Category: Business

The hardest thing about upward mobility – the so-called American dream – is attaining it. Perhaps the second hardest thing is this: Once you’ve risen from a hardscrabble upbringing and gained financial success, how do you pass the traits that helped get you there – hard work, accountability, passion and discipline – on to your children? The natural inclination is to give them all the things you never had – and to shield them from the worries you experienced growing up. But that won’t help them long term. “You can’t duplicate your humble beginnings for them,” says wealth management advisor Rebecca Walser of Walser Wealth. “But you can teach your kids the skills they’ll need when they’re making their own way in the world.” Walser, a successful tax attorney and certified financial planner who specializes in working with high net worth clients, says one of her earliest memories is of being 4 years-old and flipping a light switch in her home, only to have nothing happen. Here are some other tips Walser has for helping fortunate kids understand finances:

• Experiment with delayed gratification. Remember the old Stanford University “marshmallow experiments” from the 1960s and ‘70s? A child was offered a choice between one small but immediate reward (usually a marshmallow) or two rewards if he or she could wait until the tester came back after about 15 minutes. In follow-up studies, the researchers found those who could wait longer tended to have better life outcomes, as measured by SAT scores, body mass index and educational success.
• Don’t keep the kids in the dark. Children often are unaware of all the unseen expenses that go into running a household. Make sure they know there’s a cost for electricity, water, cable and home maintenance.
• Needs vs. wants. How often have you heard your child say, “But I need those jeans!” There’s a big difference between wanting a designer label and needing new pants. Tell your teen you’ll give her a reasonable amount of money to buy the jeans – but if she requires more for what she wants, it’s on her. It’s amazing how quickly kids change their mind about needing something when they’re paying for it.
• Work it out. Your children may not need or want to work, but a job can teach a lot about having a solid work ethic, the importance of getting a good education and competition in the marketplace. Volunteering can have similar benefits. Parents want to give their children every advantage, Walser says, and that’s just what you’re doing if you prepare them to better deal with real-world financial decisions. “A little tough love now will go a long way towards preventing an unwelcome sense of entitlement from your kids and keeping them out from under a cloud of debt when they’re older,” she says.

Rebecca Walser is a licensed tax attorney and certified financial planner who specializes in working with high net worth individuals, families and businesses at Walser Wealth (www.walserwealth.com).

Legislation to ease and expand the expungement of juvenile arrest records was announced by Cook County Board President Toni Preckwinkle, State Rep. Elaine Nekritz, D-Northbrook, and state Sen. Michael Hastings, D-Orland Hills. The Youth Opportunity and Fairness Act (HB 3817/SB 2021) would combat unlawful and overly broad sharing of juvenile records in Illinois and bring the state’s current law in line with the ABA’s model guidelines on such records. Data show that Illinois has tracked well below these guidelines. In the past decade, less than three in one thousand — .29 percent — of juvenile records were expunged in Illinois due to procedural hurdles in place preventing expungement petitions from being filed. Half of the state’s counties did not grant a single juvenile expungement in the past decade. Meanwhile research shows that juvenile records place obstacles in the way of vulnerable youth trying to build productive lives, increasing their risk of returning to criminal activity. The bill sponsored by Nekritz and Hastings does two major things:

• It automatically expunges the records of juvenile arrests that do not result in charges. For cases that result in findings of delinquency, it expunges records two years after the youth’s case is closed, but only if the youth does not pick up a new finding of delinquency during that two-year period.
• It strengthens confidentiality rules and establishes a penalty for unlawful sharing of juvenile records (Class B misdemeanor resulting in a $1,000 fine and any actual damages).

Central Federal Savings and Loan is pleased to announce Richard Vavra has joined the Board of Directors. Born in Oak Park and raised in Berwyn, Mr. Vavra was sworn in at the Bank’s annual meeting on December 21st. “We are pleased to welcome Richard to the Bank Board,” said Gary Nation, President & CEO of Central Federal. “Richard brings a wealth of knowledge in the legal system and will be a significant asset to our board.” A graduate of DePaul University Law School, Richard also is an Insurance Litigation Consultant and an Arbitrator for Cook County and the American Arbitrator Association. Also, after 30 years with Allstate, Richard retired as their Corporate Council. He also serves as President of the Morton College Foundation and is President of the CBS Food Pantry. “I look forward to serving on Central Federal’s Board of Director’s,” said Mr. Vavra. Central Federal invites the community to join in welcoming Richard to the Bank’s board.

BMO Harris Bank announced that its consumer and small business deposit customers now have free access to 43,000 ATMs across the country, as part of a new partnership with the Allpoint ATM network ─ the largest surcharge-free ATM network in the United States and worldwide. BMO Harris Bank’s partnership with the Allpoint Network will increase the bank’s fee-free ATM footprint by over 43,000 ATMs across the U.S., complementing and expanding upon the bank’s existing fleet of over 1,300 ATMs. Allpoint ATMs are conveniently placed in premier retail locations nationwide, including most Walgreens drugstores, most Target stores and CVS/pharmacy locations, among others. An additional 12,000 international Allpoint ATMs will also be surcharge free for BMO Harris Bank customers. This week’s announcement represents the latest step in BMO Harris Bank’s continued improvement of the customer experience by meeting its customers where they want to be engaged and offering convenient ways of banking.

