Welcome to the

Real World

Welcome to the

Real World

Presented by Buffie Edwards

Welcome

AgendaAgenda

1. Planning Your Career 1. Planning Your Career

2. Job Interview2. Job Interview

3. Financial Transition / Life Planning3. Financial Transition / Life Planning

4. Social Life4. Social Life

5. Moving to a new city 5. Moving to a new city

6. Mental and Physical Health6. Mental and Physical Health

Planning Your Career Planning Your Career

Identify Potential Employers

What is Career Planning?

Career Planning Resources

Begin by assessing yourselfLearn about

the kinds of careers available

-Find the work that's right for you (Things to consider)

Most people want more than “just a job.” Career planning is the key to getting what you want from work for years to come.

Most people want more than “just a job.” Career planning is the key to getting what you want from work for years to come.

• Career planning helps you:

-Decide what type of career/job you want

-Determine the skills you need

-Discover ways to get those skills

-It gives you a better chance to get what you want from life. Careful planning can help you focus on jobs that are right for you.

-Lasting skills in evaluating yourself and your career opportunities. Career planning can be used throughout your life.

Career planning resources Informed choices about a new career depend on specific information.

Career planning resources Informed choices about a new career depend on specific information.

A placement/career office

A library reference

room

Part-time Work

Volunteer work, Internships and other training

programs

Skills and interest

inventories, Career libraries

Computer resources

Skills Work experience

Counselors Career Contacts

College credits

Workshops and seminars on

resumes, interview skills and other job-seeking skills.

Employment agencies

Understanding of what

certain jobs are really like

Contacts within a certain

field; salary

Begin by assessing yourself.Begin by assessing yourself.

• Think about your values. Consider which job rewards are most important to you. These may include: job security, status and respect, salary, personal achievement, helping others.

• Consider your ideal work environment. What job

characteristics do you most like or dislike? Being creative; working under pressure; making decisions; having varied tasks; working with the public; working indoors or out.

• Examine your personality. Everyone has personal traits that affect career choices. Be honest about identifying yours.

Con’tCon’t

• Recognize your skills and experience. Consider skills you may have gained and used in: past jobs, volunteer work, hobbies, school, and social situations. ( Identify the skills you’ve developed and not just the tasks you’ve completed.)

• Write out your own personal evaluation. List your values, preferred work environment, skills, interests, strengths and weaknesses. Be specific.

• Set priorities. What would be most important to you about a job? Personal achievement? Using a particular skill? A high rate of pay?

*Note: Check your library reference room, or ask campus placement personnel

about personality or skills inventories.

Learn about the kinds of careers available.

Learn about the kinds of careers available.

• Use people as a resource.

Talk to professors, co-workers, career

counselors, friends, neighbors, relatives and even previous employers. They may be able to tell you about different jobs, the skills needed to perform them and actual openings.

• Use written resources.

Check a library reference room or college placement service for resources that list job titles and the skills needed to do the job. Some examples:

■ Dictionary of Occupational Titles (DOT)

■ Occupational Outlook Handbook (OOH) old version

■ Professional journals■ Books and pamphlets on

specific careers.

Con’tCon’t

• Set up informational interviews.

One way to investigate a

particular type of work is to interview people who do it. Be prepared with some questions, and listen carefully to answers.

• Don’t limit yourself!

Try not to think in terms of a

specific job title. Think in terms of your skills—”I communicate ideas well” or “I enjoy complicated tasks.” You’ll find these skills useful in more than one job.

Once you’ve matched your skills and interests to specific types of work:

1. Write down your preferred types of work. Give yourself plenty of choices.

2. Set priorities—put your first choice first.

Next, find the job you want.Next, find the job you want.What type of organization do you want to work in?

What organizational style is best

for you?

