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summer 2009

The Green Issue


CONTENTS 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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ENTREPRENUERSHIP FEATURES YOUNG MONEY Magazine
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24 10 Steps to Success
Make it big by 30
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-
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17 The Business of Loan Forgiveness
Collars Slip into

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TECH TALK
32 How to Green Your Dorm Room
33 FORUM
Want to write for Young Money?
Contact:
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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

young money 2 summer 2009


Lesson 3: Balance is key Lesson 4: Be proud of your reach for and so much more I have left to
accomplish before I truly can sit back and
With Lawrence still in high school (she’s achievements, but don’t let say, ‘that’s enough.’”
a senior now), it can be difficult for her them go to your head
to balance school, her business and try
to have some kind of social life. So how
After all of the attention and accolades, Lesson 6: Find your passion
you might think that Lawrence would and live your dream
does she manage it all?
have an issue with remaining down to
“A lot of it is just dedication and staying earth. Instead, she remains modest about That’s Lawrence’s motto. She has never
focused on what I need to get done,” all that she’s done. worked for anyone but herself, and she
Lawrence says. She has alarms she sets has never hated her career—something
that gives her motivation to keep going.
“With Lawrence still in high school (she’s a senior “I want to encourage other people to do
the same thing,” she says. “I want other
now), it can be difficult for her to balance school, people to go for what they really want
her business and trying to have some kind of to do, no matter who believes in them;
as long as they believe in themselves,
social life.” anything is possible.”

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

youngmoney.com 3 summer 2009


jop jump By Cara Newman

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

young money 4 summer 2009


guarantees you an internship of your science and technology, education, and where you’ve worked, it’s also what
choice or your money back, but be sure counseling are among other specialties you know. And if all you learned from
to read the fine print. The University that students pursue. a month at a big name magazine is how
of Dreams only requires a 2.5 GPA www.washingtoninternship.com to make coffee and kiss butt that may
but that doesn’t mean a high-profile not be eough to get you next job. On the
company won’t want someone a little other hand, if a company invests time
more stellar. How does it really in you they may be tempted to hire you
www.universityofdreams.com (especially if you really impress them).
look? Another great thing about working for a
As more and more companies begin high-profile company is the potential to
Fast Track Internships charging to place students in competi- meet people who can help you.
Fast Track produces slick marketing tive internships, will future employers In today’s economy getting an intern-
campaigns about you and they guarantee become more wary about internships ship is becoming a necessity. So if you
you receive at least one internship offer. at exclusive companies? Will potential have exhausted the cheaper (and often
The Fast Track website claims they employers begin asking if you paid your free) methods of searching you might
“make it simple for students to access way in? And, will an internship that you want to consider this as an additional
unadvertised internships in their desired paid for look the same on your résumé investment in your future. Who knows?
field and location.” Fast Track charges as a traditional internship? What is Someday parents might start saving for
$799 to get you an unpaid internship, going to happen when some companies internships the same way they now save
$999 for a paid internship, and $1999 for get reputations for taking interns for for a college education. YM
a full-time job for new graduates. the right price? Will your time working
at these companies still hold the same Cara Newman is the editor of Young
www.fasttrackinternships.com value to future employers? Money.
As of right now it’s hard to say, but
Charity Auctions before you agree to spend thousands If you live around Baltimore,
MD and are interested in
of dollars on anything you should do
CharityFolks.com and CharityBuzz.com interning (for free) at Young Money, contact:
the proper research. Make sure you cara@youngmoney.com
have bidding for internships. A quick receive an agreement stating that you
search brought up a few internships, will get the internship you want and that
for example, one day at the New York you will learn something. It’s not only
Times starts at $1,000. The last “open”
auction listed at the time of this writing
is a summer 2009 internship at Deutsch
advertising agency in New York City,
valued at $3,500. Past auctions include
internships at Donna Karan, Norma
Kamali, Rolling Stone, Iconix Brand
Group, Treehugger.com and more.
www.charityfolks.com
www.charitybuzz.com

