NEFE Financial Planning Program

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NEFE Financial Planning Program

• Unit 7Career Labor You Love

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You can consciously begin now to

• Plan your career . . . .

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CAN YOU BELIEVE?

• 41 of teenagers worked full time last summer (35
  hours or more per week), while 22 worked
  part-time.

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• Teenagers most typically have jobs that involve
  manual labor (32) or food service (30).

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• On average, teenagers with jobs work about 15
  hours per week and earn 5.70 per hour (more than
  the minimum wage of 5.15).
• The average American changes jobs 10 times and
  careers 3 times during a working lifetime.

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I. OVERVIEW WORK and MONEY.

• One of your single greatest assets is the earning
  power from your chosen career.
• How much you earn in a lifetime is affected by
  your choices about education, training, where you
  live, and for whom you work.

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II. YOUR CAREER.

• A job is relatively short term work that pays
  the bills.
• A career is a long term chosen profession or
  occupation that provides an income.

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• Often there is a planned sequence of jobs as you
  build a career.
• Any job can help you gain skills, even though
  its not going to be your career.

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• The lessons and habits you form now working at
  seemingly unimportant jobs will translate
  directly into success (or failure) in your future
  career.

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• The secret to being happy and successful in most
  jobs is very often your attitude.
• Employers pick up on good attitudes and reward
  their employees with better pay, better benefits,
  more challenging work, etc.

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KEY EMPLOYEE SKILLS

• Basic skills reads, writes, performs basic
  math, listens well, speaks clearly.
• Thinking skills creates new ideas, makes
  decisions, solves problems, organized, efficient.

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• Personal skills sets goals, positive
  self-image, sociable, honest.
• Resource management makes good use of time,
  money, materials.

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• Interpersonal team player, able to teach and
  lead others, meets customer expectations, and
  negotiates well.
• Information management acquires and organizes
  information, and has solid computer skills.

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• Systems works well in a system, can monitor and
  correct performance, and suggests improvements to
  the system.
• Technology selects, sets up and operates tools
  and equipment (including computers), and
  maintains and troubleshoots equipment.

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• What is your strongest skill?
• ______________________
• What is your weakest skill?
• ______________________

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As a general rule, employers reward employees
with more money who

• are dependable
• work well with others
• are good problem solvers
• deliver high quality work

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• have high productivity
• conduct increasingly complex and unique
  activities
• have great attitudes

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III. AFTER HIGH SCHOOL THEN WHAT?

• Education is the level of formal knowledge and
  training you have attained.
• As a general rule, the more education you have,
  the higher your income.

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Average college costs in 2006 (from
collegeboard.com)
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• College is a great investment. Did you know
  that people with a college degree can earn over
  80 more on average than those with a h.s.
  diploma? Over a lifetime, the gap in earnings
  potential between a h.s. diploma and a 4-year
  degree is more than one million.
• (quote from collegeboard.com)

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• According to Figure 2.3 Education and Earnings,
  a person who has some college education earns
  about 7,300 more than a person who only
  graduates high school. A person who earns a
  professional degree earns about 61,000 more than
  a person who only graduates high school (per
  year).

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• Other forms of higher education include technical
  and trade schools.
• These are typically one- to two-year programs
  that will provide you with a working skill, such
  as computer repair, mechanic, medical technician,
  or paralegal assistant.

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• An entrepreneur is a person who creates a
  business from scratch.
• Being an entrepreneur normally means you are
  willing to take risks.

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• To become an entrepreneur, you must
• See an opportunity
• Take the initiative
• Develop plans

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IV. YOUR CAREER AND YOUR FINANCIAL FUTURE

• There is more to work than just money! Job
  satisfaction is also important.
• Employee benefits are the additional benefits
  offered by employers.

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• Some employee benefits are
• Paid vacation
• Paid sick leave
• Health-plan benefits
• Retirement plan contributions
• Tuition reimbursement

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• Cost of living includes items like rent or home
  costs, transportation, insurance, utilities, and
  food.
• According to the Department of Agriculture,
  average American families spend between 100,000
  and 200,000 per child on expenses from birth to
  age 18.

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• The individual jobs you hold over the years
  generate cash and other benefits that drive your
  financial plan.
• Your plan provides guidance and direction to
  which jobs you take and which you reject, based
  on your values and career goals.

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It will all happen successfully if you just
remember to plan your work, and work your plan.