Investment in Yourself

Take Charge of Your Finances

© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself - slide2 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

Influences

• Value – a fundamental belief or practice about what is desirable, worthwhile, and important to an individual.

• Goal – the end result of something a person intends to acquire, do, reach, or accomplish sometime in the near or distant future.

• Need – something thought to be a necessity

• Want – something unnecessary but desired

© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 3 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

• Hard Skills are: specific, teachable abilities (technical/performance skills)

• Examples:– Math– Chemical Interactions– Computer Applications

Knowledge

Skills acquired through a process of self-investment (education and on-the-job training) • Soft Skills are

how a person relates to others (people skills)

• Examples– communication– problem solving, – cooperation

• How Can You increase Your Human Capital Right Now?– Summer jobs– Volunteer– Extra-curricular activities– Education/Training

© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 4 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

Higher Education = Higher Estimated Lifetime Earnings

© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 5 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 6 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 3 people represent 15.2% of the U.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

• Congratulations! Everyone remaining finished high school.

© 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

Red

• If you are holding a red card please sit. • These 4 people represent 25.2% of the

U.S. population who graduated from high school or earned a GED. On average, in the United States, they earn $46,938 per year.

• Congratulations! The remaining decided to further their education.

© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 8 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 4 people represent 21.8% of the

U.S. population who dropped out of college without finishing a degree. On average, in the United States, they earn $54,881 per year.

• Congratulations! The remaining finished some kind of post-secondary education.

© 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

Yellow

• If you are holding a yellow card please sit. • These 2 people represent 8.9% of the U.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.

© 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

Blue

• If you are holding a blue card please sit. • These 3 people represent 18.7% of the

U.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.

© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself – slide 11 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 2 people represent 10.2% of the

U.S. population who have completed their graduate or professional degree. On average, in the United States, they earn $115,179 per year.

© 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

Education Pays. . . .

© Family Economics & Financial Education – May 2009 – Career Development Unit – Investment in Yourself - slide13 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

Traits of successful workers – Communication Skills– Self Confidence– Flexibility– Energy– Intelligence– Responsibility

Career Research

1.1.2.G1

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 15Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

STEPS IN Making an informed

Career Decision 1. Includes a self evaluation of

interests

2. Select personal career goals− Goals are the end result of something a

person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future• Short-term goals are accomplished within

one year • Long-term goals are accomplished in more

then one year

3. Research a career pathway

4. Choose a career pathway

1.1.2.G1

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 16Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Career vs. Job

• What is the difference between a job and

a career?

• Job−An employment position obtained mainly to

earn money −Example: Gas Station Attendant

• Career−A commitment to a profession which requires

continued training and offers a clear path for occupational growth

−Example: Educator

1.1.2.G1

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 17Funded 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 job

opportunities in the future

• Three main factors influencing

future job opportunities1. Population2. Labor force3. Demand for goods and services

1.1.2.G1

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 18Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Factors Affecting job opportunities

• Population − Age mix affects job types available

• Size of the labor force − Many people of working age makes it

harder to get a job

• Demand for goods and services − If the demand for your prospective

industry is high, it will be easier to get a job

1.1.2.G1

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 19Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Internet Resources• Career Information

−www.indianacareerexplorer.org−www.bls.gov

• For hundreds of different jobs these sites

tell you: −The training and education needed−Earnings −Expected job prospects−What workers do on the job −Working conditions

1.1.2.G1

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 20Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Education trainingProfessional

degrees

• Vary depending on the profession

Doctorate degrees

• 4-6 years beyond undergraduate degrees in college

Master

s degree

• 2 years beyond undergraduate degrees in college

Bachelors degree

• 4 years beyond high school

Associates

degree

• 2 years beyond high school

1.1.2.G1On-the-job training occupations with

the fastest growth &the % of growth

Home health aides

Personal & hoome care aides

Physical therapist aides

Dental assistants

Medical assistants

Self-enrichment education teachers

Compliance officers

Skin care specialists

0% 10% 20% 30% 40% 50%

1.1.2.G1Associate Degree occupations with

the fastest growth &the % of Growth

31% 32% 33% 34% 35% 36%

DentalHygienists

Veterinarytechnologists& technicians

Physicaltherapist

assistants

1.1.2.G1

Bachelor’s Degree occupations with the fastest growth & the % of Growth

0% 20% 40% 60% 80%

Biomedicalengineers

Networksystems & datacommunications

Financialexaminers

Athletic trainers

Computersoftware

engineers,

1.1.2.G1

Beyond Bachelor’s Degree occupations with the fastest growth & the % of Growth

0% 10% 20% 30% 40%

Medicalscientists

Physicianassistants

Biochemists &biophysicists

Veterinarians

1.1.2.G1

Fact: Half of the fastest growing occupations are

related to healthcare

1.1.2.G1

Occupations projected to Grow Fastest, 2008-2018

•Why are healthcare positions growing

so fast?

These combined jobs will add more

than 1.3 million new jobs

Source: Bureau of Labor Statistics Occupational Handbook – Tomorrow’s Jobs December 2005

1.1.2.G1

• Aging baby-boomer generation

(1946-early 60’s)

• Home care as alternative to costly

hospitalization or residential

facilities

Fact: Half of the fastest growing occupations are related to

healthcare

1.1.2.G1

• Organizations continue to upgrade

with applications and speed

• Reliance on wireless networks

Fact: Two of the fastest growing occupations are

related to technology

1.1.2.G1Occupations with the fastest decline %

projected 2008-2018

Textile workers

Order/File clerks

Shoe machine operators

Machine operators

Semiconductor processors

Postal service sorting, etc.

Wellhead pumpers

Derrick operators

Photographic processors

Desktop publishers

-35% -30% -25% -20% -15% -10% -5% 0%

1.1.2.G1

Fact

Among the 20 fastest declining

occupations, only 2 of them have

any postsecondary education!

1.1.2.G1

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 41Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Researching a Career

• Questions that you should ask:−Are there opportunities for

advancement?−What are the educational

requirements?−Does it pay enough?−What are the working conditions?−Will there be a need for this work in

the future?

1.1.2.G1

So. . . . How Are You Going To Pay For The Education You Need?

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 42Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

• Most Important thing you can do:−Complete the FAFSA (free application

for federal student aid)

• Why is the FAFSA so important?−Many scholarships/grants are based

upon financial need.

1.1.2.G1

So. . . . How Are You Going To Pay For The Education You Need?• Scholarship

s−Athletic−Theatrical−Academic

• Paid Back?−NO

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 43Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

• Grants−Federal

(Pell)−College−Minority

• Paid Back?−NO

1.1.2.G1

• Subsidized Student

Loans

• Paid Back?−Yes−No Interest

charged while in college (government pays this)

−Begin paying upon college completion

© Family Economics & Financial Education – Revised April 2008 – Career Development Unit – Career Research – Slide 44Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

So. . . . How Are You Going To Pay For The Education You Need?

• Unsubsidized Student

Loans

• Paid Back?−Yes−Interest charged

when loan begins−Can elect to pay

interest fees while still in school

−If wait to pay, interest accrued be added to loan amount so paying interest on interest