Posts About Money 101
Cool Jobs (That Pay!)
If you're thinking about the future, you're probably considering what kind of job you want when you get out of school. You might think being a lawyer or a doctor or a scientist is a good idea -- and it might be -- but sometimes it helps to be a little more specific when planning. And that’s especially true because of the cost of higher education. No one wants to graduate from college and then law school with debt only to find out that the starting salary for a lawyer can be less than $50,000. To help you get started discovering the perfect gig for your future, we spoke to the Bureau of Labor Statistics (BLS), to find out what jobs are in demand and pay well, and then we choose the ones that seem pretty fun on top of that. A quick tip – the BLS is a pretty great resource when you’re thinking about what kind of job you might like. They have a searchable database that lets you find out all sort of information about careers, including salary, what kind of education you’ll need and if the job you’re interested in is going to be in demand when you graduate. When you find something you think you might be interested in, ask around and see if anyone you know does that kind of work. Talking to them or even spending some time at their work can be very helpful in making such a big decision.
Without further delay, then, here are some ideas for what to be when you grow up.
Biomedical Engineer
If you're into math and science, you may have heard that engineering is a good career path for you. There are lots of different kinds of engineers, but as far as jobs and salary go, biomedicine might be your best bet. The field is expanding as health care expands, plus, when you think about it, being the creator of something that's going to end up saving lives is pretty cool.
What you'll do: Solve problems for researchers and doctors by designing devices that aid in therapy and diagnostics.
What you'll earn: Between $48,000 and $120,000 per year.*
Veterinarian
We're happy this one is on the list because based on the emails we get about our What Next? series, a lot of you are interested in a career as an animal doctor. To become one, you'll most likely need a four-year college degree (some vet schools will accept students that haven't completed a bachelor's degree, but have a large number of credits towards one) and you'll definitely need a Doctorate of Veterinary Medicine -- that will take another four years of school. But if you like animals, the payoff is well worth the effort.
What you'll do: Provide medical care for animals. Keep in mind that most vets - around 80% -- work in private practice, so you'll have to have some business skills to keep your office running smoothly.
What you'll earn: Between $46,000 and $140,000 per year.
Personal Financial Advisor
If you like money, thinking about savings and investments and helping other people to make decisions about their money, this might be the career for you. For this job, you'll need to have a Bachelor's Degree and many also have Master's degrees in finance or business administration. You'll also need a number of licenses depending on the state you'll be working in and the products you sell. Although not required, some advisers also have a professional certification called a CFP (Certified Financial Planner).
What you'll do: Help clients make decisions about savings, insurance and investments.
What you'll earn: Between $45,000 and $120,000 per year.
Biomedical Engineer
If you're into math and science, you may have heard that engineering is a good career path for you. There are lots of different kinds of engineers, but as far as jobs and salary go, biomedicine might be your best bet. The field is expanding as health care expands, plus, when you think about it, being the creator of something that's going to end up saving lives is pretty cool.
What you'll do: Solve problems for researchers and doctors by designing devices that aid in therapy and diagnostics.
What you'll earn: Between $48,000 and $120,000 per year.*
Veterinarian
We're happy this one is on the list because based on the emails we get about our What Next? series, a lot of you are interested in a career as an animal doctor. To become one, you'll most likely need a four-year college degree (some vet schools will accept students that haven't completed a bachelor's degree, but have a large number of credits towards one) and you'll definitely need a Doctorate of Veterinary Medicine -- that will take another four years of school. But if you like animals, the payoff is well worth the effort.
What you'll do: Provide medical care for animals. Keep in mind that most vets - around 80% -- work in private practice, so you'll have to have some business skills to keep your office running smoothly.
What you'll earn: Between $46,000 and $140,000 per year.
Personal Financial Advisor
If you like money, thinking about savings and investments and helping other people to make decisions about their money, this might be the career for you. For this job, you'll need to have a Bachelor's Degree and many also have Master's degrees in finance or business administration. You'll also need a number of licenses depending on the state you'll be working in and the products you sell. Although not required, some advisers also have a professional certification called a CFP (Certified Financial Planner).
What you'll do: Help clients make decisions about savings, insurance and investments.
What you'll earn: Between $45,000 and $120,000 per year.
