While many teens and young adults are doing the usual thing - be it going to school or embarking on internships and first jobs - there are some young people out there with an entrepreneurial spirit that just can't wait to flourish.
When an inventive idea sets in, go-getters like Hart Main and Caroline Pugh are ready to leap into action, using their youthful passion, energy, and intelligence to create new things and make a difference. Read on to learn more about the impressive two and what they have already accomplished in their young lives. Success from an early start makes these two entrepreneurs enlightening examples for the young and old alike.
Hart Main: ManCans
When it comes to getting a jumpstart on success, Hart Main is one to follow. At the tender age of 13, Main had a mission, to create candles which featured "manly scents," along with a line catered to female candle fans as well (which came further down the road). ManCans, which are candles inside soup cans are unique and fun.
As per Times Reporter, "ManCans candles have gone from being made in Main's kitchen and sold to family and friends, to being made at Beaver Creek Candle Co. and sold in nearly 150 stores across the United States. ManCans also has donated thousands of dollars to soup kitchens."
With unexpected scents like New York Style Pizza, Fresh Cut Grass, Burnt Rubber, Bacon, and Cigar, these candles are unlike what we're used to seeing (and smelling). Each one sells for a reasonable $10, making them as affordable as they are aromatic.
Still under 20-years-old now, Main aspires to inspire other young budding entrepreneurs with his book, co-written with his father Craig, One Candle, One Meal. "Hart's story will show you that you're never too young to make a difference."
From a flicker of an idea to a raging success, Main and his ManCans are lighting the path for new brilliant inventions to come.
Caroline Pugh: VirtualU
Fitness-minded with a flair for technology, the now mid-20s Caroline Pugh is co-founder and COO of VirtualU, which as explained by Forbes, "Integrates 3D human modeling technology with fitness and healthcare space so that people can accurately track how their body changes as they work out."
As described by the company, "The VFit™ 3D body scanner is the first sub-$10K device with millimeter precision, capable of producing highly realistic 3D models in just 20 seconds. Our current solution allows fitness gym members to scan their bodies and track body fat, lean muscle mass, and circumferences of the neck, biceps, chest, waist, thigh, and calf."
Pugh developed the idea while she was a sophomore at Virginia Tech. According to Huffington Post, "She led a team of 13 and raised $1.8 million in capital." Along with her studies, she had a passion for invention that propelled her to create and innovate. And as per Forbes, "She was awarded the CIT Gap 50 Award as most likely to build Virginia's next generation life science, technology, and energy companies." Pugh apparently was not the only one who knew she was on to something.
What is Pugh up to these days? Huffington Post reports, "She is the Chief of Staff to Aneesh Chopra, who is the first Chief Technology Officer to the United States. At Mr. Chopra's firm called NavHealth, Caroline works to make health systems nationwide more intelligent. Using data analytics and research insights, NavHealth ensures that patients have access to vital knowledge so that they can make informed decisions regarding their health."
Making her mark in the world of technology entrepreneurship, Pugh is a shining example of talent, perseverance, and success. And even though she has already done so much thus far, it's only just the beginning.
Stay tuned for more inspiring entrepreneurs and their success stories.
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.