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Personal Finance

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Title: Personal Finance


1
Personal Finance
  • Career Choices and Personal Finance

Created by Dr. Jim Wilson and Rebecca Rose, CVT
2
Thank you for inviting me!
  • Graduate of CMC 1987
  • VPI Veterinary Field
  • Co-Author
  • Practice Manager
  • CACVT/NAVTA member
  • L.L.L.

3
Money Value of Planning
  • Topics to be covered
  • Career Options for Veterinary Technicians
  • Benefits Packages
  • Determining income for these career options
  • Then, Create a Budget! This will be an
    eye-opening experience
  • Lastly, review effects of maximizing income and
    minimizing debt.

4
Reasons For Financial Failure
  • 1. Procrastination
  • 2. Failure to establish
  • Career Money Goals
  • 3. Ignorance about money - parents are neglecting
    to educate their children schools are failing
    its students
  • 4. Failure to learn about our tax laws
  • 5. Failure to develop a winning mentality

5
Reasons for Financial Success
  • Start Now
  • Create Money and Career Goals, Now
  • Understand concepts regarding Money, Now
  • Learn about Tax Laws, Now
  • Manifest a winning mentality
  • Attitude is Everything!

6
Self Help Reading Materials
  • You Dont Have to be Rich
  • Money Magazine
  • Investing from Scratch
  • The Millionaire Next Door
  • Courage to Be Rich
  • Money Makeovers
  • Savvy Investing for Women
  • Prince Charming Isnt Coming
  • The Richest Man in Babylon
  • Excuse Me, Your Life is Waiting!

7
The Richest Man in Babylon
  • Proper preparation is the key to our success.
    Our acts can be no wiser than our thoughts. Our
    thinking can be no wiser than our understanding.
  • The Secret, www.thesecret.tv
  • Power of intention, setting your tangible goals.
    Create, believe, receive.

8
Preparing Todays Veterinary Technicians
  • For A Nontraditional Future

9
Benefits
  • Worth their weight in gold!
  • While interviewing, establish benefits package.
  • Identify its value.
  • Deducted from paycheck before taxes are figured,
    decreases your tax load.
  • Get it in writing.
  • Seasoned veterinary technician, may ask for an
    increase in benefits, instead of a raise.

10
  • Find an example of an ad with a great benefits
    package

11
Income Benefits
  • Lets compare 6 career options
  • 1. Government Service
  • 2. Corporate Industrial Employment
  • 3. Academic Pursuits
  • 4. Private Veterinary Practice
  • 5. Business Management
  • 6. Self-Employment

12
Government Career Options
  • Military
  • National
  • State
  • Local Community

13
Military Services
WWW.todaysmilitary.com
  • Veterinarians are used in all aspects of the
    military. Therefore technicians are being
    utilized as well.
  • Bioterrorism
  • Health of working animals in the military
  • Agriculture and aspects of maintaining healthy
    herds and environments
  • Educating different social groups regarding
    animal health
  • Specialty and AAHA facilities.

14
Every Branch of the Military
  • Animal Care Specialist (68T)
  • Veterinary Food Inspection Specialist (68R)
  • Enlisted and Civilian jobs available

15
Unites States Department of Agriculture
  • EPA
  • Smithsonian (Zoo)
  • National Marine Fisheries
  • National Marine Mammal Laboratory
  • FSIS
  • APHIS
  • ARS
  • CSREES
  • ORACBA

FSIS Food Safety Inspection Service APHIS
Animal and Plant Health Inspection Service ARS
Agricultural Research Service CSREES Corporate
State Research, Education, and Extension
Service ORACBA Office of Risk Assessment and
Cost-Benefit Analysis EPA Environmental
Protection Agency
16
Department of Health and Human Services
  • FDA CVM GMs
  • NIH
  • ATSDR
  • FDA PHA
  • CDC

FDA CVM GM Food and Drug Administration Center
for Veterinary Medicine NIH National Institutes
of Health ATSDR Agency for Toxic Substances and
Disease Registry FDA PHA Food and Drug
Administration Public Health Advisory CDC
Centers for Disease Control
17
Department of Interior
  • Fish and Wildlife Service
  • Division of Wildlife
  • Geological Survey
  • Bear Research!!
  • One Regret in life!

