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Education, $, Life
| Term | Definition |
|---|---|
| Earning potential | The maximum amount of income that a person can earn or generate in a given period of time or under specific circumstances. It is determined by various factors such as skills, experience, education, market demand, and job market conditions, among others. |
| Networking | The process of building and maintaining relationships and connections with other people/organizations/groups in order to exchange information, resources, and opportunities. A way to leverage one's connections to achieve professional goals. |
| Income | The money that a person or household receives from various sources (wages, salaries, self-employment, investments, and government transfers). Measures a person's financial well-being and can be used to assess their ability to purchase goods and services. |
| Job Security | The stability and certainty of employment, and the likelihood that a person will keep their job. Encompasses factors such as job tenure, stability of the employer, likelihood of layoffs or downsizing, and the overall stability of the industry/market. |
| Career Advancement | Moving up the professional ladder by taking on new responsibilities, increasing one's level of skill/knowledge, or obtaining higher-level positions. Gaining promotions, increasing income, and achieving more recognition/responsibility. |
| Benefits | Non-wage compensations offered by employers to their employees in addition to their base salary, to improve the overall compensation package and provide financial security, health coverage, and other support for employees and their families. |
| Work-Life Balance | The ability to manage the demands/responsibilities of work and personal life that allows for satisfaction and well-being in both. It strikes a healthy, sustainable balance of time spent on paid work, domestic duties, leisure activities, and other tasks. |
| Post-secondary education | Any education that takes place after high school. It encompasses all types of higher education, including two-year associate's degrees, four-year bachelor's degrees, master's degrees, doctoral degrees, and professional degrees. |
| Community College | A type of institution typically offer two-year associate's degrees and certificate programs, as well as transfer programs that allow students to complete the first two years of a bachelor's degree before transferring to a four-year institution. |
| Undergraduate Student | A student who is enrolled in a college or university for a bachelor's degree or an associate's degree. These students are working towards their first academic degree. They take courses in a wide range of subjects to fill requirements for their degree. |
| Associate's degree | Undergraduate degree awarded by community/junior/technical colleges for a 2 year program of study. Requires at least 60 credit hours, provides a basic education in a specific field, preparing students for entry-level careers or a bachelor's. |
| Trade Schools | Offer specialized, hands-on training programs in specific skilled trades such as plumbing, electrical work, or automotive repair. These programs can provide individuals with practical skills and knowledge that can be applied immediately in the workforce. |
| Technical schools | These schools offer technical and vocational training in fields such as technology, business, and healthcare. These programs are designed to provide individuals with the specific skills and knowledge needed for a particular career. |
| Apprenticeships | Offer hands-on training and experience in a specific trade or industry under the guidance of a skilled worker. Often sponsored by trade unions, industry associations, or employer organizations and can provide valuable, real-world experience. |
| Bachelor's Degree | Academic degree awarded by colleges for 4 years of study in a major. It requires at least 120-130 semester credit hours and provides a comprehensive education, preparing students for a wide range of careers or for advanced study in a graduate program. |
| Graduate Student | A student pursuing a master's, doctorate, or other graduate-level program. Have already earned an undergraduate degree and are pursuing focusing on a specialized area of research or practice, with more in depth/focused coursework than that of undergrads. |
| Master's Degree | Graduate-level academic degree with 1-2 years of full-time study post-bachelor. Awarded by colleges for a specialized program of study. Usually requires the completion of 30-60 semester credit hours and may need a thesis or comprehensive examination. |
| Free Application for Federal Student Aid (FAFSA) | A critical component in determining eligibility for federal financial aid. Completing this can make a student eligible for grants, scholarships, and low-interest loans, all of which can help reduce the overall cost of postsecondary education. |
| 529 accounts | A tax-advantaged savings investment account that can be used to save for higher education expenses. This type of savings plan can be a cost-effective way to save for college and reduce the amount of debt needed to pay for postsecondary education. |
| AP (Advanced Placement) courses | College-level classes offered by high schools to challenge high school students and provide them with an opportunity to earn college credit while still in high school. Successful completion of one of these courses and exams can lead to college credit. |
| Community College dual enrollment | Allows high school students to take college courses for college credit, allowing students to earn college credits at a lower cost than taking those same courses at a four-year college or university. |
| Self-employment income | Income earned by a business owner or freelancer, rather than employee. Generated through the sale of goods or services produced or provided by the individual and can include revenue from multiple sources such as contracts, projects, and clients. |
| Personal budget | A plan for managing an individual's income and expenses over a specified period of time, typically a month. It helps to track spending, identify areas for savings, and ensure that expenses do not exceed income. |
| Disposable income | Amount of money an individual has available for spending and saving after all taxes and mandatory deductions have been taken out of their pay. How much an individual has left over after paying for necessities such as housing, food, and transportation. |
Created by:
mg999
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