Personal Finance Chapter 2: Financial Aspects of Career Planning

How does a job differ from a career?

A career is a commitment to a profession that requires continued training and offers a clear path for occupational growth rather than just an employment opportunity to earn money.

Career

A commitment to a profession that requires continued training and offers a clear path for occupational growth.

How does the information in a cover letter differ from the information in a resume?

A cover letter communicates interest in a job whereas a resume only presents information about a person's experience.

Cover Letter

A letter that accompanies a resume and is designed to express interest in a job and obtain an interview.

Resume

A summary of a person's education, training, experience, and other job qualifications.

Interest

Inventories determine the activities that give you satisfaction.

What methods can be used to measure the monetary value of employee benefits?

Market Value calculations or Future value calculations

Aptitudes

Natural abilities that people possess.

Cafeteria-Style Employee Benefits

Programs that allow workers to base their job benefits on a credit system and personal needs.

How does a person's life situation determine the importance of certain employee benefits?

-A married employee with children may opt for increased life an health insurance -A single parent may use benefit credits for child care services

What skills would be of value in most employment situations?

-An ability to work well with others in a variety of settings. -Taking initiative to overcome obstacles and meet challenges. -An interest in reading and continuing learning. -A willingness to cope with conflict and adapt to change. -An awareness of accounting, finance, and marketing fundamentals. -A knowledge of technology and computer software. -An ability to solve problems creatively in team settings. - A knowledge of research techniques and resource materials. -Effective written and oral communication skills. -An understanding of both personal motivations and the motivations of others.

What types of activities would you recommend for people who desire career advancement and professional growth?

-Continue to obtain knowledge and experience to win promotions -Seek new challenges and expanded responsibility.

What are some demographic and economic factors that affect career opportunities.

-Continuing growth in the number of single and working parents expands the demand for food service and child care. -Increases in leisure time among various segments of the population, resulting in an increased interest in personal health, physical fitness, technology, and recreational products and services. -As people live longer, the demand for travel services, health care, and retirement facilities increases. -Expanded demand for employment training services increases opportunities for teachers, corporate trainers, and related careers. -High interest rates, price increases, or decreased global demand for goods and services can affect career opportunities.

What factors should a person consider before changing jobs on career fields?

-Financial and personal costs and benefits of changing careers in relation to your needs and goals of your household

What types of career information sources can be helpful in identifying job opportunities?

-Job Advertisements -Career Fairs -Employment Agencies -Job Creation

What opportunity costs are associated with career decisions?

-Some people select employment that is challenging and offers strong personal satisfaction rather than employment in which they can make the most money. -Some people refuse a transfer or promotion that would require moving their families to a new area or reducing leisure time. -Many parents opt for part-time employment or flexible hours to allow more time with children. -Many people give up secure job situations because they prefer to operate their own business.

How can a person obtain employment-related experience without working in a job situation?

-Volunteer work -Internships -Campus Projects

Job

An employment position obtained mainly to earn money, without regard for interests or opportunities for advancements.

Employability Skills

The basic capabilities necessary for obtaining, maintaining, and advancing in a work situation.

Job Creation

The development of an employment position that matches your skills with the needs of an organization.

Interview

The formal meeting used to discuss your qualifications in detail.

Networking

The process of making and using contacts for obtaining and updating career information.