advantage of other people
the higher your GPA, the more points who want to honor your hard effort as
In-school scholarships you’re awarded. An A-average can earn well? It doesn’t hurt to ask stores around
Many colleges have scholarships for you a 4,000 point annual bonus—the your school if they offer a discount. You
students already in school. Check with equivalent of a $25 Barnes & Noble gift never know where you might be able to
your financial aid office to see if your certificate or two CDs. Ask your credit save a few bucks. YM
Emily Torres is a frequent contributor to Young
Money.
The
Business of
Loan Forgiveness
W
hether you are a freshman
or a senior you probably
worry about paying back
your student loans. No one wants to
start their life in debt. Luckily, there are
government loan repayment programs
(also called loan forgiveness programs)
that can help you. These programs
allow students to pursue financial aid
via the traditional route: completing a
Free Application for Federal Student
Aid (FAFSA), obtaining a federal loan,
and then having all or part of it excused
based on choosing specific careers in
high demand situations or locations, are also part of this program. Ask your loans for qualified nurses who work for
such as working in the public sector, school counselor or search online to see two years at a critical shortage facility.
serving low-income or underserved how you can take advantage of these The National Institute of Health repays
populations, or in other areas where generous opportunities. up to $35,000 per year of qualified school
finding competent employees in certain loans in exchange for two years of clini-
professions is difficult. Most of these Business school excuses cal research. They will also pay any taxes
plans become effective once you have that result from these payments.
Business school graduates can be excused
become employed after graduating.
from some of their school loans if they
Teaching for forgiveness
work in specific government or non-
College Cost Reduction and Access profit domains. Stanford University, for Teachers working in government desig-
Act of 2007 example, will excuse up to 100% for nated poverty-stricken school districts, or
The College Cost Reduction and Access qualifying MBA students who choose in subjects such as math or science, or in
Act of 2007 allows you to get your work in the public sector. Check with special education may have some of their
remaining loan debt discharged after 10 your university to see if they offer simi- school debt waived. Both the Perkins
years of full-time employment in public lar loan forgiveness plans. and Stafford loans vary in the amount
service. The borrower must have made they forgive, depending on what kind of
120 payments (that’s 12 payments a “No one wants to start teacher and length of time working.
year for 10 years) as part of the Direct There are other professions where new
Loan program. Only payments made on their life in debt.” graduates may find employment help-
or after October 1, 2007 count toward ing others while having some or all of
the required 120 monthly payments. A Healthy loan forgiveness their government student loan forgiven.
public service job is defined as a full- Contact your specific university depart-
Everyone knows how expensive medical
time job in emergency management, ment, your school academic or financial
school is. Luckily, loan forgiveness pro-
government, military service, public aid adviser, or search online resources to
grams are offered through the National
safety, law enforcement, public health, learn how you can become eligible.YM
Health Service Corps and the Nursing
public education, social work, public
Education Loan Repayment Program
interest law services, child care, public Debra Karplus, MS, OTR/L, an occupational
(NELRP). These programs offer loan
library sciences, or any other job at an therapist in private practice with an account-
forgiveness to physicians and regis- ing degree, teaches entrepreneur and invest-
organization that is described in section
tered nurses who agree to practice for ing classes to children and adults. She can
501(C)(3) of the Internal Revenue Code
a set number of years in areas that lack be reached at dkarplus@yahoo.com.
of 1986.
adequate medical care (including remote
Volunteer experiences through Ameri- and/or economically depressed regions).
Corps, VISTA, and the Peace Corps The NELRP will excuse 60% of college
You don’t always have to drink bottled water. A $3 bottle a day x 365 days x 10
years x 6% interest is $14,694. That could be money in your pocket. Small changes
today. Big bucks tomorrow. Go to feedthepig.org for free savings tips.
personal finance By Melissa Douros
Don’t be AFRAID to
answer the Phone!
uDealing with debt collectors
Recession, recession,
recession. It seems as
though you can’t even
go to the grocery store
without someone talking
about the economy. If
you are like millions of
Americans, chances are
you have been forced to
cut back on paying bills,
and perhaps one of those
bills has even been sent
to a collection agency.
