Transcript Click to add title - Welcome to Troy University

Welcome
to the
Real World
Presented by
Buffie Edwards
Welcome
Agenda
1. Planning Your Career
2. Job Interview
3. Financial Transition / Life Planning
4. Social Life
5. Moving to a new city
6. Mental and Physical Health
Planning Your Career
-Find the work that's right for you (Things to consider)
What is
Career
Planning?
Career
Planning
Resources
Identify
Potential
Employers
Learn about
the kinds of
careers
available
Begin by
assessing
yourself
Most people want more than “just a job.” Career planning is the key to
getting what you want from work for years to come.
• Career planning
helps you:
-Decide what type of career/job
you want
-Determine the skills you need
-Discover ways to get those skills
-It gives you a better chance to
get what you want from life.
Careful planning can help you
focus on jobs that are right for
you.
-Lasting skills in evaluating
yourself and your career
opportunities. Career planning
can be used throughout your
life.
Career planning resources
Informed choices about a new career depend on specific information.
A
placement/
career office
Skills and
interest
inventories,
Career libraries
A library Part-time
reference
Work
room
Computer
resources
Counselors
Workshops and
seminars on
resumes,
interview skills
and other jobseeking skills.
Skills
Work
experience
Career
Contacts
College
credits
Contacts
of what
within a
certain jobs
certain
are really like
field; salary
Understanding
Employment
agencies
Volunteer
work,
Internships and
other training
programs
Begin by assessing yourself.
• Think about your values. Consider which job
rewards are most important to you. These may include: job security,
status and respect, salary, personal achievement, helping others.
• Consider your ideal work environment. What job
characteristics do you most like or dislike? Being
creative; working under pressure; making decisions; having varied
tasks; working with the public; working indoors or out.
• Examine your personality. Everyone has
personal traits that affect career choices. Be honest about
identifying yours.
Con’t
• Recognize your skills and experience. Consider skills
you may have gained and used in: past jobs, volunteer work, hobbies,
school, and social situations. ( Identify the skills you’ve developed and not
just the tasks you’ve completed.)
• Write out your own personal evaluation.
List your
values, preferred work environment, skills, interests, strengths and
weaknesses. Be specific.
• Set priorities. What would be most important to you about a job?
Personal achievement? Using a particular skill? A high rate of pay?
*Note: Check your library reference room, or ask campus placement personnel
about personality or skills inventories.
Learn about the kinds of careers
available.
• Use people as a
resource.
Talk to professors,
co-workers, career
counselors, friends,
neighbors, relatives and
even previous employers.
They may be able to tell
you about different jobs,
the skills needed to
perform them and actual
openings.
• Use written
resources.
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■
Check a library reference room
or college placement service
for resources that list job titles
and the skills needed to do the
job. Some examples:
Dictionary of Occupational
Titles (DOT)
Occupational Outlook
Handbook (OOH) old version
Professional journals
Books and pamphlets on
specific careers.
Con’t
• Set up informational
interviews.
• Don’t limit yourself!
One way to investigate a
particular type of work is to
interview people who do it. Be
prepared with some questions,
and listen carefully to answers.
Try not to think in terms of a
specific job title. Think in
terms of your skills—”I
communicate ideas well” or “I
enjoy complicated tasks.”
You’ll find these skills useful in
more than one job.
Once you’ve matched your skills and interests to specific types of
work:
1. Write down your preferred types of work. Give yourself plenty of choices.
2. Set priorities—put your first choice first.
Next, find the job you want.
What type of
What
Focus on
organization organizational transferable
do you want style is best skills
to work in?
for you?
Placement
interviews
Federal state
employment
agencies
Job fairs
Small
business;
Nonprofit
organization
Young
company;
established
organization
Send out
your resume
Newspaper
and
magazine
ads
Government
—local, state
or federal
Fast-paced ;
more
predictable
Prepare for
any
interviews
Use any
personal
contacts you
have
Large or
mediumsized
corporation
Formalhighly
structured
environment;
less formal
Follow up
with a thankyou letter
A school
elementary,
secondary or
college
Accept help
Keep up with
your work
Build a
network of
career
contacts
Build the
career you
want
Job Interview
Emotional
Prep
Preparing
emotionally for
Know What
You Offer
Prepare
answers for
the interview is as
important as researching
the company. The right
mood helps you perform
at your best. Try these
suggestions for preparing
emotionally: get moving -go for a walk, run,
exercise, meditate, do
yoga, stretch, dance,
something -- activity gets
blood flowing to your
brain; sing your favorite
song while driving to the
interview; repeat an
inspirational phrase aloud
that's meaningful for you;
or simply remember a
time
when you felt terrific.
open-ended
questions, like, "Tell
me about yourself,"
by making a list of
your skills and traits
that match the
employer's
requirements. The
closer your skills and
traits are to the job
description, the better
chance you have of
landing the job. You
should leave the
interviewer with a
clear picture of what
you have to offer.
Look Better,
Feel Better
If you want to spruce up
your appearance for the
interview but can't afford
new clothes, consider
altering an outfit you
already have by pairing it
with a different shirt, tie,
blouse or accessory.
Even on a tight budget,
you can find some real
bargains out there. Think
about what you need
before you go out
shopping. Outlet stores
and resale shops offer
some great treasures.
For better or worse,
looks can make a
difference.
Financial Transition
Expenses
Student Loans
Savings
IRA/401K/
Personal Savings
(6-12 Months)
Investment
Stocks/ Bonds/
CD/Land/
Real Estate/ Term
Life Insurance
Retirement
Relax/Travel
What is a Credit Score?
• A credit score is a mathematical model consisting of numerous
variables to estimate one’s credit risk. Commonly used model is
called FICO® (named after its creator, the Fair Isaac Company).
• Your FICO ® credit score is used to evaluate your creditworthiness
by giving you a certain amount of points based on the information
contained in your credit report and your debt-to-income ratio. The
highest score a person can receive is 850; the lowest is 300, but
generally, a score of 660 or higher means your credit is considered
to be good (but it could be improved). A score below 620 means
that you might have trouble obtaining credit or you will definitely
have to pay a higher interest rate for the financing you do receive.
• It should be noted that not every single lender uses the FICO ®
model; however, the models they use are very similar to it. Also,
lenders vary in what is important to them in terms of loan
approval. One lender might place more weight on payment history,
while another places more weight on income
(http://www.bcsalliance.com/credit_creditscore.html).
Typical Credit Score Composition:
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35% Past payment history
30% Outstanding debt
15% Length of credit history
10% Recent credit applications
10% Type of credit and loans you have
100% Total
Late payments can reflect 60% of your score.
Do You Know the Score When It Comes to Your
Credit?
• What is Your Credit Rating? Grade Your Credit; Did you know that
75% of all mortgage lenders use a three-digit credit score to
determine your loan eligibility? This score is based on the
information contained in your credit report. And the interest rate you
will be charged is based on your credit score, so raising your credit
score as little as 15 points could result in a lower interest rate and
thousands in savings. You can save anywhere from a few hundred
dollars in credit card interest charges, thousands of dollars on your
next car loan, and tens of thousands of dollars on a mortgage loan
simply by improving your credit score as much as possible.
• The information below offers general guidelines as to what your
credit score might be. Each lender sets its own guidelines for
approving loans and issuing credit. For this reason, the information
below offers only general guidelines. Your debt-to-income ratio
also plays a role in determining whether or not you will be issued
credit. Some lenders require a debt-to-income ratio that may be
higher or lower than those stated below.
• The information below is based on the FICO scoring model, which
ranges from about 375 to 900. Other lenders might use their own inhouse scoring systems or another scoring model. General rules to
determine your credit score and creditworthiness are as follows:
• A rating [Credit score 660 or higher] -- You can easily obtain
financing at the best rate; you can get approved for a credit card
online in a few seconds. Note that a score above 700 means you
have extremely good credit.
• Typical debt- to- income ratio: Below 35%
• Mortgage: You have not been late with a payment in the last 24
months
• Installment loan: You have been 30 days late making payments 0 or
1 time within the last 12 to 24 months
• Revolving credit: You have been 30 or 60 days late with a payment
0 or 1 time in the last 12 to 24 months
• Additional requirements: Good/excellent credit during the last 2 to 5
years; no bankruptcy within the last 2 to 10 years
(http://www.bcsalliance.com/credit_creditscore.html).
A rating
[Credit score 660 or higher] -- You can easily obtain financing at the best rate;
you can get approved for a credit card online in a few seconds. Note that a
score above 700 means you have extremely good credit.
•
Typical debt- to- income ratio: Below 35%
•
Mortgage: You have not been late with a payment in the last 24 months
•
Installment loan: You have been 30 days late making payments 0 or 1 time
within the last 12 to 24 months
•
Revolving credit: You have been 30 or 60 days late with a payment 0 or 1
time in the last 12 to 24 months
•
Additional requirements: Good/excellent credit during the last 2 to 5 years;
no bankruptcy within the last 2 to 10 years
B rating
[Minimum credit score 620] You can get approved, but not at lowest
rate. You can get credit cards and such, but at a higher rate than
someone with an A rating.
