MODULE 3: Earning Power More Than a Paycheck 1

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! 2

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 3

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 drive the career while still in school Choose classes carefully 4

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!! 5

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!! 6

Invest in Your Success, cont. 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 7

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 8

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 9

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 10

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 11

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 12

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!) 13

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 14

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! 15

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 16

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 17

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 18

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! 19

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

Your Career Perks 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 21

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 22

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 23

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? 24

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 25

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 26

The End Read Module 3 27