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,

youngmoney.com 5 summer 2009


job jump

6
By Cara Bruce

Women Who
Make a
Difference

New Media Occupation:


Advice:
Member of Business Development Team
“For anyone that wants to go into
at Real Girls Media (realgirlsmedia.
tech, on any level, start a blog. Creat-
com), a San Francisco-based company
ing a presence online and cultivating a
that builds publishing platforms for
personal understanding of how social
women. Emi recruits and manages
media works on a day-to-day level is
content/traffic partners; manages an ad
crucial for entering tech at any level. A
network of 47 publishers; helps design
blog also enables you to sort out your
custom sponsorship programs with high
own passions. If you write on topics that
profile bloggers and major advertis-
you’re passionate about and committed
ers; helps drive social media marketing
to, you’re more likely to find the job that
strategy.
is right for you.”
Career Path:
“ I worked in account management for
two traditional advertising agencies …
as Tivo, Satellite radio, and the internet
slowly took over traditional mediums
I began searching for opportunities to
leverage my project management skills
and relationships and found Business
Development to be the perfect fit.”
Emi Hofmeister

young money 6 summer 2009


Federal
of informational interviews and to apply nance—working as much as I could in
for a variety of internships (many are un- Uganda. After graduating, I had a fel-
paid, which can be a challenge). It’s also lowship for leadership in public service,

Government great to attend as many policy-related


events as possible, even if you don’t yet
have a job. Introduce yourself to partici-
which I spent at Acumen Fund in New
York City. After a year and a half, I
headed to India.”
pants and speakers and ask if you can go
to lunch to hear about their work. Market Advice:
yourself as someone who is enthusiastic,
“The social enterprise world is growing
flexible, and motivated to learn about and
fast, which means there are increasing
work on a range of issues.”
opportunities and no one path. Most
people at Acumen Fund and peer organi-

Social
zations have worked in both the private
and public sector—banking or venture
capital, management consulting, busi-

Finance ness operations, and non-profit manage-


ment. If you want to work international-
ly, you should try to build up experience
overseas.”

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-

youngmoney.com 7 summer 2009


dation Northern California Chapter, music, pop culture, animal rights and Occupation:
soliciting individual and in-kind dona- veganism for Alternative Press, Veg
tions, aiding in event planning, attending News, the LA Weekly, the Indianapolis Account Executive who works on the
Board meetings, and creating campaign Star, Transworld Skateboarding and growth and sustainability of independent
materials for several events and pro- Swindle Magazine, among others. She retailers, ensuring that they understand the
grams. The beauty of a non-profit is runs the blog www.shawnakenney.com. industry trends to help them grow inside the
that they tend to be understaffed, and box and be competitive in the market place
for a recent graduate, this means you Career Path:
have a chance to experience multiple “I started my own magazine in high Career Path:
sides of an organization and develop a school—a music fanzine that I sold at “I went to Miami University, majoring
broad range of skills. I remained at the shows and concerts. I took a journalism in Marketing and Sociology. I interned
Arthritis Foundation as their Community class in college and wrote for the school with Nestle Purina between my Junior
Development Manager. newspaper, even though writing was not and Senior years of College as a Terri-
In 2008, I went to work for ODC. I was my major. My college clips enabled me tory Manager in the Customer Develop-
in charge of a one-person Development to submit work to national magazines. ment Group (Sales). I was offered a full
office with a $5MM annual budget. The After college I worked in film post pro- time position as a Territory Manager
majority of my time is spent identifying duction but continued to sell freelance and moved from Ohio to New York
and writing institutional grants. articles to magazines. After publishing City. In this role I managed a $15.3MM
After being diagnosed with lupus I books and essays in anthologies, I took business. After being promoted, I
began sodium free cooking. I am cur- the leap from a cozy-but-boring office moved to Phoenix, AZ to work as a
rently in hot pursuit of starting my own job to freelancing full-time. Now I bal- Shelf Analyst—ensuring that we have
line of no-sodium sauces (full of flavor, ance writing with working as a part-time the right breadth and depth of our total
not salt) and will begin teaching baking writing instructor, which allows me to portfolio (dog, cat, treats and litter). I
classes for those with dietary restrictions immerse myself in the world I love.” am currently an Account Executive for a
(dairy free, gluten free, salt free, etc).” $30MM business. I build and incorpo-
Advice: rate category management plans, promo-
Advice: “Write about things that interest you. tional planning, merchandising planning
As Susan Orlean says, ‘Anything at and sales skills I have developed to help
“There is no single path to take. The
all is worth writing about, if you love drive growth for my retailers.”
skills you learn, in any profession, can al-
ways be used in others. You are in charge it enough.’ Never let the fear of rejec-
of finding the commonalities and putting tion stand in your way. Rejection is just Advice:
them to use. An interdisciplinary back- a part of the package with any art; no “Keep an open mind. Don’t think that
ground can open more doors than not.” one escapes it. The reward is a life less everything will be clockwork. You will
ordinary.” learn that each role will give you assets

