Dollars & Sense

This is the  third part of a four part series on career exploration for high school students

The 4 Step Career Exploration Process

1. Investigate: Discover your personality, abilities, skills, and priorities.

2. Match possible careers to your personality.

3. Research potential careers to see if there is a fit.

4. Prepare a plan to pursue your career choice.

Episode 21: Career Exploration Part 3: Researching career choices

Visit the Bureau Labor Statistics website at stats.bls.gov/ooh. Record information about possible careers including the education required, prospects, and earnings.

Professional organizations. Google the words “careers in __your chosen career_”. Such as “Careers in dentistry.” When I did that, I found the American Dental Association (the ADA). On their website you can read about becoming a dentist and watch a video on the dentistry career.

Library. Section 331.702 will be helpful.

Camps and classes. Attend a summer camp based on a potential career. Search the internet on “camps for future _your career choice_”. You’ll find camps for future, nurses, lawyers, musicians, etc. Many local colleges sponsor these types of camps. You may even get to live in a college dorm while you attend the camp!

Employment or self-employment Get a job, volunteer your time or a start micro business to test a future career. Micro Business for Teens can help

College course guides. Go online to several colleges and look at their course guides. Do the classes interest you?

Job shadow a worker in your possible career choice for 2-4 hours. Just observe. Ask questions about their day, the variety, what they like and what they don't like. Ask why they chose this career and what advice they have for you.

 

Listen in to Career Exploration Part 4, Episode 22 of the Dollars and Sense  Show when I discuss how to find a college.

Carol Topp, CPA

 This is the second part of a four part series on career exploration for high school students

The 4 Step Career Exploration Process

1. Investigate: Discover your personality, abilities, skills, and priorities.

2. Match possible careers to your personality.

3. Research potential careers to see if there is a fit.

4. Prepare a plan to pursue your career choice.

Step 1 is to investigate your personality, abilities, skills, and priorities. Start by  List skills, interests, talents, and what do you spend time doing.

Also ask your friends and parents to list your strengths and talents.

Personality Tests

There are several online personality tests that can be helpful and fun.

At www.humanmetrics.com —Take the Jung Typology Test. It is free and should take you about 10 minutes.

My tests show I am an ISTJ and some of the careers listed include: Engineering and Accounting! Amazing! Those have been my two major careers!

http://www.keirsey.com/ This website offers another type of personality test. It classifies people into one of four temperaments.

Click on “Take the KTS-II!” in the upper right corner. It asks for an email address. After you determine your temperament, read about it and good jobs for you.

www.careerkey.org—This is a fantastic personality test related to occupations. There is a fee involved of approximately $10, but it is well worth the small fee!

I mention ebook

I also recommend Career Direct  from Crown Financial Ministries. It is much more in depth than the others listed above and also considers your personal values and Christian occupations. Cost $80 without a consultant or more if you desire to work with a consultant.

 

Listen in to Career Exploration Part 3, Episode 21 of the Dollars and Sense  Show as I discuss how to research possible careers.

Carol Topp, CPA

 This is the first part of a four part series on career exploration for high school students

I taught Career Exploration at my homeschool co-op several times. Sometimes students think that I will tell them what career they will have for the rest of their life. But that's impossible!

No one knows the future, so don’t expect to have your entire adult life figured out as a high school student. All you need to do now is to try and get an idea of what the next phase of your life might hold.

Goal: learn a process of discovery and research to make a decision on a career path or college major to pursue.

The 4 Step Career Exploration Process

1. Investigate: Discover your personality, abilities, skills, and priorities.

2. Match possible careers to your personality.

3. Research potential careers to see if there is a fit.

4. Prepare a plan to pursue your career choice.

Joseph from the Old Testament: several “careers." He worked for his dad tending flocks. He was also a slave, a house manager, a  financial manager to Potiphar, a dream interpreter,and  organized storage of food to prevented a famine. Joseph could not see how each of these jobs would be used together to accomplish God's will in his life, but we can!

God's will is not a target. God's will is primarily a relationship with Him, rather than a place or job. God blesses people, not paths.

God is not obligated to reveal His will for our lives all at once.  He will tell you what you need to know when you need to know it.

From Decision Making and the Will of God by Garry Friesen

3 Forms of God's Will

* Sovereign will

* Moral Will- the commandments given in the Bible

* Individual will

In those areas specifically addressed by the Bible, the revealed commands of God (His moral will) are to be obeyed.

In those areas where the Bible gives no command or principle, the individual is free and responsible to choose his own course of action.

 

Listen in to Part 2, Episode 20 as I share with you some fun personality tests that will help you in exploration a career.

Do you pay workers in your homeschool organization?

Do you know what form to to filing with the IRS?

Homeschool CPA, Carol Topp, will share the details of what you need to know about paying workers in a homeschool organization in this 30 minute podcast. Part 2 of a 2 part series.

