education and advancement personal finance. objectives: after completing this lesson you will be...

Education and Advancement

Personal Finance

Objectives:

• After completing this lesson you will be able to:• Find resources to explore interests,

aptitudes, and abilities• Understand the importance of education

in furthering their careers• Choose the best college loan• Determine if you will make more money in

your intended career by going to college or going straight into the workforce.

Do Now: Debate

• Do you think a college degree is worth the cost?

PROS of a College Degree CONS of a College degree

1. 1.

2. 2.

3. 3.

Benefits

• Graduating from college can boost your income 60% compared to high school graduates.

Video

• https://corporate.troweprice.com/Money-Confident-Kids/Site/Educators/Teaching-Tools-And-Activities/Details/Talking-To-Kids-About-College-Video

Tackle setting career goals

• Interests and abilities: Figure out what you love to do

• Career path: map out your way to your chosen career and figure out the earning potential for your career.

• Get help: see a career counselor or other references

• Write down goals: give yourself a reasonable amount of time to complete these goals.

• And check yourself periodically to see how you are doing.

Planning your career

• If you had to get a job to support yourself tomorrow.• you probably would take the first job you could find in

order to start making money.

• Step back: if you had to start supporting yourself in 6 months: • get training for 6 months

• What is you had 2 years, • you could complete a certificate program

• The farther ahead you plan the better your choices at the end.

What are your Interests, Aptitudes,

and Abilities• Do you like helping people?

• Do you like solving a tough puzzle?

• Do you look forward to giving presentations?

Take a career test

Setting Goals and Priorities

• Explore your interests, likes and dislikes, and the type of work that appeals to you.

• Set goals:• look at priorities in life. • Is it worth using your free time to

explore?

Career Test

• http://www.yourfreecareertest.com

Analyzing Your Career Test

• Do you agree with the careers selected? Is this a good fit given your strengths, weaknesses, personality, and interest.

• Did you learn something new about yourself?

Going to College

• It is part exploration and part career foundation

• You are living away from your parents for the first time.

• Advise: take a course of interest during your freshman year and work to develop that into a four-year pursuit.

Internships, Apprenticeships,

and Cooperative Education More than 87 percent of college seniors have taken part in a paid or unpaid internship by the time they graduated.

Apprenticeships: where young people learn a trade in return for several years of service with the artisan. Plumbing, welding

Cooperative Education: involves college students, often in engineering, spending part of their school year at a company work site where they get a salary and work on projects with more and more similarity to what their work will be once they graduate

How to Pay for College?

• 1. Apply for Financial Aid

• 2. Apply for Grants

• 3. Apply for local Scholarships

• 4. Loans

• 5. Work a part-time job

Paying for Your Education or Training• Scholarships are awarded through essay contests and

other competitions.

• There is money available for residents of every state, all religious affiliations, and any academic interest.

• Once you are applying to a college or training program, the administration will help you apply for grants and scholarships directly from the institution.

• Any money not paid for by scholarship or grants can be paid for with student loans.

Paying for Your Education or Training• Families can take out student loans form their own

bank or credit union, but the loans may be more expensive than those obtained from the institution.

• Student loans are money that is deferred until graduation, or it can start from the time the money is borrowed. What are your interest rates?

• Federal loans: Stafford or Perkins loans have a lower interest rate.

• Loan providers like SalliMae corporation may give you a loan and then later be the company to which you repay your loan.

Other ways of paying for education

• Coverdell Education Savings Accounts: invested in long before your start college. These savings accounts can earn tax-free returns to pay for education. Your family can put $2000 per year into this account up until you turn 18 years old.

• State 529 plans is tax free contribution at the state and federal level.

Summary

• Going to college provides an avenue for you to explore your academic and career interests.

• College graduates have a higher yearly income and a greater lifetime earnings.

• College gives you a chance to network, improve your social skills, expand your extra-curricular activities, and a build a network of friends.

Exit Ticket

• What did you learn today?