Finances and Career Planning

1. Finances and Career Planning Chapter 2

2. Career Decision Trade-Offs • Standard of living – measure of quality of life based on amounts and kinds of goods and services a person buys • Opportunity costs/Trade-offs • Busy, travel, long hours – Trade-off? • Declining a promotion – Trade-off? • Job you like, low salary – Trade-off? • Job you don’t like, high salary – Trade-off? • Find a balance between personal satisfaction and financial reward

3. Career Training and Skill Development • More education increases your potential earning power, the amount of money you may earn over time • Employability skills are also needed for success • Work well with others • Avoid conflict • Creative • Problems solvers • Communicate well • Understand people

4. Personal Factors • What do you do best? • Aptitudes and natural abilities • What do you enjoy? • Outdoors, indoors, hobbies, interests • The right fit • Personality

5. Stages of Career Planning • 1) Assess personal goals, abilities, and interests. Research careers • 2) Identify job opportunities in chosen field • 3) Develop a resume, cover letter, and apply for jobs • 4) Interview for available positions, improve interviewing skills • 5) Consider job offers, accept a job that meets financial and personal requirements • 6) Plan and implement a program for career development

6. External Factors and Opportunities • Social Influences • Economic Factors • Industry Trends • Complete the External Factors Affecting Careers worksheet

7. Social Influences • Demographic trends • More working parents means more jobs in child care and food services • More leisure time boosts interest in health, physical fitness, and recreational activities • More elderly means greater need for workers in retirement facilities, health care, and travel services • Greater demand for ongoing employment training, increased careers opportunities for teachers and trainers • Geographic trends • Certain areas growing fasters, cost of living goes up, influences salaries

8. Economic Factors • High interest rates • Reduce employment in housing-related industries, such as construction and real estate • Price increases • May be layoffs in certain industries, less raises, less hiring • Decreased demand for good and services • May be layoffs in certain industries, less raises, less hiring, businesses close

9. Industry Trends • Increased competition from other countries • Affects American made products • Car salesman, car factory workers • Automation • Affects workers in manufacturing replaced by machines • Service industries have risen in demand • Need more service providers • Administrative assts, salespeople, technical support people

10. Good pay • Pleasant working conditions • Convenient hours • Long vacations • Availability of daycare/family programs • Chance for training/education • Chance to travel • Informal, casual atmosphere • High status • Good job security • Opportunity to help people • Low-stress environment

11. Opportunities to use strong skills • Chance to work with what I really love • Workplace close to home • Diversity of employees • Chance to work outdoors • Interesting work that is never boring • Chance for advancement • Good choice of healthy plans and benefits

12. Employment and CareerDevelopment Section 2.2

13. Obtaining Employment Experience • Part-time work • Volunteer work • Internships and cooperative education • Class projects/after school activities • Managing, organizing, and coordinating people • Public speaking • Goal setting, planning, and supervising • Financial planning and budgeting • Conducting research

14. Libraries Mass media Internet School guidance office Community organizations Professional organizations Contacts/Networking Career Information Sources

15. Finding Job Opportunities • Job Ads • Newspaper, Internet • Job Fairs • Employment agencies • Other ways • Visit businesses and companies • Call • Network

16. Considering a Job Offer • Work environment • Factors affecting salary • Education and experience • Size of the company • Average salary for the job • Measuring employee benefits • Cafeteria style – choose based on need • Pension – partially funded by employer – could be fixed amount, profit sharing, or 401k • Tax exempt vs. tax deferred

17. Pension Types • Fixed amount – plan that gives you a fixed amount at retirement • Profit sharing – annual contributions are made to employee retirement accounts based on company profits • 401(k) – employee sets aside set amount from each paycheck, employer may match employee contributions

18. Rights as an Employee • Refuse to hire or determine woman for pregnancy • Cannot discriminate for age, race, color, religion, gender, marital status, mental or physical • Must pay minimum wage • Employer must pay unemployment, contribute to Social Security, provide workers compensation

19. Long-Term Career Development • Improve communication skills • Get along with coworkers • Remain flexible and open to ideas • Develop good work habits • Use lists, goal setting, time-management techniques • Take action with problems • Be creative with problem solving • Learn new techniques and technologies

20. Changing Careers • You feel bored or depressed • Job affects you physically or emotionally • Receive poor performance evaluations • Little opportunity to obtain a raise or promotion • Poor relationship with your supervisor or coworkers