Millwright
If you're into fixing and building things, a career in high-tech manufacturing might be for you. You may have heard about factories closing and workers being laid off in the past few years, but most of those workers were unskilled factory floor workers. Industrial mechanics and millwrights are in high demand right now because so few people have the experience and skills necessary to build and repair equipment and tools factories need. And while you'll need specialized training from a technical school or as an apprentice, this is one job that you don't need four-year degree -- or college debt -- to land.
What you'll do: Install and or repair high-tech manufacturing equipment in factories.
What you'll earn: Between $40,000 and $75,000 per year.
Athletic Trainer
Like sports? Like being a part of a team? Though jobs on the sidelines at NFL games are usually a little hard to come by, the opportunities for athletic trainers are on the rise as more schools hire these professionals to be a part of their athletic programs. Plus, you might end up working for a professional sports team, which would be a great gig if you've got a fave team. For this job, you'll need at least a B.A. and many trainers also have advanced degrees. Keep in mind that you'll also probably be working hours that are outside of traditional 9-5 schedules -- you go where your team goes!
What you'll do: Assist clients with workouts and diet plans and teach them how to perform exercises without getting injured.
What you'll earn: Trainers typically earn between $40,000 and $60,000 per year. (Admittedly, this is less than the other careers on this list, but for someone who loves the gym, it is pretty cool.)
Biophysicist
“Bio-what?” some of you might be thinking? Turns out, combining biology and physics can be a pretty cool job, and it's one that's in demand too. And though in most cases you’ll have to spend some time getting your Ph.D., there are opportunities to work in a lab at a university or for a company doing research. What you’ll be doing on a day-to-day basis depends on what you specialize in – it can range from medical research to developing biofuels to trying to develop crops that yield more food, which is an important job when the global population is on the rise.
What you'll earn: Between $40,000 and $75,000 per year.
Athletic Trainer
Like sports? Like being a part of a team? Though jobs on the sidelines at NFL games are usually a little hard to come by, the opportunities for athletic trainers are on the rise as more schools hire these professionals to be a part of their athletic programs. Plus, you might end up working for a professional sports team, which would be a great gig if you've got a fave team. For this job, you'll need at least a B.A. and many trainers also have advanced degrees. Keep in mind that you'll also probably be working hours that are outside of traditional 9-5 schedules -- you go where your team goes!
What you'll do: Assist clients with workouts and diet plans and teach them how to perform exercises without getting injured.
What you'll earn: Trainers typically earn between $40,000 and $60,000 per year. (Admittedly, this is less than the other careers on this list, but for someone who loves the gym, it is pretty cool.)
Biophysicist
“Bio-what?” some of you might be thinking? Turns out, combining biology and physics can be a pretty cool job, and it's one that's in demand too. And though in most cases you’ll have to spend some time getting your Ph.D., there are opportunities to work in a lab at a university or for a company doing research. What you’ll be doing on a day-to-day basis depends on what you specialize in – it can range from medical research to developing biofuels to trying to develop crops that yield more food, which is an important job when the global population is on the rise.
What you’ll do: Work on experiments in the lab and record the
results. Depending on your specialty, your research could involve field studies
that bring you to different regions of the world to test your theories.
What you’ll earn: Between $80,000 and $140,000 per year.
*All salary information comes from the Bureau of Labor Statistics and will vary by region.
COMMENTSSavvy Saving
Nick and Mariah are saving money to put the twins through college.
66% of teens have opened their own savings account.**
Almost every way you look at it, saving instead of spending is IN. But how do you get on board with this growing trend? We're here to help with some advice on making saving money a habit instead of a hindrance. And we've got some good news -- there are ways you can make the money you set aside turn into more money with a little thing called interest.
Most banks also offer something called a Certificate of Deposit, or "CD." These accounts offer even higher interest rates, but require you to leave the money alone for a specified amount of time -- meaning you can't withdraw (or spend!) any of it without incurring a penalty until the term of your CD is up. CDs can be a good option for savings if you're someone who has a difficult time putting away money, or, if you won't need to spend the money until a specific time in the future, for example, within a few years to cover college tuition.
Let's get started by looking at some of the best and most common ways to save.
Savings Accounts
Almost every consumer bank offers a straightforward savings account where you can regularly make deposits and withdrawals. These basic accounts offer flexibility, but not a very high interest rate, so you won't be earning much on the money you have in an account like this.
