Welcome to the Real World

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Welcome to the Real World

• Presented by
• Buffie Edwards

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Welcome
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Agenda
1. Planning Your Career
2. Job Interview
3. Financial Transition / Life Planning
4. Social Life
5. Moving to a new city
6. Mental and Physical Health
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Planning Your Career
-Find the work that's right for you (Things to
consider)
What is Career Planning?
Career Planning Resources
Identify Potential Employers
Begin by assessing yourself
Learn about the kinds of careers available
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Most people want more than just a job. Career
planning is the key to getting what you want from
work for years to come.

• Career planning helps you
• -Decide what type of career/job you want
• -Determine the skills you need
• -Discover ways to get those skills

• -It gives you a better chance to get what you
  want from life. Careful planning can help you
  focus on jobs that are right for you.
• -Lasting skills in evaluating yourself and your
  career opportunities. Career planning can be
  used throughout your life.

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Career planning resources Informed choices about
a new career depend on specific information.
A placement/ career office A library reference room Part-time Work Volunteer work, Internships and other training programs
Skills and interest inventories, Career libraries Computer resources Skills Work experience
Counselors Career Contacts College credits
Workshops and seminars on resumes, interview skills and other job-seeking skills. Employment agencies Understanding of what certain jobs are really like Contacts within a certain field salary
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Begin by assessing yourself.

• Think about your values. Consider which job
  rewards are most important to you. These may
  include job security, status and respect,
  salary, personal achievement, helping others.
• Consider your ideal work environment. What job
  characteristics do you most like or dislike?
  Being creative working under pressure making
  decisions having varied tasks working with the
  public working indoors or out.
• Examine your personality. Everyone has personal
  traits that affect career choices. Be honest
  about identifying yours.

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Cont

• Recognize your skills and experience. Consider
  skills you may have gained and used in past
  jobs, volunteer work, hobbies, school, and social
  situations. ( Identify the skills youve
  developed and not just the tasks youve
  completed.)
• Write out your own personal evaluation. List
  your values, preferred work environment, skills,
  interests, strengths and weaknesses. Be specific.
• Set priorities. What would be most important to
  you about a job? Personal achievement? Using a
  particular skill? A high rate of pay?
• Note Check your library reference room, or ask
  campus placement personnel
• about personality or skills
  inventories.

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Learn about the kinds of careers available.

• Use people as a resource.
• Talk to professors,
• co-workers, career counselors, friends,
  neighbors, relatives and even previous employers.
  They may be able to tell you about different
  jobs, the skills needed to perform them and
  actual openings.

• Use written resources.
• Check a library reference room or college
  placement service for resources that list job
  titles and the skills needed to do the job. Some
  examples
• Dictionary of Occupational Titles (DOT)
• Occupational Outlook Handbook (OOH) old version
• Professional journals
• Books and pamphlets on specific careers.

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Cont

• Set up informational interviews.
• One way to investigate a particular type of work
  is to interview people who do it. Be prepared
  with some questions, and listen carefully to
  answers.

• Dont limit yourself!
• Try not to think in terms of a specific job
  title. Think in terms of your skillsI
  communicate ideas well or I enjoy complicated
  tasks. Youll find these skills useful in more
  than one job.

• Once youve matched your skills and interests to
  specific types of work
• Write down your preferred types of work. Give
  yourself plenty of choices.
• Set prioritiesput your first choice first.

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Next, find the job you want.
What type of organization do you want to work in? What organizational style is best for you? Focus on transferable skills Placement interviews Federal state employment agencies Job fairs
Small business Nonprofit organization Young company established organization Send out your resume Newspaper and magazine ads
Governmentlocal, state or federal Fast-paced more predictable Prepare for any interviews Use any personal contacts you have
Large or medium-sized corporation Formal-highly structured environment less formal Follow up with a thank-you letter
A school elementary, secondary or college Accept help Keep up with your work Build a network of career contacts Build the career you want
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Job Interview
Emotional Prep
Know What You Offer
Look Better, Feel Better
Preparing emotionally for the interview is as
important as researching the company. The right
mood helps you perform at your best. Try these
suggestions for preparing emotionally get moving
-- go for a walk, run, exercise, meditate, do
yoga, stretch, dance, something -- activity gets
blood flowing to your brain sing your favorite
song while driving to the interview repeat an
inspirational phrase aloud that's meaningful for
you or simply remember a time when you felt
terrific.
Prepare answers for open-ended questions, like,
"Tell me about yourself," by making a list of
your skills and traits that match the employer's
requirements. The closer your skills and traits
are to the job description, the better chance you
have of landing the job. You should leave the
interviewer with a clear picture of what you have
to offer.
If you want to spruce up your appearance for the
interview but can't afford new clothes, consider
altering an outfit you already have by pairing it
with a different shirt, tie, blouse or accessory.
Even on a tight budget, you can find some real
bargains out there. Think about what you need
before you go out shopping. Outlet stores and
resale shops offer some great treasures. For
better or worse, looks can make a difference.
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Financial Transition
Retirement
Expenses
Investment
Savings
Stocks/ Bonds/ CD/Land/ Real Estate/ Term Life
Insurance
IRA/401K/ Personal Savings (6-12 Months)
Relax/Travel
Student Loans
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What is a Credit Score?