Journalist and develop you as a person. Don’t try


to speed up your career, just take it as it

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

young money 8 summer 2009


youngmoney.com summer 2009
feature By Ashley Sinatra

How Green is Your Campus?


Help your school pass the environmental test

Getting college credit for saving the environ-


ment might not be far off in the future. Many
colleges have added sustainability programs campus. In 2007, they started a compost
program to reuse food waste and provide
and environmental study majors to help you compost for their organic gardens. Con-
necticut College also purchased enough
connect your studies with the real world. renewable energy credits to offset their
energy usage this year.

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

young money 10 summer 2009


can compare your scores with that of advisors move the majority of their
your friend. assignments and their announcements
The same group has also started a pro- online will not only save thousands of
gram called GarbageWatch.com. This papers, but also make it more convenient
program tracks and photographs all trash for internet-savvy students. Encourage
cans on the UCLA campus. By doing university web services to make surfing
this they hope to track where more recy- announcements easy and accessible for
cling bins need to be added on campus everyone. Another way to save on paper
and analyze what students are throwing (and money) is to buy e-versions of
away to better learn how they can reduce textbooks when made available.
the waste.
Turn It Off
What Can You Do? Switching to energy-saving light bulbs
To make your campus greener, you do not and air conditioners can help universities
have to have a Ph.D. in environmental stud- save money and the planet. Bring up using
ies. Follow these easy steps and spread energy efficient appliances and bulbs
the word to fellow students using email in each classroom, office, and dorm to
or word of mouth. your university board—a big difference
will be seen in the use of electricity as
well as your college’s energy bill. On a
RecycleMania! personal level, you can start by unplug-
RecycleMania is a program started in ging unused appliances and switching
2001 by two colleges looking for a off lights in your dorm room.

“To make your campus greener,


you do not have to have a Ph.D.
in environmental studies.”

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

young money.com 11 summer 2009


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$ financial aid
$ student loans
$ coupons & deals

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

youngmoney.com 13 summer 2009


personal finance By Matthew Brandeburg

Navigating Student Loans

Roadmap to the Basics


of Borrowing
Between the fine print and vari-
able interest rates, understanding
student loans can be difficult. the PLUS loan, which applies only to
Federal vs. Private Loans
If you’ve started researching parents. It stands for “Parent Loan for
student loans you’ve probably To start the loan selection process you Undergraduate Students” and it’s a loan
discovered the two basic types: first need to know about the two basic that is borrowed by a parent on behalf
types of student loans: federal loans of his or her child to pay for education.
those that have strict borrow-
and private loans. Federal loans, known PLUS loans often carry high interest
ing limits but offer low interest as Stafford Loans, are provided by rates and require a credit check. But,
rates, and those that offer all the U.S. government and carry a fixed these loans may be necessary if a parent
the money you need (and then interest rate—now at 6.80%. Federal earns a high income which prohibits
some) but charge high interest loans allow the borrower to postpone his or her child from receiving federal
principal and interest payments until six loans.
rates. So which is right for you?
months after graduation. Private loans
How do you make sure you’re are usually not so generous. They are Interest rate comparison
selecting the best loans possible less regulated than federal loans and
and not making a decision you’ll often charge high variable interest rates For student loans, as with most debt,
(like credit cards) and the interest starts you want to select the loan with the
regret after graduation? It will
to accrue immediately. You should use lowest interest rate. The national inter-
take some homework and care- est rate for Stafford loans is 6.80%,
private loans sparingly and only con-
ful planning, but if you follow sider them when there’s a gap between while the average private loan interest
this roadmap you should be able what federal loans will cover and the rate is currently 8.32%. PLUS loans
to find the right combination of final cost of your education. carry even higher interest rates of
8.50%. The Stafford and PLUS loans
loans to meet all of your needs.
PLUS Loans have fixed interest rates, while the rates
on private loans can change over time
There is a third type of loan, known as depending on the lender and market

