MODULE 3: Earning Power
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Transcript of MODULE 3: Earning Power
MODULE 3: Earning Power
More Than a Paycheck
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Creating Your Own Career Plan
It takes about 10 years to go from clueless to having a fulfilling job/career plan
With a workable plan, you can have success!
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Career Plans
Make smart decisions about future jobs & education
Don’t limit your career options – explore lots of potential careers
Follow your passion, but have a backup!
Rebound quickly when life changes
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Invest in Your Success
Research careersFind a career that is up-and-coming
& has promise for the futureKnow the skills/education that will
be needed for the careerTest drive the career while still in
schoolChoose classes carefully
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Invest in Your Success, cont.
Get good grades, especially in the classes related to your future career
Get involved in activities/clubs (out of school, too), especially those that relate to your future career
Plan on how to pay for (education) it all!!
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Invest in Your Success, cont.
Investing in your training & education is pertinent throughout your lifetime– To get a good job– To earn promotions
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!!
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Invest in Your Success, cont.
CBE/DECAApprenticeshipsInternshipsStart your own
businessTake job/skills
assessmentsInterview people
in your field
Volunteer workJob shadowJoin clubsPart-time jobsWork for temporary
agencies – I LOVE THESE!
Find a mentor – to advise & guide you
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Education Beyond High School
MilitaryApprenticeshipsTechnical SchoolsTwo-Year Colleges– Community & junior colleges– Earn an Associate’s Degree
Four-Year Colleges– Can be public or private– Earn a Bachelor’s Degree
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College Educations
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
Private– Higher tuition rates– Supported by alumnae, grants, etc.– More opportunities to earn grants– Smaller campus & class sizes
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College Traps
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
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College Traps, cont.
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
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College Traps, cont.
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
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Paying for CollegeSave now via a 529 college savings planTake AP classes in high school then
take the AP test (or similar) to skip out of college entry-level classes
Join the militaryGet scholarships & grants – don’t have
to be paid backGet a job that pays for your college while
you work there – Work-Study ProgramsApply for financial aid – limited in its
availability (apply early!)
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Paying for College
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
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Getting a Job
Application – be neat & use a pen
References – nonrelatives attest to your work ethic
Resume – your “bragsheet” about you, your education, your work experiences, your skills
Network – it’s “who” you know!
Internet social media background checks – be careful what you post!
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Your Career -- Salaries
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
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Your Career -- Salaries
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
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Your Career -- Salaries
GROSS Pay – what you earnedNET Pay – what you bring homeWhy 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
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Your Career Forms
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
Performance Reviews – your performance is rated yearly to see if you should get a raise!
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Your Career Benefits
Paid LeaveHealth InsuranceRetirement Plans
– 401k
Savings Plans – IRA
Life Insurance
Disability Insurance
Tuition reimbursement (“C” or higher)
TrainingProfessional
Development
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Your Career Perks
Employee discounts
On-site child careFlexible hoursParking & bus
passesExercise facilitiesOn-site cafeteria
Uniform/clothing allowance
Electronics (phone, computer, etc.)
TelecommutingCompany carWellness
programs
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Making a Job Decision
Look at the compensation package!– The sum of the pay AND the benefits
offered to you
Evaluate all options offered to youConsider which will give you
satisfaction & make you happy & healthy
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The Costs of Working
Transportation– How will you get there?– How much will it cost you?
Clothing–Will uniforms be needed?– How much will cleaning cost?
Memberships– Union Dues– Fees for professional associations
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The Costs of Working, cont.
Supplies–What tools/equipment are you
required to buy?
Child care–Who will watch your children?– Do you trust these people?– Do you want your children being
raised by others?
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Keeping Your Job
Take evaluations seriouslyAsk for a mentor if one has not
been provided to youStay educated & sharp!Never whineNever pass-the-buck
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Keeping Your Job, cont.
Always tell the truthHave good ethics, values, & moralsDo more than is asked of youHave at least one good friend at
work that you can trustMesh with the company’s valuesDon’t have an attitude
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The End
Read Module 3
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