Investment in Yourself Take Charge of Your Finances

Influences Value – a fundamental belief or practice about what is desirable, worthwhile, and important to an individual. Goal – the end result of something a person intends to acquire, do, reach, or accomplish sometime in the near or distant future. Need – something thought to be a necessity Want – something unnecessary but desired

Human Capital Skills acquired through a process of self-investment (education and on-the-job training) Hard Skills are: specific, teachable abilities (technical/performance skills) Examples: Math Chemical Interactions Computer Applications Knowledge Soft Skills are how a person relates to others (people skills) Examples communication problem solving, cooperation

Human Capital How Can You increase Your Human Capital Right Now? Summer jobs Volunteer Extra-curricular activities Education/Training

Higher Education = Higher Estimated Lifetime Earnings Education vs. Income Higher Education = Higher Estimated Lifetime Earnings

Education vs. Income Activity Stand up with your colored square “Everyone standing represents the people who started high school. This activity will show the different paths people can choose during their lifetime and the different results.” Based upon 2007 US Bureau of Labor Statistics Data

Orange If you are holding an orange card please sit. These 3 people represent 15.2% of the U.S. population who did not graduate from high school or earn a GED. On average, they earn $33,913 per year, the lowest wages of all workers Congratulations! Everyone remaining finished high school.

Red If you are holding a red card please sit. These 6 people represent 25.2% of the U.S. population who graduated from high school or earned a GED. On average, in the United States, they earn $46,938 per year. Congratulations! The remaining decided to further their education.

Green If you are holding a green card please sit. These 5 people represent 21.8% of the U.S. population who dropped out of college without finishing a degree. On average, in the United States, they earn $54,881 per year. Congratulations! The remaining finished some kind of post-secondary education.

Yellow If you are holding a yellow card please sit. These 2 people represent 8.9% of the U.S. population who received their associate degree. On average, in the United States, they earn $64,537 per year.

Blue If you are holding a blue card please sit. These 4 people represent 18.7% of the U.S. population who received their bachelor's degree. On average, in the United States, they will earn $88,948 per year, which is more than twice what a high school graduate earns.

Purple If you are holding a purple card please sit. These 2 people represent 10.2% of the U.S. population who have completed their graduate or professional degree. On average, in the United States, they earn $115,179 per year.

Education Pays. . . .

Traits of successful workers Communication Skills Self Confidence Flexibility Energy Intelligence Responsibility

Career Research

STEPS IN Making an informed Career Decision Includes a self evaluation of interests Select personal career goals Goals are the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future Short-term goals are accomplished within one year Long-term goals are accomplished in more then one year Research a career pathway Choose a career pathway © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Career vs. Job What is the difference between a job and a career? Job An employment position obtained mainly to earn money Example: Gas Station Attendant Career A commitment to a profession which requires continued training and offers a clear path for occupational growth Example: Educator © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Job Opportunities Pick a career path with job opportunities in the future Three main factors influencing future job opportunities Population Mix Labor force Demand for goods and services © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Factors Affecting job opportunities Population Age mix affects job types available Size of the labor force Many people of working age makes it harder to get a job Demand for goods and services If the demand for your prospective industry is high, it will be easier to get a job © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Internet Resources Career Information www.indianacareerexplorer.org www.bls.gov For hundreds of different jobs these sites tell you: The training and education needed Earnings Expected job prospects What workers do on the job Working conditions © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Education training Vary depending on the profession Professional degrees Vary depending on the profession Doctorate degrees 4-6 years beyond undergraduate degrees in college Masters degree 2 years beyond undergraduate degrees in college Bachelors degree 4 years beyond high school Associates degree 2 years beyond high school © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Employment & Wages By Typical Education Needed (In Thousands)

Occupations with the Most New Jobs, Projected 2012-2022

Occupations with the Most % Growth of New Jobs, Projected 2012-2022, Typical Amount of Education Needed & Average Pay Personal Care Aides Less than High School $19,900 Home Health Aides Less than High School $20,820 Medical Secretaries High School Diploma $31,350 Medical Assistants Post-Second Non-Degree Award $29,370 Licensed Practical & Vocational Nurses Post-Second Non-Degree Award $41,540 Construction Laborers Less than High School $29,990 Carpenters High School Diploma $39,940 Software Developers Bachelor’s Degree $90,060 Nursing Assistants Post-Second Non-Degree Award $22,420 Registered Nurses Associate’s Degree $65,470