 

Show Notes:

Applying for EIN. Use IRS Form ss-4. Read this helpful article first Getting an EIN from the IRS.

IRS forms to give to independent contractors (IC).

* Use IRS Form W-9 to collect the IC's legal name and EIN.

* Read IRS Pub 15A Employers Supplemental Tax Guide.

* Give Form 1099MISC to every IC paid more than $600 in a calendar year. Unfortunately Form 1099MISC cannot be printed on your home printer. You must order it from the ITS or buy a set at an office supply store. I use FileTaxes.com to file and mail Form 1099MISC.

IRS forms to give to employees

* Collect a W-4 and an I-9 (Immigration) from each employee. Get employment forms at IRS.gov

* Read IRS Pub 15 Employers Tax Guide

* Give each employee a W-2 at the end of the year. (I use FileTaxes.com to file and mail the W-2's to the employees)

* Form 941 or 944 to pay your employer taxes (Social Security and Medicare). Find employment forms at IRS.gov. I use FileTaxes.com to prepare and file 941/944 or fill in online print and mail.

What to do if you are paid by homeschool organization an receive a 1099MISC

* File Schedule C Profit or Loss from Business of the Form 1040. List all your income and expenses from being a independent contractor.

* Pay federal income tax and self-employment tax (same as Social Security and Medicare for self-employed people) using Schedule SE (attached to your Form 1040.

If you find these forms confusing, consider a private consultation with Carol Topp, the Homeschool CPA. She can help you prepare and file the correct forms.

 

Carol mentioned a few helpful resources:

Paying Workers in a Homeschool Organization (short ebook)

Questions and Answers for Homeschool Leaders (ebook)

Money Management in a Homeschool Organization (newly expanded) in paperback or ebook. The Paying Workers ebook is incorporated as a chapter in this book, so you don't need to purchase both.

Other helpful books and articles for homeschool leaders can be found at HomeschoolCPA.com

Do you pay workers in your homeschool organization?

Are they employees or independent contractors? Do you know the difference?

Homeschool CPA, Carol Topp, will share the details of what you need to know about paying workers in a homeschool organization in this 30 minute podcast. Part 1 of a 2 part series.

 

Carol mentioned a few helpful resources:

Paying Workers in a Homeschool Organization (short ebook)

Questions and Answers for Homeschool Leaders (ebook)

Money Management in a Homeschool Organization (newly expanded) in paperback or ebook. The Paying Workers ebook is incorporated as a chapter in this book, so you don't need to purchase both.

Other helpful books and articles for homeschool leaders can be found at HomeschoolCPA.com

 

Be sure to listen to the second part of this podcast when Carol shares what forms you need to be filing with the IRS when you pay workers.

I hate debt-especially for a teenager starting a micro business!

Dollars and Sense host, Carol Topp and guest host, 17 year old Jonah Wilson, discuss 5 dangers of using debt to start a micro business.

In the podcast, Carol and Jonah mention Starting a Micro Business, a helpful book (and ebook) that can be very helpful in launching your micro business.

Show Notes:

5 dangers of starting a micro business with debt

* Debt presumes on the future

* Debt encourages quick decisions, not careful planning6

* With debt, you are a slave to lender

* A loan can increase the risk of failure

* Debt can stop blessings.

Listen to the next Dollars and Sense Podcast (Episode #17) where Carol will discuss paying workers in a homeschool organization.

 

Do you (or your teenager) want to start a micro business, but fear you don't have the money to start?

Dollars and Sense host, Carol Topp and guest host, 17 year old Jonah Wilson, claim that you can start a micro business with no money!

How?

Listen in as Carol and Jonah share several ways to start a micro business with no money

In the podcast, Carol and Jonah mention Starting a Micro Business, a helpful book (and ebook) that can be very helpful in launching your micro business.

Show Notes:

What does it cost to start a micro business?

If a product-based business,  then inventory, packaging & shipping and advertising costs

Maybe equipment like computer, lawnmower, oven, piano, etc.

If a service-based business, then not much start-up money needed except for ads, a website, business cards, etc.

Where does the start up money come from?

* Savings

* Start as a hobby/volunteer/only break even

* Investor (or small loan from parents), but not a partner

* Sell something

* Work a temporary job

* Start a service business and save up to launch a larger business

Listen to the next Dollars and Sense Podcast (Episode #16) where Carol and Jonah will discuss the dangers of starting a micro business with debt.

 

In this episode of the Dollars and Sense Show host Carol Topp and her guest Susan Raber of AtHomeAndSchool.com discuss more money myths that homeschool moms believe.

Listen to the show here

From Episode #13 of the Dollars and Sense Show, Carol and Susan discussed three money myths:

Myth #1: Just a Little More Money is All I Need...

Myth # 2: I Need …..

Myth # 3: It was on sale; I saved a lot of money!

On today's show, Carol And Susan discuss two more money myths

Myth # 4: Homeschooling is Expensive:

A study of 220 families spend between $300 and $1,000 per family each year Private schools cost from $3,000-$10,000 year. That’s expensive!