• A credit score is a mathematical model consisting
  of numerous variables to estimate ones credit
  risk. Commonly used model is called FICO (named
  after its creator, the Fair Isaac Company).
• Your FICO credit score is used to evaluate your
  creditworthiness by giving you a certain amount
  of points based on the information contained in
  your credit report and your debt-to-income ratio.
  The highest score a person can receive is 850
  the lowest is 300, but generally, a score of 660
  or higher means your credit is considered to be
  good (but it could be improved).  A score below
  620 means that you might have trouble obtaining
  credit or you will definitely have to pay a
  higher interest rate for the financing you do
  receive. 
• It should be noted that not every single lender
  uses the FICO model however, the models they
  use are very similar to it.  Also, lenders vary
  in what is important to them in terms of loan
  approval.  One lender might place more weight on
  payment history, while another places more weight
  on income (http//www.bcsalliance.com/credit_credi
  tscore.html).

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Typical Credit Score Composition

• 35 Past payment history
• 30 Outstanding debt
• 15 Length of credit history
• 10 Recent credit applications
• 10 Type of credit and loans you have
• 100 Total
• Late payments can reflect 60 of your score.

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Do You Know the Score When It Comes to Your
Credit?

• What is Your Credit Rating? Grade Your Credit
  Did you know that 75 of all mortgage lenders use
  a three-digit credit score to determine your loan
  eligibility?  This score is based on the
  information contained in your credit report. And
  the interest rate you will be charged is based on
  your credit score, so raising your credit score
  as little as 15 points could result in a lower
  interest rate and thousands in savings.  You can
  save anywhere from a few hundred dollars in
  credit card interest charges, thousands of
  dollars on your next car loan, and tens of
  thousands of dollars on a mortgage loan simply by
  improving your credit score as much as possible. 
  
• The information below offers general guidelines
  as to what your credit score might be.  Each
  lender sets its own guidelines for approving
  loans and issuing credit.  For this reason, the
  information below offers only general
  guidelines.  Your debt-to-income ratio also plays
  a role in determining whether or not you will be
  issued credit.  Some lenders require a
  debt-to-income ratio that may be higher or lower
  than those stated below.  

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• The information below is based on the FICO
  scoring model, which ranges from about 375 to
  900.  Other lenders might use their own in-house
  scoring systems or another scoring model. General
  rules to determine your credit score and
  creditworthiness are as follows  
• A rating Credit score 660 or higher -- You can
  easily obtain financing at the best rate you can
  get approved for a credit card online in a few
  seconds.  Note that a score above 700 means you
  have extremely good credit.
• Typical debt- to- income ratio  Below 35
• Mortgage  You have not been late with a payment
  in the last 24 months
• Installment loan  You have been 30 days late
  making payments 0 or 1 time within the last 12 to
  24 months
• Revolving credit  You have been 30 or 60 days
  late with a payment 0 or 1 time in the last 12 to
  24 months
• Additional requirements  Good/excellent credit
  during the last 2 to 5 years no bankruptcy
  within the last 2 to 10 years (http//www.bcsallia
  nce.com/credit_creditscore.html).

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A rating

• Credit score 660 or higher -- You can easily
  obtain financing at the best rate you can get
  approved for a credit card online in a few
  seconds.  Note that a score above 700 means you
  have extremely good credit.
• Typical debt- to- income ratio  Below 35
• Mortgage  You have not been late with a payment
  in the last 24 months
• Installment loan  You have been 30 days late
  making payments 0 or 1 time within the last 12 to
  24 months
• Revolving credit  You have been 30 or 60 days
  late with a payment 0 or 1 time in the last 12 to
  24 months
• Additional requirements  Good/excellent credit
  during the last 2 to 5 years no bankruptcy
  within the last 2 to 10 years

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B rating

• Minimum credit score 620 You can get
  approved, but not at lowest rate.  You can get
  credit cards and such, but at a higher rate than
  someone with an A rating.
• Typical debt-to-income ratio  Around 50
• Mortgage  You have been 30 days late with a
  payment 2 or 3 times in the last 12 months
• Installment Loan  You have been 30 days late
  with a payment 2 to 4 times during the last 12
  months
• Revolving credit  You have been 30 days late
  with a payment 0 to 2 times in the last 12 month
• Additional requirements  You have no 60-day late
  mortgage payments if filed bankruptcy, it must
  be discharged 2 to 4 years ago