Most people are forced to
suffer in silence about debt
in collections because it is I own Dovco Collection
Solutions, Inc., the col-
not the usual dinner party lection agency dedicated to
conversation or even collecting on delinquent debt
without abusing the consumer
something that we tell our who owes the bill. I believe
best friends. The subject that consumers have a right to be
can be embarrassing and informed about illegal collection
agency practices and know what to
humiliating which means do when they have been mistreated.
that consumers do not The first types of collection agencies
speak up about how they were thought to have been managed
by the mob and largely unregulated. In
have been treated or ask 1914, the Federal Trade Commission
questions about what is was put in place and sought to prevent publish a “blacklist” with consumer
the mistreatment of consumers by these names. Even with the birth of the FTC,
fair or legal. agencies. Before this time collection it wasn’t until 1977, when the Fair Debt
agencies could threaten, steal and even Collection Practices Act was adopted,
Web entrepreneur Alastair Onglingswan Chen wasn’t the only casualty of the dedicated professionals to build an in-
envisioned the company after visiting investment world: Iris Chau left JPMor- novative company that seeks outsized
his hometown in the Philippines. After gan and Winnie Ho, the newest member value. GreenSoul Shoes empowers local
enjoying the country’s scenic beaches in charge of designs and contests, left artisans through nongovernmental orga-
and luxurious resorts, he drove through a Citigroup. However, the GreenSoul nizations (NGOs) like Heritage Watch to
shanty town. He was shocked to see the Shoes employees quickly realized that hand make 100% recycled sandals out
living conditions. Young children had to working at a nonprofit start-up could be of old tires. For every pair of shoes sold,
rummage through a vast garbage dump just as challenging as working for an one will be given to a shoeless child. Its
simply to survive. The children wore no investment behemoth. Less than a year innovative business model allows consumers
shoes and were subject to foot injuries after GreenSoul’s launch, Stephen is to directly support an underprivileged child.
from nails, glass, metal and needles. still discovering the parallels between While Chen noticed similarities, Iris not-
He drove to the nearest department work environments. “I believe we carry ed distinct differences, “I joined JPMor-
store and bought every single pair of many of the same skill sets of modeling, gan Chase eleven years ago. While my
children’s shoes—then donated each pair finances, operations and talking to inves- hours ranged from ten to fourteen a day
to the children of the waste site. Alastair tors,” said Stephen. “The only difference it was very structured and project ori-
quickly realized that he wanted to expand is that previously we were beholden to ented. It was difficult for me to measure
this effort into a working business opera- our investors. Today, we take into the impact of my work to my customers.
tion that would aim to shoe the 300 million account our peers in third world countries.” Since I joined GSS in February, I have
shoeless children around the world. He added that in both cases he had the the opportunity to create direct impact to
opportunity to work with a team of the organization and the people that we
5 Steps to1
6 2
3 7 4
Success 9
Make it big by 30
1 Consistency 6 Personal Stability
Talent may be overrated but you do It is important to manage a healthy rela- Top 10 Popular
need some to make your mark in tionship with your partner and maintain
today’s business world. I always say it’s a great relationship with family and Undergraduate Majors
not the talent that makes you successful, friends. Equally important are working by Starting Salary*
it’s the consistency of using that talent out and taking lots of time off. Time off
that creates success and fortune. is crucial to keep the creative side of 1. Chemical Engineering
the mind working. Keep your sphere of Average Starting Salary; $61,800
2 Self-Evolution influence full of great people, starting 2. Computer Engineering
Guess what? We must change with the with those closest to you—the benefits Average Starting Salary: $60,500
world. There are so many young people, will be outstanding.
