summer 2009

The Green Issue

 CONTENTS Summer 2009
2
The Million Dollar Beauty
ENTREPRENUERSHIP
24 10 Steps to Success
Make it big by 30
28 Living in Mom’s Basement?
Don’t Worry!
PERSONAL FINANCE
14 Navigating Student Loans
Roadmap to the basics of borrowing
16 Getting Paid For Your A’s
Discounts for Making the Dean List
17 The Business of Loan Forgiveness
25 Cheap Summer Vacations
JOB JUMP
4 The High Cost of Internships
Paying to Work for Free
13 Green Internships
Save the Plant. Save Your Résumé.
18 Should You Go to Grad School?
TECH TALK
32 How to Green Your Dorm Room
33 FORUM
Volume 8 Issue 2
PUBLISHER
Benjamin P. Levy
EDITOR
Cara Newman
VICE PRESIDENT OF BUSINESS
DEVELOPMENT
Todd Romer
VICE PRESIDENT SALES
WESTERN REGION
Sheryl Hill
DIRECTOR OF DESIGN
Michelle Margulies
PUBLISHED BY
Young Money, LLC
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FEATURES YOUNG MONEY Magazine
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6 Six Amazing Women
Headquarted in Hunt Valley, Maryland,
10 How Green Is Your Campus?
Young Money, LLC was created to
20 How to Deal with Debt Collectors change the way young adults earn, man-
age, invest and spend money. The Young
26 Interview with City Paper Founder: Money Media group includes YOUNG
Russ Smith MONEY magazine, youngmoney.com and
YOUNG MONEY Live campus events.
30 Go Green or Go Broke
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entrepreneurship By Jamie Fleming
Photo by: Brian Branch Price
Lesson 1: Find your niche
Lawrence created Eden BodyWorks after
a bad experience with hair chemicals at
age 11. Her goal was to create prod-
ucts that were natural and that actually
worked. “I decided to make my own
when I couldn’t find anything that would
truly work for me that was all natural,”
Lawrence says. “I also didn’t just want
something that was natural; I wanted
something that I could afford to continue
to buy.”
Even though she started young, Law-
rence didn’t really feel intimidated
launching her business. “I think I was
just naive because at 13, the only people
telling me I couldn’t do it were people I
didn’t know; my family was supporting
me 100 percent,” she says. “So because I
didn’t know the legal and financial risks
of starting a business, I wasn’t so much
concerned with stuff stopping me. I just
went in head first.”
It’s a good thing she did. Last year, Eden
BodyWorks surpassed $1 million in rev-
enue, and her products are currently sold
in Whole Foods and Wal-Mart stores.
young money
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
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 2: When a door closes, Eden BodyWorks in Wal-Mart stores.
there’s almost always a window “[It] has grown from 10 stores to 300
stores, now to 1,000 stores later this
The story of getting her products into
Wal-Mart is a story that Lawrence year, so I’m just glad I was nominated
[for the competition], and I was able to
considers one of the more humorous
moments of her career. be in the right place at the right time”
Lawrence says.
“I was flown to Texas for Black Enter-
prise magazine’s Teen Entrepreneur of After getting over the initial shock, she
the Year Conference. My two competi- realized how great an opportunity this
tors for finalists were one girl who made was.
bumper stickers and another girl who “Now, in our economy, they’re do-
made cakes and baked goods; and by ing so great. What they stand for, what
then, I had already had a full line of 15 they represent—affordable, quality
to 20 products,” Lawrence says. “My products—that’s exactly what I want to
line was pretty solid and my customer offer,” she says. “And Wal-Mart is a
base had grown to 20,000. place where everybody shops no matter
what ethnicity they are, so I know I can
“I thought I was a shoe-in. I totally reach my large customer base.”
thought I was going to win this contest.
For the record, Eden BodyWorks’ prod-
And I actually lost to the bumper sticker
ucts are created for everyone, including
girl,” she says, laughing.
men and women and every ethnicity.
But, as fate would have it, two Wal-Mart
“It’s great to have an outlet that has the
representatives approached her as she
same diversified customer base that I
was leaving. Lawrence worked with
want to have.”
them on a nationwide contract to place
2 summer 2009
 Lesson 3: Balance is key
With Lawrence still in high school (she’s
a senior now), it can be difficult for her
to balance school, her business and try
to have some kind of social life. So how
does she manage it all?
“A lot of it is just dedication and staying
focused on what I need to get done,”
Lawrence says. She has alarms she sets
“With Lawrence still in high school (she’s a senior
now), it can be difficult for her to balance school,
her business and trying to have some kind of
social life.”
throughout the day to keep her on track
and makes sure to include fun, social
events, as well as business items, on her
calendar.
“I won’t schedule an interview when
there’s a party,” Lawrence says. “Things
[like a calendar] help me keep my life
balanced. It helps me live a full, as close
to normal, life as possible.”
youngmoney.com
Lesson 4: Be proud of your
achievements, but don’t let
them go to your head
After all of the attention and accolades,
you might think that Lawrence would
have an issue with remaining down to
earth. Instead, she remains modest about
all that she’s done.
“I know that it wasn’t all me,” Lawrence
says about staying humble. “I wouldn’t be
anywhere without God or my family just
helping me out and being there for me.”
She says she started this business not
to become a millionaire, but to help
people with their hair issues and body
care needs. “I knew I wasn’t the only
person,” Lawrence says. “I was blessed
with something I wanted to share with
the world. Starting a business was just
the best way for me to be able to help
other people.”
Lesson 5: Embrace
your success, but
always strive for more
One of Jasmine’s biggest
achievements is being able
to see her business run itself.
“It’s made me really happy
to see how far I’ve come
from almost five years ago,”
she says. “I can’t believe it’s
been so long, I mean, just
to be continuing selling and
making a profit is amazing
to me.”
She doesn’t, however, feel
right saying that she’s finally
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
3 summer 2009
reach for and so much more I have left to
accomplish before I truly can sit back and
say, ‘that’s enough.’”
Lesson 6: Find your passion
and live your dream
That’s Lawrence’s motto. She has never
worked for anyone but herself, and she
has never hated her career—something
that gives her motivation to keep going.
“I want to encourage other people to do
the same thing,” she says. “I want other
people to go for what they really want
to do, no matter who believes in them;
as long as they believe in themselves,
anything is possible.”
Lesson 7: Stay focused and
give it all you got.
To become a successful entrepreneur,
Lawrence advises individuals to remain
focused and give everything they have.
“[They] have to have a passion towards
it and love what they do because it’s
going to get really tough; it’s not going
to always be easy,” she says. “You’re
going to have to wait for things…and
there are other things you can’t just sit
around and wait for them to happen, you
have to make them happen.
“You have to network with people and
not be shy and be proud of your busi-
ness. You also have to try and be the
best in your field. You have to know
your competition and what makes you
different and what sets you apart and
exemplify that.
“I could give so much advice, but it’s re-
ally just do whatever you love, whatever
it is.” YM
Check out Eden BodyWorks products at
edenbodyworks.net
Check out writer Jamie Fleming’s ad-
ditional work on her website,
mochawriter.com
 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
t o
n g
Payi
T
here was a time when students
could find internships based on
their hard work, good grades, and
fantastic résumés. Unfortunately, with
the current recession and high unem-
ployment rates, there are fewer jobs
available. This means that more college
students and graduates are searching
for internships. In fact, the demand for
quality internships is around 20 percent
higher than it was last year; so it should
be no surprise that the newest way to
find an internship is to buy one. More
and more for-profit internship place-
ment agencies are popping up. These
internships are typically at well-known
companies, such as Rolling Stone, Elle,
or fashion houses like Donna Karan. The
cost can range from $2,000 to $12,000.
What about the kids who don’t have the
money to pay for a prestigious internship?
