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PERSONAL FINANCIAL LITERACY

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Title: PERSONAL FINANCIAL LITERACY Author: Mary Kay Cunningham Last modified by: cunningham.m Created Date: 6/28/2011 6:17:53 PM Document presentation format – PowerPoint PPT presentation

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Title: PERSONAL FINANCIAL LITERACY


1
PERSONAL FINANCIAL LITERACY
2
What to expect
Money Management
Career Planning
Saving and Investment
Credit Management
Retirement Planning
3
READING ASSIGNMENT
  • Read Section 1.1 Personal Skills and the Job
    Market pg 2-8
  • Define new terms on a piece of paper or in a word
    document
  • Job Market Value
  • Skill Set Goal
  • Soft Skills On-the- job training
  • Hard skills self training
  • Job Description

4
Money doesnt grow on trees
5
HOW YOUR CHOICES AFFECT INCOME
  • CHAPTER 1

6
What is the JOB MARKET?
  • Job Market

The job openings available when you are ready to
go to work.
7
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
8
Hard Skills Soft Skills
Specific technical abilities which are measurable physical and mental abilities that allow you to complete a job Nontechnical skills needed by most workers for success on the job.
Installing a faucet Leadership skills
Preparing a spreadsheet Effective communication skills
Operating a machine Teamwork skills
Driving a vehicle Problem solving skills
Building a home Time management skills
9
Job Research
  • Online or library read about various jobs.
  • Outlook Handbook (OOH)
  • Published by the U.S. Department of Labor
  • Available online

10
Job Research (cont.)
  • Dictionary of Occupational Titles
  • http//onlin.onetcenter.org
  • An online searchable database.
  • Monthly Labor Review provides current
    information

11
Job Choices Affect Your Income
  • Experience

Training
Education
Increase Hard and Soft skills.
12
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.
13
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

14
Preparing for Lifelong Learning (cont)
  • How do you do this?
  • Continue Education
  • Professional Periodicals/Magazines
  • Webinars/Seminars.

15
Values and Goals Affect Your Job Choices
A principle that reflect the worth you place on
an idea or action
  • Values

Goals
A desired outcome based on ones values for which
a plan of action is carried out.
16
How does Education Affect Your Income
  • Formal Education

Attending classes Earn a degree
Informal Education
Takes place on the job.
17
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
18
Assignment
  • Complete Check Your Understanding
  • Vocabulary Terms Section 1.1 pages 2-8

19
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 ones values for which a plan of action is carried out.
Self Training 4. Learning new skills on your own by reading and practicing
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.
20
1-2 The Economy and Your Education
21
What is the ECONOMY?
  • All activities related to making and distributing
    goods and services in a geographic area or
    country.

22
ECONOMIST
A person who studies the economy
ECONOMICS
A study of how choices are made by individuals
and societies
23
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.
24
  • Demand gt Supply Prices
  • Demand lt Supply Prices

25
The Economy Affects Income
  • Wages Hourly rate earned

Salary annual income (monthly)
26
THE BUSINESS CYCLE PEAK RECESSION TROUGH
RECOVERY
27
Assignment
  • Explain the four stages of the Business Cycle in
    your own words include the terms Recovery, Peak,
    Economic Decline, Recession, and Trough

28
Costs of Education
  • Tuition

The expenses paid by students for the instruction
at a school
Fees
Cover special expenses of education programs not
included in the tuition.
29
Additional Money for incidentals
Housing
30
Public or Private Education
  • Bachelors Degree 4 yr college or university

Accredited A college or university that is
certified to meet educational quality standards.
Associates Degree 2yr Community College
Career and Technical Schools
31
  • GRADUATE AND ADVANCED PROGRAMS

Masters Degree Graduate Degree
Doctorate Degree 3-7 years past a masters
degree
Residency
32
What is the SAT?
  • The SAT is the nations most widely used college
    admission exam.
  • Scholastic Aptitude Test
  • http//sat.collegeboard.org/home

33
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
34
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.
35
FAFSA
  • FAFSA Free Application for Federal Student Aid
    is completed and submitted online
  • Must be under 23.
  • Parents disclose income and assets
  • Assets Money or things of value that are owned
    Savings accounts, house, car, stocks etc.
  • Interest Money paid for the use of borrowed
    money

36
  • 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.

37
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 ht
tp//studentaid.ed.gov/types/grants-scholarships/f
inding-scholarships
38
  • 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
39
  • When applying for any type of aid there are
    ethical issues to consider
  • Ethics set of moral values that people consider
    acceptable.
  • Be truthful
  • Fill in all blanks
  • Use N/A Not Applicable or Not Available

40
Calculating the Increase in Tuition CostsTake
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 Years Cost Last Years Tuition Cost X
Percentage Increase
Increase in Tuition Last Years Cost
Current Years Cost 20,051 X .059
1,183 20,051
21, 234
41
Calculating the Increase in Tuition Costs
  • Use this years 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 Years Cost Last Years Tuition Cost X
Percentage Increase
Increase in Tuition Last Years Cost
Current Years Cost 20,051 X .059
1,183 20,051
21, 234
42
Calculating the Increase in Tuition Costs
YEAR COST
1 21,234.00
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
Total Cost 92,890.50
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