Focus on transferable skills

Placement interviews

Federal state employment agencies

Job fairs

Small business; Nonprofit organization

Young company; established organization

Send out your resume

Newspaper and magazine ads

Government—local, state or federal

Fast-paced ; more predictable

Prepare for any interviews

Use any personal contacts you have

Large or medium-sized corporation

Formal-highly structured environment; less formal

Follow up with a thank-you letter

A school elementary, secondary or college

Accept help Keep up with your work

Build a network of career contacts

Build the career you

want

Job InterviewJob Interview

If you want to spruce up your appearance for the interview but can't afford new clothes, consider altering

an outfit you already have by pairing it with a different shirt, tie, blouse or

accessory. Even on a tight budget, you can find some real bargains out there. Think about what you need before you

go out shopping. Outlet stores and resale shops offer some great

treasures. For better or worse, looks can make a difference.

If you want to spruce up your appearance for the interview but can't afford new clothes, consider altering

an outfit you already have by pairing it with a different shirt, tie, blouse or

accessory. Even on a tight budget, you can find some real bargains out there. Think about what you need before you

go out shopping. Outlet stores and resale shops offer some great

treasures. For better or worse, looks can make a difference.

Prepare answers for open-ended questions, like, "Tell me about

yourself," by making a list of your skills and traits that match the employer's requirements. The

closer your skills and traits are to the job description, the better

chance you have of landing the job. You should leave the

interviewer with a clear picture of what you have to offer.

Prepare answers for open-ended questions, like, "Tell me about

yourself," by making a list of your skills and traits that match the employer's requirements. The

closer your skills and traits are to the job description, the better

chance you have of landing the job. You should leave the

interviewer with a clear picture of what you have to offer.

Preparing emotionally for the interview is as important as researching the

company. The right mood helps you perform at your best. Try these

suggestions for preparing emotionally: get moving -- go for a walk, run,

exercise, meditate, do yoga, stretch, dance, something -- activity gets blood flowing to your brain; sing your favorite

song while driving to the interview; repeat an inspirational phrase aloud that's meaningful for you; or simply

remember a timewhen you felt terrific.

Preparing emotionally for the interview is as important as researching the

company. The right mood helps you perform at your best. Try these

suggestions for preparing emotionally: get moving -- go for a walk, run,

exercise, meditate, do yoga, stretch, dance, something -- activity gets blood flowing to your brain; sing your favorite

song while driving to the interview; repeat an inspirational phrase aloud that's meaningful for you; or simply

remember a timewhen you felt terrific.

Emotional Prep

Emotional Prep

Know What You Offer

Know What You Offer

Look Better, Feel Better

Look Better, Feel Better

Financial TransitionFinancial Transition

Expenses Savings Investment Retirement

Student LoansIRA/401K/

Personal Savings(6-12 Months)

Stocks/ Bonds/CD/Land/

Real Estate/ Term Life Insurance

Relax/Travel

What is a Credit Score?What is a Credit Score?• A credit score is a mathematical model consisting of numerous

variables to estimate one’s credit risk. Commonly used model is called FICO® (named after its creator, the Fair Isaac Company).

• Your FICO ® credit score is used to evaluate your creditworthiness by giving you a certain amount of points based on the information contained in your credit report and your debt-to-income ratio. The highest score a person can receive is 850; the lowest is 300, but generally, a score of 660 or higher means your credit is considered to be good (but it could be improved).  A score below 620 means that you might have trouble obtaining credit or you will definitely have to pay a higher interest rate for the financing you do receive. 

• It should be noted that not every single lender uses the FICO ® model; however, the models they use are very similar to it.  Also, lenders vary in what is important to them in terms of loan approval.  One lender might place more weight on payment history, while another places more weight on income (http://www.bcsalliance.com/credit_creditscore.html).

Typical Credit Score Composition:Typical Credit Score Composition:

• 35% Past payment history• 30% Outstanding debt• 15% Length of credit history• 10% Recent credit applications• 10% Type of credit and loans you have• 100% TotalLate payments can reflect 60% of your score.

Do You Know the Score When It Comes to Your Credit?

Do You Know the Score When It Comes to Your Credit?

• What is Your Credit Rating? Grade Your Credit; Did you know that 75% of all mortgage lenders use a three-digit credit score to determine your loan eligibility?  This score is based on the information contained in your credit report. And the interest rate you will be charged is based on your credit score, so raising your credit score as little as 15 points could result in a lower interest rate and thousands in savings.  You can save anywhere from a few hundred dollars in credit card interest charges, thousands of dollars on your next car loan, and tens of thousands of dollars on a mortgage loan simply by improving your credit score as much as possible. 

• The information below offers general guidelines as to what your credit score might be.  Each lender sets its own guidelines for approving loans and issuing credit.  For this reason, the information below offers only general guidelines.  Your debt-to-income ratio also plays a role in determining whether or not you will be issued credit.  Some lenders require a debt-to-income ratio that may be higher or lower than those stated below.  

• The information below is based on the FICO scoring model, which ranges from about 375 to 900.  Other lenders might use their own in-house scoring systems or another scoring model. General rules to determine your credit score and creditworthiness are as follows:  

• A rating [Credit score 660 or higher] -- You can easily obtain financing at the best rate; you can get approved for a credit card online in a few seconds.  Note that a score above 700 means you have extremely good credit.

• Typical debt- to- income ratio:  Below 35%• Mortgage:  You have not been late with a payment in the last 24

months• Installment loan:  You have been 30 days late making payments 0

or 1 time within the last 12 to 24 months• Revolving credit:  You have been 30 or 60 days late with a payment

0 or 1 time in the last 12 to 24 months• Additional requirements:  Good/excellent credit during the last 2 to 5

years; no bankruptcy within the last 2 to 10 years (http://www.bcsalliance.com/credit_creditscore.html).

A ratingA rating [Credit score 660 or higher] -- You can easily obtain financing at the best rate;

you can get approved for a credit card online in a few seconds.  Note that a score above 700 means you have extremely good credit.

• Typical debt- to- income ratio:  Below 35%

• Mortgage:  You have not been late with a payment in the last 24 months

• Installment loan:  You have been 30 days late making payments 0 or 1 time within the last 12 to 24 months

• Revolving credit:  You have been 30 or 60 days late with a payment 0 or 1 time in the last 12 to 24 months

• Additional requirements:  Good/excellent credit during the last 2 to 5 years; no bankruptcy within the last 2 to 10 years

B ratingB rating [Minimum credit score 620] You can get approved, but not at lowest

rate.  You can get credit cards and such, but at a higher rate than someone with an A rating.

• Typical debt-to-income ratio:  Around 50%

• Mortgage:  You have been 30 days late with a payment 2 or 3 times in the last 12 months

• Installment Loan:  You have been 30 days late with a payment 2 to 4 times during the last 12 months

• Revolving credit:  You have been 30 days late with a payment 0 to 2 times in the last 12 month

• Additional requirements:  You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago

C ratingC rating [Minimum credit score 580]  Have trouble getting approved.  Very high rates.

The lender might ask you to get someone to co-sign for you.

• Typical debt-to-income ratio:  55% or higher

• Mortgage:  You have been 30 days late with a payment 3 or 4 times in the last 12 months

• Installment Loan:  You have been 30 days late with a payment 4 to 6 times during the last 12 months

• Revolving credit:  You have been 60 days late with a payment 2 to 4 times in the last 12 months

• Additional requirements:  If you filed bankruptcy, it was discharged 1 or 2 years ago

D ratingD rating [Minimum credit score 550]  Serious trouble getting approved.  Co-signor

required.

• Typical debt-to-income ratio:  Around 60%

• Mortgage:  You have been 30 days late with a payment 2 to 6 times in the last 12 months; and 60 days late 1 to 2 times during the last 12 months

• Installment Loan:  You have a few 90 and 120 day late payments during the last 12 months

• Revolving credit:  You have a few 90 and 120 day late payments during the last 12 months

• Additional requirements:  If you filed bankruptcy, was discharged within last 12 months

E ratingE rating [Credit score under 550]  Unlikely to be approved. 

