Goal Setting
What is a Financial Goal?
Specific objectives (or goals) that are accomplished through financial planning.
What does a career assessment measure?
Determines a estimate for the best fit career based on the person's interest
Why do more and more people want to go to college these day?
Because many careers expect people to go take further education post high school.
Before you get paid what two things do you need to fill out?
W-4 and I-9
What are income taxes?
Payments that comes from you paycheck to the government.
What does SMART stand for?
S- Specific
M- Measurable
A- Attainable
R- Realistic
T- Time Bound
What does it mean for a career to contribute to you well-being?
Do you enjoy what you do each day?
What is interest?
The extra cost for borrowing money at a specific percentage rate.
What is the purpose of an I-9 and list at least two things you need to bring.
Used to prove citizenship
Need to Bring:
Passport
Driver's License
U.S Military Card
Social Security Card
Birth Certificate
What are benefits that taxes bring? (List at least four)
Road, Federal Financial Aid, Libraries, Parks, Scientific Research, Public Services, etc.
Which is an example of an unexpected event?
a. Jack is saving up for an apartment
b. Jack pays college fee each semester
c. Jack is looking forward to summer
d. Jack gets a raise in his job
d. Jack gets a raise in his job
Why is it important for you to choose the right career for you?
Because you will be doing this job for mostly the rest of your life. You want to be sure you actually enjoy doing it.
List at least two ways to earn money for college?
Loans
Work Study
Grants
Scholarships
What is your Net Income and how do you calculate it?
What you actually make after withholding.
Gross Income - Deductions = Net Income
What does the idea of allowance mean?
A number that corresponds to the amount of tax withheld from your paycheck.
Explain the difference between a Trade-Off and Opportunity Cost
Trade-Off: Giving up one thing for another
Opportunity Cost: The value of the next best alternative
When researching a identified career what should you look for? (List at least three)
Occupation-Specific Information
Current Job Availability, Future Outlook and Earnings
Occupation Flexibility and Advancements
Well-Being
Difference between a private and federal loan?
(list at least two)
Federal loans: have fixed interest rates, doesn't depend on credit score, aren't due until graduation, may qualify for subsidies, etc.
Private Loans: interest rates can vary, depends on credit score, many have to be paid while in school, not subsidized, etc.
What will you see on your paycheck studs at the Year to Date?
All the deductions added up through the year.
What must you do before April 15th and what are the consequences for not doing so.
April first is the deadline to file your taxes where you compare what you paid during the year vs what you were expected to pay.
What is wrong with this goal?
Max will earn up to $70 for a new video game. Max will help mow the lawns for his neighborhood to earn enough money by the end of the November.
Realistic- There is no opportunity cost listed
ex. Max will earn up to $70 for a new video game. Max will help mow the lawns for his neighborhood, instead of playing with his friends, to earn enough money by the end of the November.
When evaluating a career what should you consider? (List at least three)
Does the occupation match your interest and skills?
Do characteristics of this occupation match your values thus supporting your well-being?
Do the entry, median and potential wages match your desired standard of living?
Are you willing to complete the formal training required for this occupation?
How does the occupation rate based on other features that are important to you?
Tips for applying to scholarships (List at least four)
Give the scholarship sponsor what it wants.
Get involved with your community.
Look professional.
Use a scholarship search engine.
Don't ignore the optional questions.
Learn more about scholarship odds.
Apply to every eligible scholarship.
Look for essay contests.
Be passionate.
Think local.
List one pro and one con for each paying method: Paycheck, Direct Deposit, and Payroll Card
Paycheck: Pros- Touch and Feel, Control when deposited. Cons- Least Secure, Employee is responsible.
Direct Deposit: Pro- Know exactly when money will be in account, Won't get lost. Con- No direct check handling, Check online for accuracy
Payroll Card: Pro- Wage automatically loaded into card, Works like a debit card. Con- Card could be lost, May be fees.
What are the three pieces of information you provide to your employer through the W-4 Employee's Withholding Allowance Certificate?
Filing Status
Number of allowance you are claiming
How much additional income to withhold and send to IRS