young money 14 summer 2009


conditions. The fixed interest rates Understanding the fine print to make payments, interest continues
provided by Stafford and PLUS loans to accrue unless the loan is subsi-
are an advantage that tip the scale in The most difficult part of student loans dized.
their favor over private loans. A free is trying to understand the fine print.
Forbearance: A borrower may
website, such as www.bankrate.com, If you’ve started researching student
qualify for loan forbearance if
will let you compare all the interest loans then you’ve probably seen a few
he or she has difficulty making
rates for student loans in your area. words over and over again, but you
loan payments on time. Forbear-
may not know exactly what they mean.
ance is similar to deferment, but
How to apply for student It’s important you understand these
it’s granted at the discretion of
loans words because they can potentially
the lender and documentation is
save you thousands of dollars.
When you want to apply for student required to prove economic hard-
Subsidized: Subsidized loans are loans ship.
loans you should first meet with the
that the borrower does not have to pay
financial aid officer at the school you’ll
interest on. Instead, a third party (usu- College Funding Summary
be attending to make sure you under-
ally the U.S. government) pays interest
stand all of your financial aid options. If you’ve decided the pay-as-you-
while the borrower is still in school
The officer should also help you deter- go strategy won’t work for your
and interest does not start to accrue
mine whether or not you’ll qualify for tuition bill, and you need the help
until after graduation. You should try to
federal loans. If you won’t qualify for of student loans, consider using
maximize your subsidized federal loans
federal loans the officer should provide them in the following order. These
to the fullest extent, but beware; these
guidance about what loans you should options should only be considered
loans are largely based on financial
turn to next, which will probably after you’ve met with a financial aid
need so you may not qualify.
officer and exhausted all possible
grants, scholarship and awards for
“For student loans, as with most debt, you which you may be eligible.
want to select the loan with the lowest 1. Subsidized federal loans
interest rate.” 2. Unsubsidized federal loans
3. PLUS loans (if your parents are
willing to chip in)
include a combination of PLUS loans Unsubsidized: An unsubsidized loan
4. Private student loans (last resort!) YM
and private loans. is a loan where the interest starts to
accrue immediately, even though loan Matthew Brandeburg, CFP®, has five
If you’ve narrowed down your list of col-
payments aren’t due until six months years of fee-only financial planning
leges but haven’t made your final deci-
after you graduate. The fact that inter- experience and runs his own financial
sion yet, try to meet with the financial aid
est accrues while you’re still in school advisory practice. He can be reached for
officer at each potential school to learn
makes these loans less desirable than comment at 614.477.7350.
about the financial aid options available.
subsidized loans.
You’ll find that some schools are much
more accommodating than others. Deferment: A deferment means the
borrower can postpone making principal
Once you’ve done your research you
and interest payments on a student loan
can apply for a federal loan online by
if certain hardship conditions apply. For
visiting www.staffordloan.com. You’ll
example, deferment is allowed while the
also be required to fill out the Free
borrower is still in school, unemployed
Application for Federal Student Aid
after graduation, or experiencing certain
(FAFSA form). If you’re applying for
economic hardship for up to three years.
a private loan you’ll need to communi-
Even though the borrower isn’t required
cate directly with the lender, which will
usually be a bank, savings and loan, or
credit union.
personal finance By Emily Torres

