Young entrepreneurs are shaping their futures by acquiring invaluable skills through real-world business experiences. Sydney Day Weikar, for instance, launched her greeting card venture at the age of 13. Leveraging online resources to master logistics and design, she balanced school, sports, and her entrepreneurial pursuits. By the time she turned 16, Sydney had not only surpassed $10,000 in sales but also cultivated a substantial social media presence. Her journey exemplifies how teenage entrepreneurship equips young individuals with competencies that extend far beyond financial gains.
One of the most critical aspects of youth entrepreneurship is the development of resilience. Ila Desai, founder of Girls Count Too, faced numerous setbacks while launching her math program for fifth-grade girls. Instead of succumbing to frustration, she persevered, eventually securing a venue and mentors who believed in her vision. This determination showcases the grit fostered through entrepreneurial challenges. Similarly, Ruby Chalupka, creator of LunchLine Candles, strategically utilized summer breaks to overcome time and financial constraints, demonstrating innovative problem-solving skills. Julia Howe, producer of the Hitting The Wall podcast, honed her leadership and collaboration abilities by managing various aspects of her project, from guest coordination to community engagement.
Entrepreneurship also imparts essential financial literacy. Claire Su, who started her first business at 16, credits entrepreneurship education for teaching her practical money management and decision-making skills. Effective programs like WIT (Whatever It Takes) prioritize experiential learning over theoretical instruction, ensuring young people gain hands-on experience. Structured mentorship, as seen in the University of Delaware’s Diamond Challenge, provides valuable guidance and support. Authentic ownership of outcomes allows teens to take full responsibility for their ventures, fostering independence and accountability.
The benefits of teen entrepreneurship extend into the digital realm. Young entrepreneurs like Mike She, who published a book on teenage mental health, develop technical proficiency by necessity. Libby Amber Shayo, an actor turned social media consultant, capitalized on uncertainty during the pandemic to build a thriving career. Gigi Robinson, a leader in the creator space, highlights the importance of communication across platforms, emphasizing the transferable nature of entrepreneurial skills. As automation reshapes the job market, the World Economic Forum predicts that creativity, critical thinking, and resilience will be top priorities for employers by 2025. Programs such as LaunchX, DECA, and WIT prepare teens for this evolving landscape by combining business creation with skill development. Ultimately, teen entrepreneurship serves as a powerful educational tool, equipping young people with the skills needed for success in any future endeavor.
Jessi Rochel, a dedicated runner and animal advocate from Carbondale, is set to participate in the 2025 Bank of America Chicago Marathon with a noble cause. Her mission: to raise funds for rescue animals through various initiatives. Rochel's passion for helping animals find loving homes has driven her to organize an exclusive screening of the award-winning animated film "Flow" as part of her fundraising efforts. This unique event aims to combine entertainment with philanthropy, bringing together community members who share a common love for animals.
Rochel's journey to this marathon has been long and determined. For years, she has sought entry into the prestigious race, finally securing a spot this year. Her dedication to animal welfare led her to choose a fundraiser that resonates with her cause. The film "Flow," directed by Gints Zilbalodis, tells a heartwarming story of unity among animals in the face of adversity. Its recent accolades, including a Golden Globe and an Oscar for Best Animated Feature, have added excitement to the event. Rochel hopes that these prestigious awards will attract more attendees to support her initiative.
The screening of "Flow" will take place on Wednesday evening at the Crystal Theatre in Carbondale. Attendees can purchase tickets in advance or at the door, with all proceeds benefiting ALIVE Rescue, a nonprofit organization based in Chicago. This group focuses on rescuing and rehoming animals, particularly those often overlooked, such as senior pets and animals with special needs. Through their rehabilitation programs, ALIVE Rescue ensures these animals find loving homes.
To participate in the marathon, Rochel must raise a minimum of $1,500. As part of the "Alive and Running" team, she will join other passionate runners in training sessions, events, and celebrations. Her personal connection to rescue animals deepens her commitment; she adopted her beloved cat, Bergamot, from a local shelter in 2021. Burgie, as she affectionately calls her, has become an integral part of her life, inspiring Rochel to advocate for more animals in need.
Beyond the marathon and the film screening, Rochel's efforts highlight the importance of community involvement in supporting animal welfare. Her initiative not only raises funds but also fosters a spirit of generosity and compassion. By combining her love for running and animals, Rochel exemplifies how individual actions can make a significant difference in the lives of many.
The Boston Red Sox are reportedly considering innovative contract extensions for their emerging stars, offering substantial upfront payments in exchange for players foregoing arbitration and free agency. This strategic move aims to secure long-term commitments from promising young athletes while providing them with financial benefits early in their careers. The team's approach leverages deferred payment structures over extended periods, which can significantly impact tax liabilities under federal and Massachusetts state laws.
A key factor in these negotiations is the interplay between income taxes in Massachusetts and the potential tax savings through deferred compensation. Last year, the Red Sox successfully signed outfielder Ceddanne Rafaela and pitcher Brayan Bello to multi-year extensions before they were eligible for arbitration. Now, the team is exploring similar deals with other talented prospects like Triston Casas, Wilyer Abreu, Roman Anthony, Kristian Campbell, and Marcelo Mayer. Additionally, new ace Garrett Crochet may also be part of these discussions, though he has indicated a preference to focus on the upcoming season first.
Massachusetts imposes a 5% income tax rate, which increases to 9% for taxable income exceeding $1 million, indexed for inflation. This "Fair Share Amendment" was approved by voters in 2022 and applies to salaries, wages, and one-time earnings. Many professional athletes, including those from the Red Sox, face this higher tax rate. However, deferring compensation can provide tax advantages. Nicholas Rochedieu, a tax expert, explains that deferred payments made years after performance can be challenging for Massachusetts to tax, especially if the player resides in a state with lower or no income tax during the deferral period.
The use of deferred payments not only helps mitigate state income taxes but also aligns with federal tax regulations. For instance, Internal Revenue Code Section 114 prevents states from taxing certain deferred payments to non-residents under specific conditions. This provision could further enhance the attractiveness of signing with the Red Sox. While deferred payments offer significant tax benefits, they come with risks such as inflation reducing future value and missed investment opportunities. Despite these challenges, the strategy of using deferred money could increase the after-tax value of contracts, making it more appealing for players to sign with the Red Sox.
This forward-thinking approach by the Red Sox demonstrates a commitment to fostering a sustainable and competitive roster. By creatively addressing financial and tax considerations, the team is positioning itself to attract and retain top-tier talent. Such initiatives underscore the importance of strategic planning and innovation in professional sports, ultimately contributing to the long-term success and stability of the organization.