• Typical debt-to-income ratio:  Around 65%

• Mortgage:  You have a pattern of 20, 60, 90 and/or 120 day late payments

• Installment Loan:  You have a pattern of 20, 60, 90 and/or 120 day late payments

• Revolving credit:  You have a pattern of 20, 60, 90 and/or 120 day late payments

• Additional requirements:  You may have a current bankruptcy or foreclosure

Telephone Numbers and Mailing Addresses of the Three major Credit Bureaus

Telephone Numbers and Mailing Addresses of the Three major Credit Bureaus

• Trans Union P. O. Box 1000, Chester, PA 19022  Tel:  800-888-4213 When ordering your credit report, you might be asked to provide the following

information:  First, middle and last name; current address; previous addresses for past two years; social security number, date of birth; current employer; phone number.  If you are not entitled to a free credit

report, you will need to pay them the applicable fee.

• Experian P. O. Box 9595, Allen, TX 75013-9595   Tel:  888-397-3742 Experian is the largest of the three credit bureaus.  When ordering your credit report,

you might be asked to provide the following information:  First, middle and last name; current address; previous addresses for the past five years; social security number, date of birth; spouse's name.  If you are not entitled to a free credit report, you will need to pay them the applicable fee.

• Equifax P. O. Box 740241, Atlanta, GA 30374  Tel:  800-685-1111 When ordering your credit report, you might be asked to provide the following

information:  Full legal name, address, social security number, most recent former address.  If you are not entitled to a free credit report, you will need to pay them the applicable fee.

Ask for a Lower Credit Card Interest Rate

Ask for a Lower Credit Card Interest Rate

• Telephone Scripts

Script 1:  I've visited the websites of several of your competitors, the ______ Bank and ______ Bank, and found that they are offering a _____ interest rate on purchases, which is _____ points lower than what I'm paying on my credit card.  Are you willing to give me that interest rate?

• Script 2:  I am requesting that you reduce my current interest rate of 16.9% to 8.9% so that it is in line with what is available in the current market. I feel this is a fair rate since at least three major credit card issuers, _________, _________, and _________ are offering it to new customers like me who have an excellent credit rating. 

• Script 3:   [Find out the current rate being offered at a credit card website and then lie and say] I have received a pre-approved offer in the mail from _______ Bank offering me a ____ interest rate card.  Can you beat or match that offer or do I have to transfer my balance to their credit card?

• Script 4:  I visited your website and noticed that you are offering a ____ rate to attract new customers. I have been an excellent customer of yours for __ years and would like to receive the same rate being offered to new customers.

• Script 5:  I was about to sign up for a new credit card at the _______ website and thought I would call you and ask for a lower rate before doing so.  If you don't give me that rate today I will transfer my balance from your card to theirs as soon as I hang up the phone (http://www.bcsalliance.com/credit_creditscore.html).

Ways to save moneyWays to save money• Gifts• Charitable contributions• Checks• Get a free checking account• Magazines and books• Swap services• Haircuts• Manicures/Massages• Cable television• Phone extras• Movie rentals• Dry Cleaning• Alcohol and tobacco products• Use coupons

• Frozen meals • Compare supermarkets• Buy generic• Buy day-old bread• Buy in season• Don’t eat meat every night• Brown bag it at work• Don’t buy what you don’t really

need• Don’t jump into purchasing a

new car unless necessary

Ways to Save Money: TaxesWays to Save Money: Taxes

• Send in next January’s mortgage payment early- If you make the mortgage payment in the current tax year, the interest can be deducted this year.

• Make an extra payment or two on your student loan—Doing this allows you to take the deduction on this years taxes.

• Pay your doctor and dental bills– You can use these payments to increase your medical expenses deduction.

• Sell loser stocks. Sell your worthless or near-worthless stock before the end of the year .

• Close your Roth IRA. If your Roth IRA turned out to be a loser, you can close the account and take it as a miscellaneous deduction.

