MODULE 3 Earning Power More Than a Paycheck

MODULE 3: Earning Power More Than a Paycheck 1

Creating Your Own Career Plan l It takes about 10 years to go from clueless to having a fulfilling job/career plan l With a workable plan, you can have success! 2

Career Plans l Make smart decisions about future jobs & education l Don’t limit your career options – explore lots of potential careers l Follow your passion, but have a backup! l Rebound quickly when life changes 3

Invest in Your Success l Research careers l Find a career that is up-and-coming & has promise for the future l Know the skills/education that will be needed for the career l Test drive the career while still in school l Choose classes carefully 4

Invest in Your Success, cont. l Get good grades, especially in the classes related to your future career l Get involved in activities/clubs (out of school, too), especially those that relate to your future career l Plan on how to pay for (education) it all!! 5

Invest in Your Success, cont. l Investing in your training & education is pertinent throughout your lifetime – To get a good job – To earn promotions l 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. l CBE/DECA l Apprenticeships l Internships l Start your own business l Take job/skills assessments l Interview people in your field l Volunteer work l Job shadow l Join clubs l Part-time jobs l Work for temporary agencies – I LOVE THESE! l Find a mentor – to advise & guide you 7

Education Beyond High School l Military l Apprenticeships l Technical Schools l Two-Year Colleges – Community & junior colleges – Earn an Associate’s Degree l Four-Year Colleges – Can be public or private – Earn a Bachelor’s Degree 8

College Educations l 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 l Private – – Higher tuition rates Supported by alumnae, grants, etc. More opportunities to earn grants Smaller campus & class sizes 9

College Traps l 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. l 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. l 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 l Save now via a 529 college savings plan l Take AP classes in high school then take the AP test (or similar) to skip out of college entry-level classes l Join the military l Get scholarships & grants – don’t have to be paid back l Get a job that pays for your college while you work there – Work-Study Programs l Apply for financial aid – limited in its availability (apply early!) 13

Paying for College l 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 l Application – be neat & use a pen l References – nonrelatives attest to your work ethic l Resume – your “bragsheet” about you, your education, your work experiences, your skills l Network – it’s “who” you know! l Internet social media background checks – be careful what you post! 15

Your Career -- Salaries l 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 l 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 l GROSS Pay – what you earned l NET Pay – what you bring home l 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 l 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 l Performance Reviews – your performance is rated yearly to see if you should get a raise! 19

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

Your Career Perks l Employee discounts l On-site child care l Flexible hours l Parking & bus passes l Exercise facilities l On-site cafeteria l Uniform/clothing allowance l Electronics (phone, computer, etc. ) l Telecommuting l Company car l Wellness programs 21

Making a Job Decision l Look at the compensation package! – The sum of the pay AND the benefits offered to you l Evaluate all options offered to you l Consider which will give you satisfaction & make you happy & healthy 22

The Costs of Working l Transportation – How will you get there? – How much will it cost you? l Clothing – Will uniforms be needed? – How much will cleaning cost? l Memberships – Union Dues – Fees for professional associations 23

The Costs of Working, cont. l Supplies – What tools/equipment are you required to buy? l 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 l Take evaluations seriously l Ask for a mentor if one has not been provided to you l Stay educated & sharp! l Never whine l Never pass-the-buck 25

Keeping Your Job, cont. l Always tell the truth l Have good ethics, values, & morals l Do more than is asked of you l Have at least one good friend at work that you can trust l Mesh with the company’s values l Don’t have an attitude 26

The End Read Module 3 27