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# How To Make a Million Dollars_2012

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Presentation for those asked to talk to Middle school and HS students about careers after graduating from HS

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### How To Make a Million Dollars_2012

1. 1. HOW TO MAKE IT BIG….EARN A MILLION DOLLARS ++ + IN SOUTH CENTRAL PA
2. 2. Now That I HaveYour Attention…… LET’S GET STARTED !
3. 3. WHAT DO WE NEED FOR THE GOOD LIFE? I see a FULL TIME JOB In your future…A FULLTIME JOB MEANSI WILL WORK ? HOURS PER WEEK Good question…How many hours a week do you think you will be working when you graduate from school? ?
4. 4. FOR THE GOOD LIFE? 40 hours per week!WORK ? WEEKS PER YEAR OK, you agree that 40 hours is about the right number of work hours each week but, …how many weeks per year do you think you will be working when you graduate from school? ?
5. 5. 50-52 weeks per year! GOOD LIFE? I PLAN TO WORK ? YEARS And the last question…How many years do youthink you will be working during your lifetime? ?
6. 6. SO, FOR THE GOOD LIFE WE NEED: 35 to 40 years of work! 1. FULL TIME EMPLOYMENT + 2. WORK 40 HOURS PER WEEK +3. WORK 50-52 WEEKS PER YEAR + 4. WORK 35-40YEARS
7. 7. Let’s Target \$2,000,000 If I want to earn \$2,000,000 in mylifetime I will need to earn \$ X perhour.If you’ve had algebra this is an easyone to solve. Even with out algebra, it’s pretty easy since we already have the formula for success…
8. 8. HOW TO EARN \$2,000,000.40 HOURS/ WEEK52 WEEKS/ YEAR35 YEARS OF WORKSolving for X it reads“\$X” x 40 x 52 x 35 = \$2,000,000.
9. 9. HOW TO EARN \$2,000,000. IN 35 YEARS“X” x 40hours x 52weeks x 35years = 2,000,000 40hours x 52weeks x 35years 40 x 52 x 35let’s make it an easier formula to work with by multiplying 40X52 =2080 and then multiplying 2080 X 35 = 72,800 “X” x 72,800 = 2,000,000 72,800 72,800“X” =
10. 10. HOW TO EARN \$2,000,000 IN 35 YEARS“X” = 27.47\$27.47 per hour is the target rate if youwant to earn a million and retire after 35years of work.
11. 11. LET’S ASSUME YOU STARTYOUR FIRST FULL-TIMEJOB WHEN YOU’RE 22 YEARS OLD.HOW OLD WILL YOU BE AFTER35 YEARS OF WORK?WHAT IS THE NORMAL RETIREMENTAGE IN ORDER TO DRAWSOCIAL SECURITY?
12. 12. WOULDN’T YOU LIKE TO RETIRE EARLY?EVEN IF YOUR TARGET IS TO RETIREAT AGE 62 YOU’LL NEED TO WORK40 YEARS.LET’S TAKE A LOOK AT THE AMOUNTYOU’D HAVE TO EARN PER HOUR TOMAKE A MILLION IN 40 YEARS.
13. 13. HOW TO EARN \$2,000,000. IN 40 YEARS“X” x 40hours x 52weeks x 40years = 2,000,000.00 40hours x 52weeks x 40years 40 x 52 x 40“X” x 83,200 = 2,000,000.00 83,200 83,200“X” = 24.04[\$24.04 per hour is the target rate if you’rewilling to work 40 years.]
14. 14. OH, YEA, TAXES!!!!!1. Federal (single rate) 15.28%2. State 3.07%3. Local 1.00%4. FICA, FUTA & Medicare Tax 8.45% Total Taxes 27.80% So, What do I have left? 100% - 27.8% = 72.2% 2,000,000 X .722 = \$1,444,000
15. 15. LET’S TAKE A LOOK AT SOME JOBS YOU CAN GET RIGHT HERE IN YOUR HOME TOWN AREA.MAKE A NOTE OF HOW MANY ARE MILLION DOLLAR JOBS!
