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MODULE 3: Earning Power

MODULE 3: Earning Power. More Than a Paycheck. Creating Your Own Career Plan. It takes about 10 years to go from clueless to having a fulfilling job/career plan With a workable plan, you can have success!. Career Plans. Make smart decisions about future jobs & education

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MODULE 3: Earning Power

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  1. MODULE 3: Earning Power More Than a Paycheck

  2. Creating Your Own Career Plan • It takes about 10 years to go from clueless to having a fulfilling job/career plan • With a workable plan, you can have success!

  3. Career Plans • Make smart decisions about future jobs & education • Don’t limit your career options – explore lots of potential careers • Follow your passion, but have a backup! • Rebound quickly when life changes

  4. Invest in Your Success • Research careers • Find a career that is up-and-coming & has promise for the future • Know the skills/education that will be needed for the career • Test drivethe career while still in school • Choose classes carefully

  5. Invest in Your Success, cont. • Get good grades, especially in the classes related to your future career • Get involved in activities/clubs (out of school, too), especially those that relate to your future career • Plan on how to pay for (education) it all!!

  6. Invest in Your Success, cont. • Investing in your training & education is pertinent throughout your lifetime • To get a good job • To earn promotions • Education beyond high school will boost your job opportunities & earning potential • The more education you have, the more you tend to EARN in your lifetime!!

  7. CBE/DECA Apprenticeships Internships Start your own business Take job/skills assessments Interview people in your field Volunteer work Job shadow Join clubs Part-time jobs Work for temporary agencies– I LOVE THESE! Find a mentor– to advise & guide you Invest in Your Success, cont.

  8. Education Beyond High School • Military • Apprenticeships • Technical Schools • Two-Year Colleges • Community & junior colleges • Earn an Associate’s Degree • Four-Year Colleges • Can be public or private • Earn a Bachelor’s Degree

  9. College Educations • Public • Supported by the state • Lower tuition if live in the state • Must live 1 year in a state in order to be considered a resident • Large campus & class sizes • Private • Higher tuition rates • Supported by alumnae, grants, etc. • More opportunities to earn grants • Smaller campus & class sizes

  10. College Traps • Catch-Up Classes – If don’t take the basics in high school, must still take (& pay for) remedial classes in college • Know the entrance requirements • While in high school, get help for free • Take specific classes in high school as an introduction to the topic • Accounting

  11. College Traps, cont. • Merry-Go-Round Major – Each major requires different course requirements • Attend a college that has a variety of programs that you may like • Take core courses in the first 2-4 semesters until you decide on your major

  12. College Traps, cont. • Campus-Hopping – moving from college to college • College credits don’t transfer to the new school • Before transferring, be sure that credit will be accepted at the new school

  13. Paying for College • Save now via a 529 college savings plan • Take AP classes in high school then take the AP test (or similar) to skip out of college entry-level classes • Join the military • Get scholarships & grants – don’t have to be paid back • Get a job that pays for your college while you work there – Work-Study Programs • Apply for financial aid – limited in its availability (apply early!)

  14. Paying for College • Student Loans are your last resort! • Federal Student Loans • Federal government backs these up Deferred payments but interest is still compounding!! • Most have fixed interest rates • Private Student Loan • Get via a bank or a credit union (PSE) • Most have variable interest rates • Higher rates than the federal loans

  15. Getting a Job • Application– be neat & use a pen • References– nonrelatives attest to your work ethic • Resume– your “bragsheet” about you, your education, your work experiences, your skills • Network– it’s “who” you know! • Internet social media background checks– be careful what you post!

  16. Your Career -- Salaries • Can be paid in the following ways: • Hourly – for each hour worked, no more than 40 hours per week • Salary – a lump sum that gets paid to you in 12, 24, or 26 paychecks during the year • Commission – a percentage of your sales

  17. Your Career -- Salaries • Additionally, you can get: • Overtime pay – time & a half (1.5 x the hourly rate) • Tips – for the services (servers, hair dressers, etc.) • NOTE: servers get paid $3/hour so they rely on their tips!! Tip at least 15% when at a restaurant • Bonuses – yearly or monthly lump sums given to you for high performance

  18. Your Career -- Salaries • GROSS Pay – what you earned • NET Pay – what you bring home • Why the difference? • You have deductions: • Taxes (federal, state, local) • Federal Insurance Contribution Act • FICA = f-eye-kah • Retirement (Social Security) • Retirement Health Care (Medicare) • Health Insurance • Savings Plans on your own

  19. Your Career Forms • W-4 – complete when hired • Identifies how many “mouths” you feed • Identities your marital status • Can ask for more tax money to be sent to the government each paycheck • Performance Reviews – your performance is rated yearly to see if you should get a raise!

  20. Paid Leave Health Insurance Retirement Plans – 401k Savings Plans – IRA Life Insurance Disability Insurance Tuition reimbursement (“C” or higher) Training Professional Development Your Career Benefits

  21. Employee discounts On-site child care Flexible hours Parking & bus passes Exercise facilities On-site cafeteria Uniform/clothing allowance Electronics (phone, computer, etc.) Telecommuting Company car Wellness programs Your Career Perks

  22. Making a Job Decision • Look at the compensation package! • The sum of the pay AND the benefits offered to you • Evaluate all options offered to you • Consider which will give you satisfaction & make you happy & healthy

  23. The Costs of Working • Transportation • How will you get there? • How much will it cost you? • Clothing • Will uniforms be needed? • How much will cleaning cost? • Memberships • Union Dues • Fees for professional associations

  24. The Costs of Working, cont. • Supplies • What tools/equipment are you required to buy? • Child care • Who will watch your children? • Do you trust these people? • Do you want your children being raised by others?

  25. Keeping Your Job • Take evaluations seriously • Ask for a mentor if one has not been provided to you • Stay educated & sharp! • Never whine • Never pass-the-buck

  26. Keeping Your Job, cont. • Always tell the truth • Have good ethics, values, & morals • Do more than is asked of you • Have at least one good friend at work that you can trust • Mesh with the company’s values • Don’t have an attitude

  27. The EndRead Module 3

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