Money Management Chapter One Notes

1
Money ManagementChapter One Notes Choosing
Your Career

• The first step in building a solid future is
  choosing the right career. Your choice will
  affect where you will live, how much youll
  spend, invest, and save what youll do in your
  spare time and where youll go on vacations and
  the type of retirement youll have. Because it is
  so important, you should consider all possible
  options and trends.
• New and better products and services, together
  with global competition, have changed the
  expectations of employers. Chances are the job
  youll be hired for will be so different in five
  years that you will have to be retrained,
  upgraded, or change jobs.
• ______________________________ is a general term
  for advances resulting from improvements in work
  methods that increase productivity of people and
  machines.
• ______________________________ the value of a
  completed product in relation to its cost, must
  increase for a company to stay competitive.
• Companies today MUST maximize efficiency in order
  to be profitable and stay in business.
• Todays careers may appear to be the same as they
  were ten years ago. However, you will find that
  most are considerably different if you compare
  the new and old job descriptions and
  qualifications.
• Careful research into job titles and descriptions
  can help you narrow down career choices.
• Several U.S. government publications provide
  detailed information on jobs.
• We used the Occupational Outlook Handbook in the
  last assignment http//www.bls.gov/oco/home.htm
• Includes descriptions of ________________________
  ____________________________________
  __________________________________________________
  __________
• _________________________________________________
  ___________
• While considering the type of work which you are
  best suited you may find it useful to do a job
  analysis. A ___________________________________
  shows the positive and negative attributes of a
  given career choice. Items to consider
• ____________________ the amount of monthly or
  annual pay youll earn. You should find out if
  there are scheduled raises after a month, six
  months, and/or a year.
• ____________________ are also important! They can
  include sick pay, vacation time, profit-sharing
  plans, and health insurance provisions.
• Another important feature is the opportunity for
  ____________________ in other words, the
  ability to advance, accept more responsibilities,
  and eventually work your way up into higher
  positions.
• Other considerations might include travel,
  company stability in the community, work hours,
  flexibility, and the amount of training required.
• Unfortunately, every job also has its negative
  features. You should be prepared to see negatives
  as challenges otherwise youll go nuts! Some
  negatives to consider
• ______________________________________ any
  costs to be paid by the employee that are not
  reimbursed by the employer. For example, if you
  choose to be a real-estate agent and work
  independently you will have to pay your own
  advertising, automobile expenses, membership
  dues, licensing fees etc... Carefully weigh
  employee expenses vs. the benefits package
  provided.
• _______________________________________ indoor
  or outdoor, working alone or working with people,
  job pressures, time between breaks, supervisory
  relationships, company rules and polices... These
  types of things should all be considered.

2
Money ManagementChapter One Notes Choosing
Your Career

• Many people would like to own their own business,
  large or small, and be their own boss.
• An ____________________________________ is
  someone who organizes, manages, and assumes the
  risk of a business or enterprise.
• Long hours of work and dedication usually
  accompany this choice ... But the rewards are
  also great because you can better control your
  own life and future.
• With careful planning, training, advice,
  financing, and support, many young people today
  will eventually own and run their own business
  enterprises.
• Owning your own business may sound exciting and
  fulfilling but it also has many risks and dangers
• Consider that ____________________ of small
  businesses go out of business in less than five
  years.
• It usually takes 1-2 years before a new business
  turns any kind of profit!
• With increasing numbers of advanced technologies,
  one thing should be clear to most American
  workers _________________________________________
  _ !
• If you accept change you can be a part of it. If
  you reject change you will be left behind,
  frustrated, unemployed or both! Here is what you
  can do to prevent that from happening
• __________________________ know whats going
  on in the world.
• __________________________________ Join
  professional organizations.
• _______________________ keep
  __________________________ (advancing to a higher
  level of skill) and ______________________
  (learning new skills to stay in same job). Might
  need to earn _________________________________
  (post-baccalaureate programs aimed at preparing
  the recipient for more responsibilities,
  specialized work, and oftentimes more money!
• _______________________________________ doing
  so will list your strong and weak points and give
  you an idea of how to prepare yourself for a
  career.
• The idea that we can isolate ourselves from the
  rest of the world and live in total peace and
  security is a myth. We are now part of a
  _______________________________________
  ___________________________.
• The twenty fastest growing economies of the1990s
  were former third world (or underdeveloped)
  countries.
• The economic powers of the Third World are
  taking over the industrial production tasks
  formerly controlled by more developed countries,
  and they have the workforce to do it.
• What should we do? Most experts say we should
  adapt and move forward in the area in which we
  are the leader information.
• What you can do to adapt?
• Engage in long-range planning