3.01/3.04 - Personal Finance

*Find something you love = *Get a career assesment =

*Allows you to find a good job. *Helps your well-being.

*Does the occupation match your interest and skills? = *Everyone values different aspects of the occupation =

*This will help your well being and have sustainable profit.

*Interviews: conduct interviews with people in the field = *Job Shadowing: Spend a day on the job with people in the field =

*You can make connections & finally decide of you really want the job. *(Same thing)

What are two sources of information to research a career pathway?

- Academic Advisors - Individuals working a career

Characteristics of scholarships are....

- Application process - May ave requirments

Four eligibility requirement are...

- Be a U.S citizen - Be a high school graduate or have a GED - Maintain satisfactory academic progress - Have no drug convictions while receiving aid

What are three methods that will enhance my note taking and listening skills?

- Be prepared - Be a good listener - Pay attention to the content

What can you do to minimize the risk of needing to switch schools or majors?

- Choose a program and school that matches your interests. - Be a long term planner - Work with an academic advisor

Doctorate...

- Completion time varies, but is an average of four or five years. - Having a masters degree is a common requirement.

Summarize why its important to explore potential interests.....

- Demonstrates excellence - Exhibits transferable skills - Showcases talents and leadership skills - Contributes back to your community

Who offers private loans and why should they typically be the last financial aid option considered?

- Depository Institutions - State Agencies - Higher Education Institutions

Why should everyone complete the FAFSA?

- Determines how much your family can afford to contribute. - Applies to a variety of colleges and institutions. - Determines what type of aid you qualify for. - Used by states and post-secondary institutions to determine aid.

Describe two characteristics of your ideal learning environment....

- Do you need a snack or drink? - Do you need background noise? - What environment do you work best in?

Two examples of grants are...

- Federal Pell Grant - Teacher Grant Assistance

Three scholarship sources are....

- Guidance counselors - Financial aids - Potential major or college

What are the implications of defaulting on a student loan?

- Loose future eligibility for aid - You may be sent to collections and pay fees - Your loan payment maybe due in the full ending amount

What are the potential costs of higher education?

- Lost wages from not working while in school. - Cost of higher education/training programs.

Characteristics of Federal Student Loans

- Lower and fixed interest rates - Generous repayment plans - No prepayment penalties - No credit checks (except) for plus loans

What are the potential opportunities of higher education?

- Opportunities to earn higher wages. - More employment opportunities.

What can a high school student do to avoid remediation?

- Pay more attention - Take more notes - Study harder to pass exams, quizzes, tests, etc. - Get good grades

Describe the Federal Work Study Program.

- Provides part time jobs to students with financial need. - Administrative by the school (eligibility determined by FAFSA. Earnings may be used to help pay the educational expenses.

What are two strategies you can employ to exhibit self-discipline?

- Remove distractions - Time management

What do you need to do when submitting the FAFSA?

- Sign using your page - If you are a dependent, your parent/guardian must also sign

Three ways to reduce the cost of higher education are....

- Start saving early - Live at home - Work Part time - Consider in state and public universities - Attend a community or junior college first

Professional....

- Time to complete varies. - Special type of advanced degree required by some occupation.

What are three ways you can improve your time management skills?

- Use a calendar - Write down everything - Find what works for you - Schedule to relax and reward - Don´t procrastinate - Plan backwards from major declines

To set SMART career goals, you must be able to answer these questions....

- What type of training and education do I need? - How much will my training cost? - Is there a career pathway available if I continue my education and training? - Will I earn enough in my career to pay for the education and training it requires? - Will there be jobs available?

Scholarships are based on.... (+Examples)

- Who you are: Ex. Gender, race, military - What you do: Ex. Academic achievements - What your plans are

What are implications of switching majors or schools?

1, Risk learning credits for classes already taken. 2. May increase the time and cost to earn a degree or certificate. 3. May have to retake classes (if you switch schools). 4. Risk loosing some or all of your financial aid (if you switch schools).

What are three things to remember when completing the FAFSA form?

1. Answer all questions completely and accurately 2. Online at www.FAFSA.ed.gov 3. Identify between 1 and 10 schools

What should you consider when comparing aid packages?

1. Determine the net price 2. Evaluate Student Loans 3. Only accept what you really need

Describe the types of documents required to complete the FAFSA.