One school of thought holds that paying
for an internship actually evens the playing
field; that if you come from a wealthy fam-
ily chances are you have some personal
or political connections that can help you
anyway. This way, it’s not about whom
you know, just about how much you can
pay. And many parents are digging deep
to help their kids. According to an article
young money
free
k fo r
wor
in WSJ.com, “a one-week internship at University of Dreams
a music-production company sold last
month for $12,000.” That’s a lot of money Applicants must be 18 to 26 years old,
for a week of working for free. full-time students and have a minimum
grade point average of 2.5 to participate
Another part of this trend is auctioning
in the program. Applicants can pay in
off internships for charity. Many charities
full, apply for financial aid or finance
have been hit hard by the recession. This
payments with processing fees of 3
could be a win-win, good for the charities
percent. Costs range from $5,000 to
and the company gets some free labor,
$10,000. According to the website,
but, is it good for the students forking out
“Programs include internship placement,
thousands of dollars in the hopes of learn-
housing, weekend activities, meals,
ing something new?
transportation, career seminars, resume
Few people can argue with contributing revision, interview coaching and more.”
to charity, but what about the companies
This may sound like a lot for your
which are suddenly realizing that offering
money, but think about it: an eight-week
internships can be an additional revenue
internship in New York costs $7999.
stream? Now that people are paying,
That comes out to $1000 a week. Two
companies may begin to form internship
months rent in New York might cost you
programs solely as a way to raise money.
$2000 (and that’s being really gener-
If you can get some really great experience
ous, a quick look at Craig’s List shows
then working for free can be worth it. But,
rooms for rent for anywhere from $125
will internships that simply exist to raise
to $1050 a month).
money for companies having a hard time
making ends meet actually provide enough The list of possible internships is pretty
good experience? impressive: Glamour, InStyle, Chanel,
DKNY, Tribeca Film, but there are also
If you do decide to open your wallet to
less exclusive companies listed. To get
get your foot in the door, here are a few
the entire list of internships offered
companies to check out:
you have to apply, be accepted, and, of
course, pay. The University of Dreams
4 summer 2009
 guarantees you an internship of your
choice or your money back, but be sure
to read the fine print. The University
of Dreams only requires a 2.5 GPA
but that doesn’t mean a high-profile
company won’t want someone a little
more stellar.
www.universityofdreams.com
Fast Track Internships
Fast Track produces slick marketing
campaigns about you and they guarantee
you receive at least one internship offer.
The Fast Track website claims they
“make it simple for students to access
unadvertised internships in their desired
field and location.” Fast Track charges
$799 to get you an unpaid internship,
$999 for a paid internship, and $1999 for
a full-time job for new graduates.
www.fasttrackinternships.com
Charity Auctions
CharityFolks.com and CharityBuzz.com
have bidding for internships. A quick
search brought up a few internships,
for example, one day at the New York
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
science and technology, education, and
counseling are among other specialties
that students pursue.
www.washingtoninternship.com
How does it really
look?
As more and more companies begin
charging to place students in competi-
tive internships, will future employers
become more wary about internships
at exclusive companies? Will potential
employers begin asking if you paid your
way in? And, will an internship that you
paid for look the same on your résumé
as a traditional internship? What is
going to happen when some companies
get reputations for taking interns for
the right price? Will your time working
at these companies still hold the same
value to future employers?
As of right now it’s hard to say, but
before you agree to spend thousands
of dollars on anything you should do
the proper research. Make sure you
receive an agreement stating that you
will get the internship you want and that
you will learn something. It’s not only
where you’ve worked, it’s also what
you know. And if all you learned from
a month at a big name magazine is how
to make coffee and kiss butt that may
not be eough to get you next job. On the
other hand, if a company invests time
in you they may be tempted to hire you
(especially if you really impress them).
Another great thing about working for a
high-profile company is the potential to
meet people who can help you.
In today’s economy getting an intern-
ship is becoming a necessity. So if you
have exhausted the cheaper (and often
free) methods of searching you might
want to consider this as an additional
investment in your future. Who knows?
Someday parents might start saving for
internships the same way they now save
for a college education. YM
Cara Newman is the editor of Young
Money.
If you live around Baltimore,
MD and are interested in
interning (for free) at Young Money, contact:
cara@youngmoney.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
Government
Kate Berglund
Occupation:
Bureau of Democracy, Human Rights
and Labor in State Department; Middle
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
and implement elections strategies,
articulating the key steps that foreign
governments need to take to ensure that
elections are free, fair and transparent;
drafts and edits an annual human rights
report for each country she covers.
Career Path:
“I studied Political Science at Stanford
and was fortunate enough to work with
professors who were very plugged into
the foreign policy world. Through my
work with them, I got really excited
about working in foreign policy. During
my junior year, I got an internship at
the State Department with the Bureau
that I now work for. After graduating, I
worked for a nongovernmental organiza-
tion in North Africa before coming back
to work at the State Department.
Advice:
“Networking can be the key to success in
Washington. It’s a great idea to set up lots
youngmoney.com
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,
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.”
Non-Profit/
Health
Katie Hill
Occupation:
Energy Portfolio Manager for Acumen
Fund India, a venture fund investing
in businesses serving the poor (www.
acumenfund.com). “In the Energy
Portfolio, we are looking for investments
in renewable energy generation that cre-
ates community-level power resources
and in energy applications that allow Jessica Goldman
households to address basic needs such
as lighting and cooking. My time is split
between supporting our existing compa- Occupation:
nies and scouting for new investments.” Development Manager for ODC, a
cultural center that is home to an inter-
Career Path: nationally recognized dance company;
“When I was 16, I spent a summer starting own line of no-sodium sauces,
volunteering in Botswana, and when I blogs about sodium-free living, sodium-
was 17, I deferred college admission to friendly restaurants, and sodium-free
spend the year teaching in rural Ne- meals (www.sodiumgirl.blogspot.com).
pal. At Stanford University, I studied
International Relations and Economics. Career Path:
I spent a lot of time looking at microfi- “I volunteered at the Arthritis Foun-
7 summer 2009
dation Northern California Chapter,
soliciting individual and in-kind dona-
tions, aiding in event planning, attending
Board meetings, and creating campaign
materials for several events and pro-
grams. The beauty of a non-profit is
that they tend to be understaffed, and
for a recent graduate, this means you
have a chance to experience multiple
sides of an organization and develop a
broad range of skills. I remained at the
Arthritis Foundation as their Community
Development Manager.
In 2008, I went to work for ODC. I was
in charge of a one-person Development
office with a $5MM annual budget. The
majority of my time is spent identifying
and writing institutional grants.
After being diagnosed with lupus I
began sodium free cooking. I am cur-
rently in hot pursuit of starting my own
line of no-sodium sauces (full of flavor,
not salt) and will begin teaching baking
classes for those with dietary restrictions
(dairy free, gluten free, salt free, etc).”
Advice:
“There is no single path to take. The
skills you learn, in any profession, can al-
ways be used in others. You are in charge
of finding the commonalities and putting
them to use. An interdisciplinary back-
ground can open more doors than not.”
Journalist
Occupation:
An author, journalist and creative writ-
ing instructor. Shawna has covered
music, pop culture, animal rights and
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
Career Path:
“I started my own magazine in high
Shawna Kenney
school—a music fanzine that I sold at
Occupation:
An author, journalist and creative writ-
ing instructor. Shawna has covered
young money
music, pop culture, animal rights and
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.
Career Path:
“I started my own magazine in high
school—a music fanzine that I sold at
shows and concerts. I took a journalism
class in college and wrote for the school
newspaper, even though writing was not
my major. My college clips enabled me
to submit work to national magazines.
After college I worked in film post pro-
duction but continued to sell freelance
articles to magazines. After publishing
books and essays in anthologies, I took
the leap from a cozy-but-boring office
job to freelancing full-time. Now I bal-
ance writing with working as a part-time
writing instructor, which allows me to
immerse myself in the world I love.”
Advice:
“Write about things that interest you.
As Susan Orlean says, ‘Anything at
all is worth writing about, if you love
it enough.’ Never let the fear of rejec-
tion stand in your way. Rejection is just
a part of the package with any art; no
one escapes it. The reward is a life less
ordinary.”
Account
Executive
Sapna Talati
8 summer 2009
Occupation:
Account Executive who works on the
growth and sustainability of independent
retailers, ensuring that they understand the
industry trends to help them grow inside the
box and be competitive in the market place
Career Path:
“I went to Miami University, majoring
in Marketing and Sociology. I interned
with Nestle Purina between my Junior
and Senior years of College as a Terri-
tory Manager in the Customer Develop-
ment Group (Sales). I was offered a full
time position as a Territory Manager
and moved from Ohio to New York
City. In this role I managed a $15.3MM
business. After being promoted, I
moved to Phoenix, AZ to work as a
Shelf Analyst—ensuring that we have
the right breadth and depth of our total
portfolio (dog, cat, treats and litter). I
am currently an Account Executive for a
$30MM business. I build and incorpo-
rate category management plans, promo-
tional planning, merchandising planning
and sales skills I have developed to help
drive growth for my retailers.”