16. 16. Can you earn a good income in South Central PA? Income (2011) York County Pennsylvania United StatesPer Capita \$27,196 \$27,049 \$27,334Income \$13.08/hourMedian \$57,494 \$50,398 \$51,914Household \$27.64/hourIncomeSource: U.S. Census Bureauhttp://quickfacts.census.gov/qfd/states/42/42133.html
17. 17. FOOD SERVICE JOBS How many hit our 40 year Target of \$24.04? PA Occupational Wages Survey January 2012 (South Central PA) How about the 35 year target of 27.47? OCCUPATION Wage /HourCounter Attendants, Food and Coffee Shop \$ 8.74Dishwashers 8.87Waiters and Waitresses 9.10Hosts and Hostesses, Restaurant, Lounge, and Coffee Shop 9.26Dining Rooms and Bartender Helpers 9.33Food Preparation and Serving Workers, Fast Food 9.75Bartenders 10.00Cooks, Fast Food 10.33Cooks, Short Order 11.30Cooks, Restaurant 12.10First-Line Supervisors of Food Preparation Workers 16.48Chefs and Head Cooks 16.67
18. 18. FOOD SERVICE JOBS Educational RequirementsCounter AttendantsDining Rooms HelpersWaiters and WaitressesDishwashersCooks, Fast Food HS DiplomaBartendersFood Preparation WorkersHosts and HostessesCooks AS Degree or Certificate ProgramFirst-Line Supervisors of Food AND ExperiencePreparation WorkersChefs and Head Cooks
19. 19. How many hit our 40 year Target of \$24.04? OFFICE WORKER JOBS How about the 35 year target of 27.47? PA Occupational Wages Survey January 2012 (South Central PA) OCCUPATION Wage /HourBank Tellers 11.65Receptionists 11.62Office Clerks 13.97Medical Secretaries 15.58Customer Service Representatives 15.99Shipping, Receiving, and Traffic Clerks 17.04Bookkeeping /Accounting Clerical 17.33Payroll Clerks 17.28Postal Service Clerks 17.58Police, Fire, and Ambulance Dispatchers 18.68First-Line Supervisors of Office Workers 23.41Postal Service Mail Carrier 24.24
20. 20. OFFICE JOBS Educational RequirementsBank TellersReceptionistsOffice ClerksCustomer Service Representatives HS Diploma, PlusShipping, Receiving, and Traffic Clerks Specialized Training, Or Progressive ExperiencePayroll ClerksPostal Service Mail CarrierMedical SecretariesPolice, Fire, and Ambulance Dispatchers AS Degree orFirst-Line Supervisors of Office Workers Certificate Program
21. 21. SEMI-SKILLED How many hit our 40 year Target of \$24.04? MANUFACTURING JOBS PA Occupational Wages Survey January 2011 (South Central PA) OCCUPATION Wage /HourElectrical and Electronic Equipment Assemblers 13.86Tool Grinders, Filers, and Sharpeners 14.01Wood Sawing Machine Operators and Tenders 14.36Packaging and Filling Machine Operators and Tenders 14.99Furniture Finishers 15.07Painting, Coating, and Spray Machine Workers 16.02Assemblers and Fabricators 16.95Printing Press Operators 18.08Food Cooking Machine Operators and Tenders 18.53Welders and Cutters 19.55Drilling and Boring Machine Operators 18.19
22. 22. SEMI-SKILLED JOBS Educational RequirementsPainting, Coating, and Decorating WorkerTool Grinders, Filers, and SharpenersWood Sawing Machine Operators and TendersFurniture FinishersAssemblers and Fabricators HS Diploma, PlusPackaging and Filling Machine Operators and Tenders On-The-Job TrainingFood Cooking Machine Operators and TendersPrinting Machine OperatorsElectrical and Electronic Equipment AssemblersWelders and CuttersDrilling and Boring Machine Operators
23. 23. How many hit our 40 year Target of \$24.04?SKILLED MANUFACTURING JOBS How about the 35 year target of 27.47? PA Occupational Wages Survey January 2011 (South Central PA) OCCUPATION Wage /HourWater Treatment Plant and System Operators 20.56Machinists 21.13CNC Machine Tool Operators, Metal and Plastic 21.18Stationary Engineers and Boiler Operators 21.28Tool and Die Makers 22.38Supervisors of Production Workers 27.12Power Plant Operators 29.85Power Distributors and Dispatchers 31.47Nuclear Power Reactor Operators 38.69
24. 24. SKILLED JOBS Educational RequirementsMachinists HS Diploma, PlusTool and Die Makers Specialized Training, andCNC Machine Tool Operators, Metal and Plastic Progressive Experience Or Trade SchoolWater Treatment Plant and System Operators AS Degree orStationary Engineers and Boiler Operators Certificate ProgramPower Plant OperatorsSupervisors of Production Workers AS Degree or BS Degree orNuclear Power Reactor Operators Certificate ProgramPower Distributors and Dispatchers
25. 25. The Aging WorkforceThe maintenance and precision machining worker in manufacturing is considerably older today than in 1980 and in 2000, and has aged steadily over the past decade. An estimated one-third of the Pennsylvania industrial maintenance and precision machining workforce in manufacturing is now (i.e., in 2010) over age 50 and most will retire in the next 10 to 15 years.Given total employment of 72,000 in the target occupations within manufacturing and retirement of a bit less than one-third of workers… total openings to replace existing maintenance and precision machining workers over the next 10 years could approach 20,000.
