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Would You Consider Teaching If It Paid $125,000?

SavvySugar — Thu, 11 Jun 2009 06:30:17 -0700

A new charter school called Equity Project is sending shock waves through the teaching system. According to the New York Times, the school is "premised on the theory that excellent teachers - and not revolutionary technology, talented principals or small class size - are the critical ingredient for success."

One of the questions experts are hoping to answer is if offering six-figure salaries is the way to attract a collection of superb teachers. The search for the eight teachers that will staff Equity Project yielded 600 applications, and 100 of those were interviewed in person.

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Beauty Byte: Stila Has Been Saved!

BellaSugar — Tue, 21 Apr 2009 11:00:24 -0700

At the beginning of the month, there were some rumblings that Stila was going bankrupt, and you were not loving the news. Nor was I. Well, happy day, because Stila has been saved. Patriarch Partners LLC, a private equity firm that specializes in restructuring distressed brands, has acquired the much-loved makeup brand.

"This is a company we think we can get back on its feet quickly," said Lynn Tilton, CEO of Patriarch. "When we acquire brands, we look at two things: do they have a great product, and do they have strong brand recognition? We think we’re two for two with Stila," she told WWD.

While the Stila website is not back in action as of yet, Patriarch has plans to rehire core Stila employees and expand into the Chinese market. And in a techie move that we've all made, expect to see Stila making appearances on Facebook and Twitter, too.

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Maxed Out: A Couple Plays the Financial Blame Game

SavvySugar — Mon, 06 Oct 2008 09:30:22 -0700

While this episode of Maxed Out was filmed many months before the recent slew of economic news, the home equity credit trouble the couple has in the show is connected to what's going on today: According to The New York Times, Americans owed about $593 billion in home equity loans in 2003, but the current related debt is $1.1 trillion. The couple in this Maxed Out, Rhonda and Les, make a combined income of $104,000 but they've used up their total $100,000 home equity credit line and don't have a penny in savings.

When financial guru Allison Griffiths asks the couple why they came to her for help, Rhonda doesn't skip a beat with her answer that "he spends too much," to which Les turned the pointed finger back around. Allison says the first problem to tackle is getting them to share responsibility for their shared debt. Find out how she helps them when you read more.

Allison discovers that $1,700 of Rhonda and Les's monthly income goes to big box purchases made in discount stores - their neighbor testifies, "If it's on sale, Les will buy it." Expenses for the three kids' activities come close that amount, ringing up at $1,600 a month. Allison puts the family on a purge-spending diet, gives them a plan to start an educational savings account for the kids, and advises them to stop playing the financial blame game.

At the rate they were paying down their home equity credit line, it would take 25 years and $108,000 in interest - which is about the amount of their mortgage! Rhonda and Les had no control over their income couldn't live within their means, but at the end of the show they're paying down their debt more quickly and saving with the monthly surplus they now have.

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Jean-Georges Creating "the Applebee's of Haute Cuisine"

YumSugar — Tue, 24 Mar 2009 11:30:03 -0700

Famed chef and restaurateur Jean-Georges Vongerichten is up for one of this year's most prestigious James Beard Awards, but that's hardly the biggest thing on his mind. Fortune profiles the New York chef and his aggressive plans to open 50 new restaurants in the next five years.

Vongerichten, who already has 24 restaurants under his belt, has created a joint venture, Culinary Concepts by Jean-Georges, with Starwood Hotels and Catterton Partners, a private equity firm credited with turning P.F. Chang's into a national chain. The company's goal? To bring high-end cuisine to the masses in the same way Starbucks brought designer coffee to every corner of the world.

The venture will expand Vongerichten's name with three prototype restaurants: J&G Steakhouse, a steakhouse inspired by the success of Prime in Las Vegas; Spice Market, an homage to Asian street food based on the chef's wildly successful flagship in New York; and Market, a showcase for Vongerichten's signature dishes, such as tuna-wasabi pizza.

This year, Mexico City, Barcelona, Washington, Boston, and Milan are scheduled to open - although Austin, Aspen, and Dubai have already been put on hold given the uncertain economic times. Vongerichten is confident he's got the tools he needs to succeed - and if he doesn't, he can sell the restaurants and remove his name from all of them.

While the heavy expansion may sound overly ambitious given the economic recession, it's not all that different from what others - like Wolfgang Puck - have done. I question whether the Jean-Georges brand can succeed without becoming diluted. What do you think? Do you see this expansion plan being a success?

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How Money Are You: America's Savings Habits

SavvySugar — Fri, 13 Feb 2009 09:30:26 -0800

The good news - Americans are collectively saving more than we did before. The bad news - we made the shift all at once, and it's not helping our struggling economy. Saving has been more widely embraced not just because people have begun to learn the importance of the habit, but because there's less access to credit and falling home prices have made it difficult to access home equity lines of credit.

How much do you know about America's savings habits? Take the quiz!

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Maxed Out: Best Friends in Debt Together

SavvySugar — Mon, 20 Oct 2008 12:30:02 -0700

We're familiar with money breaking up marriages, but this episode of Maxed Out featured another type of relationship threatened by debt: best friends. Christine and Meredydd bought a condo together so they could build equity and eventually get their own condos, but their debt is taking away from any equity and Christine says in six months they might not be friends if they keep fighting about money. These two 27-year-olds spend an insane amount of money on restaurants and take-out each month and both admit that it's their biggest spending weakness. Find out how much they're spending on food when you read more.