Advice:
“Keep an open mind. Don’t think that
everything will be clockwork. You will
learn that each role will give you assets
and develop you as a person. Don’t try
to speed up your career, just take it as it
comes. You will learn and grow more if
you slow down to speed up.”
Check out these sites:
www.nextbillion.net
www.acumenfundblog.org
www.netimpact.org
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.

Feeding the Masses
Most college cafeterias include pizza,
hamburgers, and all you can eat desserts;
but, some greener colleges are looking
for ways to add healthier items to the
menu. Way back in 1969, Connecticut
College became one of the first under-
graduate colleges to offer an environ-
mental studies major. In 2005, they
began Sprout! the College’s first sustain-
able gardening initiative. Sprout! now
provides more than 100 pounds of fresh
food grown organically on their own
Work Up a Charge
Wouldn’t it be nice if there were more
motivation to go to the gym? Yale student,
Henrique Rocha, developed a way for
an exercise bike to do more than just
burn calories. He discovered a way to
channel the wasted energy and heat from
bicycling to charge several small elec-
tronics such as a cell phone, an iPod, and
possibly a laptop. According to the Yale

young money 10 summer 2009


Daily News, future plans for this project
include providing enough electricity to
power the gymnasium.
SmogWatch
UCLA’s group PEIR (Personal Envi-
ronmental Impact Report) has invented
a way to know how many carbon
emissions you are creating in your
daily life and how you are impacted
every day by different exposures.
PEIR allows users to track their foot-
print via cell phone or through Face-
book. The cell phone tracking is made
possible by using GPS to track your
exposure indirectly. When you add the
PEIR application via Facebook, you
young money.com
can compare your scores with that of
your friend.
The same group has also started a pro-
gram called GarbageWatch.com. This
program tracks and photographs all trash
cans on the UCLA campus. By doing
this they hope to track where more recy-
cling bins need to be added on campus
and analyze what students are throwing
away to better learn how they can reduce
the waste.
What Can You Do?
To make your campus greener, you do not
have to have a Ph.D. in environmental stud-
ies. Follow these easy steps and spread
the word to fellow students using email
or word of mouth.
RecycleMania!
RecycleMania is a program started in
2001 by two colleges looking for a
“To make your campus greener,
you do not have to have a Ph.D.
in environmental studies.”
friendly recycling competition. Since
then the program has expanded to more
than 500 schools competing and recycling
more than 40 million pounds. If your
university is not yet involved, talk to
your school’s supervisor and enroll
at Recylemania.com. There is a good
chance your university is enrolled in
the competition but not at a competitive
level. You, and others at your campus,
can rally and bring awareness to the
recycling competition. Make sure to
place clearly labeled recycling bins near
regular trash cans to make recycling
easy for everyone.
Go Paperless
Think about all the announcements
posted campus-wide—everything from
football games to chess club meetings—
then add up all the papers your professors
give you. Having professors and club
11
advisors move the majority of their
assignments and their announcements
online will not only save thousands of
papers, but also make it more convenient
for internet-savvy students. Encourage
university web services to make surfing
announcements easy and accessible for
everyone. Another way to save on paper
(and money) is to buy e-versions of
textbooks when made available.
Turn It Off
Switching to energy-saving light bulbs
and air conditioners can help universities
save money and the planet. Bring up using
energy efficient appliances and bulbs
in each classroom, office, and dorm to
your university board—a big difference
will be seen in the use of electricity as
well as your college’s energy bill. On a
personal level, you can start by unplug-
ging unused appliances and switching
off lights in your dorm room.
You can make a difference in your school
by raising awareness of green issues and
coming up with ideas that support both
your school and the earth. You may be
surprised to find out how many of your
fellow students are willing to help. YM
Ashley Sinatra is a freelance writer based
in Lancaster, California. She enjoys reading
and saving money.
Looking for more ways to
help your school go green?
Visit: www.youngmoney.com.
summer 2009
 Stock Market Game

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www.youngmoneytalks.com
job jump By Ashley Sinatra
Green Internships
Are a Win-Win!
T
his summer you can help
the environment while
adding a green edge to
your résumé. Even if you are
not majoring in environmental
studies, these green intern-
ships can help the planet and
your career.
Green Mountain Club
The Green Mountain Club offers intern-
ships to students at Long Trail in Vermont.
The Long Trail was built between 1910
and 1930 and is the longest distance trail
in the United States. They offer intern-
ships in leadership, education, construc-
tion, and management. This internship
is a great chance to live and work in the
mountains (housing is paid for), while
receiving school credit. Visit
Greenmountainclub.org for more infor-
mation.
Green America
Green America is a non-profit organiza-
tion that brings members together to
develop a socially and environmentally
friendly society. Based in Washington
D.C., they offer summer internships
which cover fair trade, advertising,
publication, business, and shopping.
They also offer internships that can be
accomplished online, so you can get
experience and help society no matter
where you live. For more information go
to Coopamerica.org.
Green for All
Green for All is building a green economy
that is strong enough to lift people out
of poverty. They believe in Green-Collar
youngmoney.com
Jobs—jobs that help the environment
while helping people make a living. Green
for All helps put together job listings, train-
ing, and entrepreneurship opportunities.
They are based in Oakland, California and
offer internships for spring and summer in
media and communications. They also offer
a development internship which helps put
together grants, seek out donors, and plan
events. Their state policy internship helps
connects people with policymakers, legis-
lators, and community groups. Highly
“Landing an internship with one of these
big companies will look impressive on your
résumé, no matter what your major.”
desired candidates showing a financial research, drafting memos, and making
need may receive a stipend. Read all about appearances in front of public agencies.
Green for All at Greenforall.org. Interns have the opportunity to attend
court. Other available internships are in
Rainforest Alliance environmental advocacy, development,
and environmental outreach and educa-
Based in New York City, Rainforest tion. Visit Edcnet.org for more informa-
Alliance is a non-profit organization tion on any of these programs.
that helps preserve tropical forests
worldwide for the betterment of the Landing an internship with one of these
global community. Majority of intern big companies will look impressive on
work includes work in communications, your résumé, no matter what your major.
increasing donors and funds, and plan- To increase your chances, focus on
ning special events. Hour commitment specific abilities the internship is looking
per week is low and flexible. Visit for while highlighting your desire to
Rainforest-alliance.org to apply. help the environment. It will also help
to include a written recommendation
Environmental Defense Center and any related environmental work you
have recently done. For green intern-
If you are interested in law the Environ- ships in your state, visit http://www.in-
mental Defense Center (EFD) can help ternships-usa.com/BigGreen/green0506.
get your foot in the door. EFD is the only html. YM
non-profit law group in Los Angeles that
Ashley Sinatra is a freelance writer based
works towards the protection of environ-
in Lancaster, California. She enjoys reading
mental issues, such as water protection,
and saving money.
species protection, and general public
health. The law internship assists in legal For more internship
information:
www.youngmoney.com/careers
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.
If you’ve started researching
student loans you’ve probably
discovered the two basic types:
those that have strict borrow-
ing limits but offer low interest
rates, and those that offer all
the money you need (and then
some) but charge high interest
rates. So which is right for you?
How do you make sure you’re
selecting the best loans possible
and not making a decision you’ll
regret after graduation? It will
take some homework and care-
ful planning, but if you follow
this roadmap you should be able
to find the right combination of
loans to meet all of your needs.
young money
Federal vs. Private Loans
To start the loan selection process you
first need to know about the two basic
types of student loans: federal loans
and private loans. Federal loans, known
as Stafford Loans, are provided by
the U.S. government and carry a fixed
interest rate—now at 6.80%. Federal
loans allow the borrower to postpone
principal and interest payments until six
months after graduation. Private loans
are usually not so generous. They are
less regulated than federal loans and
often charge high variable interest rates
(like credit cards) and the interest starts
to accrue immediately. You should use
private loans sparingly and only con-
sider them when there’s a gap between
what federal loans will cover and the
final cost of your education.
PLUS Loans
There is a third type of loan, known as
14
the PLUS loan, which applies only to
parents. It stands for “Parent Loan for
Undergraduate Students” and it’s a loan
that is borrowed by a parent on behalf
of his or her child to pay for education.
PLUS loans often carry high interest
rates and require a credit check. But,
these loans may be necessary if a parent
earns a high income which prohibits
his or her child from receiving federal
loans.