Getting Paid for Your A’s

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.

young money 15 summer 2009


personal finance By Debra L. Karplus, MS

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

youngmoney.com 16 summer 2009


job jump By Ashley Grant

withdrawal, but that money will not be


able to accrue any compound interest,
making it harder to save for retirement.
Do not pay for graduate school with a
high interest credit card.
Using your credit card to finance your
education will guarantee you graduate
in debt. Think long and hard before you
follow this path.
emotionally and/or mentally ready for
Is it worth the cost? two to four more years of school, your If possible, try to avoid student loans.
During a recession the number of gradu- best bet may be to try to get a job in, or However, if there is no other option,
ate school applicants tends to increase. In as close to, your chosen field as possible. do your research. Remember: with
fact, according to schools such as UCLA This way you will be earning income subsidized student loans you won’t have
and Harvard, there has been a slight and work experience. to pay interest on the years you are in
increase in the number of applicants in school, but with unsubsidized loans,
recent months. Some people look at grad interest begins accruing the moment you
school as a way of “hiding out” until the “Some people look take out the loan.
economy gets back in shape. Is going
Before you do anything else, fill out a
back to graduate school worth it, and how at grad school as a Free Application for Federal Student
are you going to pay for it?
Aid. You never know what kinds of fed-
way of ‘hiding out’ eral aid might be available to you.
Should you go to graduate
http://www.fafsa.ed.gov. YM
school? until the economy
Going to graduate school could bring Ashley Grant is a freelance writer and
you more money, a better job, teach you gets back in shape.” photographer, visit her at www.moreth-
more about your field and look really anphotographs.com.
great on your resume. However, going
back to school can also drive you deeper Paying for grad school Need help paying for
into debt, keep you from actively pursuing So you’ve weighed the pros and cons and school? Visit
your career goals, and be unnecessary in decided to attend graduate school after all. www.youngmoney.com/financial_aid
the long run. That’s great. There’s only one problem:
How are you going to pay the tuition?
Who should go after a post
Call the school you wish to attend
bachelor’s degree?
Talk to the financial aid office and see if
Anyone hoping to be a lawyer, doctor or
there are scholarships, tuition assistance
other profession that requires a master’s
programs, or work study programs avail-
degree or Ph.D. should definitely shell
able. Don’t forget to check into research
out the time and money to complete a
assistant positions with your individual
higher degree. Not only will the extra
college or program of study. These
time in school bring you closer to your
often pay a stipend that will assist you
dream job; but, it should pay off with a
with the bill.
higher income since these fields tend to
pay more than entry level positions that Fastweb is a scholarship search service
only require a bachelor’s degree. that helps students choose a college, pay
for college, and find jobs and intern-
Who should not go to grad ships. This free website is a very large
school? source for local, national and college-
In some cases a certificate or a license specific scholarships. Although you
may be all that you need to get a raise need a username, password and profile
or a better job. Certificate and license to search, there are hundreds of scholar-
programs are often significantly less ships for which you may qualify. Visit
expensive and take less time than a http://www.fastweb.com.
master’s program.
Do not cash in your 401k. Not only
If you are not financially, physically, will you be hit with a penalty for early

young money 17 summer 2009


Drink tap water. And before you know it, you can stash away $14,000.

