Think about what you have learned so far. Have you found a few careers that match your personal characteristics and skill set? Choose at least one career that interests you. Review the career exploration unit and determine the type of degree that is necessary for a career in that field. Use that information to locate possible funding sources for your educationBefore you can start creating a financial plan for your educational costs and future budget, you need to make a career choice and then research to find out if you will earn enough money in that career to support the lifestyle you want to live. Think about the following:
• What is your top career choice?
• What are the educational requirements for that career?
• What is the current annual salary range for your chosen career?
• How will you budget your money?Choose a career, then think about the educational costs associated with that career. Determine the average salary for someone in this career path, and then complete the Financial Planning Portfolio to create a budget based on your potential salary.
You may have to do some research to locate information about educational costs and projected income after graduation. This portfolio is designed to help you start thinking about how you can plan for your future.
While completing this portfolio, you may find the three websites linked below helpful. The Occupational Outlook Handbook website contains information about average career salaries, and the College Navigator website will allow you to explore the cost of specific colleges and universities, along with what degrees and majors are offered. The My Money website will give you information about the costs of living expenses other than your education
Unfortunately, as an AI language model, I do not have personal characteristics or a skill set, so I cannot provide a personal career choice or identify funding sources for education. However, I can assist you in understanding how to research and determine the necessary degree and potential funding sources for a career of your choice.
To proceed with the exercise, please follow the steps below:
1. Identify your top career choice: Think about your interests, skills, and passions. Consider the industries and professions that align with these attributes.
2. Research educational requirements: Use resources like the Occupational Outlook Handbook website, professional association websites, or contact professionals working in the field to determine the educational requirements for your chosen career. Some careers may require a bachelor's degree, while others might require advanced degrees or specific certifications.
3. Determine the salary range: Explore websites like the Occupational Outlook Handbook, Salary.com, or Glassdoor to find information about the current annual salary range for your chosen career. Keep in mind that salaries can vary based on experience, location, and industry.
4. Budgeting: After determining the potential salary range, consider your lifestyle preferences, living expenses, and financial goals. Create a budget that encompasses your potential salary and accounts for expenses such as housing, transportation, healthcare, food, entertainment, and savings.
5. Financial planning and funding sources: Once you have a rough estimate of educational costs and potential income, research possible funding sources. These may include scholarships, grants, student loans, work-study programs, or employer tuition assistance programs. Utilize the resources mentioned earlier, such as the College Navigator website, to explore potential funding options that align with your chosen career and educational institution.
Remember, this exercise is meant to guide you in making informed decisions regarding your future career and finances. Conduct thorough research, seek advice from professionals, and consider consulting with financial advisors or college career centers to create a comprehensive financial plan tailored to your specific needs and goals.