1. Identification Documents (Social Security #, Drivers License, Alien registration card (if not a U.S citizen) 2. Federal Tax Information from previous year.... (W-2s, Federal 1040 Forms, Foreign tax Return) 3. Records of untaxed Income from previous year.... (Child support, interest income, veterans benefits, etc.) 4. Current Asset Information (bank statements, investments, real estates, etc.

Select and Apply the post secondary institution right for your career goals... (List steps)

1. Select the schools you want to consider 2. Understand the application process 3. Identify potential mentors to help you with the process. 4. Identify required documents and resources 5. Gather required documents 6. Check your application 7. Apply 8. Follow up 9. Compare offers 10. Select your school

Describe why ¨backwards planning¨ is helpful with career pathway planning.

1. Set overall career goal 2. Determine all training required 3. For each step consider.... - Time and cost requirement - Possible occupations *Set the short and long term goals to get there.

If remediation classes are required....

1. They don´t count toward your minimum degree or certificate credits. 2. It may take you longer to finish school. 3. It may add to the total cost of your education.

Describe the job outlook process.

1. Write a career goal. 2. Research the job outlook in your state and nationality. 3. Identify the types of jobs you could do with your training.

Bachelors....

4 year degree, although time varies

Career

A lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions.

Which of the following statements is NOT true?

A. Most people have several careers throughout their lifetime. b. Jobs are paid positions. c. People can develop human capital in a variety of ways. d. Transferable skills can be applied to many personal and professional roles.

Jose has been challenged by his academic advisor to 'develop some human capital' this school year. Which activity below would be the LEAST effective way to reach that goal?

A. Spend additional time playing video games to further develop his eye‐hand coordination. b. Volunteer to pick up trash along the roadsides. c. Attend a workshop on a topic he has little knowledge of. d. Ask his employer if there are any new tasks at work that he might be assigned.

Individuals with more formal educational training usually have:

A. higher estimated lifetime earnings b. lower personal satisfaction c. greater amounts of leisure time d. more comfortable work environments.

An example of a transferable skill is a skill:

A. used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences. b. that can only be used in an individual's job or career. c. that each employer requires you to learn. d. that is learned at one job and is required at other jobs as well.

Job

An activity through which an individual can earn money.

Masters....

Average of two or more years of study.

What is need-baised aid?

Awarded if you have financial needs.

Why do non-need based aid sources have higher interest rates?

Because the loan is unsubsized (you pay all the interest)

Formal training with no degree...

Become a specialist in an area. (Artificiate or Non-Artificiate)

How do you apply for grants?

Complete the Free Application for: Federal Student Aid (FAFSA)

How is Non based aid calculated?

Cost of attendance - Financial Aid awarded = non-need based aid

How do you get a PIN?

Created online at www.pin.ed.gov

What should you do if you are having trouble paying back your student loans?

Defers: many lenders offer a grace period before you must begin paying. Consolidate: consolidate several loans into one loan that has a lower interest rate and monthly payment. Renegotiate Payment Terms: see if options are provided

Job Outlook

Demand for a particular job when qualified and ready to enter the field.

How do you apply for a federal student loan?

Eligibility determined by the FAFSA

How do you learn your dependency status?

FAFSA website has a checklist to help you determine your dependency status.

Name two benefits from informal training....

Greater job security, adding/enhancing skills

Industry

Group of establishments (businesses) that produce similar products or provide similar services.

Occupation

Grouping of jobs that perform similar tasks.

Career Cluster

Grouping of occupations and industries based on the knowledge and skills required. (Helps students prepare for employment....)

Why is dependency status important?

Important to know whose information must be reported. Dependent: - Must report your parent/guardians information. Independent: - Must report your spouses and your information.

Why is it important to develop study skills?

In order to know the correct information and to then pass quizzes, tests, exams, etc.

Name two benefits from formal training...

Increased Knowledge, making connections with people

What are the four categories of Transferable Skills?

Interpersonal: - Explanation: People or soft skills - Ex.: Presenting Analytical: - Explanation: Finding Soulutions - Ex.:Research Technical: - Explanation: Specific, Hands on - Ex.: Computer proficiency Organization: - Explanation: Sort data, plan, arrange projects -Ex.:Time Managment

Why is it important to review the Student Aid Report? (SAR)

Its the summary of FAFSA data reported.

How do you calculate debt to income ratio?

Monthly Loan Payment (divided by) Monthly starting wages = Debt the income ratio

Informal continuing education

Occurs through social interactions, networking, life's experiences, and reading.

Some collage, no degree....

Official degree requirements are not completed.

