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Sources of income and the relationship between income and career preparation.

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Title: Sources of income and the relationship between income and career preparation.


1
Sources of income and the relationship between
income and career preparation.
2
Review Statements
  • Education skills, economy conditions, supply
    and demand, plus the value of the work to society
    are factors that influence potential income.
  • Opportunity Cost is the cost of something in
    terms of an opportunity forgone (and the benefits
    that could be received from that opportunity), or
    the most valuable forgone alternative, i.e. the
    second best alternative.
  • Or the cost of a missed opportunity.

3
Sources of Income????
Source of Income
4
  • Pay check
  • Loans
  • Inheritance
  • Social security
  • Free Lunch or other government programs
  • Welfare, Food Stamps
  • Alimony
  • Child Support
  • Interest
  • Gift, Charity, Church
  • Part time job
  • Self Employment
  • Grants, Scholarships
  • Allowance
  • Found Money, Yard sales, Sale possession.

Sources of Income????
Source of Income
5
Factors that Influence IncomeEarning Power A
persons ability to earn money.
  • Analyze factors that affect income.
  • Income vs. Education
  • Lack of education limits your career choice and
    earning power

6
Income vs. Education
Educational Attainment U.S. Average Income (2001) Percentage of U.S. Population (2000) Percentage of Utah Population (2000)
Not high school graduate 16,234 19.6 12.3
High school graduate including GED 24,885 28.6 24.6
Some college no degree 28,264 21.0 29.1
Associate degree 33,644 6.3 7.9
Bachelors degree 48,892 15.5 17.9
Masters degree 63,205 8.9 8.3
Doctorate degree 86,036 8.9 8.3
Professional degree 96,779 8.9 8.3
7
Average earnings of year-round, full-time workers
age 25 to 34 years old
  • Highest Level of Education Average Annual
    Earnings
  • Less than 9th grade 15,875
  • 9th to 12th grade (no diploma) 20,915
  • High school graduate 25,655
  • Some college, no degree 29,310
  • Associate degree (2yr degree) 31,215
  • Bachelors degree or higher 48,190

