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4th Pre-Event Learning Point

SHOW ME THE MONEY. Important Consideration. 4th Pre-Event Learning Point. What is Your Idea for Your Quality of Lifestyle?. A New ATV: $5,500. A Nice Home: $150,000. A New Truck: $25,000. A New Boat, Motor & Trailer: $20,000. How Would You Pay for These Purchases?.

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4th Pre-Event Learning Point

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  1. SHOW ME THE MONEY Important Consideration 4th Pre-Event Learning Point

  2. What is Your Idea for Your Quality of Lifestyle? A New ATV: $5,500 A Nice Home: $150,000 A New Truck: $25,000 A New Boat, Motor & Trailer: $20,000

  3. How Would You Pay for These Purchases? • These Purchases Total about $200,000 • Most People will Borrow the Money and Pay it Back in Monthly Installments How Much Will You Pay per Month on a Debt of $200,000?

  4. Home Loans • Home Loans are Generally Long-Term Debts • If You Select 30 Years to Pay it Back at an Interest Rate of 7% per Year (Based on $150,000 at 7% Annual Interest Rate for 30 Years) Your Monthly Payments on the Home will be $997.95 per Month

  5. Automobile Loans • Auto and Boat Loans are Shorter in Duration • These Loans Generally Run No Longer Than Five Years Based on an Annual Interest Rate of 9% the Monthly Note on $45,000 ($25,000 for the Truck plus $20,000 for the Boat) for Five-Year Loan will be $850.33 per Month

  6. Total Loan Payment for Purchases • The Total You Owe Each Month for Your Purchases is $1848.28 • This Does Not Include Utilities, Insurance, Furniture, Clothing, Food, or the Four Wheeler Also, Don’t Forget about the Cost for Laundry, Gasoline, and Car Maintenance

  7. HOW WILL YOU PAY FOR THESE PURCHASES

  8. Your Income • How Much Do You Take Home Each Month? • Minimum Wage is $7.25 per Hour $1,257 Per Month

  9. Your Income • This is Your GROSS Salary: $1,257 • There are Deductions Your Employer Must Withhold and Submit to the State and Federal Governments • Federal Income Tax on $1,257 is $137* • FICA (Social Security) is 7.65% of $1257 = $96* • State Income Tax on $1257 is $13* *Based on Single Status With No Dependents

  10. Your Income • You Started with $1,257 but after Taxes are Withheld You Have $1,011 • For Your Home, Car and Boat: Your Monthly Notes Total$1,848.28 • The Total Payment for these Belongings is $22,179/ year Can You Afford Them?

  11. Your Income • Based on Minimum Wage You Cannot Afford The Items at a Cost of: $1,848/month and $22,179/ year What Can You Do?

  12. Earning More Money Let’s Look at What a Difference it Makes When You Earn More Money as Opposed to Minimum Wage:

  13. Earning More Money WHAT ABOUT THE FUTURE WITH THESE PAY SCALES? What is the Long-Term Difference Between a Better Paying Job and Minimum Wage in 10 Years

  14. Earning More Money WHAT ABOUT THE FUTURE WITH THESE PAY SCALES? What is the Long-Term Difference Between a Better Paying Job and Minimum Wage in 40 Years?

  15. WHAT CAN YOU EARN

  16. Opportunities are Everywhere The Different Types of Careers Are as Varied as the Different Types of People In Any Given Room The Pay for Technical Career Work can Vary from $16 per Hour for Entry Level Workers to More than $50 per Hour for a Journeyman and Masters Worker A Master Career Worker Can Make $100,000 Per Year With Overtime A Master Career Worker has Mastered all the Job Tasks A Journeyman Worker has Successfully Performed the Job Tasks for 3 Years

  17. What is the Pay for Technical Career Average Salary of a Fully Trained Craft or Technical Career Worker (based on current pay scales)

  18. What Benefits can a Career Person Expect to Have from a Job? Company Benefits Vary by Company But are Generally As Follows: • Health, Hospitalization, and Dental Insuranceafter a specified time with the employer • Retirement/Savings Plan with company contributions • Paid Vacation depending on years of service

  19. WHAT CAN YOU DO TO MAXIMIZE YOUR POTENTIAL? • Think of Your Career Interests • What Jobs are Available • Choose a Discipline • Set Your Goals • Pursue Your Goals • Master Your Discipline • Continue Learning In Your Field – FOREVER

  20. YOU NEED TO DECIDE: Do You Want Just a Job OR Do You Want a Career

  21. WORK TOWARD YOUR FUTURE Now is the Time

  22. Maximizing Your Potential

  23. Your Future Can Be In Southwest Louisiana There is a Demand for Eager Workers AND The Job Market is Growing

  24. To Access the Supplemental Resources: Click: http://www.cpsb.org/ (Parents/Students Tab; Career and Technical Information Link; 2011 Career Discovery Day Pre-Event Lesson Plan Link) Module Design by Bob Smith La Pigment, Lake Charles 337.882.7226

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