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The Self Sufficiency Standard for Mississippi

The Self Sufficiency Standard for Mississippi. Needs vs. wants Values Career vs. Job Income vs. Expenses (monthly costs) Self Sufficiency Calculator Career Research. Overview. Needs & Wants. Name some things in your life that you consider a need.

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The Self Sufficiency Standard for Mississippi

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  1. The Self Sufficiency Standard for Mississippi • Needs vs. wants • Values • Career vs. Job • Income vs. Expenses (monthly costs) • Self Sufficiency Calculator • Career Research Overview

  2. Needs & Wants • Name some things in your life that you consider a need. • Name some things in your life that you consider a want.

  3. Needs • Something thought to be a necessity • Examples: • Food • Shelter • Healthcare • Transportation • Clothing

  4. Wants • Something unnecessary but desired. • Examples: • Dining out • Cell phone • I-pod • Designer clothes • Going to the movies or out with friends

  5. Values • Your needs and wants are determined in a large part by your values. • Values - a fundamental belief or practice about what is desirable, worthwhile, and important to an individual • Examples: • Family • Friends • Material possessions • Education

  6. Career vs. Job • Career - a commitment to a profession which requires continued training and offers a clear path for occupational growth • Job – an employment position obtained mainly to earn money. • Can you give examples of each?

  7. Examples of Career vs. Job • Career • Heath care providers, i.e. doctor, nurse • Attorney • Teacher • Job • Laundry and dry-cleaning workers • Cooks, short order • Cashier

  8. Budgets • Definition – a future oriented tool individuals can use to assist in money management. It has two main components: • Income • Expenses • Benefits of a budget • Strong sense of where money is going • Allows for income and expenditure tracking • Helps people live within their income and to make ends meet • Reduces the need for using credit and gaining debt

  9. Income • Income - total income received • Wages/Salary • Public/Private Assistance • What factors effect a person’s income? • Education • Chosen career • Hours worked

  10. Expenses - total expenditures made Housing Utilities Food Transportation Child care Health Care Taxes Adjustments to expenses Tax credits Savings Emergency Retirement Child College Homeownership Monthly Costs

  11. Using the Self Sufficiency Calculator • Input • County of residence • Whether there is 1 adult or 2 adults in the family • The number of children in the family • Ages of children • Choose monthly savings options • Output • Self sufficiency wage by hour, month and annually and cost of expenses.

  12. Let’s see where you stand? • Go to http://mepconline.org/calculator • Select the county in which you reside • Family type – choose number of adults in your household. • Number of children – select the number of children in your household. • Ages of children – choose ages of children in your household. • Click submit and enter results on the MEPC Calculating Basic Economic Security worksheet.

  13. Will my job/career allow me to be self sufficient? • To see jobs that supply the needed self sufficiency wage, select a job category and then a job classification with in that category. • List two jobs or careers that interest you. Would they provide the level of wages needed to be self sufficient?

  14. Assessment • Write a one to two page career essay using the rubric as a guide to evaluate results from the Self Sufficiency calculator. • This essay will include the following information about the two jobs you chose while using the self sufficiency calculator: • Job title • Entry hourly and hourly wage • Experienced hourly and annual wage • Does it meet the self sufficiency wage • Education • Job training • Demand for job (using link on calculator – “Finding jobs in demand by state”)

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