If you don't need to touch the money in your savings account more than a few times a month (and it's a savings account, so you shouldn't be) a money market savings account might be a better option. You'll earn more in interest, and the rules about these accounts discourage you from pulling money out unless it's a true emergency.
Something to remember about the basic savings products offered by most banks is that probably they're FDIC (Federal Deposit Insurance Corporation) insured, meaning that even if something crazy happens in the banking system, like it did a few years ago, your money will be safe and sound. Always make sure your bank is federally insured before putting money into it.
Investments
Investments are designed for people who have some time to let money grow and want to try to make a little more return on the money they're saving, and (this is the important part) are willing to take some risk with those hard-earned dollars. You could make an investment, even in something relatively "safe," and still end up losing some of your money, but that's one of the reasons that wise investments are usually long term -- more than five years -- so that even if your investment loses some value, there's time to make that back up.
Earning Money & Budgeting
*TRU Consumer Insights, 2012
Three common types of investments are:
- Stocks, which give you ownership shares in a corporation
- Bonds, which represent a loan you make to an institution in exchange for interest payments plus the repayment of your principal.
- Mutual funds, which pool investors' money and invest in lots of different stocks, bonds, or other financial instruments
If you decide that you're willing to take some risk with your money, you could come out further ahead than you might think. If you're thinking long-term, investment earnings can be significantly greater than the return on a bank account.
Earning Money & Budgeting
Now that you know what the options are for good places to stash your cash, you're probably wondering where all this seed money is going to come from. We have some suggestions for that too.
The first step is to figure out where your money is coming from and where it's going. If you don't have a job, you might get an allowance from your parents for helping out around the house or you might have money you've received from birthdays or holidays. If that's the case, you probably also live with your parents, meaning your expenses are low. Why not put away 25% of what they give you or what you receive? If you've got a regular way to make money, like a babysitting or lawn care gig, you can try to save about the same amount of that too.
If you have a more 'official' job, where you get a regular check, consider setting up an automatic deduction for savings. If you never see the money you're setting aside, it's much more difficult to spend it. And when you find out how satisfying it can be to watch your bank balance tick up, it can be fun to challenge yourself to save even more.
Finally, no matter how you make money, creating a budget and sticking to it will guarantee that you always have something to set aside for savings. If you get into the habit of being a savvy saver as a teen, you'll be able to do the things you really want to do with your money -- which is a much better feeling than just being trendy.
*TRU Consumer Insights, 2012
**Channel One News Study Conducted by MAi, 2010-2011
Your First Ride
For many teens, getting a driver's license means one thing -- freedom. The open road, all to yourself. No longer having to beg for rides to school, sports or other activities. Weekend evenings spent wherever you’d like, instead of trapped at home with mom and dad. But let’s face it, the reality of a first car is a lot less like those holiday car ads that start airing every year around this time (where do they find those giant bows, anyway?) and more like the ones for an oil-change place. It’s practical. And though it does give you a certain amount of freedom that you didn’t have before, it also comes with a lot of responsibility. But that’s O.K. – taking on more responsibility is good practice for being an adult. A first car is a great place to start learning about finances too. You’ll want to consider the price of the car, gas money, insurance, taxes and other fees, plus any maintenance your car will need and create a budget from there.
To get you started, we’re going to break down each expense so you have a realistic idea of what your car will cost. Once you’ve got your budget together, you can start picking out colors.
The Cost of a Car
Finding the sweet spot for the price your car is a big first question to answer. Are you paying for the car yourself? Do you have money saved up or are you going to try to get a loan? If you’re paying for the car yourself, congratulations! Saving up enough cash to buy a car is a big accomplishment.
Of course, you still have to decide how much of your savings you can put towards the car and how much will have to go for the other stuff (insurance, taxes, etc.). Plus, you might decide that you want to spend a little more at first to spend less later – newer cars often need fewer repairs and get better gas mileage.
On the other hand, you’ll pay more for insurance and taxes on a new car. Do the math carefully before you make your final decision. If you’re planning on getting a loan for your car, you have a few options, but keep in mind that as a young person, those options are limited. You’ll definitely need a down payment – usually 20% of the entire loan -- to get started.
You’ll also probably have to be at least 18 to take out a loan, though some lenders will allow an adult to cosign for financing with you. You should also expect to pay between at least 4 and as much as 16 percent in interest on your loan. Rates on loans from a car dealer are typically the highest, but you can also borrow money from a bank or a credit union, which offer lower rates on loans, as do insurances companies, which can also land you a discount on the cost of insurance. Obviously, you should search for a loan that requires you to pay the lowest interest rate.