• Typical debt-to-income ratio: Around 50%
• Mortgage: You have been 30 days late with a payment 2 or 3 times
in the last 12 months
• Installment Loan: You have been 30 days late with a payment 2 to 4
times during the last 12 months
• Revolving credit: You have been 30 days late with a payment 0 to 2
times in the last 12 month
• Additional requirements: You have no 60-day late mortgage
payments; if filed bankruptcy, it must be discharged 2 to 4 years ago
C rating
[Minimum credit score 580] Have trouble getting approved. Very high rates.
The lender might ask you to get someone to co-sign for you.
•
Typical debt-to-income ratio: 55% or higher
•
Mortgage: You have been 30 days late with a payment 3 or 4 times in the
last 12 months
•
Installment Loan: You have been 30 days late with a payment 4 to 6 times
during the last 12 months
•
Revolving credit: You have been 60 days late with a payment 2 to 4 times
in the last 12 months
•
Additional requirements: If you filed bankruptcy, it was discharged 1 or 2
years ago
D rating
[Minimum credit score 550] Serious trouble getting approved. Co-signor
required.
•
Typical debt-to-income ratio: Around 60%
•
Mortgage: You have been 30 days late with a payment 2 to 6 times in the
last 12 months; and 60 days late 1 to 2 times during the last 12 months
•
Installment Loan: You have a few 90 and 120 day late payments during the
last 12 months
•
Revolving credit: You have a few 90 and 120 day late payments during the
last 12 months
•
Additional requirements: If you filed bankruptcy, was discharged within last
12 months
E rating
[Credit score under 550] Unlikely to be approved.
• Typical debt-to-income ratio: Around 65%
• Mortgage: You have a pattern of 20, 60, 90 and/or 120 day late
payments
• Installment Loan: You have a pattern of 20, 60, 90 and/or 120 day
late payments
• Revolving credit: You have a pattern of 20, 60, 90 and/or 120 day
late payments
• Additional requirements: You may have a current bankruptcy or
foreclosure
Telephone Numbers and Mailing Addresses of
the Three major Credit Bureaus
•
Trans Union
P. O. Box 1000, Chester, PA 19022 Tel: 800-888-4213
When ordering your credit report, you might be asked to provide the following
information: First, middle and last name; current address; previous addresses for
past two years; social security number, date of birth; current employer; phone
number. If you are not entitled to a free credit
report, you will need to pay them the applicable fee.
•
Experian
P. O. Box 9595, Allen, TX 75013-9595 Tel: 888-397-3742
Experian is the largest of the three credit bureaus. When ordering your credit report,
you might be asked to provide the following information: First, middle and last name;
current address; previous addresses for the past five years; social security number,
date of birth; spouse's name. If you are not entitled to a free credit report, you will
need to pay them the applicable fee.
•
Equifax
P. O. Box 740241, Atlanta, GA 30374 Tel: 800-685-1111
When ordering your credit report, you might be asked to provide the following
information: Full legal name, address, social security number, most recent former
address. If you are not entitled to a free credit report, you will need to pay them the
applicable fee.
Ask for a Lower Credit Card Interest
Rate
• Telephone Scripts
Script 1: I've visited the websites of several of your competitors, the
______ Bank and ______ Bank, and found that they are offering a
_____ interest rate on purchases, which is _____ points lower than
what I'm paying on my credit card. Are you willing to give me that
interest rate?
• Script 2: I am requesting that you reduce my current interest rate of
16.9% to 8.9% so that it is in line with what is available in the current
market. I feel this is a fair rate since at least three major credit card
issuers, _________, _________, and _________ are offering it to
new customers like me who have an excellent credit rating.
• Script 3: [Find out the current rate being offered at a credit card
website and then lie and say] I have received a pre-approved offer in
the mail from _______ Bank offering me a ____ interest rate
card. Can you beat or match that offer or do I have to transfer my
balance to their credit card?
• Script 4: I visited your website and noticed that you are offering a
____ rate to attract new customers. I have been an excellent
customer of yours for __ years and would like to receive the same
rate being offered to new customers.
• Script 5: I was about to sign up for a new credit card at the
_______ website and thought I would call you and ask for a lower
rate before doing so. If you don't give me that rate today I will
transfer my balance from your card to theirs as soon as I hang up
the phone (http://www.bcsalliance.com/credit_creditscore.html).
Ways to save money
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Gifts
Charitable contributions
Checks
Get a free checking account
Magazines and books
Swap services
Haircuts
Manicures/Massages
Cable television
Phone extras
Movie rentals
Dry Cleaning
Alcohol and tobacco products
Use coupons
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Frozen meals
Compare supermarkets
Buy generic
Buy day-old bread
Buy in season
Don’t eat meat every night
Brown bag it at work
Don’t buy what you don’t really
need
• Don’t jump into purchasing a
new car unless necessary
Ways to Save Money: Taxes
• Send in next January’s mortgage payment early-
If you
make the mortgage payment in the current tax year, the interest can be
deducted this year.
