CCP Personal Finance Chapter 2 (Book)

Interest Inventory

-determine the activities that give you satisfaction -these measure qualities related to various types of work

Indication that it is time to move on from a job

-low motivation toward your current work -physical or emotional distress caused by your job -consistently poor performance evaluations -a lack of social interactions with coworkers -limited opportunity for salary or position advancement -a poor relationship with your superior

Aptitude

-natural abilities that people possess -examples include the ability to work well with numbers, problem-solving skills, and physical dexterity

General skills

-sometimes called social intelligence (traits adaptable to work in most situations) -ex: ability to work well with others in various situations, effective written and oral communication skills etc. -Some of these abilities can be acquired in school, others require experience in work or organizational settings

Stages of career development

1. Preentry and career exploration stage 2. Establishment and professional growth stage 3. Advancement and midcareer adjustment stage 4. Late-carer and preretirement stage

What are the main sources of networking?

1. community organizations -business and civic groups -public meetings with industry leaders and business owners 2. Professional associations -organizations related to careers 3. Business contacts

Stages of Career Planning and Advancement

1.Asses and research personal goals, abilities, and other career fields 2. Research the employment market and identify specific employment opportunities 3. Develop a resume and cover letter; apply for available positions 4. Interview for available positions; asses your interview performance 5. Evaluate financial and other factors of positions you are offered 6. Plan and implement a program for career development

Resume

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

Employability skills

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

Preentry and career exploration stage

Characteristics -Assess personal interests and set career goals -Obtain necessary training -Gain initial employment Concerns -Matching interests and abilities to employment -Dealing with shock of unfulfilled expectations

Advancement and midcareer adjustment stage

Characteristics -Continue to obtain experience and knowledge to win promotions -Seek new challenges and expanded responsibility Concerns -Finding continued satisfaction -Maintaining sensitivity toward colleagues ad subordinates

Establishment and professional growth stage

Characteristics -Gain in experience effectiveness, and respect of colleagues -Concentrate on an area of specialization Concerns -Developing career contacts -avoiding overinvolvement and career burnout

Late-career and preretirement stage

Characteristics -Make financial and personal plans for retirement -Assist in training successor Concerns -Determining the extent of professional involvement after retirement -Planning involvement in community activities

What are career opportunities based on?

Social influences -demographic trends -geographic trends Economic Conditions -interest rates -inflation -consumer demand Industry Trends -Foreign competition -changing uses of technology

Vesting

The point at which retirement payments made by the organization on your behalf belong to you even if you no longer work for the organization. (employer's pension contributions)

Networking

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

What will your initial salary be influenced by?

Your education and training, company size, and salaried for comparable positions

Tax-exempt benefit

a benefit on which you won't have to pay income tax on

Tax-deferred benefits

a benefit the requires the payment of income tax at some future time, such as at retirement

S.W.O.T analysis

a career planning tool were you identify your S-strengths, which are the skills and experiences that set you apart from others W-weaknesses involve personal areas in need of improvement O-opportunities are social, economic, technological, global, and organizational trends for employment T-threats are factors that limit employment opportunities, such as changing technology and global competition

Career

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

informational interview

a company visit or meeting at which one gathers information about a career or an organization

Cover letter

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

Medical-spending Account (Archer MSA) or health savings account (HSA)

allows paying health care costs with pretax dollars. These programs usually have two components: (1) health insurance coverage with a high deductible and (2) a tax-deferred savings account for medical expenses. Money in this account MAY be used for other purposes; however, the amount is taxed, along with a tax penalty based on age and health condition.

Job

an employment position mainly to earn money, without regard for interests or opportunities for advancement

Flexible spending pans/ expense reimbursement accounts

arrangement allows you to set aside part of your salary for paying medical or dependent care expenses. These funds are not subject to income or social security taxes. Money not used for the specific purpose is forfeited

Corporate Culture

management styles, work intensity, dress codes, and social interactions within and organization

Cafeteria-style employee benefits

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

Technical skills

specialized career training for a specific profession

Job creation

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

Campus projects

work-related experience that includes -managing, organizing, and coordinating people and activities as an officer of a campus organization or with a class team project -public speaking in class, campus, and community presentations -goal setting, planning, supervising, and delegating responsibility in community service and class projects -financial planning and budgeting gained from organized fun-raising projects, managing personal finances, and handling funds for campus organizations -conducting research for class projects, community organizations, and campus activities

What does more education increase?

your potential earning power and reduces your chances of being unemployed