Fastest Growing Occupations Projected 2012-2022

Largest Numerical Increases in Occupations Optometrists Physicians and surgeons Lawyers Pharmacists Chiropractors Professional Degrees Postsecondary teachers Computer and information scientists, research Chemistry and biophysics Clinical, counseling Doctorate Degree 18% Growth 17% Growth Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005 © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 26 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Largest Numerical Increases in Occupations Physical therapist Educational, vocational and school counselors Substance abuse counselor Occupational therapy Master’s Degrees School teachers Accountant and auditors Computer software engineers Bachelor’s Degree 18% Growth 17% Growth Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005 © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 27 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Largest Numerical Increases in Occupations Associate’s Degrees Dental hygienists Physical therapy assistant Paralegals and legal assistants Post Secondary Vocational Award Nursing aids and orderlies Hairdresser and cosmetologists Emergency medical technicians 19% Growth 13% Growth Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005 © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 28 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Largest Numerical Increases in Occupations Work experience in related occupations Gaming managers Construction and building inspectors First line supervisors/managers (food, retail) Long Term On-the-Job Training (more than 12 months) Carpenters Cooks Electricians Fire fighting 8% Growth 8% Growth Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005 © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 29 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Largest Numerical Increases in Occupations Moderate Term On-the Job Training (1 to 12 months) Truck drivers Dental assistants Medical assistants Customer service representatives Short Term On-the-Job Training (0 to 1 month) Retail salesperson Waiters and waitresses Home health aides Personal and home care aides 8% Growth 8% Growth Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005 © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 30 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Education/training category Occupations with the fastest growth 2008-2018 Occupations Percent change Number of new jobs (in thousands) Wages (May 2008 median) Education/training category Biomedical engineers 72 11.6 $ 77,400 Bachelor's degree Network systems and data communications analysts 53 155.8 71,100 Home health aides 50 460.9 20,460 Short-term on-the-job training Personal and home care aides 46 375.8 19,180 Financial examiners 41 11.1 70,930 Medical scientists, except epidemiologists 40 44.2 72,590 Doctoral degree Physician assistants 39 29.2 81,230 Master's degree Skin care specialists 38 14.7 28,730 Postsecondary vocational award Biochemists and biophysicists 37 8.7 82,840 Athletic trainers 6.0 39,640 Physical therapist aides 36 16.7 23,760 SOURCE: BLS Occupational Employment Statistics and Division of Occupational Outlook

Occupations with the fastest growth 2008-2018 (Cont.) Percent change Number of new jobs (in thousands) Wages (May 2008 median) Education/training category Dental hygienists 36 62.9 66,570 Associate degree Veterinary technologists and technicians 28.5 28,900 Dental assistants 105.6 32,380 Moderate-term on-the-job training Computer software engineers, applications 34 175.1 85,430 Bachelor's degree Medical assistants 163.9 28,300 Physical therapist assistants 33 21.2 46,140 Veterinarians 19.7 79,050 First professional degree Self-enrichment education teachers 32 81.3 35,720 Work experience in a related occupation Compliance officers, except agriculture, construction, health and safety, and transportation 31 80.8 48,890 Long-term on-the-job training SOURCE: BLS Occupational Employment Statistics and Division of Occupational Outlook

Fact Among the 20 fastest growing occupations, an associate’s degree or higher is the most significant source of postsecondary education or training for 12 of them! © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 33 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

On-the-job training occupations with the fastest growth & the % of growth

Associate Degree occupations with the fastest growth & the % of Growth

Bachelor’s Degree occupations with the fastest growth & the % of Growth

Beyond Bachelor’s Degree occupations with the fastest growth & the % of Growth

Fact: Of the 30 occupations projected to have the largest percentage increase between 2012 and 2022, 14 are related to healthcare and 5 are related to construction. Why ?

Occupations projected to Grow Fastest, 2008-2018 Why are healthcare positions growing so fast? These combined jobs will add more than 1.3 million new jobs Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005

Aging baby-boomer generation (1946-early 60’s) Home care as alternative to costly hospitalization or residential facilities Construction Businesses building offices and warehouses Individuals building homes

Fact: Two of the fastest growing occupations are related to technology Organizations continue to upgrade with applications and speed Reliance on wireless networks

Job Declines projected 2008-2018 Declining occupational employment stems from: declining industry employment technological advancements changes in business practices The majority of declines are office and administrative support and production occupations Increasing plant and factory automation Implementation of office technology

Occupations with the fastest decline % projected 2008-2018

Fact Among the 20 fastest declining occupations, only 2 of them have any postsecondary education!

Review Degree levels Career examples How long does it take to obtain each degree? Career examples What is an example of a job you can get with each degree?

Researching a Career Questions that you should ask: Are there opportunities for advancement? What are the educational requirements? Does it pay enough? What are the working conditions? Will there be a need for this work in the future? © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 46 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

So. . . . How Are You Going To Pay For The Education You Need? Most Important thing you can do: Complete the FAFSA (free application for federal student aid) Why is the FAFSA so important? Many scholarships/grants are based upon financial need. © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 47 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

So. . . . How Are You Going To Pay For The Education You Need? Scholarships Athletic Theatrical Academic Paid Back? NO Grants Federal (Pell) College Minority Paid Back? NO © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 48 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

So. . . . How Are You Going To Pay For The Education You Need? Subsidized Student Loans Paid Back? Yes No Interest charged while in college (government pays this) No Interest charged for 6-9 months after graduation (government pays this also) Unsubsidized Student Loans Paid Back? Yes Interest charged when loan begins Can elect to pay interest fees while still in school If wait to pay, interest accrued be added to loan amount so paying interest on interest © Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 49 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona