Chapter 2: Career Planning Garman/Forgue Personal Finance Ninth Edition PPT slide program prepared by Amy Forgue and Ray Forgue.

Chapter 2:Career Planning

Garman/Forgue

Personal FinanceNinth Edition

PPT slide program prepared by Amy Forgue and Ray Forgue.

Copyright ©Houghton Mifflin Company. All rights reserved. 2- 2

Learning Objectives

• Identify the key steps in successful financial planning.

• Clarify your work-style personality.


Learning Objectives

• Analyze the financial and legal aspects of employment.

• Practice effective employment search strategies.


Career Planning

• Career: Lifework chosen by a person to use personal talent, education, and training.

• Career Planning: Finding employment that will use your interests and abilities and that will support you financially.


Key Steps in Career Planning

• Create your Career Goal and Career Plan.

• Clarify your interests

• Interest Inventories: Scaled surveys that assess career interests and activities.



• Review your – Abilities (Professional abilities, Aptitudes)

– Experiences

– Education and professional training



• Identify your values.

• Values: Principles, standards, or qualities, that you consider desirable.



• Consider costs, benefits, and lifestyle trade-offs.

• Align yourself with tomorrow’s employment trends.



• Take advantage of networking.

• Professional Networking: Making and using contacts with individuals, groups, and other firms to exchange career information.



• Target preferred employers.

• Preferred Employer: Employers that would suit you best.



• Be willing to change career goals and plans.

• Know your preferred work-style personality.


Financial and Legal Aspects of Employment

• Compare salary and living costs in different cities.

• Compare using city indexes.

• City Indexes: Comparing wages and cost of living for various employment locations.



• Place values on employee benefits.

• Nonsalary (or Employee) Benefits

• Place a market value on the benefit.



• Place a market value on the benefit.

• Calculate the future value of the benefit.

• Know your legal employment rights.


Effective Employment Search Strategies

• Assemble a resume.

• Resume– Chronological Format– Skills Format– Functional Format



• Identify job opportunities, such as:– Career Fairs

– Classified Advertisements

– Employment Agencies

– The Internet



• Write an effective cover letter.

• Cover Letter: Letter of introduction sent to a prospective employer to get an interview.



• Obtain strong reference letters.

• Apply!



• Interview for success.

• Job Interview: Formal meeting between employer and potential employee to discuss job qualifications and suitability.


Interview for Success

• Do some research before the interview.

• Compile revealing personal stories.

• Prepare questions to ask the interviewer.

• Prepare responses for anticipated interview questions.


Interview for Success

• Create positive responses to negative questions.

• Be ready for telephone interviews.

• After the interview, evaluate it and send a thank-you note



• Negotiate.

• Accept the job.


Top 3 Financial Missteps in Career Planning

People slip up in building and maintaining good credit when they do the following:

1. Don’t learn as much as possible about a company before going for an

interview.


Top 3 Financial Missteps in Career Planning

2. Change jobs and cash out employer-sponsored retirement savings plans, instead of leaving it there, transferring it to the new employer’s 401 (k) plan, or moving it to a rollover IRA account.

3. Fail to use the COBRA law to continue participating in the old employer’s medical health plan benefits for up to 18 months.


Good Money Habits in Career Planning

• Take the time to plan and make the effort required to obtain employment in your career.

• Identify your career planning values and live them in your selection of jobs and your performance at work.


Good Money Habits in Career Planning

• Do not miss an opportunity to continually enhance your education and professional training.

• Understand your preferred work-style personality

• Practice effective employment search strategies, especially interviewing skills.

Chapter 2: Career Planning Garman/Forgue Personal Finance Ninth Edition PPT slide program prepared by Amy Forgue and Ray Forgue.

Documents

career planning career

legal employment rights

career interests

career planning review

career goals

career information

key steps

professional training