Reduce Your Monthly Variable Expenses

Reduce Your Monthly Variable Expenses

• Although fixed expenses are hard to change without refinancing loans, selling off assets, etc., many variable expenses can be easily reduced or eliminated.   Lowering your variable expenses means giving up things you don't need and reducing the usage of goods and services you do need, such as food and clothing. You can also find ways to lower the cost of things you use everyday, such as electricity.

• Your goal in slashing variable expenses is to free up enough money to pay down your debt and avoid bankruptcy and credit counseling services.  You might have to live a very austere lifestyle until you reach your goal.

Action to TakeCurrent

Monthly CostBudgeted

Monthly CostMonthly Savings

Annual Savings

Eat fewer restaurant meals $160 $90 $70 $840

Give up Manicures $30 $0 $30 $360

Set clothing allowance at $60

per month$110 $60 $50 $600

Give up health membership $29 $0 $29 $348

Find lower auto insurance rate $140 $110 $30 $360

Cancel phone extras—call

waiting, caller ID$14 $0 $14 $168

Cut Bank of America credit

card interest rate$40 $20 $40 $240

Totals $523 $280 $243 $2916

Life PlanningLife Planning• Ann Perry will be forever grateful that her mother had the

foresight to sign a health care proxy and durable power of attorney for finances. “When my mother was critically ill, I used both of these several times,” recalls Perry, the author of The Wise Inheritor. “It has not only made life easier for me: I think it made life easier for her. She didn’t have to worry about whether the bills were being paid while she was so sick.”

• One of the most thoughtful legacies is peace of mind. No one wants to mar the memory of a loved one with “should have, could have, would have” arguments and “I think this is what Mom wanted but she never said” doubts. You can prevent that with the right advance directives and documents that ensure your own legacy is trouble-free.

Life PlanningLife PlanningA Will More than half of the adult population

in the United States dies without a will. This is downright irresponsible. If you die without a will – or intestate, in legalese – the laws of the state and the bureaucrats of your state government take over. The rules for distribution of assets are different for each state, and you may not wind up with things done the way you would have wanted.

A living will or health care directive

Equally important is the living will. Also known as a health care directive, a living will spells out exactly what medical measures you want to keep you alive should you become incapacitated. The agonizing Terri Shiavo case earlier this year showed how the absence of a living will could rip a family apart.

A health care power of attorney

A living will lays out your wishes with regard to medical care. A health care proxy – someone you love and trust – uses a health care power of attorney to make such decisions on your behalf if you become incapable of making them on our own.

A durable power of attorney for finances

*Although it is best to have these documents prepared by a lawyer who specializes in family-legal matters, you can take care of the basics on your own through available software, such as Quicken’s Will Maker Plus or Kiplinger’s Willpower or Legal Zoom. Web sites such as www.findlaw.com, and www.easylegalforms.com and also provide forms and advice.

A durable power of attorney for finances is a loved one who makes financial decisions on your behalf should you become unable to do so. It allows your agent to pay bills, sell stock, and even sell your home or business, based on the agent’s determination of what is in your best interests.

Be sure to discuss your plans with family members.

Remember checking and savings accounts

Moving to a new cityMoving to a new city

Must Do's

Change of Address form

Register to Vote

Learn the Laws

Purchase Term Life Insurance

Social LifeSocial Life

Join the Gym

Join a church

Book Clubs

Go to a Jazz Club

Attend Art Festivals/

Plays

Volunteer

Mental and Physical HealthMental and Physical Health

• Spirituality• Talk with family

members often• Talk with friends• Take time for

yourself• Aromatherapy • Journaling • Nutrition

• Walking• Yoga or Pilates• Bike riding• Play sports• Rollerblading• Swimming• Hiking• Nutrition

Thank you for your participation!Thank you for your participation!

I hope this information has given you some useful tips. If you have any suggestions for future seminar topics, please see Mrs. Edwards or another Student Support Services staff member.

If you are viewing this workshop online, please come by Student Support Services, 109 Eldridge Hall, and complete an Academic Seminar Evaluation form, so that we may have documentation of your program participation. You may also print this form online.

EXIT