Interest rate comparison
For student loans, as with most debt,
you want to select the loan with the
lowest interest rate. The national inter-
est rate for Stafford loans is 6.80%,
while the average private loan interest
rate is currently 8.32%. PLUS loans
carry even higher interest rates of
8.50%. The Stafford and PLUS loans
have fixed interest rates, while the rates
on private loans can change over time
depending on the lender and market
summer 2009
conditions. The fixed interest rates
provided by Stafford and PLUS loans
are an advantage that tip the scale in
their favor over private loans. A free
website, such as www.bankrate.com,
will let you compare all the interest
rates for student loans in your area.
How to apply for student It’s important you understand these
loans
When you want to apply for student
loans you should first meet with the
financial aid officer at the school you’ll
be attending to make sure you under-
stand all of your financial aid options.
The officer should also help you deter-
mine whether or not you’ll qualify for
federal loans. If you won’t qualify for
federal loans the officer should provide
guidance about what loans you should
turn to next, which will probably
“For student loans, as with most debt, you
want to select the loan with the lowest
interest rate.”
include a combination of PLUS loans
and private loans.
If you’ve narrowed down your list of col-
leges but haven’t made your final deci-
sion yet, try to meet with the financial aid
officer at each potential school to learn
about the financial aid options available.
You’ll find that some schools are much
more accommodating than others.
Once you’ve done your research you
can apply for a federal loan online by
visiting www.staffordloan.com. You’ll
also be required to fill out the Free
Application for Federal Student Aid
(FAFSA form). If you’re applying for
a private loan you’ll need to communi-
cate directly with the lender, which will
usually be a bank, savings and loan, or
credit union.
Understanding the fine print to make payments, interest continues
to accrue unless the loan is subsi-
The most difficult part of student loans dized.
is trying to understand the fine print.
Forbearance: A borrower may
If you’ve started researching student
qualify for loan forbearance if
loans then you’ve probably seen a few
he or she has difficulty making
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
it’s granted at the discretion of
words because they can potentially
the lender and documentation is
save you thousands of dollars.
required to prove economic hard-
Subsidized: Subsidized loans are loans ship.
that the borrower does not have to pay
interest on. Instead, a third party (usu- College Funding Summary
ally the U.S. government) pays interest
If you’ve decided the pay-as-you-
while the borrower is still in school
go strategy won’t work for your
and interest does not start to accrue
tuition bill, and you need the help
until after graduation. You should try to
of student loans, consider using
maximize your subsidized federal loans
them in the following order. These
to the fullest extent, but beware; these
options should only be considered
loans are largely based on financial
after you’ve met with a financial aid
need so you may not qualify.
officer and exhausted all possible
grants, scholarship and awards for
which you may be eligible.
1. Subsidized federal loans
2. Unsubsidized federal loans
3. PLUS loans (if your parents are
willing to chip in)
Unsubsidized: An unsubsidized loan
4. Private student loans (last resort!) YM
is a loan where the interest starts to
accrue immediately, even though loan Matthew Brandeburg, CFP®, has five
payments aren’t due until six months years of fee-only financial planning
after you graduate. The fact that inter- experience and runs his own financial
est accrues while you’re still in school advisory practice. He can be reached for
makes these loans less desirable than comment at 614.477.7350.
subsidized loans.
Deferment: A deferment means the
borrower can postpone making principal
and interest payments on a student loan
if certain hardship conditions apply. For
example, deferment is allowed while the
borrower is still in school, unemployed
after graduation, or experiencing certain
economic hardship for up to three years.
Even though the borrower isn’t required
personal finance By Emily Torres
Getting Paid for Your A’s
Discounts for
Making the
Dean List
You’ve worked hard all year and
your parents are finally going to
help you get a car. If you have a
high GPA you may be eligible for
a good grade discount! But good
grade discounts don’t just stop at
car insurance. Many companies
now offer incentives for high
GPAs. Check this list and see if you
can’t score an additional discount
for making the dean’s list.
Car insurance
Yes, there is a proven correlation
between good grades and safer driv-
ing. Most car insurances companies
will offer a “Good Student Discount”
between 10 and 25% for an undergrad
with at least a 3.0 GPA. Keep in mind,
one ticket can erase a semester’s worth
of hard work.
In-school scholarships
Many colleges have scholarships for
students already in school. Check with
your financial aid office to see if your
young money
impressive freshman grades can trans-
late into merit aid. Many schools offer
in-school scholarships or rewards by
department so ask your department head
within your individual program of study.
The federal government offers two
need-based grant programs for full-time
students who are U.S. citizens with a 3.0
or better GPA.
•The Academic Competitiveness Grant
is available to college freshmen and
sophomores.
•The National Science and Mathematics Play ‘N Trade has a “Games for Grades”
Access to Retain Talent (SMART) Program. Students receive a 10 percent
Grant is available to college juniors discount on any used video game for
and seniors.
“Many companies
now offer incentives
for high GPAs.”
Credit cards
Citibank wants you to “learn and earn
with the Citi® mtvU™ Platinum Select®
Visa® Card for College Students.” Every
semester that you get good grades, you
receive bonus “ThankYou® Points”;
the higher your GPA, the more points
you’re awarded. An A-average can earn
you a 4,000 point annual bonus—the
equivalent of a $25 Barnes & Noble gift
certificate or two CDs. Ask your credit
15
card company about their individual
good grade programs.
Rent
Apartment complexes in college towns
are known for offering students dis-
counts on their rents if they can maintain
the required GPA. Some schools even
have discounts on dorms. Make sure
to ask your housing office or potential
landlords about possible rental rewards.
Games for grades
each “A” on their report card. Check
with a store near you to make sure they
participate in this program.
Travel
Ask about good grade discounts when
booking a trip—especially for spring
break. Many resorts and hotels will
offer good grade spring break discounts.
Check with a student travel agency
about GPA deals for airfare, car rentals,
and hotels.
Good grades are their own reward, but
why not take advantage of other people
who want to honor your hard effort as
well? It doesn’t hurt to ask stores around
your school if they offer a discount. You
never know where you might be able to
save a few bucks. YM
Emily Torres is a frequent contributor to Young
Money.
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,
such as working in the public sector,
serving low-income or underserved
populations, or in other areas where
finding competent employees in certain
professions is difficult. Most of these
plans become effective once you have
become employed after graduating.
College Cost Reduction and Access
Act of 2007
The College Cost Reduction and Access
Act of 2007 allows you to get your
remaining loan debt discharged after 10
years of full-time employment in public
service. The borrower must have made
120 payments (that’s 12 payments a
year for 10 years) as part of the Direct
Loan program. Only payments made on
or after October 1, 2007 count toward
the required 120 monthly payments. A
public service job is defined as a full-
time job in emergency management,
government, military service, public
safety, law enforcement, public health,
public education, social work, public
interest law services, child care, public
library sciences, or any other job at an
organization that is described in section
501(C)(3) of the Internal Revenue Code
of 1986.
Volunteer experiences through Ameri-
Corps, VISTA, and the Peace Corps
youngmoney.com
are also part of this program. Ask your
school counselor or search online to see
how you can take advantage of these
generous opportunities.
Business school excuses
Business school graduates can be excused
from some of their school loans if they
work in specific government or non-
profit domains. Stanford University, for
example, will excuse up to 100% for
qualifying MBA students who choose
work in the public sector. Check with
your university to see if they offer simi-
lar loan forgiveness plans.
“No one wants to start
their life in debt.”
Healthy loan forgiveness
Everyone knows how expensive medical
school is. Luckily, loan forgiveness pro-
grams are offered through the National
Health Service Corps and the Nursing
Education Loan Repayment Program
(NELRP). These programs offer loan
forgiveness to physicians and regis-
tered nurses who agree to practice for
a set number of years in areas that lack
adequate medical care (including remote
and/or economically depressed regions).
The NELRP will excuse 60% of college
16 summer 2009
loans for qualified nurses who work for
two years at a critical shortage facility.
The National Institute of Health repays
up to $35,000 per year of qualified school
loans in exchange for two years of clini-
cal research. They will also pay any taxes
that result from these payments.
Teaching for forgiveness
Teachers working in government desig-
nated poverty-stricken school districts, or
in subjects such as math or science, or in
special education may have some of their
school debt waived. Both the Perkins
and Stafford loans vary in the amount
they forgive, depending on what kind of
teacher and length of time working.