18
State Career Options
  • State Veterinarians Office
  • State Association Management
  • University Extension Office Agent
  • Brand Inspection
  • Veterinary State Board
  • Investigations
  • Lobbyist

19
Benefits, Government
  • Health insurance
  • Dental insurance
  • Government provides disability life insurance
  • Retirement benefits- excellent-will match up to
    5
  • CE training
  • variable with agency
  • some excellent, some fair
  • Professional dues, licensure fees
  • Excellent relocation benefits with protection for
    sale of home
  • Will pay for further education
  • Vacation
  • Sick Leave
  • Super Benefits Package!

20
Corporate Industrial Services
WWW.pfizerhealth.com WWW.petinsurance.com WWW.hill
spet.com WWW.merial.com WWW.VMC-inc.com Literally
thousands to choose from!
21
Corporations
  • Pet food manufacturers
  • Hills Pet Nutrition
  • State Rep, veterinary technician, masters degree
  • Purina
  • Iams
  • Pharmaceutical manufacturers
  • Novartis
  • Fort Dodge
  • Biologicals manufacturers
  • Pfizer
  • 40,000-50,000 plus commissions, with experience,
    business degree, sales background, did I mention
    technician experience, and a winning team
    attitude!

22
Corporations
  • Biotechnology Companies
  • Veterinary Pet Insurance Company
  • Currently hiring for a position in Denver
  • Ask me more.
  • Equipment Manufacturers
  • Dental Equipment
  • Radiology
  • Exhibit Halls are a FANTASTIC place to begin
    Networking! Cruise the Halls! It can be extremely
    enlightening! Take a resume with you.

23
BenefitsCorporate Industry Services
  • Group health / disability / life insurance-common
  • Retirement plans Profit sharing 401K plans
  • Continuing education / training programs
  • Vacation
  • Reimburse on personal expenses
  • Personal Development
  • Employee Appraisals

24
Academic Careers
You have a great resource at your doorstep. Ask
your teachers how they were directed into
education!
University Veterinary Technician Human Medical
Research Educator 54,000.00
25
Private Practice
  • Choose the type of Practice you want to work
    with, paying your desired income and offering
    you benefits.
  • There are great mom pops, there are also
    corporate entities and high tech/high touch
    Specialty Practices.
  • For every one technician graduating, there are
    nationally four clinics seeking your skills.

26
NAVTA TNJ-Convention Issue
  • Weve made it to the top ten!
  • Money Magazine lists veterinary technicians as
    one of the top ten growing fields!
  • Money.cnn.com/magazines
  • 35.32 Job Growth

27
Specialists
  • Veterinary Technician Specialties
  • The next step to advance technicians into the
    new century, and NAVTA's Committee on Veterinary
    Technician Specialties is the governing body for
    granting specialty status.

28
Specialties-Check em Out!
  • Academy of Veterinary Emergency Critical Care
    Technicians (AVECCT)
  • Academy of Veterinary Technician Anesthetists
    (AVTA)
  • Academy of Veterinary Dental Technicians (AVDT)
  • Academy of Internal Medicine for Veterinary
    Technicians

29
Academies, Career Options and Advancements
30
Pay, Private Practice
  • CACVT 2005 Survey Says
  • Technicians
  • 75 12-14 per hour
  • Average age 25-30
  • Office Managers
  • 16-18 per hour
  • Technician Supervisors
  • 14-16 per hour

31
NAVTA 2003 Survey
  • Next Survey will be done this summer
  • 2003 Part One
  • Incomes have increased since 1991
  • 19,200 to 30,500
  • 2003 Part Two
  • Divides the US into Regions
  • Northeast salaries the highest
  • 2003 Part Three
  • 78.5 of employers pay for CE
  • www.navta.net/news_events/index.php

32
Benefits, Private Practice
  • Highly variable some or all benefits negotiable
  • Discuss this at the time of the initial interview
    and get it in writing!

33
Practice Management
WWW. VHMA.Org CVPM available after 3 years of
studies Veterinary Technologists graduate with an
emphasis in practice management. Four years of
schooling with technician skills, great
combination! Michigan State and others offer this
degree.
34
Practice Management
  • Hospital Manager
  • Hospital Administrator
  • Accounting and Human Resource Challenges
  • 4. Purchasing Inventory
  • 5. Policy Procedure Manuals
  • 6. Training/Mentoring
  • 7. Leading by Example!