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,

young money 18 summer 2009


that consumers began to truly be pro- your neighbor, your boss, not anyone. If and unable to pay other bills. One of the
tected from harsh tactics and unethical they do, this is a violation of the FDCPA biggest issues people face with paying
treatment. and you may be entitled to damages. off this type of debt is looking at it as
Per the FDCPA a collection agent cannot However, most people are not aware that a whole. If the debt is figured out in
contact a consumer at any time other the FDCPA has put a protection policy affordable payments, it can seem less
than between the hours of 8 a.m. and 9 in place for these types of contacts. If ominous.
p.m. in the consumer’s local time zone. a consumer indicates that a collection One of the biggest problems during this
This means that if the collector calls agent cannot call them at work, or that negotiation process is the way that a
from a collection agency located in New they are only allowed to call them at collector will try and convince you that
York to a consumer’s place of residency a specified location, the debt collector the bill needs to be paid. The law states
in California, they must wait until the must comply. In addition, if a consumer that a debt collector may not threaten
clock strikes 8 a.m. in California, action against a consumer, unless they
and phone calls may only continue plan to take it. This basically means that
until 9 p.m. in the consumer’s “The first types of if a collection agent says they are going
time zone. to sue you, they have to sue you. If they
collection agencies say they are going to put it on your credit
One of the biggest complaints
that consumers have is that a were thought to have report, they have to put it on your credit
report. They cannot, however, threaten
debt collector has contacted
them at their place of busi- been managed by to tell anyone about the bill, inform your
ness. Collection agents employer of the debt, or say that they are
will attempt to contact a
the mob and largely going to publish a list of any kind telling
the public that you owe a debt.
consumer using all the
information that has
unregulated.” The Fair Debt Collection Practices Act
been both provided to can be found online at http://www.ftc.
them by the origi- does not want the collection agency gov/bcp/edu/pubs/consumer/credit/
nal creditor and to contact them at all, they also must cre27.pdf, and it contains the laws that
information found comply. This is referred to a cease com- debt collectors must adhere to when
via a tool called munication and can be invoked at any attempting to collect on a debt. If you
skiptracing. For time. The consumer can request that the feel that your rights have been violated,
example, when collection agent only contact them ver- report the collection agent and collection
a consumer bally, through written correspondence, agency to the district attorney in your
visits the or even not all. Although this will not state and to the Better Business Bureau.
doctor and stop occurrences such as credit reporting
or even litigation, the collection agency But, whatever you do, do not ignore the
fills out problem. Debt collectors are angered
the infor- will no longer be able to call or write
demanding payment. when their phone messages fall on deaf
mation form, ears and their letters go unanswered.
contact information is requested. So what do you do when you have This way of dealing can result in credit
This can be home number, work received a letter demanding payment reporting and even litigation. They are
number, cell number, emer- or a phone call from a collection agent human beings, too. Just talk to them,
gency contact information and looking to get a bill paid? Talk to them, and a payment plan can be negotiated.
more. Every number listed plain and simple. There are some who You may even be able to keep it off your
is a potential contact for the will rant and rave, trying to make you credit report. YM
consumer to be reached. If a feel small for not having the money
collection agent is unable to to pay your bill, or convince you that
reach the consumer at any of this one account will be your demise, In addition to owning and operating
the provided phone numbers, but there are still some who are human Dovco Collection Solutions, Inc.,
they will employ various beings. Ultimately, both of you have Melissa Douros seeks to educate con-
different types of resources. the same goal: to get the bill paid. The sumers on dealing with collection agents
These can be the yellow difference is how fast it will (or even and collection agencies and stop the
pages, neighbors at the can) be done. The majority of collec- harassment that can occur. For more
consumer’s current listed address, tion agents work off commission, so the information on Dovco, please visit www.
and even relatives. more that is paid at one time, the bigger dovcocs.com.
They cannot, however, talk to anyone their commission check.
regarding your debt except you, your It is possible to negotiate with a debt
attorney or anyone you specify. Other collector so that the bill can be paid,
than that, they cannot tell your child, weekly, bi-monthly, or even monthly
your mother, your father, your sibling, so as to not leave you strapped for cash