straight out of school, who do not work 3. Electrical Engineering
to change the way business is currently 7 Never Fear Average Starting Salary:$59,900
being conducted. Fresh, innovative If you are afraid you are guaranteed 4. Computer Science
ideas and keeping up with the times has to fail. All of us have experienced fear Average Starting Salary:$54,200
a direct relationship with your success. with clients or potential customers but 5. Civil Engineering
we shouldn’t be afraid of what we have Average Starting Salary:$52,600
3 Trust Instincts to offer them.
Go with what you think is the right 6. Economics
direction. It’s a 50/50 shot but the 50 8 Honesty Average Starting Salary:$48,100
percent that’s correct can generate all Tell your clients the truth about what 7. Finance
the success you need to get started and you are offering and then let them Average Starting Salary: $46,900
make some real cash. decide if it fits their needs.
8. Accounting
4 Work really hard 9 Listen more and talk less Average Starting Salary: $44,600
There is no substitute for this. Random people can give you great 9. Mathematics
ideas. Be open to new ideas that you Average Starting Salary: $43,500
5 Common sense is crucial might be able to enhance. 10. Business Management
There are so many smart people but Average Starting Salary: $40,900
guess what? Few of them are anything 10 Attitude and Faith
else than a normal executive working You must have faith and keep a positive *Information provided by Payscale.com &
to fill their 401K and have enough for attitude. The truth is, very few of us al- CareerBuilder.com
a Disney cruise at age 60. Try using ways have a positive attitude. If you can
common sense when doing business… adjust to being about 80 percent positive
it’s often more important than having an you will prevail at almost anything. YM
overwhelming amount of smarts. Edward de Valle II is the President of
AMG Worldwide.
I
t’s finally summer break! You’ve Ask around and see if anyone you know It may sound lame, but if you have the
worked hard and you deserve has a room you can rent near an ideal opportunity, don’t be shy to take your
to have fun, but can you do it vacation spot. You never know what family up on the offer to tag along on
without breaking the bank? In these might be available if you don’t ask. If a family trip. Sure, you’re older and
hard times, we all have to watch you can’t find any good connections, may prefer to do things on your own
what we spend, even on things we see if any of your friends are interested terms, but you never know what kind of
might have splurged on in the past. in traveling with you and splitting the experiences you could be missing out
However, there are tons of options cost of a hotel room. Chances are that on if you turn them down.
out there, one for every budget; some of your friends want to get away Feeling adventurous? Maybe couch
sometimes you just have to get a just as much as you do. Just remember surfing is right for you. Surprisingly,
little more creative. to include all expenses when calculating there are tons of people all around the
For those of you with a smaller budget, the budget for your trip, including gas, world who are willing to offer to let you
think modest. Surely by now you have food, and activities. crash at their place for absolutely free!
heard the term “staycation.” A stayca- Couchsurfing.com verifies the locations
tion refers to saving money by taking “The main goal is to just of their members and gathers references
your vacation locally and enjoying take a few days off from and feedback in order to make the pro-
what your own city (or the city closest cess as safe as possible. Not sure if it’s
to you) has to offer. Sure, you may be
work and school to have right for you? Check out couchsurfing.
experiencing the “been there, done that” some fun and experience com, which features lots of information
feeling. But there must be things out something new.” as well as thousands of testimonials.
there you haven’t yet experienced, and Being flexible, creative, and open-
who knows, they could end up surpris- minded can help you make the most
ing you. Try using Google to look for If you have bigger vacation dreams,
along with some money in savings, try out of your summer vacation. Don’t let
new options within driving distance this summer pass you by without a few
from your home, or pick up your local booking a package deal. Websites such
as travelocity.com offer last minute fun experiences to remember. Do your
newspaper and search for events. Try research, calculate your budget, and
visiting your local parks and museums, packages (which include flight, room,
and rental car if needed) that can be start looking forward to good times! YM
or perhaps a local festival or concert.
Mix it up! The main goal is to just take very affordable. Statravel.com and
adventurestudenttravel.com also offer Rebeca Fernandez is a proofreader for
a few days off from work and school to a financial firm and lives in Owings
have some fun and experience some- package deals and discounts for students,
youth, and teachers. Bargain shop! Take Mills , MD.
thing new.
some time to compare prices of similar
If you can afford to splurge a little, try deals on various Websites—it could turn
taking advantage of possible connections. out to be well worth the extra planning time.
