COURSE:

Personal Finance 7086

UNIT B

Preparing to Earn a Living

ESSENTIAL STANDARD: OBJECTIVE:

3.00 3.02

B2 B2

17% 5%

Understand lifestyle goals, choices, and job search procedures. Understand strategies for researching career options and comparing job offers.

ESSENTIAL QUESTION: x How can a well-chosen career pathway lead to greater control and a more satisfying career? x What strategies may be used to research career options? x What strategies can be used to compare job offers? UNPACKED CONTENT A well-chosen career pathway based on informed choices leads to greater personal control and career satisfaction. Here are strategies for researching career options. Strategies for researching career options x Evaluate careers with the largest expected growth and decline rates Review the definition of job---employment obtained to earn money Review the definition of career---a long-term commitment to a profession or field of work; requires continual training and offers a clear path for occupational growth Evaluate the main components of a potential career area and select a career area of interest Self-assessment as described in the previous objective provides top career choices and potential career pathways. Interests, skills, and abilities help define the best options available. Use available resources (e.g., Bureau of Labor Statistics Occupational Outlook Handbook) to research employment trends relevant to the chosen career area and answer these questions: What will the job pay? Will the expected pay be enough to sustain the desired lifestyle? What are the educational requirements? What are the working conditions? What is the occupational outlook for this career? Three main factors influence future job opportunities in various career fields: The relationship between population, labor force, and demand for goods and services Population as it affects the size of the labor force, and Demand for goods and services in specific industries. Synthesize information found about specific career of interest into a meaningful format---for example, a PowerPoint presentation Read/view literature/presentations about potential careers to be able to describe a variety of career options

x x

7086 Personal Finance

Unit B: Preparing to Earn a Living

Summer 2010 105

OBJECTIVE:

3.02

B2

5%

Understand strategies for researching career options and comparing job offers.

UNPACKED CONTENT Strategies for comparing job offers x Evaluate a companys work incentives Base salary-the dollar amount one receives in pay before taxes. Salary is based on: q Location q Education q Laws of supply and demand for each particular profession Fringe benefits-employee benefits and additional compensation beyond wage and salary q Paid sick leave, holidays and vacation time q Bonuses q Insurance---health, dental, life, vision, cancer, long-term care, and disability q Retirement and investment programs q Employer-provided services---child and elder care, flexible hours, gym memberships, discounts and home offices q Additional perks----stock options, company car, relocation expenses, and tuition Evaluate a companys opportunities for advancement: Opportunities for promotion---both in-house and those that require relocation Opportunities for pay raises based on q Work performance q Longevity with a company q Advancement Evaluate a companys desirability of location Location and environment q Desirable neighborhood q Low crime rate q Good schools q Desirable climate q Distance to work---a long commute? q Transportation resources in the community Individual needs, wants, and values q Child care q Membership in gyms and organizations q Closeness to friends and family members Cost of living---costs of food, housing, transportation, and everyday expenses q Cost of living data is reported as an index q Rates communities on a scale where the average is 100.0 q An index below 100.0 is a lower cost of living q An index above 100.0 is a higher cost of living
Salary in city 1 X
Index city 2 Index city 1

Equivalent salary in city 2

7086 Personal Finance

Unit B: Preparing to Earn a Living

Summer 2010 106