Truth: Homeschooling is time consuming.

“Opportunity cost” is the cost of passing up a choice when making a decision.

Money tip: Make up a homeschool budget. Include books, field trips, classes, magazine subscriptions

 

Myth # 5: I’ll use it someday

Truth: You don’t know what the future holds

Ask yourself:

* Am I going to use it now or in the near future? Beware of buying things with the reasoning, 'I'm not sure when I'll use it, but I'll use it someday.' Tell yourself, "If it’s that good, it will be there when I need it. If not, something better will replace it"

* Where is it going to go? Make sure you have a clearly designated space otherwise it increases your clutter.

 

We hope you've enjoyed these Five Money Myths and remember them as we enter the homeschool convention shopping season!

In this episode of the Dollars and Sense Show host Carol Topp and her guest Susan Raber of AtHomeAndSchool.com discuss money myths that homeschool moms believe.

Do any of you, like me, have curriculum sitting on your shelf, that, if you are honest with yourself, you will probably never use?

I want to share some experiences I’ve learned about money and homeschooling. I call it the Five Money Myths that Homeschool Moms Believe

Myth #1: Just a Little More Money Will Solve All My Problems

Truth: Problem is not lack of money, but lack of contentment

Contentment Robbers: mail order catalogs, magazines, malls, etc… For homeschoolers the list is similar:

* homeschool catalogs,

* homeschool curriculum fairs,

* homeschooling web sites and forums,

* homeschooling magazines

* and even (gasp) other homeschoolers

What are your contentment robbers?

Here’s some advice:

* Only look at catalogs when you have a specific need

* Use a shopping list at curriculum fairs. If it’s not on the list, you don’t need it.

Myth # 2: I Need …..

Truth: Wants are different from needs

Do you think that you just have to have a certain item (whether you need it or not) just because another homeschooler has it?

Here are some tips:

* Don’t buy things sight unseen

* Don’t buy more than one year of a new text

Myth # 3: It was on sale; I saved a lot of money!

Truth: Money is not saved unless there is a deposit into the bank!

As yourself: Is the sale price a good value?

My daughter was looking at an audio book catalog with deeply discounted prices. “How can they sell these audio books so cheaply?” she asked me. “The original price was $500 and they’ll sell it for $150.” Perhaps, it never sold at $500 and it’s only worth $150. Is the $150 a good value?

Tip: If you buy something on sale, put the difference in a savings account. Use the savings for future homeschool needs.

 

Tune in for the next Dollars and Sense show on April 10, 2014 when Carol and Susan will discuss More Money Myths that Homeschool Moms Believe.

 

In this episode of the Dollars and Sense Show host Carol Topp discusses taxes and teenagers.

Show Notes:

A teenager files their own tax return! Do NOT add your child’s income to your tax return.

You can still claim your teenager as your dependent. They check a box stating they are claimed as a dependent on your tax return.

Major taxes affecting teenagers: earned income, unearned income, and self-employment tax.

Earned Income from a job or micro business (including babysitting). Federal income tax is owed if earned income is more than $6,100 (in 2013)

Unearned Income: interest, dividends, capital gains on taxable accounts in the student’s name. Federal income tax is owed if unearned income is more than $1,000. Between $1,00 and $2,00 unearned income is taxed at child’s tax rate. More than $2,000 unearned income is taxed at parent’s rate on Form 8615 (“Kiddie tax”)

Self-Employment Tax

Same as Social Security and Medicare for self-employed people. 15.3% of profit over $400. Unadjusted since 1954 (adjusted would be $6,250). Schedule SE attached to Form 1040. Reported on Line 56 under Other Taxes on back of Form 1040. (the “hidden” tax)

Example: $5,000 profit earned by single teenager. Income tax $0. SE tax $706!

If you'd like to see this changed, visit MicroBusinessForTeens.com/eliminate-tax-on-teen-entrepreneurs for a position paper you can share with your congressman.

Exception to SE tax for teenage Household Employee: Students under age 18 working in or around an individual’s home is a household employee are not subject to SE tax. Report wages on Form 1040 Line 7 with “HSH” as note. Examples: babysitting, lawn care, house cleaner

Teenagers scammed: Treated as independent contractor instead of employee.

Signs: Paycheck with no SS/Medicare withheld. Paid in cash. 1099MISC not W-2.

Action: Complain to employer. File complaint with IRS (Form SS-8) and Form 8919 to pay half SS/Medicare.

Resources

Teens and Taxes ebook by Carol Topp, CPA available at TeensandTaxes.com

Money and Taxes in a Micro Business by Carol Topp, CPA available at MicroBusinessForTeens.com

IRS Understanding Taxes website http://apps.irs.gov/app/UnderstandingTaxes

 

Tune in for the next Dollars and Sense show on March 27, 2014 when Carol will discuss 5 Money Myths that homeschool moms believe.