26. 26. How many hit our 40 year Target of \$24.04? How about the 35 year target of 27.47?Mechanical Repair OccupationsPA Occupational Wages Survey January 2012 (South Central PA) OCCUPATION Wage /HourElectronic Home Entertainment Equipment Repairers \$15.33Motorcycle Mechanics 16.07Maintenance Workers, Machinery 20.20Electrical and Electronics Repairers Transportation Equipment 20.75Mobile Heavy Equipment Mechanics 22.40Industrial Machinery Mechanics 22.71Heating, Air Conditioning, and Refrigeration Mechanics 23.43Telecommunications Line Installers and Repairers 24.59First-Line Supervisors of Mechanics, Installers, and Repairers 29.75Electrical Power-Line Installers and Repairers 31.03
27. 27. MECHANICAL REPAIR JOBS Educational RequirementsMotorcycle MechanicsElectronic Home Entertainment RepairersMaintenance Workers, MachineryMobile Heavy Equipment MechanicsElectrical and Electronics Repairers TransportationEquipment HS Diploma, PlusHeating, Air Conditioning, and Refrigeration Mechanics Apprenticeship TrainingIndustrial Machinery Mechanics Or Trade School AS Degree/Telecommunications Line Installers and Repairers Certificate Program PlusFirst-Line Supervisors of Mechanics, Installers, and Apprenticeship TrainingRepairersElectrical Power-Line Installers and Repairers
28. 28. Industrial Maintenance Occupations with No Current Shortages 1. Electrical and electronic engineering technicians; 2. Electro-mechanical technicians (includes robotics technicians) 3. Industrial engineering technicians 4. Mechanical engineering techniciansIn these four occupations as a group, there are more thanfour times as many people completing training that qualifiesthem for the occupations as there are annual openings in theoccupations.These training completers are often in Associates’ Degreeengineering technicians programs that may lead to white-collar jobs off the factory floor or to further education (e.g., afour-year degree).
29. 29. High Demand/Low Supply Industrial Maintenance Occupations 1. Installers & repairers; 2. Electrical and electronics repairer, 3. Commercial and industrial equipment; 4. Industrial machinery mechanics; 5. Maintenance and repair workers, 6. Millwrights.In these industrial maintenance occupations, which includemost of the shop floor jobs, there are only 26 trainingcompleters for 1211 annual openings.
30. 30. How many hit our 40 year Target of \$24.04? How about the 35 year target of 27.47? Technical Occupations PA Occupational Wages Survey January 2012 (South Central PA) OCCUPATION Wage /HourMechanical Drafters 21.59Civil Engineering Technicians 22.60Electrical and Electronic Engineering Technicians 22.97Architectural and Civil Drafters 23.56Electrical and Electronics Drafters 23.88Industrial Engineering Technicians 26.45Aerospace Engineering and Operations Technicians 27.84Mechanical Engineering Technicians 27.92Nuclear Technicians 34.18
31. 31. TECHNICAL JOBS Educational RequirementsMechanical DraftersCivil Engineering Technicians Associate Degree in Technical ScienceElectrical and Electronic Engineering Technicians Plus Progressive OJTArchitectural and Civil Drafters For Example:Electrical and Electronics Drafters Start as Trainee Progress to Level IIndustrial Engineering Technicians Then to Level IIMechanical Engineering Technicians Then to Level IIIAerospace Engineering and Operations Technicians Etc…Nuclear Technicians
32. 32. How many hit our 40 year Target of \$24.04? How about the 35 year target of 27.47? SALES OCCUPATIONS PA Occupational Wages Survey January 2012 (South Central PA) OCCUPATION Wage /HourInsurance Sales Agents 30.92Sales Representatives, Services 31.24Sales Representatives, Wholesale and Manufacturing 31.65Sales Representatives, Technical and Scientific Products 37.44Sales Engineers 42.75First-Line Supervisors/Managers of Non-Retail Sales Workers 44.98Securities, Commodities, and Financial Services Sales Agents 50.28