Interview with
City Paper founder
Russ Smith
Young Money: You started the Balti-
Russ Smith was only a senior in college when he more City Paper in the late 70s, during
your last year at Johns Hopkins, is that
started the Baltimore City Paper with his good
right? How did you get started and what
friend Alan Hirsch, tapping out the early weekly kind of model was there for alternative
editions at the Johns Hopkins News-Letter of- journalism in those days? Of course the
fices after hours. Smith had been inspired by Village Voice had been around since the
earlier papers, like the Village Voice and the mid-’50s. Was that an influence for you?
Chicago Reader, and after graduating he turned Russ Smith: Yes, I started, along
the Baltimore City Paper into a free daily that with my friend Alan Hirsch, [the Bal-
within a decade was a model for alternative timore] City Paper (at first called City
journalism across the country. Smith subsequently Squeeze, in a nod to the fading hippie
sold the Baltimore City Paper, as well as the culture) in May of ’77. We got started
with almost no money, and produced our
D.C. City Paper (started in the early ‘80s), and first 10 issues, sub-rosa, at the News-Let-
started the New York Press, now the main rival ter offices, usually after midnight when
to the Village Voice. Smith’s new project is the no one was around. Sure, the Voice was
online magazine Splice Today (www.splicetoday. very influential—I started reading the
com). Founded a little over a year ago, Splice Voice as a 10-year-old growing up on
Long Island—but also Boston’s Real
Today is a news and pop culture website aimed at Paper and the Chicago Reader were
the 18-30 crowd. I talked with Smith about his models.
career in alternative journalism, Splice Today,
and the decline of the newspaper industry. YM: How long did it take before the
Baltimore City Paper started to turn a
profit?
RS: City Paper began as a free paper, slow to adapt. Now, it’s too late. I don’t York was a much harder environment for
with an ill-fated detour from ’79-’81 especially like the disappearance of print media—it was saturated with publica-
where we went paid, at a quarter a copy newspapers and magazines, but, you get tions of all kinds, most of them really
in an effort to convince advertisers it used to it, just like when CDs replaced crummy—and so, with the first issue I
was a more serious paper. That flopped albums in the ‘80s. started a column called “MUGGER,”
and we almost went belly-up. All the which was economically and politically
revenue came from advertising (save a YM: When you started the New York conservative, which in Manhattan was
modest amount of circulation revenue Press in 1988, what had you learned the equivalent of porn. It was a pro-
during the paid period). Our start-up about management and publication since vocative column that combined politics,
costs, once we incorporated in ’78, the Baltimore City Paper days? What along with media criticism, tales of
were $10,000; Alan and I each scraped did you want to do differently? drunken nights at dive bars, memories
together $5000 from relatives. Even from childhood, and, often just what
in ’78 dollars that was a very modest RS: When I started New York Press in popped into my head. In a sense, it was
amount. We first turned a profit in ’84 ’88 I was fortunate to have more capital a blog.
and then it zoomed after that, which led at my disposal. The biggest lesson I
to a lucrative sale of the paper in ’87. learned from the early and lean days of YM: How about starting the online maga-
City Paper was how not to waste money. zine Splice Today (www.splicetoday.com)?