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C rating

• Minimum credit score 580  Have trouble
  getting approved.  Very high rates. The lender
  might ask you to get someone to co-sign for you.
• Typical debt-to-income ratio  55 or higher
• Mortgage  You have been 30 days late with a
  payment 3 or 4 times in the last 12 months
• Installment Loan  You have been 30 days late
  with a payment 4 to 6 times during the last 12
  months
• Revolving credit  You have been 60 days late
  with a payment 2 to 4 times in the last 12 months
• Additional requirements  If you filed
  bankruptcy, it was discharged 1 or 2 years ago

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D rating

• Minimum credit score 550  Serious trouble
  getting approved.  Co-signor required.
• Typical debt-to-income ratio  Around 60
• Mortgage  You have been 30 days late with a
  payment 2 to 6 times in the last 12 months and
  60 days late 1 to 2 times during the last 12
  months
• Installment Loan  You have a few 90 and 120 day
  late payments during the last 12 months
• Revolving credit  You have a few 90 and 120 day
  late payments during the last 12 months
• Additional requirements  If you filed
  bankruptcy, was discharged within last 12 months

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E rating

• Credit score under 550  Unlikely to be
  approved. 
• Typical debt-to-income ratio  Around 65
• Mortgage  You have a pattern of 20, 60, 90
  and/or 120 day late payments
• Installment Loan  You have a pattern of 20, 60,
  90 and/or 120 day late payments
• Revolving credit  You have a pattern of 20, 60,
  90 and/or 120 day late payments
• Additional requirements  You may have a current
  bankruptcy or foreclosure

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Telephone Numbers and Mailing Addresses of the
Three major Credit Bureaus

• Trans Union
• P. O. Box 1000, Chester, PA 19022  Tel 
  800-888-4213
• When ordering your credit report, you might
  be asked to provide the following information 
  First, middle and last name current address
  previous addresses for past two years social
  security number, date of birth current employer
  phone number.  If you are not entitled to a free
  credit
• report, you will need to pay them the
  applicable fee.
• Experian
• P. O. Box 9595, Allen, TX 75013-9595  
  Tel  [phone]
• Experian is the largest of the three credit
  bureaus.  When ordering your credit report, you
  might be asked to provide the following
  information  First, middle and last name
  current address previous addresses for the past
  five years social security number, date of
  birth spouse's name.  If you are not entitled to
  a free credit report, you will need to pay them
  the applicable fee.
• Equifax
• P. O. Box 740241, Atlanta, GA 30374  Tel 
  800-685-1111
• When ordering your credit report, you might
  be asked to provide the following information 
  Full legal name, address, social security number,
  most recent former address.  If you are not
  entitled to a free credit report, you will need
  to pay them the applicable fee.

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Ask for a Lower Credit Card Interest Rate

• Telephone Scripts
• Script 1  I've visited the websites of
  several of your competitors, the ______ Bank and
  ______ Bank, and found that they are offering a
  _____ interest rate on purchases, which is _____
  points lower than what I'm paying on my credit
  card.  Are you willing to give me that interest
  rate?
• Script 2  I am requesting that you reduce my
  current interest rate of 16.9 to 8.9 so that it
  is in line with what is available in the current
  market. I feel this is a fair rate since at least
  three major credit card issuers, _________,
  _________, and _________ are offering it to new
  customers like me who have an excellent credit
  rating. 

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• Script 3   Find out the current rate being
  offered at a credit card website and then lie and
  say I have received a pre-approved offer in the
  mail from _______ Bank offering me a ____
  interest rate card.  Can you beat or match that
  offer or do I have to transfer my balance to
  their credit card?
• Script 4  I visited your website and noticed
  that you are offering a ____ rate to attract new
  customers. I have been an excellent customer of
  yours for __ years and would like to receive the
  same rate being offered to new customers.
• Script 5  I was about to sign up for a new
  credit card at the _______ website and thought I
  would call you and ask for a lower rate before
  doing so.  If you don't give me that rate today I
  will transfer my balance from your card to theirs
  as soon as I hang up the phone (http//www.bcsalli
  ance.com/credit_creditscore.html).