El Alcalde Rahm Emanuel y Merchandise Mart anunciaron una nueva proyección arquitectónica a gran escala para estrenarse en el 2018. Vornado Realty Trust, propietario de Merchandise Mart (ahora conocido como theMART) ha comprometido a la firma de diseño arquitectónico A+I Architects y al estudio creativo Obscura Digital a desarrollar un estudio de factibilidad para proyectar arte en el sur, en la fachada de theMART frente al Río, en el 2018. Aprovechando su fachada de casi 3 acres como canvas, theMART, A+I Architects y Obscura Digital iluminarán el histórico sitio como importante contribución al arte público de Chicago y darán otra inversión financiada en forma privada al Río Chicago. Esta es la primera vez que se proyecta el arte en esta escala en Chicago. Obscura Digital ha creado proyectos similares para Sydney Opera House, la Basílica de San Pedro en la Ciudad del Vaticano, El Edificio Empire State y Sheikh Zayed Grand Mosque en Abu Dhabi. A+I Architects (www.aplusi.com) fue el diseñador de theMART en su aclamada y premiada área de mejoramientos terminada el año pasado. Obscura Digital (www.obscuradigital.com) es el ingeniero de diseño más importante en proyectos de gran alcance con la destreza técnica y de diseño capaz de desarrollar un proyecto arquitectótico a esta escala. El proyecto entero es financiado con fondos privados. El Alcalde Emanuel y el Departamento de Asuntos Culturales y Eventos Especiales han designado el 2017 como “Año del Arte Público” con un nuevo Proyecto de Arte de 50×50 en el Barrio, la creación de Public Art Youth Corps, un nuevo Festival de Arte Público, exhibiciones, actuaciones, giras y más – representando $1.5 millón de inversiones en proyectos comunitarios artísticos. Adicionalmente, la Ciudad de Chicago explora opciones para colocar más arte público en el Paseo del Río de Chicago durante el Año del Arte Público.

BMO Harris Bank anunció que sus clientes y clientes de deposito del pequeño comercio tienen acceso gratuito a 43,000 ATMs en el país, como parte de una nueva afiliación con la red Allpoint ATM – la mayor red ATM sin recargo en Estados Unidos y el mundo entero. La afiliación de BMO Harris Bank con Allpoint Network aumentará las operaciones sin cargo del banco a más de 43,000 ATMs en E.U., complementando y ampliando la flotilla existente del banco de más de 1,300 ATMs. Las ATMs de Allpoint están convenientemente colocadas en tiendas premier a nivel nacional, incluyendo la mayoría de farmacias Walgreens, la mayoría de tiendas Target y farmacias CVS/pharmacy, entre otras. 12,000 ATMs Allpoint internacionales funcionarán también sin cargo para los clientes de BMO Harris Bank. El anuncio de esta semana representa el último paso en las continuas mejoras de experiencia al cliente de BMO Harris Bank, atendiendo a sus clientes en lo que más desean y ofreciéndoles la manera más conveniente de realizar sus operaciones bancarias.

La semana pasada, el Senador Estatal Martín Sandoval (D-11) se reunió con el Concejal de Chicago, Ricardo Muñoz (22), el Concejal Raymond López (15) y el Concejal Toni Foulkes (16), para discutir el Proyecto 172 del Senado, el Acta de Reforma a Vecindarios Seguros. SB1722 lucha por una ley más estricta para condenar las armas. El proyecto hace la ley más estricta a delincuentes reincidentes. Las personas atrapadas múltiples veces llevando un arma ilegal, debido a no calificar para el permiso apropiado o a una licencia oculta. Actualmente, si álguien es encontrado culpable de posesión ilegal de un arma de fuego por segunda vez, va a prisión de tres a siete años; bajo el Proyecto 1722 del Senado, la sentencia típicamente se duplicaría. Un juez mantendría discreción para extender una sentencia menor. El Senador Sandoval representa el 11º Distrito del Senado, que incluye los barrios de Brighton Park, Clearing, Gage Park, Garfield Ridge, Little Village, West Lawn y las municipalidades de West Cook de Bedford Park, Burbank, Cicero, Forest View, Lyons, McCook, Stickney, Summit y Riverside.

Foto Caption:

El Senador Sandoval se reúne con los Concejales de la Ciudad de Chicago (de Izq.) El Concejal Ricardo Muñoz, el Concejal Raymond López y el Concejal Toni Foulkes, para discutir la seguridad pública.