young money.com 19 summer 2009


entrepreneurship By Tanya Benedicto

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

young money 20 summer 2009


serve. My hours are a lot
more flexible and decisions skills, while veterans are challenged to
can be made a lot faster. keep on their toes. 3. Shoe Drops
Because we are a smaller Additionally, GreenSoul covers the
team, we can act quickly. entire costs and development process To deliver shoes to children, GreenSoul
In addition, I have met so which cuts down the time it takes to pro- Shoes will embark on Shoe Drops. A
many people outside of our duce a shoe and get it into the market. shoe drop lasts one to eight days, and
organization with a com- is carried out by a team of volunteers
mon goal—to help others.” 2. Soulmates Program and GreenSoul Shoe employees. GSS
She has seen GreenSoul teams up with internationally recognized
(Distribution Patterns) organizations like UNICEF and Orphans
through the common chal-
lenges of a start-up. “The International to access the need of vil-
GreenSoul Shoes is planning to expand lages and their shoeless children. We do
downside of a smaller its operation to include distribution of
organization is the limited this because we don’t want to give 400
stores nationwide. Owner funding and shoes to a community only to realize
support and the resources,” internally generated cash flow will enable
she said. “We’re supporting there are 600 shoeless children—leaving
most of the expansion plan. the last 200 children without shoes. YM
this company solely with
our savings.” The Soulmates distribution partnerships Visit GreenSoul Shoes at
will allow the team to partner with retail http://greensoulshoes.wordpress.com/
While the economy sours
Chen says the strength of
their business model differs
from traditional charities.
“…working at a nonprofit start-up
GreenSoul uses market-
based restoration to guard could be just as challenging as working
it from financial blows. For
example, they are adding for an investment behemoth.”
more shoe lines and working
with different shoe designers Want to learn the secrets
businesses. These retailers will help behind the success? Read
to use recycled materials. expose GreenSoul to critical audiences, more entrepreneur profiles at
GreenSoul has developed areas and demographics. It also gives www.youngmoney.com/entrepreneur
these three strategies to these businesses an opportunity to take a
continue being the non-profit charitable platform. The primary distribu- Tanya Benedicto covers business news
that will keep on giving. tion channel for shoe products is through in New York , and formerly worked for
regional and national product distribu- Institutional Investor.
tors. GreenSoul employees are actively
1. Crowd-Sourcing pursuing agreements with distributors
Shoe Makers and will be attending major industry trade
shows to develop contacts in other regions
GreenSoul is leveraging community-based of the country. Their secondary distribu-
designs, otherwise known as crowd-sourcing. tion channel is through direct retail sales,
By leveraging mass collaboration enabled specialty catalog sales, and website sales.
by Web 2.0 technologies, it aims to market They are also actively pursuing agreements
this opportunity to shoemakers globally. with retailers and specialty catalogs.
Newcomers to the shoemaking community
are given an opportunity to practice their Alastair Onglingswan

Winnie Ho Iris Chau Luan Nguyen Lyel Resner Stephen Chen

young money.com 21 summer 2009


10
entrepreneurship By Edward De Valle II

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.

young money 22 summer 2009


personal finance By Rebeca Fernandez

Summer Vacation Savings

Cheap ideas for


fun in the sun!

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.

youngmoney.com 23 summer 2009


feature By Zach Kaufmann

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.

youngmoney.com 27 summer 2009


feature By Zach Kaufmann

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

Five Easy Ways to Green Your Dorm Room


Did you know that going green can actually save you money?
Here is a list of just a few things you can do to green your dorm room.