Tag, Title and Tax
If your first thought when reading the above is “what?,” that’s O.K. The good news is that two out of three of those are one time fees, and the third you’ll only have to cover once a year. Tag refers to the cost of getting a license plate for your car and how much you pay depends on the car you buy and the state you live in – it typically runs around $300.
You’ll also have to pay a few to have the car’s title transferred to you. Again, this varies by state but will typically cost around $100.
Finally, taxes. This one is just like the sales tax you pay on the regular stuff you buy – most states charge you a percentage of the cost of an item when you buy it. How much it is depends on where you live and the price of your car – but keep in mind you’ll have to pay a tax on the value of your car each year, just like in Monopoly.
Insurance
This one might sound simple – you find an insurance policy and pay your premium and if you have an accident – the insurance company pays to have your car repaired, right? Alas, it’s a little more complicated than that.
There are three basic types of car insurance coverage: Liability, Collision and Comprehensive. Liability covers the cost of damage to someone else’s car or medical bills if there is an accident that is YOUR fault and that you’re liable, or responsible, for. That’s it. Your medical bills, damage to your car or anything else isn’t covered under liability insurance.
Collision insurance covers the cost of repairing your car if you’re in an accident, no matter whose fault it was.
Finally, comprehensive insurance is just what it sounds like – it covers the cost of anything that happens to your car outside of an accident, like flooding, theft or vandalism. You also have option to purchase insurance for other stuff that can happen to a car including small things like broken glass in a window or personal injury for your passengers. So, what’s the price of all this insurance?
Not to sound like a broken record but it all depends – on where you live, how safe of a driver you prove to be, how old you are, what kind of car you have and yes, if you’re a boy or a girl.
We’re almost there. Last thing to think about is regular repairs.
Maintenance
Have you checked the prices at your local gas station lately? Have you multiplied the price of a gallon of gas by how many gallons your car can hold? Yowza! That number alone might make you want to invest in a nice bicycle.
However, if you’re prepared, it is possible to keep your car in gas and food on the cafeteria table. To set a budget for gas money, take into account how often you’ll be driving and things like how long it takes you to get to school. This is one place where driving restrictions for teens can actually work if your favor – after all – if you’re too young to drive at night that’s a third of the day you won’t be spending money on gas. Also keep in mind that if you carpool with a neighbor somewhere or drive a younger sibling to school, in most cases it’s probably alright to ask for a little gas money from your passenger, or parent.
One of the best things you can do to keep your car running well is getting an oil change when you’re supposed to – about every 3,000 miles you drive. You should also have your tires rotated and your brakes checked and, if necessary, replaced. You should budget between $125 and $400 per year for oil changes and tire rotation (depending on where you go to have the oil changed and the kind of oil you use) and around $400 every 30,000 miles for brakes.
You’ll also want to get your car “tuned up” from time to time – something that you’ll want to do when your car seems a little off – which will cost you on average between $100 and $300.
Taking all of this into account, you’re now ready to ask the big question: Can I afford to buy and keep a car?
If the answer is yes, congratulations! Remember to turn off your phone before you get behind the wheel and keep your seat belt buckled.
Paying for College
With this week's news that college costs at even public schools have risen more than 8% this year and with last week’s report about student loan debt outranking credit card debt in the United States, the cost of higher education is on everyone's mind.If it's an expense you're facing the next few years, there’s no time like the present to get prepared. We spoke to Mark Kantrowitz, the publisher of Fastweb.com and Finaid.org, about the best ways to save for school before you get there. Here’s what he told us about being prepared.
Channel One News: What’s your best college savings advice for a teen who wants to go to school and will be paying on their own?
Mark Kantowitz: Every dollar you save is a dollar less you will have to borrow. Every dollar you borrow will cost you about two dollars by the time you've repaid the loans. So it is literally cheaper to save than to borrow.
Also, time is your greatest asset. You will accumulate more money by starting to save sooner.
C1: What would you tell a sophomore about saving for college?
MK: If your state offers a state income tax deduction for contributions to the state's 529 plan, save in your state's plan instead of another state's plan. The tax deduction outweighs the benefit of lower fees when college is just around the corner.
