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

2. 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?

3. What does it take to be a millionaire?
Decide if the statements are True or False

5. 1. Most Millionaires are college Graduates.
The Millionaire Game

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

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

8. 4. Most millionaires attended private schools.
The Millionaire Game

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

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

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

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

13. 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

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

15. 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

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

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

18. Bureau of Labor Statistics (2010)

19. Weekly age 25+

20. 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.

21. 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)

22. 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.

23. 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.

24. 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.

25. 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.

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

27. 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.

28. 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).

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

30. 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.

31. 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

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

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

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

35. Rational decision making
SSEPF1
Rational decision making

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

37. PACED- rational decision making model
P= problem

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

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

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

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

42. Make a grid like the one below:

43. 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

44. 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