Young Money star review

CFL light bulbs Keep a plant Stop phantom


Compact fluorescent bulbs are better for
the environment and your electricity bill.
To keep your dorm rooms looking lively
try keeping plants (not the plastic kind).
power waste
According to the Energy Star website, if Plants are not only for aesthetics, they Did you know when you turn off many
every home also help fight toxins and pollutants. A electronics they go into stand-by and
in America continue to consume electricity? Accord-
replaced just ing to the U.S. Department of Energy
one bulb with this stand-by power can account for as
a CFL bulb, much as 20% of home energy use. This
“we would not only costs you money but wastes
save enough
energy to
light more
than 3 million homes for a year, more
than $600 million in annual energy costs,
and prevent greenhouse gases equivalent
to the emissions of more than 800,000
cars.” CFL bulbs last between 8 and 15
years. The initial cost is higher but the
extended lifetime and lower energy use
more than compensate for this. Using good choice is the Peace Lilly. They are
CFL light bulbs cuts down 12 percent (on very easy to look after, flower all year
average) of a typical American’s electric- long, and can absorb potentially harm-
ity bill. ful chemicals from the air, including
toxins from cleaning fluids and ciga-
rette smoke. Look for a Peace Lily in
Energy Star your local nursery or even your closest energy—energy that is often generated
Wal-Mart. by air polluting coal or nuclear power
When it comes to buying that mini fridge,
plants that generate radioactive waste.
television or anything electronic, make
The Monster GreenPower™ MDP 900
sure you buy an Energy Star certified
product. It consumes less electricity
Bedding PowerCenter™ protects your computer
Buy natural materials rather than syn- from common power surges and spikes.
which saves you more. Visit
thetic pillows and blankets. Look for all Better yet, it helps you conserve energy
www.energystar.gov for more information.
natural cotton or wool blankets. Visit by automatically shutting down outlets
www.EcoChoices.com for a variety of (eliminating stand-by, or “phantom pow-
er”) to stop energy waste. It’s also color
all natural bedding products.
coordinated for easy cord organization
and has surge protection for phone and
Ethernet connections. Price: $129. Visit
www. Monsterpower.com YM

Richard Park is a regular contributor to


Young Money.

young money 30 summer 2009


forum
8 Top-Paying Part-
Time Jobs for College
Students

1. Computer Lab Assistant


(on-campus)
Environmental Impact of Direct Deposit Typical Hourly Pay: $8–$11

Computer Support Specialist


(off-campus)
U.S. businesses saved a total of $6.7 billion over 10 years (1998 to 2008) by
switching employees to Direct Deposit. Average Hourly Pay: $21.78
•This is an average yearly savings of $605 million for all U.S.
2. Administrative / Personal Assistant
businesses combined.
(on- or off-campus)
•This is an average per employee savings of $176.55 per year.
Average Hourly Pay: $19.57
Annual environmental / financial impact for ONE U.S. employee (paid bi-monthy)
3. Aerobic Instructor / Fitness Trainer
using Direct Deposit:
(off-campus)
•Save one pound of paper. Average Hourly Pay: $15.86
•Eliminate the release of four gallons of wastewater.
4. College Mail / Print Center Attendant
•Eliminate the release of one pound of greenhouse gases.
(on-campus)
Equivalent to: not driving four miles, and half a square foot of forest
Average Hourly Pay: $12–$13
preserved for 10 years).
•Save a business $176.55. 5. Library Assistant
(on- or off-campus)
Annually, if a business that employs 300 people and issues paychecks every
Average Hourly Pay: $11.42
two weeks switched to Direct Deposit, it would:
•Save 121 pounds of paper. 6. Bank Teller
•Avoid the release of 1,159 gallons of wastewater into the (off-campus)
environment. Average Hourly Pay: $11.36
•Save 45 gallons of gas.
•Eliminate the release of 346 pounds of greenhouse gases into the 7. Desk Attendant
atmosphere. Equivalent to: 1,231 miles not driven in your car, 15 (on-campus)
trees planted (and grown for 10 years), 151 square feet of forest Typical Hourly Pay: $8–$10
preserved from deforestation.
Hotel Desk Clerk
Annual environmental impact if EVERY U.S. employee that had access to (off-campus)
Direct Deposit (122.5 million) used it: Average Hourly Pay: $9.66
•Save 11,082,971 pounds of paper.
•Avoid the release of 105,709,380 gallons of wastewater. 8. Babysitter (on- and off-campus)
•Save 4,105,889 gallons of gas. Average Hourly Pay: $9.21 for five
•Avoid the release of 31,581,675 pounds of greenhouse gases into to nine years’ experience; $7.17 for
the atmosphere. Equivalent to: 112,329,703 miles not driven; one to four years’ experience
1,345,379 trees planted (and grown for 10 years) and 13,756,978 (according to PayScale.com)
square feet of forest preserved. Source: Average hourly pay rates from
the May 2007 National Occupational
Statistics provided by Pay it Green Employment and Wage Estimates avail-
able from the U.S. Department of Labor,
Bureau of Labor Statistics.

youngmoney.com 31 summer 2009


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