Careers, Salaries, and Lifetime Income

How much should she expect to pay on rent and utilities each year?

$15,600

Cameron is choosing a career out of high school with no further training. The median salary for this career is $30,000. His friend Mateo is choosing a career that requires a college degree but has a median salary of $55,000. Over 20 years, what will be the difference between their incomes?

$500,000

How much income with benefits can she expect?

$56,000

Jerome likes to take stuff apart and then rebuild it. He is also good at math but is rather shy. Which career choices might he enjoy? Check all that apply.

Engineer: design, plan, or manage a system such as machines, computers, or roads. Aircraft inspector: inspect, plan, and oversee repairs on aircraft; may also need to design parts as repair methods that meet standards. Factory reproduction manager: check that products meet specifications.

Oscar claims that employee benefits have little impact on lifetime income so one should only consider a job with the largest salary. Which statement about his claim is true?

He is incorrect because health insurance will save the employee money he could apply to retirement.

Which job would offer the best annual income considering the cost of living in each locale?

The jobs have equal annual incomes of $45,400 after rent and utilities so Caitlin should take the job in her favorite locale.

Which aspect could have a positive impact on future salary in a job position?

The opportunity for advancement or promotion could result in higher pay.

He is incorrect because health insurance will save the employee money he could apply to retirement.

training to prepare for a career

Which type of training would be considered vocational training?

training to prepare for a career

Both Phoebe and Connor are trying to maximize their lifetime income. Each has a different plan on how to do it best. Phoebe claims that she wants a career with no college or trade school requirements because she could save the money for retirement rather than spending it on education. She estimates her average yearly salary at $35,000 a year with no post-secondary education requirements. Connor claims post-secondary education will help him get a career with a higher salary and more benefits he can use in retirement so the education costs will more than pay for themselves. Connor estimates his average yearly salary at $60,000 after earning a college degree. Which statement about their claims is correct?

Connor is correct because he is likely to earn a higher salary throughout his career. By earning by only $11,000 more in salary, he could make up the difference over the life of his career. He is also likely to have more employee benefits to save for his retirement.

Joaquin is offered vocational training that will cost $3,000 but will make him eligible for a promotion. Joaquin is trying to decide whether to get the training or put the money in savings for retirement. Which statement is true?

Joaquin should take the class because a promotion will mean a larger salary over the long term compared to a single cash advantage.

Which company is a better choice based on annual income after housing and utility costs?

Job 1 is a better choice because the annual income after housing is $65,800 but that of job 2 is $64,700.

Enjoli enjoys science and foreign language classes. She loves working with people and volunteers in the local shelter and library on a regular basis, but she is not fond of flying. Which career is she most likely to enjoy?

doctor in a clinic that serves a low-income population

Tayesha wants to find more information about a career in architecture. Which resource is most likely to give balanced, accurate information?

She should use the US Bureau of Labor Statistics website since it will cover a wide range of information about the careers around the United States.

Logan has several job offers in different cities. What should he research to determine how much money he will have to spend as he wishes?

cost of living in each location

Which represents an employee benefit?

health-insurance plan with company-paid premiums

Which factor would be a valid influence on a career choice in the United States?

interests

Jared can play three musical instruments; he loves drawing, painting, and other visual arts as well. Jared can work in groups at school and likes to help plan events like class parties and dances. Jared would like a career with regular hours. Which careers would Jared enjoy? Check all that apply.

music teacher at a school life-enrichment director and event planner at a retirement home

Brenden wants to set aside money for times when he may be without work due to illness or layoffs. Which method would be best?

personal savings account