35
Management Benefits
  • Highly variable some or all benefits negotiable
  • Unique situation in that you oversee the
    benefits!

36
Self Employment
  • Veterinary Relief Technician
  • Pet Sitter
  • Pet Ambulance Service
  • Assisted Living Pet Health Attendant
  • Free Lance Writer
  • Consultant
  • Advisor
  • The possibilities are ENDLESS!

37
Negotiations
  • Dont sell yourself short.
  • Don't settle for what the clinic offers if it's
    too low. Negotiate a better (but reasonable)
    salary. Like, I'll take your 12/hr for the first
    60 days. Then if I work out, let's go to 13/hr
    right away. Put it in writing.
  • Denise Mikita, CVT
  • CACVT Administrator

38
Private Practice
Technician Salary Guide 2004 US Bureau of
Labor Mean Salary Range 16, 170.00- 33,
750.00 Median Salary 23,588.00 Certification/R
egistration/Licensure may be required. Students
earning Bachelor degrees usually garner higher
salaries.
39
Specialty Practices
  • Cardiologist, Ophthalmologist, Orthopedics,
    Emergency, and others.
  • Alternative Medicine
  • Integrative Veterinary Practices
  • Salary ranges vary

40
Landing your First Job
  • Resume, cover letter and first impression.
  • Job postings, promote yourself! Enhance with
    volunteering, multi-tasking, diverse background.
  • State and National VMA and VTA
  • VetRelief.com
  • WhereTechsConnect.com
  • Free for technicians to post!
  • Resume writing, interview prepping

41
Career Opportunities
42
Expand Your Opportunities
There are numerous ways to post your
resume. There are 100s of sites for job postings!
43
Career Builders Resource
  • Salary Calculator
  • http//www.cbsalary.com/salary
  • Interesting articles include
  • Fight the Good Fight
  • Supercharge your Job Search
  • Strange but True Job Hunting Tactics

44
  • Find a Job
  • Post a Résumé
  • Set Up A Job Alert
  • My CareerBuilder
  • Articles Advice
  • Job Search
  • College Grads
  • Changing Jobs
  • Workplace Issues
  • Cover Letters Résumés
  • Training Certification
  • Interviewing
  • Work/Life Balance
  • Attend a Career
  • More Careers Future Blue Collar
  • Top 50 Salaries
  • Goals for Every Age
  • Job Hunting Myths
  • Get Salary Info

45
Ten Commandments of Financial Happiness
Thou shall do!
  • 1. Get organized
  • 2. Pay bills as they arrive
  • 3. Keep tabs on cash
  • 4. Save gt 5 of what you earn
  • 5. Protect your family
  • 6. Minimize credit card debt
  • 7. Do unto others
  • 8. Spend sensibly
  • 9. Start working toward your goals
  • 10. Communicate

46
To Enjoy Life, You Do Have TO Live Within Your
Means, BUT
47
Down Dirty!Lets Create a Budget!
48
Comment from a Budget Planner
  • I started preparing the budget for my husband and
    me by estimating our current expenses. While
    doing that, I realized we have been using Quicken
    to track our credit cards and bank accounts, thus
    I could produce a report of our spending in
    various categories.

49
Comment From Budget Planner
  • When we did that, I was amazed at how inaccurate
    my guesses were! Especially food,
    gifts,entertainment, daily expenses.
  • I would definitely recommend that anyone planning
    a budget track his/her spending for a few months
    to get a better idea of the numbers. This
    assignment really opened my eyes!

50
Budgets
  • Colorado State Web Site NEW
  • Personal Financial Simulator
  • www.cvmbs.colostate.edu/vth/dlee/finsim
  • This is a fantastic financial tool!
  • I challenge you to use it.

51
Determining Your Financial Needs
  • What are your Needs!
  • Different than you Wants!

52
When It Comes toEmployment Opportunities
  • Before initiating an interview, whats the first
    question that must answer?
  • What do you need?