Financial guru Allison Griffiths breaks down each woman's monthly spending and discovers that Christine's $70,000 salary isn't getting her anywhere because she's spending $1,478 on restaurants and take-out each month, while Meredydd's $58,000 salary is causing her to come up short because she spends $1,944. Their grocery budgets for the month barely exist - Christine spends only about $16 on groceries and Merredydd spends about $45. Allison calculates Christine's total debt to be $57,800, which is 20 percent more than Christine had estimated. Merredydd's debt is $33,641 and $3,200 of that is owed to Christine.

When Allison reveals that after five years of spending recklessly on restaurants and take-out they'd have eaten their way through $205,000, which is about the size of their whole mortgage. This hits home for them and they diligently follow Allison's instructions to take a two-week detox from restaurants, only take $20 out in cash each week, open a joint account for monthly bills, and to decide whether or not to sell or refinance their condo. They decide to refinance and will be able to pay off their personal debts while keeping the condo, and Allison gives them a spending maintenance plan so they don't go back to their old ways.

Beauty Byte: Scott Barnes Is Redundant But Plans For Revival

BellaSugarUK — Tue, 13 Jan 2009 07:30:00 -0800

Oh no! I was so upset after I learnt this morning that Scott Barnes makeup is going to be discontinued. I'm a huge fan of his cosmetics and although they aren't widely available in the UK, you can get them online (and of course whenever you visit the States). Scott's lip slicks, cream blushers and insanely pigmented loose powder shadows have changed my life, and with a loyal fan following such as Jennifer Aniston, Kate Hudson and Sarah Jessica Parker, I am sure the disappointment is widespread.

However, the saddest celeb of all has to be Scott's muse, Jennifer Lopez. Ever wonder how she gets her deeply bronzed skin and enviable nude lips? It's all because of Scott - her personal makeup artist and friend.

Apparently, the reason for the closeout isn't because of popularity or sales, it's because he's chosen a poorly on the investor front. In 2007, four years after his line launched on QVC, he hooked up with private equity firm Oryx Capital International Inc, which ultimately turned out to be the wrong fit. Barnes has now hired a new CFO to help him relaunch in the Spring with expansive packaging and new products - yipee!

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Coney Island's Astroland Takes Its Final Shot at the Freak

LibertySugar — Tue, 09 Sep 2008 03:00:00 -0700

A New York establishment, Astroland Amusement Park on Coney Island's boardwalk, closed its doors Sunday, after 46-years of amusing visitors. Since landowner Thor Equities decided not to renew the lease with the park owner, 300 park workers will be out of work after they dismantle the rides.

Not all is lost - the Cyclone and Wonder Wheel rides have been spared, thanks to their independent ownership and landmark status. And Thor Equities has plans to bring new rides by next summer.

Since we all know the children matter most, it's a shame to hear that the news of the closure on Coney upset the local kids, as well as nostalgic adults. A seventh-grade teacher at a Brooklyn school explained that the kids greeted the news with disappointed curiosity. Ms. Simonson said:

They were upset and confused that the rides they'd spent childhood summers on would no longer exist. I reassured them that some elements of Astroland would still remain, but I also understood their disillusionment. They don't get all of the politics and profits behind the changes - to them, it just seems like strange people are going to march into the park and knock things down.

Are cities losing their character to progress and profit, or is it time for modern and financially sustainable institutions of fun?

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Hyundai Will Take Your Car With Proof of Pink Slip

SavvySugar — Wed, 07 Jan 2009 04:30:20 -0800

Supply and demand is the name of the game, and these days there's hardly any demand for new cars. Hyundai is responding to this economic reality by getting creative in a way that could appeal to potential car buyers who are concerned about losing their jobs.

The company is offering a walkaway program that allows buyers to return their cars if they endure a life-changing event within one year of purchase. Hyundai defines life-changing events as involuntary job loss, personal bankruptcy if self-employed, getting transferred overseas, and accidental death.

Owners must have made at least two scheduled payments before requesting a return, and owners returning their vehicles would be liable only for negative equity over $7,500. As explained by the Wall Street Journal, "if you have a $20,000 loan remaining on a truck that is now worth only $10,000, you can return the truck and Hyundai will cover $7,500 of that $10,000 liability."

Do you think Hyundai will generate more business with its walkaway offer?

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Front Page: Israel Ready For "Long Weeks of Action" in Gaza

CitizenSugar — Tue, 30 Dec 2008 08:06:02 -0800

Israel says it is ready for "long weeks of action" as it continues the fourth day of an air assault on Gaza. Palestinian officials say the death toll is more than 360 since Saturday. Four Israelis have died in rocket fire. - BBC News
Consumer confidence in the US dropped again, hitting a new record low in December, according to a monthly survey. - Washington Post
The Bush administration expanded its bailout of the auto industry today, saying it was buying $5 billion in equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $1 billion. - Reuters

Public schools across the country, hurt by state and local government cutbacks, are tapping parents for extra funds. - Wall Street Journal
Home prices in 20 major American cities declined at the fastest rate on record, brought down by increased foreclosures and decreased sales. - Bloomberg

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