Investment in Yourself 1.1.9 Family Economics & Financial Education Take Charge of Your Finances.
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Transcript of Investment in Yourself 1.1.9 Family Economics & Financial Education Take Charge of Your Finances.
Investment in Yourself 1.1.9
Family Economics & Financial Education
Take Charge of Your Finances
NEFE High School Financial Planning ProgramUnit 7 – Your Career: Doing What Matters Most
WHAT DO YOU THINK? T/F• Forty-four percent of teenagers worked last
summer.• Most of them worked full-time jobs (35 or
more hours a week).• Teens most often work in the food service
and retail industries.• The average American will have had 10 jobs
between the ages of 18 and 38.• Every year, about one-tenth of workers
change jobs to take advantage of better opportunities.
• True
• False
• True
• True
• False
NEFE High School Financial Planning ProgramUnit 7 – Your Career: Doing What Matters Most
SOURCES OF INCOME
• List all the sources of income for a typical teenager (legal only please).
Sources of Income????
Source of
Income
Source of
Income
Pay check
Loans
Inheritance
Social security
Free Lunch or other government programs
Welfare, Food Stamps
Alimony
Child Support
Interest
Gift, Charity, Church
Part time job
Self Employment
Grants, Scholarships
Allowance
Found Money, Yard sales, Sale possession.
Sources of Income????
1. Value – a fundamental belief or practice about what is desirable, worthwhile, and important to an individual. 2. Goal – the end result of something a person intends to acquire, do, reach, or accomplish sometime in the near or distant future. 3. Need – something thought to be a necessity 4. Want – something unnecessary but desired
Factors that Influence Income
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Human Capital
5. Human Capital – skills acquired through a process of self investment.• What are examples of things you can do to
increase human capital?– Summer jobs - Grades– Volunteer - Attendance
record– Extra-curricular activities– Member or organizations
6. Income vs. Educationo Lack of education limits your career choice
and earning power
Factors that Influence IncomeEarning Power: A persons ability to
earn money.
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Education vs. Income
“Education is essential in getting a high-paying job. In fact, for all but 1 of the 50 highest paying occupations, a college degree or higher is the most significant source of education or training. Air traffic controller is the only occupation of the 50 highest paying for which this is not the case” 2004 Bureau of Labor Statistics Occupational Outlook Handbook, Tomorrow's Jobs
Higher Education = Higher Estimated Lifetime Earnings
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Education vs. Income Activity
• Stand up with your colored square
“Everyone standing represents the people who started high school. This activity will
show the different paths people can choose during their lifetime and the
different results.”
• Based upon 2007 US Bureau of Labor Statistics Data
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Orange
• If you are holding an orange card please sit.
• These 4 people represent 9.6% of Utah’s population who did not graduate from high school or earn a GED. On average, they earn $33,913 per year, the lowest wages of all workers • US: 15.2%
• Congratulations! Everyone remaining finished high school.
• What jobs can be obtained with this education?
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Red
• If you are holding a red card please sit. • These 10 people represent 25.4% of Utah’s
population who graduated from high school or earned a GED. On average, in the United States, they earn $46,938 per year.• US: 25.2%
• Congratulations! The remaining decided to further their education.
• What jobs can be obtained with this education?
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Green
• If you are holding a green card please sit. • These 11 people represent 27% of Utah’s
population who dropped out of college without finishing a degree. On average, in the United States, they earn $54,881 per year.• US: 21.8%
• Congratulations! The remaining finished some kind of post-secondary education.
•What jobs can be obtained with this education?
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Yellow
• If you are holding a yellow card please sit. • These 4 people represent 9.2% of Utah’s
population who received their associate degree. On average, in the United States, they earn $64,537 per year. Jobs requiring an associates degree are expected to grow 32% between 2000-2010. These people are prepared for this significant change in the job market.• US: 8.9%
• What jobs can be obtained with this education?
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Blue
• If you are holding a blue card please sit. • These 8 people represent 19.5% of Utah’s.
population who received their bachelor's degree. On average, in the United States, they will earn $88,948 per year, which is more than twice what a high school graduate earns.• US: 18.7%
• What jobs can be obtained with this education?
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Purple
• If you are holding a purple card please sit. • These 4 people represent 9.3% of Utah’s.
population who have completed their graduate or professional degree. On average, in the United States, they earn $115,179 per year.• US: 10.2%
• What jobs can be obtained with this education?
NEFE High School Financial Planning ProgramUnit 7 – Your Career: Doing What Matters Most
7-H
Average College CostsSample Average Undergraduate Costs, 2005-06
Four Year Public Institutions
Four Year Private Institutions
Resident . . . . . . . . . . . . . . . . . . . . . . . . . .
Out-of-State . . . . . . . . . . . . . . . . . . . . . . .
Resident . . . . . . . . . . . . . . . . . . . . . . . . .
$16,357
$26,304
$33,301
Source: College Board’s Trends in College Pricing, 2006
7-I
Edu
catio
n Earnings
Bureau of Labor Statistics, 2006
© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Education vs IncomeEducational Attainment U.S. Average
Income (2007)
Percentage of U.S.
Population (2007)
Percentage of State Population
(2009)
Not high school graduate $33,913 15.2% 9.6%
High school graduate including GED
$46,938 25.2% 25.4%
Some college no degree $54,881 21.8% 27%
Associate degree $64,537 8.9% 9.2%
Bachelor’s degree $88,948 18.7% 19.5%
Master’s, doctoral, professional degree
$115,179 10.2% 9.3%
NEFE High School Financial Planning ProgramUnit 7 – Your Career: Doing What Matters Most
7-J
How Much is Class Worth?
