5/20/15 – br- of the 4 savings (investing) options mentioned on page 8 which one are you mostly...
TRANSCRIPT
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change1
5/20/15 –
BR- Of the 4 savings (investing) options mentioned on page 8 which one are you mostly likely to use? Why?
- Test, grades, etc- Ambassadors and this Saturday.4
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change2
To do – Yesterday
• Pick up new book.• Read pp. 3-8• Define: Interest, principal, saving,
investing, windfall• Complete activities 4.1 and 4.2• On page 8, analyze the 4 types of popular
savings options. What is it? Where can you get it? What are the pros and cons of the option
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change3
To Do (Today)
• Read pp. 9-11• Complete activity 4.3
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change4
Dips in IncomeTeen Income Challenges
• Irregular work hours
• Part-time hours• Low-paying jobs• Seasonal work• Temporary work
More Income Flow Challenges
• Reduced hours• Commission work• Job change• Interruption in work
situation:– Layoff– Fired– Disability leave– Unpaid leave– Military duty– Sabbatical– Personal choice– Incarceration
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change5
Preview
Today we will answer these questions:• How will my work situation impact my financial
status?• How do I manage my spending when my income
isn’t predictable?• How can I improve my chances of being hired
and keeping a job?• What is an entrepreneur?
Use what you learn todayto prepare for changes in your job status.
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change6
Dig the well before you are thirsty.
--Chinese Proverb
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change7
An Offensive StrategyFill your well• Build an emergency fund for a “rainy day”
• Control your debt load
• Have adequate insurance
• Be a valued employee
• Grow relationships rather than burn bridges
• Build a network personal references
• Watch for opportunities for additional income
• Build up skills; keep learning
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change8
Dealing with Down Times• Know and plan for the bottom line
– Determine minimal needs– Resist urge to blow the whole paycheck now
• Anticipate dry periods by setting aside money in advance– Average out occasional costs over the long-term– Spread seasonal income out all year
• Have emergency reserve to cover several months of expenses– Use only for emergencies– Make it #1 priority to replenish when dry spell is over
• Consider additional sources of income
• Have long-term savings goals in place so necessary big-ticket purchases don’t sneak up on you
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change9
Facts About Unemployment
• Job loss can’t be your fault
• Employer must approve unemployment benefits
• Collect weekly check up to 26 weeks if approved
• Check amount depends on state formula, usually no more than half of average weekly earnings
• Unemployment benefits are taxable income
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change10
LACE Up if Losing Your Job• Listen
– Reason for termination– Final instructions about pay and any benefits
• Ask– Assistance to help land another job– Final employee paperwork
• Confirm– Where to send final paycheck and year-end W-2 form– Any unemployment claim
• Elaborate– Inform creditors if challenged to pay bills during transition
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change11
Mind the Gap
Never lie
Never blame someone else
Keep learning and growing
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change12
7 Super Skills for Any Career
• Effective oral and written communication
• Critical thinking and problem-solving
• Collaborating and leading by influence
• Agility and adaptability
• Initiative and entrepreneurialism
• Accessing and analyzing information
• Curiosity and imagination
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change13
Jumpstart the Journey• Part-time or temporary jobs
• Training camps and courses
• Skill and career assessments
• Interview or shadow people
• Professional associations
• Career-related clubs
• Your own business
• Internships and volunteer work
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change14
Internships and Volunteer ExperiencePotential Earning Power:• Build skills and accomplishments for your
resume• Relevant work experience• Impressive references• Valuable connections• College credit• Perks• Full-time job
©2012 National Endowment for Financial Education | Lesson 3-5 Plan for Change15
Entrepreneur:
A person who takes the riskto start up and run a new
business