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Ways to save money

• Gifts
• Charitable contributions
• Checks
• Get a free checking account
• Magazines and books
• Swap services
• Haircuts
• Manicures/Massages
• Cable television
• Phone extras
• Movie rentals
• Dry Cleaning
• Alcohol and tobacco products
• Use coupons

• Frozen meals
• Compare supermarkets
• Buy generic
• Buy day-old bread
• Buy in season
• Dont eat meat every night
• Brown bag it at work
• Dont buy what you dont really need
• Dont jump into purchasing a new car unless
  necessary

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Ways to Save Money Taxes

• Send in next Januarys mortgage payment early- If
  you make the mortgage payment in the current tax
  year, the interest can be deducted this year.
• Make an extra payment or two on your student
  loanDoing this allows you to take the deduction
  on this years taxes.
• Pay your doctor and dental bills You can use
  these payments to increase your medical expenses
  deduction.
• Sell loser stocks. Sell your worthless or
  near-worthless stock before the end of the year .
• Close your Roth IRA. If your Roth IRA turned out
  to be a loser, you can close the account and take
  it as a miscellaneous deduction.

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Reduce Your Monthly Variable Expenses

• Although fixed expenses are hard to change
  without refinancing loans, selling off assets,
  etc., many variable expenses can be easily
  reduced or eliminated.   Lowering your variable
  expenses means giving up things you don't need
  and reducing the usage of goods and services you
  do need, such as food and clothing. You can also
  find ways to lower the cost of things you use
  everyday, such as electricity.
• Your goal in slashing variable expenses is to
  free up enough money to pay down your debt and
  avoid bankruptcy and credit counseling services. 
  You might have to live a very austere lifestyle
  until you reach your goal.

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Action to Take Current Monthly Cost Budgeted Monthly Cost Monthly Savings Annual Savings
Eat fewer restaurant meals 160 90 70 840
Give up Manicures 30 0 30 360
Set clothing allowance at 60 per month 110 60 50 600
Give up health membership 29 0 29 348
Find lower auto insurance rate 140 110 30 360
Cancel phone extrascall waiting, caller ID 14 0 14 168
Cut Bank of America credit card interest rate 40 20 40 240
Totals 523 280 243 2916
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Life Planning

• Ann Perry will be forever grateful that her
  mother had the foresight to sign a health care
  proxy and durable power of attorney for finances.
  When my mother was critically ill, I used both
  of these several times, recalls Perry, the
  author of The Wise Inheritor. It has not only
  made life easier for me I think it made life
  easier for her. She didnt have to worry about
  whether the bills were being paid while she was
  so sick.
• One of the most thoughtful legacies is peace of
  mind. No one wants to mar the memory of a loved
  one with should have, could have, would have
  arguments and I think this is what Mom wanted
  but she never said doubts. You can prevent that
  with the right advance directives and documents
  that ensure your own legacy is trouble-free.

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Life Planning
A Will More than half of the adult population in the United States dies without a will. This is downright irresponsible. If you die without a will or intestate, in legalese the laws of the state and the bureaucrats of your state government take over. The rules for distribution of assets are different for each state, and you may not wind up with things done the way you would have wanted.
A living will or health care directive Equally important is the living will. Also known as a health care directive, a living will spells out exactly what medical measures you want to keep you alive should you become incapacitated. The agonizing Terri Shiavo case earlier this year showed how the absence of a living will could rip a family apart.
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A health care power of attorney A living will lays out your wishes with regard to medical care. A health care proxy someone you love and trust uses a health care power of attorney to make such decisions on your behalf if you become incapable of making them on our own.
A durable power of attorney for finances Although it is best to have these documents prepared by a lawyer who specializes in family-legal matters, you can take care of the basics on your own through available software, such as Quickens Will Maker Plus or Kiplingers Willpower or Legal Zoom. Web sites such as www.findlaw.com, and www.easylegalforms.com and also provide forms and advice. A durable power of attorney for finances is a loved one who makes financial decisions on your behalf should you become unable to do so. It allows your agent to pay bills, sell stock, and even sell your home or business, based on the agents determination of what is in your best interests. Be sure to discuss your plans with family members. Remember checking and savings accounts
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Moving to a new city
Must Do's
Change of Address form
Purchase Term Life Insurance
Register to Vote
Learn the Laws
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Social Life
Join a church
Join the Gym
Book Clubs
Volunteer
Go to a Jazz Club
Attend Art Festivals/ Plays
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Mental and Physical Health

• Spirituality
• Talk with family members often
• Talk with friends
• Take time for yourself
• Aromatherapy
• Journaling
• Nutrition

• Walking
• Yoga or Pilates
• Bike riding
• Play sports
• Rollerblading
• Swimming
• Hiking
• Nutrition

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Thank you for your participation!

• I hope this information has given you some useful
  tips. If you have any suggestions for future
  seminar topics, please see Mrs. Edwards or
  another Student Support Services staff member.
• If you are viewing this workshop online, please
  come by Student Support Services, 109 Eldridge
  Hall, and complete an Academic Seminar Evaluation
  form, so that we may have documentation of your
  program participation. You may also print this
  form online.
• EXIT