Transcript PERSONAL FINANCIAL LITERACY

What to expect
Money doesn’t grow on trees
CHAPTER 1
What is the JOB MARKET?
Job Market
The job openings available
when you are ready to go to
work.
Needed Skills for the Job Market
Skill Set
The unique skills and abilities that
you bring to the job market
There are two types of skill sets
Hard Skills
Soft Skills
Hard Skills
Specific technical
abilities which are
measurable physical and
mental abilities that
allow you to complete a
job
Installing a faucet
Preparing a spreadsheet
Operating a machine
Driving a vehicle
Building a home
Soft Skills
Nontechnical skills
needed by most workers
for success on the job.
Leadership skills
Effective communication
skills
Teamwork skills
Problem solving skills
Time management skills
Job Research
Online or library read about various
jobs.
Outlook Handbook (OOH)
Published by the U.S. Department
of Labor
Available online
Job Research (cont.)
Dictionary of Occupational
Titles:
http://onlin.onetcenter.org
An online searchable database.
Monthly Labor Review: provides
current information
Job Choices Affect Your Income
Experience
Training
Education
Increase Hard and Soft skills.
Learning about Job Requirements
Job Title
A name given to a
particular job
Job Description
Describes what a job would be
like, including tasks performed
and skills needed.
Preparing for Lifelong Learning
Continue learning new skills and
information to help you stay
qualified
Prepares you be a skilled worker
and an informed consumer
Preparing for Lifelong Learning
(cont)
How do you do this?
Continue Education
2. Professional Periodicals/Magazines
3. Webinars/Seminars.
1.
Values and Goals Affect Your Job
Choices
Values A principle that reflect the
worth you place on an
idea or action
Goals A desired outcome based on
one’s values for which a plan
of action is carried out.
How does Education Affect Your
Income
Formal Education
Attending classes – Earn a degree
Informal Education
Takes place on the job.
How does Education Affect Your
Income (cont.)
On-The-Job Training
Learning as you do the work
Self - Training
Learning new skills from reading and
practicing
Assignment
Complete Check Your Understanding
Vocabulary Terms Section 1.1 pages 2-8
VOCABULARY
Soft Skill
1. Nontechnical skills needed by most workers for success on the job.
Skill Set
2. The unique skills and abilities you bring to the job market
Goal
3. A desired outcome based on one’s values for which a plan of action is carried
out.
4. Learning new skills on your own by reading and practicing
Self Training
Job
Description
5. A description of what a job would be like.
Values
6. A principle that reflects the worth you place on an idea or action.
Job Market
7. Job openings that are available when you are ready to go to work.
Hard Skills
8. Measurable physical and mental abilities that allow you to complete a job.
What is the ECONOMY?
All activities related to making and
distributing goods and services in a
geographic area or country.
ECONOMIST A person who studies the
economy
ECONOMICS A study of how choices are
made by individuals and
societies
The Economy affects Prices.
Market Economy:
An economy based on the laws of supply
and demand.
Demand: The willingness and ability of
consumers to buy goods and
services.
Supply:
The quantity of goods and
services producers are willing
and able to provide.
Demand > Supply =
Demand < Supply =
Prices
Prices
The Economy Affects Income
Wages = Hourly rate earned
Salary = annual income (monthly)
THE BUSINESS
CYCLE
PEAK
RECESSION
TROUGH
RECOVERY
Assignment
Explain the four stages of the Business Cycle in your own
words include the terms Recovery, Peak, Economic
Decline, Recession, and Trough
Costs of Education
Tuition
Fees:
The expenses paid by students
for the instruction at a school
Cover special expenses of
education programs not
included in the tuition.
Additional Money for incidentals
Food
Housing
Clothing
Transportation
Public or Private Education
Bachelor’s Degree = 4 yr college or university
Accredited: A college or university that is
certified to meet educational quality
standards.
Associate’s Degree = 2yr Community College
Career and Technical Schools
GRADUATE AND ADVANCED
PROGRAMS
Master’s Degree = Graduate Degree
Doctorate Degree = 3-7 years past a master’s
degree
Residency
What is the SAT?
 The SAT is the nation’s most widely used college
admission exam.
 Scholastic Aptitude Test
 http://sat.collegeboard.org/home
School
Private or Public
Cost
Rowan University
State (In State Cost)
13,018.00
Rowan University
Out of State
19,598.00
Penn State University
In State
12,284.00
Penn State University
Out of State
21,152.00
THE COST OF POST SECONDARY EDUCATION – Portfolio Assignment
ROWAN
Gloucester County College
How will you pay for Education and
Training
Loans and Grants:
1. Available from federal government, local banks, and
other lenders.
2. Financial Aid: money received from outside sources
to help pay for education.
3. Loans: Money borrowed and must be paid back
4. Grants: Money given to pay for education expenses
and does not have to be repaid.
FAFSA
FAFSA = Free Application for Federal Student Aid – is
completed and submitted online
1. Must be under 23.
2. Parents disclose income and assets
1.
2.
Assets: Money or things of value that are owned –
Savings accounts, house, car, stocks etc.
Interest – Money paid for the use of borrowed
money
 Subsidized Student Loans:
are loans which interest does not get paid
back until after graduation.
 Unsubsidized Loan:
are loans interest is charged from the time
the loan is taken.
 Private Student Loans.
Scholarships
A gift of money or other aide awarded to a student to
help pay for education
Partial Scholarships
Full Scholarships
http://www.finaid.org/scholarships
http://studentaid.ed.gov/types/grant
s-scholarships/finding-scholarships
Work Study Programs:
Students work on campus and are paid at contracted rates.
Money reduces the amount of the loan you must repay.
Work and Save
When applying for any type of aid there
are ethical issues to consider:
1. Ethics: set of moral values that people
consider acceptable.
2. Be truthful
3. Fill in all blanks
4.Use N/A = Not Applicable or Not
Available
Calculating the Increase in
Tuition Costs
Take out Chapter 1 Menu
The average tuition for a four year private college
increases by 5.9% from last year. The average cost last
year was $20,051. What is the average cost this year?
Current Year’s Cost = Last Year’s Tuition Cost X Percentage Increase
Increase in Tuition + Last Year’s Cost
Current Year’s Cost = $20,051 X .059
$1,183 + 20,051
$21, 234
Calculating the Increase in
Tuition Costs
Use this year’s tuition cost from above. If the tuition
increases by 6% for each of the next three years, what
will be the total tuition cost for the four years?
Current Year’s Cost = Last Year’s Tuition Cost X Percentage Increase
Increase in Tuition + Last Year’s Cost
Current Year’s Cost = $20,051 X .059
$1,183 + 20,051
$21, 234
Calculating the Increase in
Tuition Costs
YEAR
COST
1
$21,234.00
Total Cost
$92,890.50
2
Increase for Year 2 = $21,234.00 X .06 =1,274.04
Cost for Year 2 = $21,234.00 + 1274.04
= $22,508.04
3
Increase for Year 3 = $ $22,508.04 x .06 = 1,350.48
Cost for Year 3
= $22,508.04 + 1,350.48
= $23,858.52
4
Increase for Year 4 = $ $23,858.52x .06 = 1,431.51
Cost for Year 4
= $23,858.52+ 1,431.51
= $25,290.03