Identify the types of Federal Loans and a characteristic of each.

Plus Loan: - Loan is unsubsized (you pay all interest) - Offered to graduate students and parents o undergraduate students. Direct Unsubsized: - Finacial need is not required - Borrower is responsible for all interest costs Direct Subsized: - Must demonstrate financial need - U.S dept. of education pays the interest while you are in school and grace and deferment periods Federal Perkins Loan: - Must demonstrate financial need - Your school is the lender

What are grants and what are their sources?

Purpose: - For specific projects Sources: - Non Profits - Foundations - Corporations

What are you responsible for doing if your post-secondary institution sends you an award letter?

Review closely and report any errors immediately.

What are two ways individuals may reduce their total education and training costs?

Scholarships

What is remediation?

Sequences of increasingly advanced courses designed to bring academically unprepared students to the academic skill level expected in higher education.

What is a career pathway?

Series of connected education and training programs that allow you to secure a job and then to advance within an industry or occupation.

What is debt to income ratio?

Standard tool that calculates whether a borrower will have difficulty meeting his or her loan repayment obligations.

Who are grants usually awarded to?

Students with financial needs.

How do you know if it has been successfully submitted?

The conformation screen will appear on the screen.

Standard of Living

The level of material comfort as measured by the goods, services, and luxuries you are able to purchase.

Human Capital (+examples)

The skills, knowledge, and experiences possessed by an individual. Examples: Volunteering, going to school, attending workshops, working at different jobs.

Why is it important to develop good note taking skills?

To receive/memorize the correct information.

How do you determine the estimated education and training costs?

Training cost per yer (times) Number of years = Total estimated cost

Formal continuing education

Training for a specific set of new skills provided by experts in a particular field.

Associate...

Two year degree, although time varies.

How is the PIN used?

Used as your electronic signature.

Transferable Skills

Versatile skills that are applied to personal and professional roles.

Why is the ideal debt to income ratio no more than 10-15% of your estimated starting income?

You could get to much debt you cant afford.

Lifestyle

Your habits, attitudes, tastes, moral standards and the amount of goods and services that you consume.

Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice?

a. Completing your college degree is the best way to prepare for a career. B. Education pays in higher earnings and lower unemployment rates. c. Human capital and transferable skills result from formal training. d. Investing in yourself too early can lead to a lower standard of living.

Which statement WOULD NOT be true about the value of career research?

a. Everyone values different aspects of an occupation. One person might value the flexible schedule a particular job offers and another might care more about the amount of training that a career might require. b. Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, interest and abilities to pursue a particular career. c. Opinions from different people working in the occupation should be considered before ruling out a particular career. D. There are many careers that would support your well‐being. Career exploration allows you to find the one that pays the most so your well‐being is enhanced to the highest degree.

Zoe has been assigned by her school counselor to complete a career assessment. Which statement BEST describes why her counselor has suggested she do this?

a. Her counselor wants Zoe to find a career that will provide a high level of income to support Zoe's lifestyle and well‐being. B. Her counselor wants Zoe to match her skills, abilities, interests and values with a list of specific occupations. c. Her counselor wants Zoe to conduct interviews with people in her area of interest to determine if she truly enjoys the career she wants to prepare for. d. Her counselor wants Zoe to search for a career that will allow occupational flexibility and provide for possible career advancement as she gains more experience working in her selected career.

Miranda is working to develop a broad base of transferable skills. This means that she:

a. Needs to maintain at least a part time job during the school year. b. Use her available hours outside of school for paid employment rather than volunteering. c. Will not have as much time to develop her human capital. D. Will have a set of versatile skills that she can apply to many personal and professional roles.

One's Lifestyle is to their Standard of Living as present is to __________?

a. Past b. Recent C. Future d. Gift

Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she MOST LIKELY to have answered as a result of her job shadow?

a. The future outlook for physical therapy jobs b. The amount of money physical therapists earn C. Common tasks and typical daily activities d. Opportunities for advancement in the career

In order to make an informed career decision, a high school student will want to:

a. commit to a profession that requires a college degree b. choose a career that offers the amount of money desired C. develop personal goals, complete a career assessment, and research careers d. choose a training program that will guarantee employment after the course work is completed

Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:

a. salary B. human capital c. family d. interest inventory

Career assessments help to identify:

a. the job an individual should have if he/she wants high well‐being b. positions available in a particular c. fastest and slowest growing careers in a particular occupation D. possible career areas related to one's interests