4th pre-event learning point

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4th Pre-Event Learning Point

SHOW ME THE MONEY

Important Consideration

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What is Your Idea for Your Quality of Lifestyle?

A New Truck: $25,000

A Nice Home: $150,000

A New Boat, Motor & Trailer:

$20,000

A New ATV: $5,500

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How Would You Pay for These Purchases?

• These Purchases Total about $200,000• Most People will Borrow the Money and Pay it

Back in Monthly Installments

How Much Will You Pay per Month on a Debt of $200,000?

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Home Loans

• Home Loans are Generally Long-Term Debts

• If You Select 30 Years to Pay it Back at an Interest Rate of 7% per Year

(Based on $150,000 at 7% Annual Interest Rate for 30 Years)

Your Monthly Payments on the Home will be $997.95 per Month

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Automobile Loans

• Auto and Boat Loans are Shorter in Duration

• These Loans Generally Run No Longer Than Five Years

Based on an Annual Interest Rate of 9% the Monthly Note on $45,000

($25,000 for the Truck plus $20,000 for the Boat)

for Five-Year Loan will be $850.33 per Month

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Total Loan Payment for Purchases

• The Total You Owe Each Month for Your Purchases is $1848.28

• This Does Not Include Utilities, Insurance, Furniture, Clothing, Food, or the Four

Wheeler

Also, Don’t Forget about the Cost for Laundry, Gasoline, and Car Maintenance

HOW WILL YOU PAY FOR THESE PURCHASES

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Your Income

• How Much Do You Take Home Each Month?

• Minimum Wage is $7.25 per Hour$1,257 Per Month

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Your Income

• This is Your GROSS Salary: $1,257• There are Deductions Your Employer

Must Withhold and Submit to the State and Federal Governments

• Federal Income Tax on $1,257 is $137*• FICA (Social Security) is 7.65% of $1257 =

$96*• State Income Tax on $1257 is $13*

*Based on Single Status With No Dependents

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Your Income

• You Started with $1,257 but after Taxes are Withheld You Have

$1,011

• For Your Home, Car and Boat: Your Monthly Notes Total $1,848.28

• The Total Payment for these Belongings is $22,179/ year

Can You Afford Them?

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Your Income

• Based on Minimum WageYou Cannot Afford The Items at a Cost of:

$1,848/month and $22,179/ year

What Can You Do?

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Earning More Money

Let’s Look at What a Difference it Makes When You Earn More Money

as Opposed to Minimum Wage:Hour Month Year

$15 $2,600 $31,200

$10 $1,733 $20,796

$7.25 $1,257 $15,084

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Earning More Money

WHAT ABOUT THE FUTURE WITH THESE PAY SCALES?What is the Long-Term Difference Between a

Better Paying Job and Minimum Wage in 10 Years

Hourly Pay Earnings Over 10 Years

$7.25 $150,840

$10 $207,960

$15 $312,000

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Earning More Money

WHAT ABOUT THE FUTURE WITH THESE PAY SCALES?

What is the Long-Term Difference Between a Better Paying Job and Minimum Wage in 40 Years?

Hourly Pay Earnings Over 40 Years

$7.25 $603,360

$10 $831,840

$15 $1,248,000

WHAT CAN YOU EARN

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Opportunities are Everywhere

The Different Types of Careers Are as Varied as the

Different Types of People In Any Given Room

The Pay for Technical Career Work can Vary from $16 per Hour for

Entry Level Workers to More than $50 per Hour for a Journeyman and Masters Worker

A Master Career Worker Can Make $100,000 Per Year With Overtime

A Master Career Worker has Mastered all the Job TasksA Journeyman Worker has Successfully Performed the Job Tasks for 3 Years

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What is the Pay for Technical Career

Average Salary of a Fully Trained Craft or Technical Career Worker

(based on current pay scales)

Frequency of Pay Value

Hourly $35

Weekly $1,404

Monthly $6,084

Yearly $73,008

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What Benefits can a Career Person Expect to Have from

a Job?Company Benefits Vary by Company

But are Generally As Follows:

• Health, Hospitalization, and Dental Insurance after a specified time with the employer

• Retirement/Savings Plan with company contributions

• Paid Vacation depending on years of service

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• Think of Your Career Interests• What Jobs are Available

• Choose a Discipline• Set Your Goals

• Pursue Your Goals• Master Your Discipline

• Continue Learning In Your Field –

WHAT CAN YOU DO TO MAXIMIZE YOUR POTENTIAL?

FOREVER

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YOU NEED TO DECIDE:

Do You Want Just a Job

OR

Do You Want a Career

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WORK TOWARD YOUR FUTURE

Now is the Time

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Step 1Think About Your Career

ChoiceWhat Jobs Are You

Interested In?

Step 2Set Your

Educational Goals and

Pursue Them

Step 3Find a Job in Your Field

Step 4 Become a Lifelong Learner: Keep up

with Changes in Your Field

Maximizing Your Potential

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There is a Demand for Eager Workers

ANDThe Job Market is Growing

Your Future Can Be In Southwest Louisiana

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To Access the Supplemental Resources:

Click: http://www.cpsb.org/(Parents/Students Tab; Career and Technical Information

Link; 2011 Career Discovery Day Pre-Event Lesson Plan Link)

Module Design by Bob SmithLa Pigment, Lake Charles337.882.7226