YM: Obviously the landscape of Ameri- For example, when New York Press be- How has it been getting into the online
can journalism has changed drastically gan, we didn’t advertise anywhere—that market? And is this a concession on your
in the last 30 years. What do you make would be ephemeral and a waste of part that old print journalism is dead?
of the changes that are happening—the money on a start-up newspaper that had
closures, the switch to online-only to evolve. Our one relatively big invest- RS: Yes, old print journalism is dead,
publications, the New York Times spend- ment was the purchase of 300 street but an online start-up is just as difficult
ing almost twice what they’re taking in boxes, which served two functions: one, as any other new business, because of
every year and running ads on the front obviously, as a means of distributing the the competition, the still-developing
page? paper; two, it was de facto advertising, internet market, the vagaries of how to
in that our logo was on the boxes. What quantify readers, and the difficulty of
RS: First, I like ads on the front page. I wanted to do differently from CP was attracting advertisers. It’s a completely
It’s an example of American provincial- to experiment more: obviously New continued on page 29
ism and self-importance that it took so
long for ads to be on the front page, “I don’t especially like the
where great European papers were
decades ahead of them on that score. disappearance of print newspapers
I can’t add anything to print journal-
ism’s quick decline this decade—it’s and magazines, but, you get used
well-documented that the arrogance of
newspaper companies, which were ac- to it, just like when CDs
customed to double-digit profit margins, replaced albums in the ‘80s.”
scoffed at the digital revolution, which
was apparent in the 90s, and were far too
entrepreneurship By Mike Michalowicz
Sleeping in Mom’s
Basement?
Don’t Worry!
other in a battle of start-ups, and my
money’s on the underdog. The reason
So you say you don’t have enough money to start a busi- is that without money you can’t afford
ness. Bull! Starting a business isn’t all about money; It’s mistakes (not many anyway). When
you have less you do more with it,
also about ingenuity, innovation, and raw passion. In fact, whether it is toilet paper or cash.
Jim Collins, the author of Good to Great, studied hundreds
of companies and identified that the leap to success Having less forces you to use
required these intangibles over anything else. your mind
Financial limitations force you to think
outside of the box to come up with cre-
ative solutions to problems. A person
with lots of dough is more likely to
Many of the biggest, strongest compa- version of the website you see today. throw money at a problem, rather than
nies were launched in garages with just In 2008 Amazon posted $19.2B in think his or her way out of it, miss-
pocket change—Amazon and Cliff Bar, revenue—not bad for having its HQ in a ing a golden opportunity for growth
for example. Yet Silicon Valley is lit- garage only 14 years prior. and invention. I now use a strategy for
tered with multi-million dollar dot.com advertising based on the “having less
start-ups that went belly up before they Having limited resources can be a huge
model.” I regularly troll the yellow
earned one penny of profit. Founded in advantage in business. Success requires
pages ads (that I can’t/don’t want to
1994, Amazon didn’t launch with crazy ingenuity, perseverance, and gratitude,
afford), and see if any of my competi-
amounts of cash. Instead, Founder Jeff which is not often required of silver
tors went out of business. If they have,
Bezos started Amazon in his parent’s spoon entrepreneurs. Put one person
and their number is disconnected, I get
garage. Slowly he grew the business with only $100 to invest and another
the number and redirect it to me. They
and brought it online, ultimately raising with plenty of backing up against each
a mere $40K to make the first
feature continued...
paid for the ad (prior to closing their Sure enough, they regularly offer free different model. With weekly newspa-
doors), and I benefit from the customers. legal services (think contracts, NDA and pers in one specific city, it was all fairly
the like) in exchange for being a case clear: a retailer or restaurant or health
Having less helps you stand out study for a class there are teaching. Now club, for example, would buy space in
that is doing more with less. the paper and if it brought people into
It’s much harder to follow the status quo their doors they’d continue to advertise.
without money—and that’s a good thing. If not, they wouldn’t. It was all local and
Do you really want to bust your butt to Having less enables you to
easy to track.
keep up with the guy down the street use less—even when you
when you could be blazing a new trail? YM: What advice can you offer to
have more
People with capital often spend a lot of anyone who’s studying to be a journalist
So many businesses tank because the now? What kind of skills should they be
money trying to look like everyone else,
moment the money starts rolling in, the learning to stay competitive and what
and when that doesn’t work they spend
founders go on a spending spree, loading kind of job market can they realistically
even more money trying to be unique.
up on office supplies like they’re stocking expect over the next five years?
