Personal Finance - Chapter 01

Chapter 1

How Your Choices Affect Income

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1-1 Careers in the Digital Age

​Team up with another student ... discuss what personal finance means to you!

Open Ended

What key words did your team come up with when discussing personal finance?

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A key component of personal finance is income. There are many sources of income; a primary source is through your job/career. Accordingly, let's start our journey in Personal Finance Management with a discussion on Careers in the Digital Age.

1-1 Careers in the Digital Age

​Computers, smart devices and the internet have been primary drivers of society's transition to the digital age. A byproduct of this period is the integration of technology into nearly every aspect of our lives.

​

Team up with one student, and brainstorm on the many ways technology influences your daily life.

Open Ended

What are some of the key words your team discussed in regards to how technology influences your day-to-day life? (5 words)

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Digital Age - opportunities and threats!

1-1 Careers in the Digital Age

Internet - instantly and readily available information.

Social media - gathering and sharing of information.

Data management - capture, processing, transmission and storage of data.

​With your partner, discuss specifically how the internet, social media, and data management can be valuable resources for researching career/job opportunities.

Open Ended

What key words (list 5) did your team come up with when discussing how technology can be utilized to help research career/job opportunities?

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Digital Age - opportunities and threats!

1-1 Careers in the Digital Age

Identity Theft - use of personal information for financial advantage or personal attack.

Invasion of Privacy - Unintentional sharing/availability of personal information.

Job/Career Erosion - through technology advancements.

With your partner, briefly discuss how technology might negatively effect career/job opportunities.

Technology and Change!

The advancement and convergence of technologies are influencing change at an accelerated pace. It's critical to stay informed.

• Be a lifelong learner—someone who actively seeks new knowledge, skills and experiences that will add to professional and personal growth throughout life.

• Seek out educational opportunities on technologies.

  • Upgrading—advance skills and knowledge to increase human wealth - your value to businesses/industry/society.

  • Retraining— constantly refine existing skills and knowledge to enable sustainment of employability and growth.

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1-1 Careers in the Digital Age

Personal Self-Assessment

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​As you navigate your life journey, it will be essential that you continuously evaluate your needs and values, to assure sustained effective personal finance management.

• Figure 1.1, on page 8 of your textbook, provides an example of a high school student's self-assessment.

• The primary purpose of self-assessment is to identify strengths and weaknesses to enable refinement of personal finance planning.

Take a few minutes to review Figure 1.1, and then share with your peer any thoughts you have.

1-1 Careers in the Digital Age

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Lesson II - The Job Market

• Job market refers to jobs available for workers.

• A skill set is the unique skills and abilities a person brings to the job market.

  • Hard skills are technical.

  • Soft skills are non-technical.

1-2 The Job Market

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What Is the Economy?

• The economy refers to all the activities

  related to making and distributing goods
  and services.

• A market economy is based on the law of supply and demand.

• The market price for an item is set at a point that consumers are willing to pay and sellers are willing to accept.

1-2 The Job Market

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Effects of the Economy on

Job Creation and Elimination

1-2 The Job Market

• Discuss with your peer how the economy might effect the job market and careers.

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How can the economy effect the job market?

1-2 The Job Market

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Learning about Job
Requirements

1-2 The Job Market

• Job title is the name of a job.

• Job description - describes what a job would be like.

  • Includes education, experience, hours, working conditions, location, etc.

Example: Baker

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What are the Costs of Education?

• Tuition is the expense paid by students

for instruction at a school.

• Fees are charged to cover special

expenses.
o Examples: technology, equipment,

supplies

• Living expenses include food, rent,

clothing, transportation, and housing.

1-2 The Economy and Your Education

Slide 8

How Will You Pay for Education
and Training?

• Loans and grants

o Examples: financial aid and subsidized

student loans

• Private student loans
• Scholarships
• Work-study programs
• Work and save

1-2 The Economy and Your Education

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Focus On . . .

Student Organizations

1-2 The Economy and Your Education

•

Explore careers of
interest.

•

Attend conferences.

•

Apply for scholarships,
grants, financial aid.

• Take part in community service activities.
• Network and form friendships.

Slide 10

How Can You Find Job
Openings?

• Social networks
• Job shadowing
• Cooperative work experience
• Counselors, teachers, placement centers
• Websites of businesses
• Job scout programs
• Employment agencies

1-3 Job Application Skills and Tools

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General Resume Guidelines

A resume is a summary of your work
experience, education, skills, interests.

•

Have a “master resume.”

•

Keep your resume to one page.

•

Tailor each resume to match job opening.

•

Keep resume simple and attractive.

•

List important information on top.

•

Proofread thoroughly.

1-3 Job Application Skills and Tools

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• Resume Guidelines:
• Parts of a Resume: personal contact information, a

qualification statement, education, experience,
additional qualifications or special items of interest (if
applicable).
– Referencesare people who have known you for at least a

year and can provide information about your skills,
character, and achievements. Should be on a separate
page. (one from education, work, and character)

• Scannable Resume: A scannable resume has been

designed for easy reading by a scanner and contains
key words from the applicant’s career field. Do NOT
use a template.

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The Cover Letter

A cover letter introduces you to a
prospective employer.

1-3 Job Application Skills and Tools

•

It is short and direct.

•

First paragraph says
why you are writing.

•

Second paragraph
points out qualifications.

•

Closing paragraph asks
for an interview.

A Reference Letter

• A reference letter is a statement attesting to

your character, abilities, and experience,
written by someone who can be relied upon to
give a sincere report.

• The letter should be on company letterhead.
• When you receive a reference letter, make

copies to give to potential employers

• Keep the original for your files because you

may need to make additional copies for other
job applications.

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Slide 15

How Do You Make Yourself
Stand Out?

• A job application is a form that asks you

basic information about your
background.

• A job interview is a face-to-face meeting

with a potential employer to discuss a
job opening.

• Follow-up is contact with a prospective

employer after the interview.

1-3 Job Application Skills and Tools

The Job Interview

• A job interview is a face-to-face meeting

with a potential employer to discuss a job
opening.
– Prepare for the interview.
– Make a good impression.

• Arrive on time.
• Dress appropriately.
• Be prepared–bring reference letters, resume, and transcripts

(school records listing the courses with your credits and
grades) .

• Appear self-confident.
• Think before you speak.
• Emphasize your strong points.
• Be enthusiastic.

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The Follow Up

• Follow-upis contact with the employer after

the interview but before hiring occurs.
– Thank-you letter:

• shows appreciation to the employer for taking time to

speak with you.

• brings you to the forefront of the interviewer’s mind,

providing a reminder of your qualifications and interest.

– Other Forms of Follow-Up:

• Stop by to check the status of your application.
• Call about the status of your application
• Send an e-mail similar to a thank-you letter.

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