33. 33. SALES JOBS Educational RequirementsSales Representatives, ServicesSales Representatives, Wholesale and ManufacturingSecurities, Commodities, and Financial Services Sales AgentsSales Representatives, Technical and Scientific ProductsInsurance Sales Agents BS DegrSales Engineers Plus OJT In Product Knowled And in some cases specialized licensinFirst-Line Supervisors of Non-Retail Sales Workers
34. 34. How many hit our 40 year Target of \$24.04? How about the 35 year target of 27.47? ENGINEERING OCCUPATIONS PA Occupational Wages Survey January 2012 (South Central PA OCCUPATION Wage /HourHealth and Safety Engineers \$ 31.25Mechanical Engineers 33.99Environmental Engineers 35.30Electrical Engineers 36.21Materials Engineers 36.70Industrial Engineers 37.45Electronics Engineers 37.87Civil Engineers 38.31Computer Hardware Engineers 39.39Architects 39.89 Aerospace Engineers 40.24 Biomedical Engineers 41.20 Chemical Engineers 45.71 Nuclear Engineers 50.05 Petroleum Engineers 64.59
35. 35. ENGINEERING OCCUPATIONS Educational RequirementsEnvironmental EngineersElectrical EngineersHealth and Safety EngineersBiomedical Engineers Good Grades in HSIndustrial Engineers Advanced Level Math, SciencesCivil Engineers BS DegreeMechanical Engineers in Specialized Engineering DisciplineElectronics EngineersChemical EngineersMaterials EngineersPetroleum EngineersAerospace EngineersArchitectsComputer Hardware EngineersNuclear Engineers
36. 36. If Target is: \$3 mil = \$42/Hr \$4 mil = 55 \$5 mil = 68 MANAGEMENT PROFESSIONS PA Occupational Wages Survey January 2012 (South Central PA OCCUPATION Wage /HourTraining and Development Managers \$33.91Industrial Production Managers 41.61Financial Managers 49.27Construction Managers 51.58Transportation, Storage, and Distribution Managers 46.06Advertising and Promotions Managers 48.37Sales Managers 43.97Purchasing Managers 43.69Computer and Information Systems Managers 43.15Marketing Managers 50.05Compensation and Benefits Managers 47.92Engineering Managers 52.70 Human Resources Managers 48.17 Chief Executives 76.13
37. 37. MANAGEMENT OCCUPATIONS Educational RequirementsTraining and Development ManagersIndustrial Production ManagersFinancial Managers In Many Cases,Construction Managers Masters DegreeTransportation, Storage, and Distribution Managers Plus at leastAdvertising and Promotions Managers 5 to 10 years ProgressiveSales Managers Experience and Demonstrated successfulPurchasing Managers application ofComputer and Information Systems Managers KnowledgeMarketing Managers Skills, and AbilitiesCompensation and Benefits Managers On-The-JobEngineering Managers …Human Resources ManagersChief Executives
38. 38. How many hit our 40 year Target of \$24.04? How about the 35 year target of 27.47? HEALTHCARE OCCUPATIONS PA Occupational Wages Survey January 2012 (South Central PA) OCCUPATION Wage /HourPharmacy Technicians \$13.48Licensed Practical and Licensed Vocational Nurses 20.63Exercise Physiologists 24.96Respiratory Therapists 27.02Dental Hygienists 29.16Diagnostic Medical Sonographers 30.32Nuclear Medicine Technologists 31.07Occupational Therapists 33.72Physician Assistants 34.82Physical Therapists 38.06Radiation Therapists 38.62
39. 39. HEALTH CARE OCCUPATIONS Educational RequirementsLicensed Practical NurseOccupational Therapist AssistantRespiratory Therapy TechnicianRespiratory Therapist Good Grades in HSDental Hygienist Math, SciencesRadiologic Technologists and TechnicianDiagnostic Medical Sonographer Plus Certificate or AS DegreeNuclear Medicine Technologist in Specialized Discipline And, in most casesRegistered Nurse Pass Licensure ExamOccupational TherapistPhysical TherapistRadiation Therapist