There are other professions where new
graduates may find employment help-
ing others while having some or all of
their government student loan forgiven.
Contact your specific university depart-
ment, your school academic or financial
aid adviser, or search online resources to
learn how you can become eligible.YM
Debra Karplus, MS, OTR/L, an occupational
therapist in private practice with an account-
ing degree, teaches entrepreneur and invest-
ing classes to children and adults. She can
be reached at dkarplus@yahoo.com.
 job jump By Ashley Grant
Is it worth the cost?
During a recession the number of gradu-
ate school applicants tends to increase. In
fact, according to schools such as UCLA
and Harvard, there has been a slight
increase in the number of applicants in
recent months. Some people look at grad
school as a way of “hiding out” until the
economy gets back in shape. Is going
back to graduate school worth it, and how
are you going to pay for it?
Should you go to graduate
school?
Going to graduate school could bring
you more money, a better job, teach you
more about your field and look really
great on your resume. However, going
back to school can also drive you deeper
into debt, keep you from actively pursuing
your career goals, and be unnecessary in
the long run.
Who should go after a post
bachelor’s degree?
Anyone hoping to be a lawyer, doctor or
other profession that requires a master’s
degree or Ph.D. should definitely shell
out the time and money to complete a
higher degree. Not only will the extra
time in school bring you closer to your
dream job; but, it should pay off with a
higher income since these fields tend to
pay more than entry level positions that
only require a bachelor’s degree.
Who should not go to grad
school?
In some cases a certificate or a license
may be all that you need to get a raise
or a better job. Certificate and license
programs are often significantly less
expensive and take less time than a
master’s program.
If you are not financially, physically,
young money
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
two to four more years of school, your If possible, try to avoid student loans.
best bet may be to try to get a job in, or However, if there is no other option,
as close to, your chosen field as possible. do your research. Remember: with
This way you will be earning income subsidized student loans you won’t have
and work experience. to pay interest on the years you are in
school, but with unsubsidized loans,
interest begins accruing the moment you
“Some people look take out the loan.
Before you do anything else, fill out a
at grad school as a Free Application for Federal Student
Aid. You never know what kinds of fed-
way of ‘hiding out’ eral aid might be available to you.
http://www.fafsa.ed.gov. YM
until the economy
Ashley Grant is a freelance writer and
gets back in shape.” photographer, visit her at www.moreth-
anphotographs.com.
Paying for grad school Need help paying for
So you’ve weighed the pros and cons and school? Visit
decided to attend graduate school after all. www.youngmoney.com/financial_aid
That’s great. There’s only one problem:
How are you going to pay the tuition?
Call the school you wish to attend
Talk to the financial aid office and see if
there are scholarships, tuition assistance
programs, or work study programs avail-
able. Don’t forget to check into research
assistant positions with your individual
college or program of study. These
often pay a stipend that will assist you
with the bill.
Fastweb is a scholarship search service
that helps students choose a college, pay
for college, and find jobs and intern-
ships. This free website is a very large
source for local, national and college-
specific scholarships. Although you
need a username, password and profile
to search, there are hundreds of scholar-
ships for which you may qualify. Visit
http://www.fastweb.com.
Do not cash in your 401k. Not only
will you be hit with a penalty for early
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-
tected from harsh tactics and unethical
treatment.
Per the FDCPA a collection agent cannot
contact a consumer at any time other
than between the hours of 8 a.m. and 9
p.m. in the consumer’s local time zone.
This means that if the collector calls
from a collection agency located in New
York to a consumer’s place of residency
in California, they must wait until the
clock strikes 8 a.m. in California,
and phone calls may only continue
until 9 p.m. in the consumer’s
time zone.
One of the biggest complaints
that consumers have is that a
debt collector has contacted
them at their place of busi-
ness. Collection agents
will attempt to contact a
consumer using all the
information that has
been both provided to
them by the origi-
nal creditor and
information found
via a tool called
skiptracing. For
example, when
a consumer
visits the
doctor and
fills out
the infor-
mation form,
contact information is requested.
This can be home number, work
number, cell number, emer-
gency contact information and
more. Every number listed
is a potential contact for the
consumer to be reached. If a
collection agent is unable to
reach the consumer at any of
the provided phone numbers,
they will employ various
different types of resources.
These can be the yellow
pages, neighbors at the
consumer’s current listed address,
and even relatives.
They cannot, however, talk to anyone
regarding your debt except you, your
attorney or anyone you specify. Other
than that, they cannot tell your child,
your mother, your father, your sibling,
young money.com
your neighbor, your boss, not anyone. If
they do, this is a violation of the FDCPA
and you may be entitled to damages.
However, most people are not aware that
the FDCPA has put a protection policy
in place for these types of contacts. If
a consumer indicates that a collection
agent cannot call them at work, or that
they are only allowed to call them at
a specified location, the debt collector
must comply. In addition, if a consumer
“The first types of
collection agencies
were thought to have
been managed by
the mob and largely
unregulated.”
does not want the collection agency
to contact them at all, they also must
comply. This is referred to a cease com-
munication and can be invoked at any
time. The consumer can request that the
collection agent only contact them ver-
bally, through written correspondence,
or even not all. Although this will not
stop occurrences such as credit reporting
or even litigation, the collection agency
will no longer be able to call or write
demanding payment.
So what do you do when you have
received a letter demanding payment
or a phone call from a collection agent
looking to get a bill paid? Talk to them,
plain and simple. There are some who
will rant and rave, trying to make you
feel small for not having the money
to pay your bill, or convince you that
this one account will be your demise,
but there are still some who are human
beings. Ultimately, both of you have
the same goal: to get the bill paid. The
difference is how fast it will (or even
can) be done. The majority of collec-
tion agents work off commission, so the
more that is paid at one time, the bigger
their commission check.
It is possible to negotiate with a debt
collector so that the bill can be paid,
weekly, bi-monthly, or even monthly
so as to not leave you strapped for cash
19
and unable to pay other bills. One of the
biggest issues people face with paying
off this type of debt is looking at it as
a whole. If the debt is figured out in
affordable payments, it can seem less
ominous.
One of the biggest problems during this
negotiation process is the way that a
collector will try and convince you that
the bill needs to be paid. The law states
that a debt collector may not threaten
action against a consumer, unless they
plan to take it. This basically means that
if a collection agent says they are going
to sue you, they have to sue you. If they
say they are going to put it on your credit
report, they have to put it on your credit
report. They cannot, however, threaten
to tell anyone about the bill, inform your
employer of the debt, or say that they are
going to publish a list of any kind telling
the public that you owe a debt.
The Fair Debt Collection Practices Act
can be found online at http://www.ftc.
gov/bcp/edu/pubs/consumer/credit/
cre27.pdf, and it contains the laws that
debt collectors must adhere to when
attempting to collect on a debt. If you
feel that your rights have been violated,
report the collection agent and collection
agency to the district attorney in your
state and to the Better Business Bureau.
But, whatever you do, do not ignore the
problem. Debt collectors are angered
when their phone messages fall on deaf
ears and their letters go unanswered.
This way of dealing can result in credit
reporting and even litigation. They are
human beings, too. Just talk to them,
and a payment plan can be negotiated.
You may even be able to keep it off your
credit report. YM
In addition to owning and operating
Dovco Collection Solutions, Inc.,
Melissa Douros seeks to educate con-
sumers on dealing with collection agents
and collection agencies and stop the
harassment that can occur. For more
information on Dovco, please visit www.
dovcocs.com.
summer 2009
entrepreneurship By Tanya Benedicto
Web entrepreneur Alastair Onglingswan
envisioned the company after visiting
his hometown in the Philippines. After
enjoying the country’s scenic beaches
and luxurious resorts, he drove through a
shanty town. He was shocked to see the
living conditions. Young children had to
rummage through a vast garbage dump
simply to survive. The children wore no
shoes and were subject to foot injuries
from nails, glass, metal and needles.
He drove to the nearest department
store and bought every single pair of
children’s shoes—then donated each pair
to the children of the waste site. Alastair
quickly realized that he wanted to expand
this effort into a working business opera-
tion that would aim to shoe the 300 million
shoeless children around the world.
young money
Chen wasn’t the only casualty of the
investment world: Iris Chau left JPMor-
gan and Winnie Ho, the newest member
in charge of designs and contests, left
Citigroup. However, the GreenSoul
Shoes employees quickly realized that
working at a nonprofit start-up could be
just as challenging as working for an
investment behemoth. Less than a year
after GreenSoul’s launch, Stephen is
still discovering the parallels between
work environments. “I believe we carry
many of the same skill sets of modeling,
finances, operations and talking to inves-
tors,” said Stephen. “The only difference
is that previously we were beholden to
our investors. Today, we take into
account our peers in third world countries.”