NEFE High School Financial Planning Program
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
1 2 3 4 5 6 7 8Some high school, no
degree
High school diploma, or equivalent
Associate Degree
Professional Degree
Doctoral Degree
Master’s Degree
Bachelor’s Degree
Some college, no
degree
Mill
ion
s o
f 2
00
6 d
olla
rs
Worklife earnings estimates by highest level of educational attainment
Source, US Census Bureau, current population survey, educational attainment in the US. 2005
11.2
1.51.6
2.5
2.1
3.4
4.4
How much does Bill Gates make in one hour?
$288,000
in one hour
NEFE High School Financial Planning ProgramUnit 7 – Your Career: Doing What Matters Most
HUMAN CAPITAL
IT LASTS A LIFETIME!- What are you currently investing in your
Human capital?- What can you be doing to increase your
human capital or develop traits that employers seek.
- Extra curricular activities, member of organizations, part-time job, attendance record, grades….
1.1.2.G1
END of RAINBOW
• List all of the different jobs that have affected your life in the past 24 hours.−There are a lot of jobs out there,
but not all are lasting jobs.
© Family Economics & Financial Education – Revised May 2009 – Career Development Unit – Career ResearchFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.1.2.G1
© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career ResearchFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Job Opportunities Pick a career path with future job
opportunities• Three factors influencing future job
opportunities1. Population
- Affects the size of the labor force and the quantity of goods produced.
2. Labor force (workforce)- The total number of people employed or seeking employment in a country or region.
3. Supply and Demand for goods and services- The availability of jobs and the rate of pay is dependent
upon the economic concept of supply and demand.
1.1.2.G1
Supply and Demand−Supply – the relationship of prices to
the quantities of a good or service that sellers are willing to sell at any given point in time.
−Demand – the relationship between prices and the corresponding quantities of a good or service individuals are willing to purchase at any given point in time.
1.1.2.G1
© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career ResearchFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Largest Numerical Increases in Occupations
Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005
• Optometrists• Physicians and
surgeons• Lawyers• Pharmacists• Chiropractors
Professional
Degrees
• Postsecondary teachers• Computer and
information scientists, research• Chemistry and
biophysics• Pharmacists• Clinical, counseling
Doctorate Degree
1.1.2.G1
© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career ResearchFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Largest Numerical Increases in Occupations
Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005
• Physical therapist• Educational,
vocational and school counselors
• Substance abuse counselor
• Occupational therapy
Master’s
Degrees
• School teachers• Accountant and
auditors• Computer software
engineers
Bachelor’s
Degree
1.1.2.G1
© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career ResearchFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Largest Numerical Increases in Occupations
Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005
• Dental hygienists• Physical therapy
assistant• Registered nurses• Paralegals and legal
assistants
Associate’s
Degrees
• Nursing aids and orderlies
• Hairdresser and cosmetologists
• Emergency medical technicians
Post Secondar
y Vocational Award
1.1.2.G1
© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career ResearchFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Largest Numerical Increases in Occupations
Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005
• Gaming managers• Construction and
building inspectors• First line
supervisors/managers (food, retail)
Work experience in related
occupations
• Carpenters• Cooks• Electricians• Fire fighting
Long Term On-the-Job Training
(more that 12 months)
1.1.2.G1
© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career ResearchFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Largest Numerical Increases in Occupations
Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005
• Truck drivers• Dental assistants • Medical assistants• Customer service
representatives
Moderate Term On-the Job
Training (1 to 12
months)
• Retail salesperson• Waiters and
waitresses• Home health aides• Personal and home
care aides
Short Term On-the-Job Training (0 to 1 month)
1.1.2.G1
Healthcare occupations comprise
12 of the 20 fastest growing
occupationsSource: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005
1.1.2.G1
Computer occupations account
for
5 out of the 20 fastest growing
occupationsSource: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005
1.1.2.G1
Increases in employment: health education,
sales, transportation, office
and administrative support, and food
service
1.1.2.G1
DECLINE IS DUE To: declining industry employment
technological advancements changes in business practices
Complete Chart InformationForm of Employment
Define Advantages Disadvantages
Employee
Self-Employed
Entrepreneur
Complete Chart InformationForm of Employment
Define Advantages Disadvantages
Employee Worker who is hired to do a job.
Little risk, not responsible for over-head costs.
Expectations Time ClocksMake money for boss.
Self-Employed
One who operates a business, profession, or a consultant.
You are the boss set your hours and pay. Receive the benefits of profit-making.
Responsible for over-head costs, taxes, employees and keeping business going.
Entrepreneur Practice of starting, organizing, and managing a new business
You’re the boss motivating, receive the benefits of profit-making.
High risk for the sake of profit. Must be motivated.Stressful hard on relationships.
RISKSNo guaranteesNo regular paycheckNo bossLong hoursAssume debt of business
REWARDSBe your own bossKeep profitsControlSatisfactionPursue talent and creativityWhat are some other
rewards?
Characteristics of an Entrepreneur
Willing to take risksA person who creates a business
from scratchSelf employedStrong sense of disciplineBe your own bossBeat the competition
Managers are people who do things right; leaders are people who do the right thing.-- Warren Bennis