MODULE 3: Earning Power

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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
• Dont 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 careers
• Find a career that is up-and-coming has promise
  for the future
• Know the skills/education that will be needed for
  the career
• Test drive the career while still in school
• Choose 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/DECA
• Apprenticeships
• Internships
• Start your own business
• Take job/skills assessments
• Interview people in your field

• Volunteer work
• Job shadow
• Join clubs
• Part-time jobs
• Work for temporary agencies I LOVE THESE!
• Find a mentor to advise guide you

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Education Beyond High School

• Military
• Apprenticeships
• Technical Schools
• Two-Year Colleges
• Community junior colleges
• Earn an Associates Degree
• Four-Year Colleges
• Can be public or private
• Earn a Bachelors 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 dont 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 dont transfer to the new school
• Before transferring, be sure that credit will be
  accepted at the new school

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Paying for College

• Save now via a 529 college savings plan
• Take AP classes in high school then take the AP
  test (or similar) to skip out of college
  entry-level classes
• Join the military
• Get scholarships grants dont have to be paid
  back
• Get a job that pays for your college while you
  work there Work-Study Programs
• Apply 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 its 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 earned
• NET Pay what you bring home
• Why 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 Leave
• Health Insurance
• Retirement Plans 401k
• Savings Plans IRA
• Life Insurance

• Disability Insurance
• Tuition reimbursement (C or higher)
• Training
• Professional Development

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Your Career Perks

• Employee discounts
• On-site child care
• Flexible hours
• Parking bus passes
• Exercise facilities
• On-site cafeteria

• Uniform/clothing allowance
• Electronics (phone, computer, etc.)
• Telecommuting
• Company car
• Wellness 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 you
• Consider 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 seriously
• Ask for a mentor if one has not been provided to
  you
• Stay educated sharp!
• Never whine
• Never pass-the-buck

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Keeping Your Job, cont.

• Always tell the truth
• Have good ethics, values, morals
• Do more than is asked of you
• Have at least one good friend at work that you
  can trust
• Mesh with the companys values
• Dont have an attitude

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The EndRead Module 3