C1: How would you advise a senior to prepare to pay for school?
MK: It isn't too late to start saving. Seniors can also apply for scholarships (as can students in earlier grades, even in elementary school).
C1: How can a young person make the most of the money they earn at an after school or summer job to pay for tuition?
MK: Save the money, instead of spending it. Don't work too much. Working more than 12 hours a week will interfere with academic performance.
C1: What can parents do to help their teen prepare to pay tuition?
MK: College is the start of a transition from a sheltered existence to the real world. Be open with your children about the family finances and what you can afford. Teach them about financial literacy and about smart borrowing. Teach them about investing. Help them understand the complicated world of financial aid. Paying for college is a partnership between student and parent.
Neither should do all the work. Few students can afford to pay for college on their own without help from their parents. But they can chip in by applying for scholarships, working a part-time job in college, borrowing from federal student loan programs and by getting good grades.
C1: Based on expectations for finding a job after college, is there a reasonable proportion of debt to expected income that a student should consider taking on?
MK: Total education debt at graduation should be less than the student's expected starting salary, and ideally a lot less. If the total debt is less than the annual income, the student should be able to repay the loans in ten years. If the debt exceeds the income, the student will need alternate repayment plans to afford the monthly loan payments.
These repayment plans reduce the loan payments by stretching out the term of the loan. Not only does this mean that the student will still be paying back his or her loans when his or her children enroll in college, but he or she will pay much more interest over the life of the loan. Students who borrow more than twice their starting salary are at very high risk of default.
C1: Any other suggestions that could help students graduate without student loan debt?
MK: Enroll at a lower cost college, such as an in-state public college. Buy used textbooks and/or sell your textbooks back to the bookstore at the end of the semester. Minimize trips home from school to save on travel costs. Live like a student while you are in school so you don't have to live like a student after you graduate.
Eating a pizza a week costs $2,000 over a 4-year college career. If you use student loan money to pay for the pizza, it will cost you about $4,000 by the time you've paid back the loans. Before spending student loan money on anything, ask yourself if you'd still buy it at twice the price, since that's realistically what it will cost you.
See also our quick reference guides at www.finaid.org.
Jessica Kumari
Clearwater Beach, Florida native Jessica Kumari cultivated a passion for news at her campus TV station at Georgetown University. She then moved to New York City and joined the prestigious NBC Page Program before serving as a production assistant for Brian Williams.
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Shelby Holliday
Shelby Holliday is passionate about all things Millennial. From politics to prom, her favorite assignments involve talking to students and discussing issues that affect young people.
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Scott Evans
Scott Evans has been working in entertainment and media since the third grade. After studying communications and theatre at Purdue University, he worked as a NBA On-Court Host for the Indiana Pacers and Indiana Fever. He most recently worked as the West Coast Correspondent at the millennial news organization, One Minute News.
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Jason Witmer
Producer Jason Witmer has worked in just about every type of journalistic medium including writing for magazines and producing pieces for NPR. He fell in love with video as a medium at UC Berkeley’s Graduate School of Journalism before spending three years at the Houston Chronicle. He is happy to be at Channel One now, a show he grew up watching.
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Kristen Brody
Kristen Brody is a graduate of the University of Missouri's journalism school and a Production Associate at Channel One.
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Gary Hamilton
Gary knows something about that famous Texas pride, he was born and raised in Houston (where he grew up watching Channel One in Middle and High School) and then he graduated from Abilene Christian University in Abilene, Texas and studied abroad at Oxford University in the U.K.
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Jessica Rojas
Jessica Rojas is a born and bred New Yorker whose love of all types of music, dance and entertainment took her to Los Angeles where she studied at the University of Southern California. Her love of music is what brought Jessica back to New York to share that passion with you at Channel One.
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Sarah Mirza
Producer Sarah Mirza is a graduate of Wellesley College and the Master's journalism program at Boston University. She loves to write and lives for those adrenaline-fueled breaking news situations.
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Kristin Sachau
Producer Kristin grew up in San Diego, California and graduated from San Diego State University. When she got involved with documentary filmmaking, she realized she had a passion for storytelling and she's been doing it every since.
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Evan Groll
Associate Producer Evan Groll started at Channel One as an intern. He enjoys covering international news, human interest pieces and stories centered around social injustices (or even better, a combination of the three).
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