He added that in both cases he had the
opportunity to work with a team of
20
dedicated professionals to build an in-
novative company that seeks outsized
value. GreenSoul Shoes empowers local
artisans through nongovernmental orga-
nizations (NGOs) like Heritage Watch to
hand make 100% recycled sandals out
of old tires. For every pair of shoes sold,
one will be given to a shoeless child. Its
innovative business model allows consumers
to directly support an underprivileged child.
While Chen noticed similarities, Iris not-
ed distinct differences, “I joined JPMor-
gan Chase eleven years ago. While my
hours ranged from ten to fourteen a day
it was very structured and project ori-
ented. It was difficult for me to measure
the impact of my work to my customers.
Since I joined GSS in February, I have
the opportunity to create direct impact to
the organization and the people that we
summer 2009
 serve. My hours are a lot
more flexible and decisions
can be made a lot faster.
Because we are a smaller
team, we can act quickly.
In addition, I have met so
many people outside of our
organization with a com-
mon goal—to help others.”
She has seen GreenSoul
through the common chal-
lenges of a start-up. “The
downside of a smaller
organization is the limited
support and the resources,”
she said. “We’re supporting
this company solely with
our savings.”
While the economy sours
Chen says the strength of
their business model differs
from traditional charities.
GreenSoul uses market-
based restoration to guard
it from financial blows. For
example, they are adding
more shoe lines and working
with different shoe designers
to use recycled materials.
GreenSoul has developed
these three strategies to
continue being the non-profit
that will keep on giving.
1. Crowd-Sourcing
Shoe Makers
GreenSoul is leveraging community-based
designs, otherwise known as crowd-sourcing.
By leveraging mass collaboration enabled
by Web 2.0 technologies, it aims to market
this opportunity to shoemakers globally.
Newcomers to the shoemaking community
are given an opportunity to practice their
Winnie Ho Iris Chau
young money.com
skills, while veterans are challenged to
keep on their toes.
Additionally, GreenSoul covers the
entire costs and development process
which cuts down the time it takes to pro-
duce a shoe and get it into the market.
2. Soulmates Program
(Distribution Patterns)
GreenSoul Shoes is planning to expand
its operation to include distribution of
stores nationwide. Owner funding and
internally generated cash flow will enable
most of the expansion plan.
The Soulmates distribution partnerships
will allow the team to partner with retail
“…working at a nonprofit start-up
could be just as challenging as working
for an investment behemoth.”
businesses. These retailers will help
expose GreenSoul to critical audiences,
areas and demographics. It also gives
these businesses an opportunity to take a
charitable platform. The primary distribu-
tion channel for shoe products is through
regional and national product distribu-
tors. GreenSoul employees are actively
pursuing agreements with distributors
and will be attending major industry trade
shows to develop contacts in other regions
of the country. Their secondary distribu-
tion channel is through direct retail sales,
specialty catalog sales, and website sales.
They are also actively pursuing agreements
with retailers and specialty catalogs.
Luan Nguyen Lyel Resner
21
3. Shoe Drops
To deliver shoes to children, GreenSoul
Shoes will embark on Shoe Drops. A
shoe drop lasts one to eight days, and
is carried out by a team of volunteers
and GreenSoul Shoe employees. GSS
teams up with internationally recognized
organizations like UNICEF and Orphans
International to access the need of vil-
lages and their shoeless children. We do
this because we don’t want to give 400
shoes to a community only to realize
there are 600 shoeless children—leaving
the last 200 children without shoes. YM
Visit GreenSoul Shoes at
http://greensoulshoes.wordpress.com/
Want to learn the secrets
behind the success? Read
more entrepreneur profiles at
www.youngmoney.com/entrepreneur
Tanya Benedicto covers business news
in New York , and formerly worked for
Institutional Investor.
Alastair Onglingswan
Stephen Chen
summer 2009
10
entrepreneurship By Edward De Valle II
5 Steps
6 2
3 7
Make it big by 30
1 Consistency
Talent may be overrated but you do
need some to make your mark in
today’s business world. I always say it’s
not the talent that makes you successful,
it’s the consistency of using that talent
that creates success and fortune.
2 Self-Evolution
Guess what? We must change with the
world. There are so many young people,
straight out of school, who do not work
to change the way business is currently
being conducted. Fresh, innovative
ideas and keeping up with the times has
a direct relationship with your success.
3 Trust Instincts
Go with what you think is the right
direction. It’s a 50/50 shot but the 50
percent that’s correct can generate all
the success you need to get started and
make some real cash.
4 Work really hard
There is no substitute for this.
5 Common sense is crucial
There are so many smart people but
guess what? Few of them are anything
else than a normal executive working
to fill their 401K and have enough for
a Disney cruise at age 60. Try using
common sense when doing business…
it’s often more important than having an
overwhelming amount of smarts.
young money
to1
4
Success 9
6 Personal Stability
It is important to manage a healthy rela- Top 10 Popular
tionship with your partner and maintain
a great relationship with family and Undergraduate Majors
friends. Equally important are working by Starting Salary*
out and taking lots of time off. Time off
is crucial to keep the creative side of 1. Chemical Engineering
the mind working. Keep your sphere of Average Starting Salary; $61,800
influence full of great people, starting 2. Computer Engineering
with those closest to you—the benefits Average Starting Salary: $60,500
will be outstanding.
3. Electrical Engineering
7 Never Fear Average Starting Salary:$59,900
If you are afraid you are guaranteed 4. Computer Science
to fail. All of us have experienced fear Average Starting Salary:$54,200
with clients or potential customers but 5. Civil Engineering
we shouldn’t be afraid of what we have Average Starting Salary:$52,600
to offer them.
6. Economics
8 Honesty Average Starting Salary:$48,100
Tell your clients the truth about what 7. Finance
you are offering and then let them Average Starting Salary: $46,900
decide if it fits their needs.
8. Accounting
9 Listen more and talk less Average Starting Salary: $44,600
Random people can give you great 9. Mathematics
ideas. Be open to new ideas that you Average Starting Salary: $43,500
might be able to enhance. 10. Business Management
Average Starting Salary: $40,900
10 Attitude and Faith
You must have faith and keep a positive *Information provided by Payscale.com &
attitude. The truth is, very few of us al- CareerBuilder.com
ways have a positive attitude. If you can
adjust to being about 80 percent positive
you will prevail at almost anything. YM
Edward de Valle II is the President of
AMG Worldwide.
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
worked hard and you deserve
to have fun, but can you do it
without breaking the bank? In these
hard times, we all have to watch
what we spend, even on things we
might have splurged on in the past.
However, there are tons of options
out there, one for every budget;
sometimes you just have to get a
little more creative.
For those of you with a smaller budget,
think modest. Surely by now you have
heard the term “staycation.” A stayca-
tion refers to saving money by taking
your vacation locally and enjoying
what your own city (or the city closest
to you) has to offer. Sure, you may be
experiencing the “been there, done that”
feeling. But there must be things out
there you haven’t yet experienced, and
who knows, they could end up surpris-
ing you. Try using Google to look for
new options within driving distance
from your home, or pick up your local
newspaper and search for events. Try
visiting your local parks and museums,
or perhaps a local festival or concert.
Mix it up! The main goal is to just take
a few days off from work and school to
have some fun and experience some-
thing new.
If you can afford to splurge a little, try
taking advantage of possible connections.
youngmoney.com
Ask around and see if anyone you know
has a room you can rent near an ideal
vacation spot. You never know what
might be available if you don’t ask. If
you can’t find any good connections,
see if any of your friends are interested
in traveling with you and splitting the
cost of a hotel room. Chances are that
some of your friends want to get away
just as much as you do. Just remember
to include all expenses when calculating
the budget for your trip, including gas,
food, and activities.
“The main goal is to just
take a few days off from
work and school to have
some fun and experience
something new.”
