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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