Personal Finance Chapter 2

Job Work that you do mainly to earn money
Career Commitment to work in a field that you find interesting and fulfilling
Standard of Living A measure of quality of life based on the amounts and kinds of goods and services a person can buy.
Trends Developments that mark changes in a particular area.
Potential earning power The amount of money you may earn over time
Aptitudes Natural abilities that people possess
Interest Inventories Tests that help you identify the activities you enjoy the most
Demographic Trends Tendencies of people grouped by AGE, GENDER, ETHNICITY, EDUCATION, OR INCOME over time
Geographic Trends Tendencies of people moving form one area of the country to another as financial centers shift location
Service industries Businesses that provide services for a fee
Internship A position in which a person receives training by working with people who are experienced in a particular field
Cooperative education Programs that allow students to enhance classroom learning with part-time work related to their majors and interests
Networking A way of making and using contacts to get job information and advice
Informational interview A meeting with someone who works in your area of interest who can provide you with practical information about the career or company you are considering
Resume A one or two page summary of your education, training, experience, and qualifications
Cover letter The personal letter that you present along with your resume
Cafeteria-Style employee benefits Programs that allow workers to choose the benefits that best meet their personal needs
Pension plan A retirement plan that is funded at least in part by an employer
Mentor Experienced employee who serves as a teacher and counselor for a less-experienced person
List some of the personal issues you will need to consider when planning your career. your aptitudes, interests, personality and current personal situation
Describe factors that affect your potential earning power. The more education and training you have, the greater your potential earning power will be. Also, the field of study you select will affect your salary.
Explain how current demographic trends might influence your choice of career. Employment opportunities are affected by social influences, such as demographic trends, geographic trends, and economic factors, as well as industry and technology trends.
List some ways you might obtain job-related experience Gain experience through part-time work, volunteer work, internships, cooperative education, and class projects.
Identify sources of information to find out more about the career in which you are interested. Sources such as the Internet, libraries, newspapers, school guidance offices, community organizations, and networking with people working in the field you choose
Explain your rights as an employee. Financial issues to consider when looking for employment are your starting salary, opportunities for promotions and raises, benefits, and the cost of living. Legal issues to consider relate to the work environment of the company, its adherence to laws regarding discrimination, minimum wage unemployment insurance, Social Security, and workers’ compensation.

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