Central Federal Savings and Loan se complace en anunciar que Richard Vavra llegó a formar parte de su Mesa Directiva. Nacido en Oak Park y criado en Berwyn, el Sr. Vavra fue juramentado en la reunión anual del Banco el 21 de diciembre. Nos complace recibir a Richard en la Junta del Banco”, dijo Gary Nation, Presidente y CEO de Central Federal. “Richard trae consigo un baúl de conocimiento en el sistema legal y será una adquisición muy importante para nuestra junta”. Graduado de la Escuela de Leyes de DePaul University, Richard es también un Consultante y Arbitro en Litigación del Condado de Cook y de American Arbitrator Association. Después de 30 años con Allstate, Richard se retiró de su Consejo Corporativo. Funge también como Presidente de Morton College Foundation y es Presidente de CBS Food Pantry. “Espero con entusiasmo trabajar en la Mesa Directiva de Central Federal”, dijo el Sr. Vavra. Central Federal invita a la comunidad a acompañarlos en la bienvenida de Richard a la mesa directiva del Banco.

Una legislación para atenuar y ampliar la eliminación de antecedentes penales de arrestos en récords juveniles fue anunciada por la Presidente de la Junta del Condado de Cook, Toni Preckwinkle, la Rep. Estatal Elaine Nekritz, D-Northbrook y el Sen. Estatal Michael Hastings D-Orland Hills. El Acta Youth Opportunity and Fairness Act (HB 3817/SB 2021) combatiría la participación ilegal y excesivamente alta de récords juveniles en Illinois y pondría en línea la actual ley del estado con las guías modelo de ABA en tales récords. Datos muestran que Illinois ha proseguido muy por debajo de estas directrices. En la década pasada, menos de tres en mil – .29 por ciento – de récords juveniles fueron limpiados de antecedentes penales en Illinois, debido a obstáculos de procedimiento que impedían se registraran peticiones de eliminación de antecedentes penales. La mitad de los condados del estado no concedió una eliminación de antecedentes juveniles la pasada década. Mientras tanto, investigaciones muestran que los récords juveniles ponen obstáculos para que un joven vulnerable trate de llevar una vida productiva, aumentando su riesgo de regresar a las actividades criminales. El proyecto, patrocinado por Nekritz y Hastings se enfoca en dos importantes puntos:

• Automáticamente elimina los antecedentes penales de récords de arrestos juveniles que no hayan resultado en cargos. En casos en que haya un resultado de delincuencia, se eliminan los antecedentes de los récords dos años después de haberse cerrado el caso del joven, pero solo si el joven no es detenido en una nueva delincuencia durante ese período de dos años.
• Fortalece las reglas de confidencialidad y establece un castigo por compartir ilegalmente los récords juveniles (Clase B delito menor que resulta en una multa de $1,000 y cualquier daño actual).

By: Ashmar Mandou

On International Women’s Day, local fast food workers from a fast food chain, owned by the franchise Diza Hospitality, filed multiple sexual harassment complaints with the Equal Employment Opportunity Commission. The charges of discrimination were filed early Wednesday morning by female employees, all of whom declared the incidents were allegedly carried out by Terry Smith, the General Manager of the franchise locations. Following the filing of the complaints, workers rallied during the lunchtime rush hour in front of the downtown fast food store where Diza Hospitality’s General Manager was scheduled to work. They held a banner that demanded ‘A Harassment-free Workplace’ and signs that read ‘End Sexual Harassment in the fast food industry’ and ’40 percent of women in fast food report sexual harassment.’

Fast food workers also shared detailed accounts of their personal experiences and how sexual harassment is a common workplace issue for women. Aiesha Meadows McLaurin, a Fight for $15 leader described how she was expected to respond to the inappropriate behavior. “I was due for a promotion and my GM called me to his back office. I thought he wanted to discuss my new position, but instead he made me put my hand on his crotch” said McLaurin. “It was the most degrading thing that’s ever happened to me. This has to stop because it’s completely unacceptable. We’re not objects, we are women and we are workers.” Rachel Cockrell, another worker who filed a complaint, spoke out about her experiences as a woman and as a worker. “At my job, after I didn’t take part in my manager’s sexual advances, my hours got cut. He would ask me what I thought about him and his wife’s oral sex and other sexual encounters.”

McLaurin, Cockrell and other fast food workers entered the store to deliver a list of demands to management: an end to sexual harassment; reinstatement for harassed employees who were fired; retroactive pay for wages lost during unemployment; and termination of Diza Hospitality management who was involved in the complaints. Approximately two-thirds of fast food workers are women and 40 percent of them have reported sexual harassment. According to a national survey released by Hart Research and Futures Without Violence, the National Partnership for Women & Children, and the Ms. Foundation for Women, two in five female fast-food workers across the country have been sexually harassed on the job.

“Sexual assault and solicitation are criminal acts that should not be happening at the hands of an employer. Companies have the responsibility to hire and train managers to prevent sexual harassment in the workplace, and take corrective action to ensure a dignified workplace” said Karla Altmayer, Co-Founder & Co-Director of Healing to Action and Co-Founder of the Coalition Against Workplace Sexual Violence. Workers were also joined by a city official who supports their fight for higher wages and harassment-free workplaces. “I am here in support of these workers and this action, but not just that. We must remind ourselves that these workers need a $15 minimum wage” said 22nd Ward Alderman Ricardo Munoz. “Not only are we here to shed light on this disrespectful and illegal action by these several managers, but we’re also demanding that they be paid, and be paid with respect at $15/hour.”