There is a reason so many clothing
a bunker. All of a sudden they’re paying
trends come out of urban areas—many
retail, signing expensive office leases, and RS: The job market for aspiring jour-
of these individuals are doing more with
the worst of the worst: hiring unnecessary nalists has never been worse, at least in
less. They are bucking the status quo,
staff at high salaries. my career. While there are opportunities
with the intention of being different for
Despite the fact that I sold two companies online, the pay stinks, unless you have
less. Hush Puppies brand took off in
for millions, my ass is still sitting on a an established reputation. One of the
1994, after almost being closed down,
used office chair I got for free. (What? great things about weekly newspapers
because young people in urban areas
It’s not smelly or anything!) Accustomed in the past was that a 21-year-old, who
were buying them up at small discount
to working with less, I still operate my didn’t have the experience to get hired
stores. Then the rich folks tried to copy
business with the attitude that I’m not at a “legitimate” publication, unless he
them and bought them by the case.
or she were well-connected, could write
like crazy and produce a body of eclectic
“Many of the biggest, strongest work that would lead to better-paying
jobs at dailies and magazines, although
the work and atmosphere probably
companies were launched in garages wasn’t as much fun.
I can’t offer any advice to young people
with just pocket change …” starting out in journalism because I’m
a relative dinosaur who can’t exactly
decipher what the next great wave of
made of money. And that means my bot- journalism will be. It won’t disappear,
Having less inspires you to be tom line is healthier than most. and the present glut of blogs and small
resourceful I’m not saying the homeless dude in the websites probably won’t survive the next
park is better equipped than a guy with New Journalism. But I’m betting, as I
When you have limited resources you
angel financing. But if you’re living tap this out, that smart young entrepre-
make better use of them. You’re smarter
in your mom’s basement, you’ve got a neurs are figuring all this out, and they’ll
about it, able to strategize how you can
chance of making it. Or simply upgrade be the ones who set the pace, not all the
make the most of what you have and get
to the garage, like Amazon did, and bitter graybeards who are pontificating
more of what you need for next to noth-
make billions. YM about whether daily newspaper web
ing. Most people think it’s not possible,
content should be free or paid or go non-
but you know better.
Mike Michalowicz launched three multi- profit. All of that isn’t really germane
million dollar companies all before the to the future; it’ll be a new communi-
Whether you need office furniture,
age of 35 and is the author of The Toilet cations world and the people who are
plane tickets, or a staff, inspired use of
Paper Entrepreneur. Visit his site: making predictions now will almost all
resources can help you get what you
http://www.ToiletPaperEntrepreneur.com be wrong. YM
need. Trade, entice, scavenge, you’ll do
whatever you have to do to get what you
Zach Kaufmann is a freelance writer
need, besides pay for it. For example,
and music critic at Splice Today, an
when I am not willing to pay expensive
alternative online publication.
legal fees associated with a business
startup, I have to get creative. So, in the
case of legal counsel, I go to my local
college and seek out the legal professors.
Go Green
or Go Broke
Detroit’s (Last?) Drive to Green
the Big Three
I
n case you haven’t been following a bankruptcy filing by June 1… The shareholders love higher profit margins.
the death of the “Big Three” Detroit government wants preparations made for
GM and Chrysler’s resistance over the
automakers (General Motors, a quick, ‘surgical’ bankruptcy.”
past twenty or thirty years to develop-
Chrysler and Ford), here’s a quick re- If you find all this economic recession stuff ing small, fuel-efficient cars means that
cap: GM and Chrysler asked for nearly a little hard to sort through, you’re not the today’s “Go Green” mindset—where
$22 billion in additional bailout, on top only one. As P.J. O’Rourke wrote for the expensive energy costs meets environ-
of the $17.4 billion already received Weekly Standard back in November: “Jim mental concern—has left the companies
(approved by then President Bush in Jerk down the road from me, with all the to rack up huge debt. GM hasn’t turned
late December, 2008). The next day, cars up on blocks in his front yard, falls a profit in five years, and yet it was only
the Obama Administration made the behind in his mortgage payments, and the last June (when national fuel cost aver-
official announcement: not only would economy of Iceland im-
there be no additional $22 billion, but plodes. I’m missing a few
GM Chairman and CEO Rick Wagoner pieces of this puzzle myself.”
