Slide 1 of 24 9/2010 4th Pre-Event Learning Point SHOW ME THE MONEY Important Consideration.
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Transcript of Slide 1 of 24 9/2010 4th Pre-Event Learning Point SHOW ME THE MONEY Important Consideration.
Slide 1 of 249/2010
4th Pre-Event Learning Point
SHOW ME THE MONEY
Important Consideration
Slide 2 of 249/2010
What is Your Idea for Your Quality of Lifestyle?
A New Truck: $25,000
A Nice Home: $150,000
A New Boat, Motor & Trailer:
$20,000
A New ATV: $5,500
Slide 3 of 249/2010
How Would You Pay for These Purchases?
• These Purchases Total about $200,000• Most People will Borrow the Money and Pay it
Back in Monthly Installments
How Much Will You Pay per Month on a Debt of $200,000?
Slide 4 of 249/2010
Home Loans
• Home Loans are Generally Long-Term Debts
• If You Select 30 Years to Pay it Back at an Interest Rate of 7% per Year
(Based on $150,000 at 7% Annual Interest Rate for 30 Years)
Your Monthly Payments on the Home will be $997.95 per Month
Slide 5 of 249/2010
Automobile Loans
• Auto and Boat Loans are Shorter in Duration
• These Loans Generally Run No Longer Than Five Years
Based on an Annual Interest Rate of 9% the Monthly Note on $45,000
($25,000 for the Truck plus $20,000 for the Boat)
for Five-Year Loan will be $850.33 per Month
Slide 6 of 249/2010
Total Loan Payment for Purchases
• The Total You Owe Each Month for Your Purchases is $1848.28
• This Does Not Include Utilities, Insurance, Furniture, Clothing, Food, or the Four
Wheeler
Also, Don’t Forget about the Cost for Laundry, Gasoline, and Car Maintenance
HOW WILL YOU PAY FOR THESE PURCHASES
Slide 8 of 249/2010
Your Income
• How Much Do You Take Home Each Month?
• Minimum Wage is $7.25 per Hour$1,257 Per Month
Slide 9 of 249/2010
Your Income
• This is Your GROSS Salary: $1,257• There are Deductions Your Employer
Must Withhold and Submit to the State and Federal Governments
• Federal Income Tax on $1,257 is $137*• FICA (Social Security) is 7.65% of $1257 =
$96*• State Income Tax on $1257 is $13*
*Based on Single Status With No Dependents
Slide 10 of 249/2010
Your Income
• You Started with $1,257 but after Taxes are Withheld You Have
$1,011
• For Your Home, Car and Boat: Your Monthly Notes Total $1,848.28
• The Total Payment for these Belongings is $22,179/ year
Can You Afford Them?
Slide 11 of 249/2010
Your Income
• Based on Minimum WageYou Cannot Afford The Items at a Cost of:
$1,848/month and $22,179/ year
What Can You Do?
Slide 12 of 249/2010
Earning More Money
Let’s Look at What a Difference it Makes When You Earn More Money
as Opposed to Minimum Wage:Hour Month Year
$15 $2,600 $31,200
$10 $1,733 $20,796
$7.25 $1,257 $15,084
Slide 13 of 249/2010
Earning More Money
WHAT ABOUT THE FUTURE WITH THESE PAY SCALES?What is the Long-Term Difference Between a
Better Paying Job and Minimum Wage in 10 Years
Hourly Pay Earnings Over 10 Years
$7.25 $150,840
$10 $207,960
$15 $312,000
Slide 14 of 249/2010
Earning More Money
WHAT ABOUT THE FUTURE WITH THESE PAY SCALES?
What is the Long-Term Difference Between a Better Paying Job and Minimum Wage in 40 Years?
Hourly Pay Earnings Over 40 Years
$7.25 $603,360
$10 $831,840
$15 $1,248,000
WHAT CAN YOU EARN
Slide 16 of 249/2010
Opportunities are Everywhere
The Different Types of Careers Are as Varied as the
Different Types of People In Any Given Room
The Pay for Technical Career Work can Vary from $16 per Hour for
Entry Level Workers to More than $50 per Hour for a Journeyman and Masters Worker
A Master Career Worker Can Make $100,000 Per Year With Overtime
A Master Career Worker has Mastered all the Job TasksA Journeyman Worker has Successfully Performed the Job Tasks for 3 Years
Slide 17 of 249/2010
What is the Pay for Technical Career
Average Salary of a Fully Trained Craft or Technical Career Worker
(based on current pay scales)
Frequency of Pay Value
Hourly $35
Weekly $1,404
Monthly $6,084
Yearly $73,008
Slide 18 of 249/2010
What Benefits can a Career Person Expect to Have from
a Job?Company Benefits Vary by Company
But are Generally As Follows:
• Health, Hospitalization, and Dental Insurance after a specified time with the employer
• Retirement/Savings Plan with company contributions
• Paid Vacation depending on years of service
Slide 19 of 249/2010
• Think of Your Career Interests• What Jobs are Available
• Choose a Discipline• Set Your Goals
• Pursue Your Goals• Master Your Discipline
• Continue Learning In Your Field –
WHAT CAN YOU DO TO MAXIMIZE YOUR POTENTIAL?
FOREVER
Slide 20 of 249/2010
YOU NEED TO DECIDE:
Do You Want Just a Job
OR
Do You Want a Career
Slide 21 of 249/2010
WORK TOWARD YOUR FUTURE
Now is the Time
Slide 22 of 249/2010
Step 1Think About Your Career
ChoiceWhat Jobs Are You
Interested In?
Step 2Set Your
Educational Goals and
Pursue Them
Step 3Find a Job in Your Field
Step 4 Become a Lifelong Learner: Keep up
with Changes in Your Field
Maximizing Your Potential
Slide 23 of 249/2010
There is a Demand for Eager Workers
ANDThe Job Market is Growing
Your Future Can Be In Southwest Louisiana
Slide 24 of 249/2010
To Access the Supplemental Resources:
Click: http://www.cpsb.org/(Parents/Students Tab; Career and Technical Information
Link; 2011 Career Discovery Day Pre-Event Lesson Plan Link)
Module Design by Bob SmithLa Pigment, Lake Charles337.882.7226