If you have bigger vacation dreams,
along with some money in savings, try
booking a package deal. Websites such
as travelocity.com offer last minute
packages (which include flight, room,
and rental car if needed) that can be
very affordable. Statravel.com and
adventurestudenttravel.com also offer
package deals and discounts for students,
youth, and teachers. Bargain shop! Take
some time to compare prices of similar
deals on various Websites—it could turn
out to be well worth the extra planning time.
23
It may sound lame, but if you have the
opportunity, don’t be shy to take your
family up on the offer to tag along on
a family trip. Sure, you’re older and
may prefer to do things on your own
terms, but you never know what kind of
experiences you could be missing out
on if you turn them down.
Feeling adventurous? Maybe couch
surfing is right for you. Surprisingly,
there are tons of people all around the
world who are willing to offer to let you
crash at their place for absolutely free!
Couchsurfing.com verifies the locations
of their members and gathers references
and feedback in order to make the pro-
cess as safe as possible. Not sure if it’s
right for you? Check out couchsurfing.
com, which features lots of information
as well as thousands of testimonials.
Being flexible, creative, and open-
minded can help you make the most
out of your summer vacation. Don’t let
this summer pass you by without a few
fun experiences to remember. Do your
research, calculate your budget, and
start looking forward to good times! YM
Rebeca Fernandez is a proofreader for
a financial firm and lives in Owings
Mills , MD.
summer 2009
feature By Zach Kaufmann
Interview with
City Paper founder
Russ Smith
Russ Smith was only a senior in college when he
started the Baltimore City Paper with his good
friend Alan Hirsch, tapping out the early weekly
editions at the Johns Hopkins News-Letter of-
fices after hours. Smith had been inspired by
earlier papers, like the Village Voice and the
Chicago Reader, and after graduating he turned
the Baltimore City Paper into a free daily that
within a decade was a model for alternative
journalism across the country. Smith subsequently
sold the Baltimore City Paper, as well as the
D.C. City Paper (started in the early ‘80s), and
started the New York Press, now the main rival
to the Village Voice. Smith’s new project is the
online magazine Splice Today (www.splicetoday.
com). Founded a little over a year ago, Splice
Today is a news and pop culture website aimed at
the 18-30 crowd. I talked with Smith about his
career in alternative journalism, Splice Today,
and the decline of the newspaper industry.
Young Money: You started the Balti-
more City Paper in the late 70s, during
your last year at Johns Hopkins, is that
right? How did you get started and what
kind of model was there for alternative
journalism in those days? Of course the
Village Voice had been around since the
mid-’50s. Was that an influence for you?
Russ Smith: Yes, I started, along
with my friend Alan Hirsch, [the Bal-
timore] City Paper (at first called City
Squeeze, in a nod to the fading hippie
culture) in May of ’77. We got started
with almost no money, and produced our
first 10 issues, sub-rosa, at the News-Let-
ter offices, usually after midnight when
no one was around. Sure, the Voice was
very influential—I started reading the
Voice as a 10-year-old growing up on
Long Island—but also Boston’s Real
Paper and the Chicago Reader were
models.
YM: How long did it take before the
Baltimore City Paper started to turn a
profit?
RS: City Paper began as a free paper,
with an ill-fated detour from ’79-’81
where we went paid, at a quarter a copy
in an effort to convince advertisers it
was a more serious paper. That flopped
and we almost went belly-up. All the
revenue came from advertising (save a
modest amount of circulation revenue
during the paid period). Our start-up
costs, once we incorporated in ’78,
were $10,000; Alan and I each scraped
together $5000 from relatives. Even
in ’78 dollars that was a very modest
amount. We first turned a profit in ’84
and then it zoomed after that, which led
to a lucrative sale of the paper in ’87.
YM: Obviously the landscape of Ameri-
can journalism has changed drastically
in the last 30 years. What do you make
of the changes that are happening—the
closures, the switch to online-only
publications, the New York Times spend-
ing almost twice what they’re taking in
every year and running ads on the front
page?
RS: First, I like ads on the front page.
It’s an example of American provincial-
ism and self-importance that it took so
long for ads to be on the front page,
where great European papers were
decades ahead of them on that score.
I can’t add anything to print journal-
ism’s quick decline this decade—it’s
well-documented that the arrogance of
newspaper companies, which were ac-
customed to double-digit profit margins,
scoffed at the digital revolution, which
was apparent in the 90s, and were far too
slow to adapt. Now, it’s too late. I don’t
especially like the disappearance of print
newspapers and magazines, but, you get
used to it, just like when CDs replaced
albums in the ‘80s.
YM: When you started the New York
Press in 1988, what had you learned
about management and publication since
the Baltimore City Paper days? What
did you want to do differently?
RS: When I started New York Press in
’88 I was fortunate to have more capital
at my disposal. The biggest lesson I
learned from the early and lean days of
City Paper was how not to waste money.
For example, when New York Press be-
gan, we didn’t advertise anywhere—that
would be ephemeral and a waste of
money on a start-up newspaper that had
to evolve. Our one relatively big invest-
ment was the purchase of 300 street
boxes, which served two functions: one,
obviously, as a means of distributing the
paper; two, it was de facto advertising,
in that our logo was on the boxes. What
I wanted to do differently from CP was
to experiment more: obviously New
“I don’t especially like the
disappearance of print newspapers
and magazines, but, you get used
to it, just like when CDs
replaced albums in the ‘80s.”
York was a much harder environment for
media—it was saturated with publica-
tions of all kinds, most of them really
crummy—and so, with the first issue I
started a column called “MUGGER,”
which was economically and politically
conservative, which in Manhattan was
the equivalent of porn. It was a pro-
vocative column that combined politics,
along with media criticism, tales of
drunken nights at dive bars, memories
from childhood, and, often just what
popped into my head. In a sense, it was
a blog.
YM: How about starting the online maga-
zine Splice Today (www.splicetoday.com)?
How has it been getting into the online
market? And is this a concession on your
part that old print journalism is dead?
RS: Yes, old print journalism is dead,
but an online start-up is just as difficult
as any other new business, because of
the competition, the still-developing
internet market, the vagaries of how to
quantify readers, and the difficulty of
attracting advertisers. It’s a completely
continued on page 29
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

paid for the ad (prior to closing their
doors), and I benefit from the customers.
Having less helps you stand out
It’s much harder to follow the status quo
without money—and that’s a good thing.
Do you really want to bust your butt to
keep up with the guy down the street
when you could be blazing a new trail?
People with capital often spend a lot of
money trying to look like everyone else,
and when that doesn’t work they spend
even more money trying to be unique.
There is a reason so many clothing
trends come out of urban areas—many
of these individuals are doing more with
less. They are bucking the status quo,
with the intention of being different for
less. Hush Puppies brand took off in
1994, after almost being closed down,
because young people in urban areas
were buying them up at small discount
stores. Then the rich folks tried to copy
them and bought them by the case.
“Many of the biggest, strongest
companies were launched in garages
with just pocket change …”
Having less inspires you to be
resourceful
When you have limited resources you
make better use of them. You’re smarter
about it, able to strategize how you can
make the most of what you have and get
more of what you need for next to noth-
ing. Most people think it’s not possible,
but you know better.
Whether you need office furniture,
plane tickets, or a staff, inspired use of
resources can help you get what you
need. Trade, entice, scavenge, you’ll do
whatever you have to do to get what you
need, besides pay for it. For example,
when I am not willing to pay expensive
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
Sure enough, they regularly offer free
legal services (think contracts, NDA and
the like) in exchange for being a case
study for a class there are teaching. Now
that is doing more with less.
Having less enables you to
use less—even when you
have more
So many businesses tank because the
moment the money starts rolling in, the
founders go on a spending spree, loading
up on office supplies like they’re stocking
a bunker. All of a sudden they’re paying
retail, signing expensive office leases, and
the worst of the worst: hiring unnecessary
staff at high salaries.
Despite the fact that I sold two companies
for millions, my ass is still sitting on a
used office chair I got for free. (What?
It’s not smelly or anything!) Accustomed
to working with less, I still operate my
business with the attitude that I’m not
made of money. And that means my bot-
tom line is healthier than most.
I’m not saying the homeless dude in the
park is better equipped than a guy with
angel financing. But if you’re living
in your mom’s basement, you’ve got a
chance of making it. Or simply upgrade
to the garage, like Amazon did, and
make billions. YM
Mike Michalowicz launched three multi-
million dollar companies all before the
age of 35 and is the author of The Toilet
Paper Entrepreneur. Visit his site:
http://www.ToiletPaperEntrepreneur.com
27
feature continued...
different model. With weekly newspa-
pers in one specific city, it was all fairly
clear: a retailer or restaurant or health
club, for example, would buy space in
the paper and if it brought people into
their doors they’d continue to advertise.