would need to resign immediately (he
did). GM was given sixty days to make It seems that the decline of
fast progress on its restructuring plan the once booming Detroit
before a prepackaged bankruptcy con- auto industry has as much
tingent filing would be put into place. to do with the decision of
Chrysler, on the other hand, would only the Big Three to cede the
be given thirty days. It was told to work small car market (cars that
towards a partnership deal with Italian were once disparagingly
automaker Fiat, the Obama administra- referred to as “tin cans”) to
tion having decided it could no longer Japanese automakers like
function as a stand-alone company. Toyota and Honda. Former
Canadian auto union leader
As the AP reported, “If Chrysler fails Sam Gindin, now a profes-
to reach a deal with Fiat or another sor of Political Science at
partner, the government won’t provide York University, made this
any further financing, likely sending the point in a conversation in
company into liquidation.” late January with Paul Jay
Obama, in a televised address, went of the Real News Network.
so far as to say that all car warranties The SUVs and large vehi-
offered by GM and Chrysler would be cles that the Big Three are
backed by the U.S. government. As of known for are both cheaper
right now, April 13, 2009, the New York and far more profitable to
Times reported that, “The U.S. Treasury manufacture. The profit
Department has asked automaker margin on a Hummer, for
General Motors to begin preparing for example, far exceeds that
on a Honda Accord, and
young money 28
ages hit a record high above $4 a gallon) electric vehicle) technology as the key prevent accidents.
that they announced plans to close four to a renewed American auto indus- Leave it to GM to decide to build off
SUV and large truck manufacturing try. “No Big Three excuses like ‘new the remarkable success of the Segway
plants and overhaul their Hummer line. tooling takes time.’ New tooling is not (“It will eliminate walking!”), designing
What has been obvious for years a requirement for SCEV transition roll- a vehicle that’s not only smaller than
now—that new and existing hybrid ers... Government legislation going with anyone could want, but that could cause
technology should be the cornerstone of the bailout should include tax breaks for a fatal accident if there is a big enough
the Big Three’s push into the small car purchasers of these cars with the new pothole in the road. Still, it at least
market—might finally become a reality. green SCEV technology. The legislation shows that the Big Three are starting to
There were signs at the 2009 Detroit accompanying the bailout of major auto change their thinking, finally responding
auto show that executives were starting manufacturers must include directives to to the changing demands of the Ameri-
to wise up, with Ford leading the way: build only vehicles that attain the goal of can consumer—whether it’s too little too
an all-electric van slated for release in reversing global warming while enhanc- late, only time will tell. YM
2011, and a plug-in hybrid by 2012. An ing National security, and provide the
electric passenger car, powered by a lith- financial assistance to make manufac- Zach Kaufmann is a freelance writer
ium ion battery with a 100-mile range on turing these cars affordable in the short and music critic at Splice Today, an
a single charge, produced in conjunction term while the industry re-stabilizes.” alternative online publication.
with Magna International would also be Presumably, what Young had in mind
unveiled in 2011. wasn’t the PUMA, a two-wheeled,
“Go Green or Go Bankrupt” may be two-seater electric vehicle designed by
the auto industries present call to arms, GM (in partnership with Segway, Inc.)
but, of all people to make that point, to “revolutionize urban transportation.”
it was legendary rocker Neil Young Unveiled this week, the PUMA looks
who brought it home. Writing for the like a high-tech golf cart and can reach
Huffington Post last November, Young speeds of 35mph. As Larry Burns, GM’s
(a longtime friend of the environment Vice President of Research and Devel-
and proponent of sustainable energy) opment, announced, the PUMA will be
pointed towards SCEV (self charging linked to a city-wide communications
network that would regulate traffic and
tech talk By Richard Park