Economic decision making and education SSEPF1a-b, SSEFP6a-b

Assume that a person wins $100 Million dollars!! Think about it- Winning the Lottery Assume that a person wins $100 Million dollars!! I ask you: 1. What does it take to be a millionaire? 2. What is the first thing you would buy? Why 3. What would you do with all that money? 4. Would it be difficult to have all that money? 5. What would be some of the consequences and benefits of winning $100,000,000. 6. Do you continue on with your original dreams and goals or create new ones?

What does it take to be a millionaire? Decide if the statements are True or False https://vimeo.com/59970941

1. Most Millionaires are college Graduates. The Millionaire Game

2. Most millionaires work fewer than 40 hours a week. The Millionaire Game

3. More than half of all millionaires never received money from a trust fund or estate. The Millionaire Game

4. Most millionaires attended private schools. The Millionaire Game

5. Most millionaires drive expensive new cars. The Millionaire Game

6. Most millionaires work glamorous jobs, such as sports or entertainment. The Millionaire Game

7. Many poor people become millionaires by winning the lottery. The Millionaire Game

8. A college graduate earns almost double the annual income of a high school graduate. The Millionaire Game

9. Investors who buy and hold stock for the long-term have better long-run returns than those who buy and sell more frequently. The Millionaire Game

10. Millionaires tend to avoid the stock market. The Millionaire Game

11. If you save $2000 a year from age 22 to age 65 at eight percent annual interest, your savings will be over $700,000 at age 65. The Millionaire Game

12. Single people are more often millionaires than married people. The Millionaire Game

Making your education work for you Education Pays! Making your education work for you

Bureau of Labor Statistics (2010)

Weekly Earnings @ age 25+

Everyone needs training Not all careers require a 4-year college degree. All careers require some type of training, whether it is on-the-job, specialty school or technical school certification.

Levels of Education Levels of Education include: Certification or Diploma (a few weeks or months) Associate Degree (2-year degree) Bachelor’s Degree (4-year degree) Master’s or Professional Degree (2-3 years beyond bachelors degree) Doctoral Degree (3-4 years beyond Bachelors or Masters degree)

Technical or Career Schools Technical or Career schools train students to perform a specific set of skills. Training can last from 6 weeks to 2 years. Their emphasis is on job-specific skills, not academic courses.

Technical or Career Schools Technical schools measure their success by the percentage of students they are able to place in jobs at the end of their training. Their goal is to give the students fast, quality training so that they may enter the workforce with the necessary job skills.

Technical or Career Schools Technical schools provide access for all adults to receive career skills and preparation for career advancement. Technical schools are community based. The minimum requirements for admission to technical school is a high school diploma or GED. Students at technical schools can take classes that will transfer to a four-year college.

Technical or Career Schools Students graduating from a technical school can enter jobs making the same or better salary as a student who attends a 4-year college. Technical schools offering training in some highly specialized skills that are in high demand. For example, a trained welder can have starting salary of $36,000 after one year of technical school. A teacher will earn about $36,000 after four years of college.

Some technical school offerings Air Conditioning Technician Medical Assistant Medical Billing Specialist Automotive Engine Technician Prep Cook Pharmacy Assistant Diesel Service Technician Welding

Colleges and Universities Four-year colleges and universities prepare students for entry level professional careers. College usually requires 2 years of challenging academic courses, followed by 2 years of courses concentrated in your chosen career field. College prepares students to be critical thinkers and problem solvers.

Colleges and Universities Students who attend a 4-year college often start at a higher salary because of the experiences they have in college: internships, leadership roles, opportunities to interact with students from different backgrounds. Colleges and universities are able to offer a wider variety of career concentrations. Students who attend college may attend four years to prepare for more advanced professional training (such as law school or medical school).

Some college offerings Education Nursing Business Management Pre-Medicine Pre-Law Engineering Journalism Psychology

Advanced degrees Students may further their college education by seeking advanced degrees. Doctoral degrees, such as Ph.D. or Ed.D, offer students the opportunity to advance and assume leadership and supervisory positions in their chosen career. With these higher degrees, of course, come higher pay.

Skills Necessary for 21st Century JObs Collaboration and teamwork Creativity and imagination Critical thinking Problem solving Flexibility and adaptability Global and cultural awareness Information literacy Leadership Civic literacy and citizenship Oral and written communication skills Social Responsibility and ethics Technology literacy Initiative

Rules for improving your financial life. Get a good education. Work hard and work smart.

Rules for improving your financial life. Learn money-management skills. Spend less than you could spend.

Rules for improving your financial life. Save early and often. Invest in common stocks for the long term. Gather information before making decisions.

Rational decision making SSEPF1 Rational decision making

Making Choices about the future Rational Decision Making: when evaluating alternatives, Marginal Benefit should equal or outweigh marginal cost

PACED- rational decision making model P= problem

PACED- rational decision making model P= problem A= Alternatives

PACED- rational decision making model P= problem A= Alternatives C= Criteria

PACED- rational decision making model P= problem A= Alternatives C= Criteria E= Evaluate

PACED- rational decision making model P= problem A= Alternatives C= Criteria E= Evaluate D= Decision

Make a grid like the one below:

What are your post-high choices? Add your post high school choices to the grid. This could be all the alternatives you could do –or- This could be the college choices you need to make Example: Go to college/tech school Join the military Get a job

What are your post-high choices? Add your criteria to the top portion of the grid. What’s important to you post high school? Getting an education, earning money, being safe, spending time with friends, etc.? Example: Earn money Spend time with friends Learn a new skill/education Go to college/tech school Join the military Get a job