If not, they wouldn’t. It was all local and
easy to track.
YM: What advice can you offer to
anyone who’s studying to be a journalist
now? What kind of skills should they be
learning to stay competitive and what
kind of job market can they realistically
expect over the next five years?
RS: The job market for aspiring jour-
nalists has never been worse, at least in
my career. While there are opportunities
online, the pay stinks, unless you have
an established reputation. One of the
great things about weekly newspapers
in the past was that a 21-year-old, who
didn’t have the experience to get hired
at a “legitimate” publication, unless he
or she were well-connected, could write
like crazy and produce a body of eclectic
work that would lead to better-paying
jobs at dailies and magazines, although
the work and atmosphere probably
wasn’t as much fun.
I can’t offer any advice to young people
starting out in journalism because I’m
a relative dinosaur who can’t exactly
decipher what the next great wave of
journalism will be. It won’t disappear,
and the present glut of blogs and small
websites probably won’t survive the next
New Journalism. But I’m betting, as I
tap this out, that smart young entrepre-
neurs are figuring all this out, and they’ll
be the ones who set the pace, not all the
bitter graybeards who are pontificating
about whether daily newspaper web
content should be free or paid or go non-
profit. All of that isn’t really germane
to the future; it’ll be a new communi-
cations world and the people who are
making predictions now will almost all
be wrong. YM
Zach Kaufmann is a freelance writer
and music critic at Splice Today, an
alternative online publication.
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
the death of the “Big Three” Detroit
automakers (General Motors,
Chrysler and Ford), here’s a quick re-
cap: GM and Chrysler asked for nearly
$22 billion in additional bailout, on top
of the $17.4 billion already received
(approved by then President Bush in
late December, 2008). The next day,
the Obama Administration made the
official announcement: not only would
there be no additional $22 billion, but
GM Chairman and CEO Rick Wagoner
would need to resign immediately (he
did). GM was given sixty days to make
fast progress on its restructuring plan
before a prepackaged bankruptcy con-
tingent filing would be put into place.
Chrysler, on the other hand, would only
be given thirty days. It was told to work
towards a partnership deal with Italian
automaker Fiat, the Obama administra-
tion having decided it could no longer
function as a stand-alone company.
As the AP reported, “If Chrysler fails
to reach a deal with Fiat or another
partner, the government won’t provide
any further financing, likely sending the
company into liquidation.”
Obama, in a televised address, went
so far as to say that all car warranties
offered by GM and Chrysler would be
backed by the U.S. government. As of
right now, April 13, 2009, the New York
Times reported that, “The U.S. Treasury
Department has asked automaker
General Motors to begin preparing for
young money
a bankruptcy filing by June 1… The shareholders love higher profit margins.
government wants preparations made for
GM and Chrysler’s resistance over the
a quick, ‘surgical’ bankruptcy.”
past twenty or thirty years to develop-
If you find all this economic recession stuff ing small, fuel-efficient cars means that
a little hard to sort through, you’re not the today’s “Go Green” mindset—where
only one. As P.J. O’Rourke wrote for the expensive energy costs meets environ-
Weekly Standard back in November: “Jim mental concern—has left the companies
Jerk down the road from me, with all the to rack up huge debt. GM hasn’t turned
cars up on blocks in his front yard, falls a profit in five years, and yet it was only
behind in his mortgage payments, and the last June (when national fuel cost aver-
economy of Iceland im-
plodes. I’m missing a few
pieces of this puzzle myself.”
It seems that the decline of
the once booming Detroit
auto industry has as much
to do with the decision of
the Big Three to cede the
small car market (cars that
were once disparagingly
referred to as “tin cans”) to
Japanese automakers like
Toyota and Honda. Former
Canadian auto union leader
Sam Gindin, now a profes-
sor of Political Science at
York University, made this
point in a conversation in
late January with Paul Jay
of the Real News Network.
The SUVs and large vehi-
cles that the Big Three are
known for are both cheaper
and far more profitable to
manufacture. The profit
margin on a Hummer, for
example, far exceeds that
on a Honda Accord, and
28
ages hit a record high above $4 a gallon)
that they announced plans to close four
SUV and large truck manufacturing
plants and overhaul their Hummer line.
What has been obvious for years
now—that new and existing hybrid
technology should be the cornerstone of
the Big Three’s push into the small car
market—might finally become a reality.
There were signs at the 2009 Detroit
auto show that executives were starting
to wise up, with Ford leading the way:
an all-electric van slated for release in
2011, and a plug-in hybrid by 2012. An
electric passenger car, powered by a lith-
ium ion battery with a 100-mile range on
a single charge, produced in conjunction
with Magna International would also be
unveiled in 2011.
“Go Green or Go Bankrupt” may be
the auto industries present call to arms,
but, of all people to make that point,
it was legendary rocker Neil Young
who brought it home. Writing for the
Huffington Post last November, Young
(a longtime friend of the environment
and proponent of sustainable energy)
pointed towards SCEV (self charging
electric vehicle) technology as the key prevent accidents.
to a renewed American auto indus- Leave it to GM to decide to build off
try. “No Big Three excuses like ‘new the remarkable success of the Segway
tooling takes time.’ New tooling is not (“It will eliminate walking!”), designing
a requirement for SCEV transition roll- a vehicle that’s not only smaller than
ers... Government legislation going with anyone could want, but that could cause
the bailout should include tax breaks for a fatal accident if there is a big enough
purchasers of these cars with the new pothole in the road. Still, it at least
green SCEV technology. The legislation shows that the Big Three are starting to
accompanying the bailout of major auto change their thinking, finally responding
manufacturers must include directives to to the changing demands of the Ameri-
build only vehicles that attain the goal of can consumer—whether it’s too little too
reversing global warming while enhanc- late, only time will tell. YM
ing National security, and provide the
financial assistance to make manufac- Zach Kaufmann is a freelance writer
turing these cars affordable in the short and music critic at Splice Today, an
term while the industry re-stabilizes.” alternative online publication.
Presumably, what Young had in mind
wasn’t the PUMA, a two-wheeled,
two-seater electric vehicle designed by
GM (in partnership with Segway, Inc.)
to “revolutionize urban transportation.”
Unveiled this week, the PUMA looks
like a high-tech golf cart and can reach
speeds of 35mph. As Larry Burns, GM’s
Vice President of Research and Devel-
opment, announced, the PUMA will be
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.
CFL light bulbs
Compact fluorescent bulbs are better for
the environment and your electricity bill.
According to the Energy Star website, if
every home
in America
replaced just
one bulb with
a CFL bulb,
“we would
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
CFL light bulbs cuts down 12 percent (on
average) of a typical American’s electric-
ity bill.
Energy Star
When it comes to buying that mini fridge,
television or anything electronic, make
sure you buy an Energy Star certified
product. It consumes less electricity
which saves you more. Visit
www.energystar.gov for more information.
young money
Keep a plant
To keep your dorm rooms looking lively
try keeping plants (not the plastic kind).
Plants are not only for aesthetics, they
also help fight toxins and pollutants. A
good choice is the Peace Lilly. They are
very easy to look after, flower all year
long, and can absorb potentially harm-
ful chemicals from the air, including
toxins from cleaning fluids and ciga-
rette smoke. Look for a Peace Lily in
your local nursery or even your closest
Wal-Mart.
Bedding
Buy natural materials rather than syn-
thetic pillows and blankets. Look for all
natural cotton or wool blankets. Visit
www.EcoChoices.com for a variety of
all natural bedding products.
30
Young Money star review
Stop phantom
power waste
Did you know when you turn off many
electronics they go into stand-by and
continue to consume electricity? Accord-
ing to the U.S. Department of Energy
this stand-by power can account for as
much as 20% of home energy use. This
not only costs you money but wastes
energy—energy that is often generated
by air polluting coal or nuclear power
plants that generate radioactive waste.
The Monster GreenPower™ MDP 900
PowerCenter™ protects your computer
from common power surges and spikes.
Better yet, it helps you conserve energy
by automatically shutting down outlets
(eliminating stand-by, or “phantom pow-
er”) to stop energy waste. It’s also color
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.
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

©2006 Environmental Defense

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