8
Income vs. Education
  • Largest Numerical Increases in Occupations

Fastest Growing Occupations Education/Training Category Largest Numerical Increases in Occupations
?Veterinarians ?Pharmacists ?Chiropractors ?Optometrists ?Lawyers Professional Degree ?Lawyers ?Physicians and surgeons ?Pharmacists ?Clergy ?Veterinarians
?Computer and information scientists, research ?Medical scientists ?Postsecondary teachers ?Biological scientists ?Astronomers and physicists Doctorate Degree ?Postsecondary teachers ?Biological scientists ?Computer and information scientists, research ?Medical scientists ?Astronomers and physicists
?Audiologists ?Speech-language pathologists ?Mental health and substance abuse social workers ?Substance abuse and behavioral disorder counselors ?Physical therapists Masters Degree ?Educational, vocational, and school counselors ?Physical therapists ?Speech-language pathologists ?Psychologists ?Mental health and substance abuse social workers
?Computer and information systems managers ?Public relations managers ?Advertising and promotions managers ?Sales managers ?Medical and health services managers Bachelors Degree or higher plus work experience ?General and operations managers ?Computer and information systems managers ?Management analysts ?Financial managers ?Sales managers
?Computer software engineers, applications ?Computer software engineers, systems software ?Network and computer systems administrators ?Network systems and data communications analysts ?Database administrators Bachelors Degree ?Computer software engineers, applications ?Computer software engineers, systems analysts ?Elementary school teachers, except special education ?Network and computer systems administrators
9
Fastest Growing Occupations Education/Training Category Largest Numerical Increases in Occupations
?Computer support specialists ?Medical records and health information technicians ?Physical therapy assistants ?Occupational therapist assistants ?Veterinary technologists and technicians Associates Degree ?Registered nurses ?Computer support specialists ?Medical records and health information technicians ?Paralegals and legal assistants ?Dental hygienists
?Desktop publishers ?Fitness trainers and aerobics instructors ?Surgical technologists ?Respiratory therapy technicians ?Gaming dealers Postsecondary Vocational Award ?Automotive service technicians and mechanics ?Licensed practical and licensed vocational nurses ?Welders, cutters, solders, and braziers ?Hairdressers, hairstylists, and cosmetologists ?Fitness trainers and aerobics instructors
?First-line supervisors/managers of correctional officers ?Aircraft cargo handling supervisors ?First-line supervisors/managers of protective service workers, except police, fire, and corrections ?Private detectives and investigators ?Transportation, storage, and distribution managers Work Experience in Related Occupation ?First-line supervisors/managers of retail sales workers ?First-line supervisors/managers of construction trades and extraction workers ?First-line supervisors/managers of office and administrative support workers ?First-line supervisors/managers of food preparation and serving workers ?First-line supervisors/managers of mechanics, installers, and repairers
?Telecommunications line installers and repairers ?Actors ?Recreational vehicle service technicians ?Interpreters and translators ?Police and sheriffs patrol officers Long Term On-the-Job Training more than 12 months ?Cooks, restaurant ?Police and sheriffs patrol officers ?Electricians ?Carpenters ?Maintenance and repair workers, general
?Medical assistants ?Social and human service assistants ?Dental assistants ?Pharmacy technicians ?Ambulance drivers and attendants, except emergency medical technicians Moderate Term On-the-Job Training 1 to 12 months ?Customer service representatives ?Truck-drivers, heavy and tractor-trailer ?Medical assistants ?Executive secretaries and administrative assistants ?Social and human service assistants
?Personal and home care aides ?Home health aides ?Physical therapist aides ?Occupational therapist aides ?Veterinary assistants and laboratory animal caretakers Short Term On-the-Job Training 0 to 1 month ?Combined food preparation and serving workers, including fast food ?Retail salespersons ?Cashiers, except gaming ?Office clerks, general
10
Jobs and Educational Level
Jobs requiring an associates degree are expected
to grow 32 during 2000-2010.
11
Fastest Growing Occupations
Healthcare occupations account for 10 of the 20
fastest growing occupations, while computer
occupations account for 5 out of 20 in the
economy. These 15 computer and healthcare
occupations combined will add more than 1.5
million new jobs
12
Fastest Growing Jobs
The occupations listed will account for
approximately one-third of all new jobs from 2002
2012. This is over eight million jobs combined.
13
Largest Declining Jobs
Declining occupational employment stems from
declining industry employment, technological
advancements, changes in business practices, and
other factors. Increased productivity and farm
consolidations are expected to account for a
decline of 238,000 farmers and ranchers.
14
Factors that Influence IncomeEarning Power A
persons ability to earn money.
  • Income vs. Education
  • Workers Skills
  • competent work,
  • produce a good product,
  • ability to operate equipment,
  • implement knowledge and abilities

15
Factors that Influence IncomeEarning Power A
persons ability to earn money.
  • Income vs. Education
  • Workers Skills
  • 3. Conditions of the economy,
  • War,
  • terror,
  • unemployment,
  • scarcity,
  • acts of God

16
Factors that Influence IncomeEarning Power A
persons ability to earn money.
  • Income vs. Education
  • Workers Skills
  • Conditions of the economy
  • Supply and Demand
  • Scarcity and Abundance
  • World Trade

17
Factors that Influence IncomeEarning Power A
persons ability to earn money.
  • Income vs. Education
  • Workers Skills
  • Conditions of the economy
  • Supply and Demand
  • Value of the work to society How important is
    your profession or skill.
  • If you were to be on a deserted island for 15
    years, what occupations would you like the four
    people with you, to have?