40. 40. If Target is: \$3 mil = \$42/Hr \$4 mil = 55 MEDICAL PROFESSIONS \$5 mil = 68 \$6 mil = 82 PA Occupational Wages Survey January 2012 (South Central PA) \$7 mil = 96 \$8 mil = 110 OCCUPATION Wage /HourOral and Maxillofacial Surgeons \$123.77Surgeons 118.28Orthodontists 112.04Anesthesiologists 106.11Family and General Practitioners 92.57Pediatricians 92.10Psychiatrists 70.32Dentists, General 60.13Pharmacists 53.38Chiropractors 52.89Optometrists 40.38Veterinarians 48.93
41. 41. MEDICAL PROFESSIONS Educational RequirementsOral and Maxillofacial SurgeonsOrthodontistSurgeon Mostly A’s in CollegeAnesthesiologist A’s in Math & SciencesFamily and General Practitioner Plus, Pre-Med SchoolPediatrician Plus, Doctorate DegreePsychiatrist Plus, Highly Specialized Medical Training And, Pass Medical Board ExamDentist And, Continuous successful applicationPharmacist of Knowledge Skills,Optometrist and Abilities On-The-JobVeterinarianChiropractor …
42. 42. FOOD SERVICE STARTING SALARIES HIGH SCHOOL GRADUATEDishwasher \$18,444 (\$8.87/hr)Dining Rooms Helper \$18,922Fast Food \$19,357(\$9.31/Hr)Waiters /Waitress \$19,399Cook \$21,494 to \$28,154 (13.54/hr)
43. 43. NACE Salary Survey Fall 2011 Discipline Average Salary Number of OffersAerospace/Aeronautical/Astronautical Engineering 58,208 347Bioengineering & Biomedical Engineering 55,699 112Biological Sciences/Life Sciences 50,493 440Business Administration/Mgmt. 46,372 1,516Chemical Engineering 66,058 703Chemistry 41,001 84Civil Engineering 52,058 544Computer Engineering 62,849 291Computer Science 66,084 710Electrical/Electronics Engineering 60,411 608Economics 53,690 605English 40,162 193History 40,788 136Management Information Systems/Business Data Processing 52,403 326Marketing/Marketing Mgmt. 42,923 848 Mathematics (incl. Statistics) 54,333 160 Mechanical Engineering 60,142 1,446
44. 44. STARTING SALARIES Selected Masters Degree Candidates By curriculum for all types of employers Yearly salary ranges in \$ Business Accounting 47,500 - 52,000 MBA-Nontechnical 1 year or less experience 44,000 - 80,000 Engineering & Computer Science Civil Engineering 52,000 - 60,000 Electrical/Electronic 65,000 - 80,000 Mechanical Engineering 60,000 - 68,100 Computer Science 61,000 - 85,000Source: NACE Salary Survey , Fall 2008 report. Data are starting salary offers reported to NACEby colleges and universities nationwide.
45. 45. SUPPLY & DEMANDSHOULD YOU CONSIDER JOBS THAT ARE INDEMAND, NOT ONLY NOW, BUT WHEN YOUGRADUATE?CONSIDER PROJECTED CHANGES (+) 0R (-)
46. 46. OCCUPATIONAL DEMAND 2016 York Area (NEGATIVE CHANGE) Employment* Change Annual Industry Title 2006 2016 Level Percent ChangeTOTAL NONFARM JOBS 187,740 194,490 6,750 3.60 675Manufacturing 36,100 33,970 -2,130 -5.90 -213Elementary & Secondary Schools 10,110 9,630 -480 -4.75 -48Printing & Rel. Support Activities 2,870 2,440 -430 -14.98 -43Department Stores 1,810 1,500 -310 -17.13 -31Educational Services 12,270 11,980 -290 -2.36 -29Credit Intermediation & Rel. Activities 2,360 2,090 -270 -11.44 -27Federal Government 4,140 3,870 -270 -6.52 -27Depository Credit Intermediation 1,930 1,700 -230 -11.92 -23
47. 47. OCCUPATIONAL DEMAND 2016 York Area (POSITIVE CHANGE) Employment* Change Annual Industry Title 2006 2016 Level Percent ChangeServices-Providing 126,000 134,190 8,190 6.50 819Health Care & Social Assistance 20,160 24,200 4,040 20.04 404Construction 11,450 11,780 330 2.88 33Administrative & Waste Services 8,050 9,040 990 12.30 99Transportation 7,130 8,200 1,070 15.01 107Other Services, Except Public Admin. 7,610 7,880 270 3.55 27Ambulatory Health Care Services 5,940 7,460 1,520 25.59 152
48. 48. WHAT DID WE LEARN?Will more education & training helpus earn more money? – SHOULD WE STAY IN SCHOOL? – WHAT CAN YOU DO NOW TO PLAN FOR YOUR FUTURE?
49. 49. Manufacturers’ Association Of South Central Pennsylvania 160 Roosevelt Avenue, Suite 400, York, PA 17401 Phone (717) 843-389 Fax (717) 854-9445 www.mascpa.org
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