53
Determine where the money is going!
Monthly expenses, paid out routinely. Scribble in
some guesses on your spending plan, estimates.
We will review in a few more minutes.
54
Paid In Your Zip Code
  • Use www.salaryexpert.com for high, low, and
    average salaries in your neck of the woods
  • First, select veterinarian technician from the
    drop down box under the Select a Job heading
  • Next enter a Zip Code for desired location
  • Hit Search
  • Hit View a Basic Report
  • Gives you a ballpark figure to start with

55
AAHA Press 2002 Edition 800-883-6301
56
Compare Apples with Apples, Tally The Value Of
Your Total Compensation Package
57
Where Money Goes Within a Veterinary Practice
Im sure I saw eyes roll! Yes, it is in your best
interest to understand management In your place
of employment!
58
Determining What You
  • OWE

Do you know the interest rate on loans? Makes a
huge difference as to how much it costs you!
1. Student Loan 2. Car Payment 3. Rent/Home 4.
Computer 5. Credit Card debt
59
Managing Whats Owed
  • www.salliemae.com
  • Enter social security number and access your
    account
  • www.kheaa.com to find
  • Calculators
  • Forms for Loan Deferments

60
Nitty Gritty, Income and Salaries
  • As you can see, the salaries vary greatly.
  • If an employer offers you 12.00/hour what does
    that equate to for a year?
  • Do your homework
  • Hone your technical skills
  • Practice communication skills (an entire seminar
    within itself)
  • Find the niche that you are drawn to
  • Personality tests are good, helps to set a
    direction
  • Military sight actually has a personality test,
    use it!
  • www.todaysmilitary.com

61
Lets Do It!
  • Kawabunga, dude!
  • Create the budget
  • Realistic
  • What did we learn?
  • Who lives within their means?
  • How will this affect your life, now, 2 years from
    now, 5 years from now?

62
Starbucks Example
  • Starbucks example. 4.50x418x52? Per year?
  • 972.00 per year!
  • Laundry per year?
  • Movie Rental per year?
  • Cigarettes per year?
  • Beer per year?
  • Savings per year?
  • Savings gives you OPTIONS! Home vs Rent

63
Life Is All About Choices
  • The problem is that without financial
    independence, there are very few CHOICES.
  • Thats why money, and its value over time, is
    such an important part of LIFES GREAT PLAN

64
Cutting Expenses
  • Dont borrow more than needed
  • Share a residence
  • Find work that includes housing as a condition of
    employment
  • Every 3 months compare your budget with reality
  • Cut up your credit cards
  • Starbucks example. 4.50x418x52? Per year?

65
Personal Finance
  • The Time Value of Money

66
Charles Schwabb
  • Compounding Example
  • This is amazing!
  • Rule of 72
  • Time it takes to double your money with a given
    interest rate
  • Simply divide the interest rate by 72
  • 72 divided by 8 will take 9 years to double
  • Why is this important?

67
Concepts to Learn
  • Time Value of Money As Applied to
  • Practice Management
  • Your Salary
  • Saving Money
  • Paying Down Debt

68
Office Visit Exam
  • If the fee for this service followed the Consumer
    Price Index, and was 7 in 1967, what should it
    be in 2004?
  • A dollar times the postage stamp - 39
  • CPI rose 530 between 1967 and 2002
  • Of course, this also assumes the quality of the
    exam time it takes to complete it is the same
    as it was 37 years ago b/c the quality and speed
    of mail delivery HAVE NOT CHANGED
  • But have quality time for exams changed?

69
How Can I Save?
  • Savings accounts
  • Certificates of deposit
  • Real estate
  • Own a Veterinary Practice, it is possible in most
    states
  • Individual Stocks
  • Mutual Funds vs. Index Funds
  • Bonds
  • Commodities gold, silver, pork bellies

70
Time Value Of Money
  • Paying Down Debt

Paying off Student Loan vs Savings Account or
Home Appreciation 6 Loan interest vs 15 real
estate investment. Rule of 72 applied to loans
and investments
71
Should You Pay Down Debt or Save for the Future?
  • Example in your hand outs

72
A Great Budgeting Investment Primer
73
This book changed the way I plan, live, and
enjoy my life. Sharon F. Grace, DVM,
ACVIM Mississippi State
74
Living Without Debt
75
Do Not Become Consumed By A Desire For More
  • Its Unlikely That More Will Make You Happy
    (happier, maybe)
  • Live within your means and invest for the
    long-term.

76
Thank You!
  • Live Well and Prosper!
  • Live Life Large
  • Breech the Envelope/Think Outside the Box
  • Veterinary Pet Insurance wishes you
  • the very best in your new career!
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