18
Review Career Plan
  • What are the educational requirements?
  • Traits for the work place Worksheet. (Color in
    your skill level)
  • Income Potential
  • What skills will I need?
  • What will the cost and benefits of developing new
    skills be?
  • Time, energy, and money

19
How Do You Find The Career Of Your Dreams?
  • Study what interests you, and learn how that
    applies to life/careers.
  • Look at different jobs options, and figure out
    which job best fits you (intellectually,
    physically, and financially)
  • Once you figure out a career path you want to
    take, be aggressive in following it. Dont let
    opportunity pass you by.

20
Opportunity Cost
  • How does this relate to Opportunity Cost?
  • Making the effort right now for a good career and
    education will cost you time, energy, and money,
    but in the long run it will pay off and you will
    have more time and money. Hopefully that will
    give you energy to enjoy it.
  • Choosing one option may mean giving up altogether
    another goal.
  • Its a trade off!
  • Remember Invest in Yourself, it is Well Worth
    the Effort!!!

21
Complete Chart Information
Form of Employment Define Advantages Disadvantages
Employee
Self-Employed
Entrepreneur
22
Complete Chart Information
Form of Employment Define Advantages Disadvantages
Employee Worker who is hired to do a job. Little risk, not responsible for over-head costs. Expectations Time Clocks Make money for boss.
Self-Employed One who operates a business, profession, or a consultant. You are the boss set your hours and pay. Receive the benefits of profit-making. Responsible for over-head costs, taxes, employees and keeping business going.
Entrepreneur Practice of starting new businesses Youre the boss motivating, receive the benefits of profit-making. High risk. Must be motivated. Stressful hard on relationships.
23
Cost of Living for Selected U.S. Cities
Benefit Option Description
Base salary
Fringe benefits, also known as employee benefits
Opportunities for advancement and work incentives.
Employer provided services
Additional perks
Location and environment
24
Cost of Living for Selected U.S. Cities
Benefit Option Description
Base salary Dollar amount a person will receive in his/her monthly paycheck before taxes.
Fringe benefits, also known as employee benefits Additional compensation offered by a company beyond an individuals wage, salary, commissions, or other cash payments. Paid sick time, holidays and vacations, bonuses, health insurance, life insurance, workmans compensation, retirement, contributions, etc.
Opportunities for advancement and work incentives. Evaluate if a person can easily advance within the company and earn more money.
Employer provided services Gym memberships, flexible hours, merchandise discounts, child care, etc.
Additional perks Relocation allowances, company car, repayment of education loans or expenses, stock options, etc.
Location and environment Is the job in a desired community? Are the time and resources available to travel long distances to get to work? Does the community have a low crime rate, good schools and a desired climate?
25
Cost of Living Equation
  • 1 SARAS TWO JOBS
  • ?? 35,000.00, Reno, NV, 105.1 cost of living
    index
  • ?? 40,000.00, Anchorage, AK, 123.1 cost of
    living index
  • Index city 2
  • Salary in city 1 x ------------------------
    Equivalent salary in city 2
  • Index city 1
  • 123.1
  • 35,000.00 in Reno x --------------
    Equivalent salary in Anchorage
  • 105.1
  • 35,000.00 x 1.17 ?
  • 40,950.00 Equivalent salary in Anchorage

26
Cost of Living Equation 2
  • 2 JOES TWO JOBS
  • ?? 24,000.00, Denver, CO, 102.9 cost of living
    index
  • ?? 32,000.00, Seattle, WA, 148.2 cost of living
    index
  • Index city 2
  • Salary in city 1 x ------------------------
    Equivalent salary in city 2
  • Index city 1
  • 148.2
  • 24,000.00 in Denver x --------------------
    Equivalent salary in Seattle
  • 102.9
  • 24,000.00 x 1.44 ?
  • 34,560.00 Equivalent salary in Seattle

27
Cost of Living for Selected U.S.Cities
  • Refer to hand out

28
Complete the Comparing Job Offers worksheet
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