• Make an extra payment or two on your student loan—
Doing this allows you to take the deduction on this years taxes.
• Pay your doctor and dental bills– You can use these
payments to increase your medical expenses deduction.
• Sell loser stocks.
Sell your worthless or near-worthless stock
before the end of the year .
• Close your Roth IRA. If your Roth IRA turned out to be a loser,
you can close the account and take it as a miscellaneous deduction.
Reduce Your Monthly
Variable Expenses
• Although fixed expenses are hard to change without
refinancing loans, selling off assets, etc., many variable
expenses can be easily reduced or
eliminated. Lowering your variable expenses means
giving up things you don't need and reducing the usage
of goods and services you do need, such as food and
clothing. You can also find ways to lower the cost of
things you use everyday, such as electricity.
• Your goal in slashing variable expenses is to free up
enough money to pay down your debt and avoid
bankruptcy and credit counseling services. You might
have to live a very austere lifestyle until you reach your
goal.
Action to Take
Current
Monthly Cost
Budgeted
Monthly Cost
Monthly
Savings
Annual
Savings
Eat fewer
restaurant meals
$160
$90
$70
$840
Give up
Manicures
$30
$0
$30
$360
Set clothing
allowance at $60
per month
$110
$60
$50
$600
Give up health
membership
$29
$0
$29
$348
Find lower auto
insurance rate
$140
$110
$30
$360
Cancel phone
extras—call
waiting, caller ID
$14
$0
$14
$168
Cut Bank of
America credit
card interest rate
$40
$20
$40
$240
Totals
$523
$280
$243
$2916
Life Planning
• Ann Perry will be forever grateful that her mother had the
foresight to sign a health care proxy and durable power
of attorney for finances. “When my mother was critically
ill, I used both of these several times,” recalls Perry, the
author of The Wise Inheritor. “It has not only made life
easier for me: I think it made life easier for her. She
didn’t have to worry about whether the bills were being
paid while she was so sick.”
• One of the most thoughtful legacies is peace of mind.
No one wants to mar the memory of a loved one with
“should have, could have, would have” arguments and “I
think this is what Mom wanted but she never said”
doubts. You can prevent that with the right advance
directives and documents that ensure your own legacy is
trouble-free.
Life Planning
A Will
More than half of the adult population
in the United States dies without a will.
This is downright irresponsible. If you
die without a will – or intestate, in
legalese – the laws of the state and
the bureaucrats of your state
government take over. The rules for
distribution of assets are different for
each state, and you may not wind up
with things done the way you would
have wanted.
A living will or health
care directive
Equally important is the living will.
Also known as a health care directive,
a living will spells out exactly what
medical measures you want to keep
you alive should you become
incapacitated. The agonizing Terri
Shiavo case earlier this year showed
how the absence of a living will could
rip a family apart.
A health care power of
attorney
A living will lays out your wishes with regard
to medical care. A health care proxy –
someone you love and trust – uses a
health care power of attorney to make such
decisions on your behalf if you become
incapable of making them on our own.
A durable power of
attorney for finances
A durable power of attorney for finances is
a loved one who makes financial decisions
on your behalf should you become unable
to do so. It allows your agent to pay bills,
sell stock, and even sell your home or
business, based on the agent’s
determination of what is in your best
interests.
*Although it is best to have these documents
prepared by a lawyer who specializes in
family-legal matters, you can take care of the
basics on your own through available
software, such as Quicken’s Will Maker Plus
or Kiplinger’s Willpower or Legal Zoom.
Web sites such as www.findlaw.com, and
www.easylegalforms.com and also provide
forms and advice.
Be sure to discuss your plans with family
members.
Remember checking and savings accounts
Moving to a new city
Must Do's
Change of
Address form
Register to
Vote
Learn the
Laws
Purchase
Term Life
Insurance
Social Life
Join a church
Join the Gym
Book Clubs
Volunteer
Go to a
Jazz Club
Attend
Art Festivals/
Plays
Mental and Physical Health
• Spirituality
• Talk with family
members often
• Talk with friends
• Take time for
yourself
• Aromatherapy
• Journaling
• Nutrition
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Walking
Yoga or Pilates
Bike riding
Play sports
Rollerblading
Swimming
Hiking
Nutrition
Thank you for your participation!
I hope this information has given you some useful tips.
If you have any suggestions for future seminar topics,
please see Mrs. Edwards or another Student Support
Services staff member.
If you are viewing this workshop online, please come
by Student Support Services, 109 Eldridge Hall, and
complete an Academic Seminar Evaluation form, so
that we may have documentation of your program
participation. You may also print this form online.
EXIT