Module #1)

This module talks about who am I and what I want to

be.

Soft Skills:
Soft skills are non-technical skills that relate
to how you work. They include how you
interact with colleagues, how you solve
problems, and how you manage your
work.Soft skills include interpersonal
(people) skills, communication skills,
listening skills, time management, and
empathy, among others.
● Whether we realize it or not, often our
choices are based on our values. Values
are the beliefs, attitudes and judgments
we prize.
Responsibility, Collaboration, Self-Regulation,
Organization, the ability to Work Independently,
and the confidence to demonstrate Initiative –
these are all skills that have importance in any
workplace environment. You may notice these
skills.

So, where are you?

To get started on your possible career and

educational pathways, you need to know the
following information:

● What skills do you have?

● What tools do you have?
● What strengths do you have?
● And ultimately, where do you think you
want to go?
Learning styles:
1. Auditory:
an auditory-dominant learner prefers
listening to what is being presented. He or
she responds best to voices, for example,
in a lecture or group discussion. Hearing
his own voice repeating something back
to a tutor or trainer is also helpful
2. Kinesthetic:
a kinesthetic-dominant learner prefers a
physical experience. They like a
"hands-on" approach and respond well to
being able to touch or feel an object or
learning prop.
3. Visual:
a visually-dominant learner absorbs and
retains information better when it is
presented in, for example, pictures,
diagrams and charts.

Motivation

Intrinsic motivation is the sort of
desire that arises from within us.
If you are a writer you may write to
satisfy the need to create stories from
the many ideas swimming around
inside your head. These drives stem
from an interest in the activity or job
itself, without any external influence.
Internal motivators often become
defining qualities or characteristics of
the person acting on them.
Extrinsic motivation compels you to
act based on some outside force or
outcome. The desire is not one that
would arise naturally within you, but
because of someone or some
consequence. You might be motivated
to do some extra credit to keep from
failing your math class. These external
influences can have a great impact on
why or how people do what they do,
sometimes even things that seem out
of character.
APPRENTICESHIP
Is apprenticeship for you?
If you answer YES to the following, consider
the apprenticeship pathway.
• You enjoy hands-on learning and have good
mechanical and spatial abilities
• You enjoy fixing things, assembling and
disassembling structures
• You are able to solve problems, determine
why something does not work and how it can
be done better
• You may wish to own your own business
one day
• You enjoy
challenging tasks that require good
problem-solving skills
COLLEGE
Is college for you?
If you answer YES to the following, consider
the college pathway.
• You find success in hands-on and practical
learning
• You might consider completing a university
degree
in the future
• You learn best by doing
• You enjoy smaller classes and the personal
approach to instruction
• You have specific career goals that require
a college education
UNIVERSITY
Is university for you?
If you answer YES to the following, consider
the university pathway.
• You enjoy abstract concepts associated
with course material and
academic/theoretical learning
• You are able to complete much of your work
independently
• You can achieve a minimum of 70% average
in your best 6 University “U” or
University/College “M” courses in Grade 12
• You have specific career goals in mind that
require a university education
WORKPLACE
Is on-the-job training for you?
If you answer YES to the following, consider
the on-the-job training and employment
pathway.
• You have been successful in workplace
pathway courses and wish to explore
workplace opportunities
• You may wish to defer further
post-secondary education until later
• You have specific career goals based on
your research of local labour market trends
COMMUNITY LIVING
Is community training for you?
If you answer YES to the following, consider
the community training pathway.
• You are on an Individual Education Plan
(IEP), and are not earning the Ontario
Secondary School Diploma (OSSD)
• You have a transition plan which identifies
your goals for transition from School to
Community
• Your plan is individualized for you
The IPP is important as it can assist you by:
● planning your post-secondary
pathways (apprenticeship, college,
university or the workplace) and
career pathways;
● organizing and selecting the special
pathways programs in secondary
school that support your learning
styles, interests, and needs;
● helping you to plan for both short and
long term goals along your individual
pathway;
● organizing a list of resources to help
you achieve those destination goals.
UNIT 1 TEST)
1.Responsibility, Collaboration,
Self-Regulation, Organization, the
ability to Work Independently, and the
confidence to demonstrate Initiative –
are all skills that have importance in
any workplace environment.
Choose one of these skills and discuss its
importance in the workplace (3 marks). Do
you have this skill? Provide an example. Or,
is this something you need to work on?
Provide a suggestion how (3 marks).
Your Answer:
Organization is very important in a workplace
because it keeps everything in place. It helps
reduce and relieve stress and panic from losing
items, due dates, appointments, and more.
When you have so much to do but organize your
time, it helps give you more time in your life for
more activities and for your life. It also creates a
framework for companies and businesses.
Personally, I think that I need to improve this skill
because sometimes I find myself stressed out
before due dates, when losing, or forgetting
about something. I try to improve myself by
setting myself an agenda, a to do list, and
organizing my calendar. I have my mom helping
me to manage my time and remind me to review
my agenda so I won't be stressed out.
2. Define the difference between external and
internal motivators - provide two examples
for each kind of motivation (2 marks).
What motivates you - internal, external, or
both? Explain using three examples (4
marks).

Your Answer:
External motivations are motivations that don't
come from someone's natural will. It comes from
convincing qualities such as money, praise, or
similar.
Internal motivations are motivations coming from
a personals original will without any reason
coming from the outside.
I am motivated by both. For example, I
sometimes look forward to satisfying myself
when I'm in my spare time. I don't really listen to
any activity suggestions anyone gives me. At the
same time, I like to make people happy and
maybe I don't even care if I like something or
not. If my sister wants me to play a game I hate,
I play it with her, to make her satisfied. When
someone tells me that they will give me
something if I obey or do what they want, I might
as well listen. When looking for jobs in the
future, one of my top motivators might be the
finances and payment that is given to you.
Include some examples about the
internal motivation.
3. According to the Human Resources and
Skills Development Canada (HRSDC), there
are nine essential workplace skills:
1) List all nine of them (3 marks)
2) Which four of these skills are considered
soft skills? (2 marks)
3) Choose 4 of the 9 skills and define them in
your own words. Be sure to discuss what
makes these essential workplace skills. (4
marks for each definition, 4 marks for
showing how each of the skills are essential).
Your Answer:
1. numeracy
2. document use
3. writing
4. digital technology
5. reading
6. thinking
7. working with others
8. continuous learning
9. oral communication
Reading)
Reading is essential in a workplace because it
covers over 80% of any job. It is a way to
communicate, remember things, insert data, and
provide any type of information.
Thinking)
Thinking is something every human being can
do. Without it, no science, math, or anything
would have improved or even started human
civilization. In a work field, we use it to gather
observations and analyze them, hypothesize,
make theories, and more come up with solutions
to problems and more.
Working with others)
Working alone doesn't give you much ideas, and
your work takes a longer time to finish. It is the
total opposite when you are working with others.
This gives you an opportunity to criticize, give
feedback, as well as receive it, and get help and
more ideas from others. It is essential because it
relieves stress from having to do so many jobs
alone and not learning anything. The
achievement rate for those who work alone is
obviously lower than that of those who work
together.
Numeracy)
Numeracy helps keep us on track in a
workplace. It keeps data, rates, finances and
way more under control. It also helps when
making decisions and gives you confidence in it.
Numeracy skills are used in every workplace for
manipulating and understanding data.
You did not answer the second part of the
question. You also did not really define these
skills. You did express how the skills are
essential in the workplace.
4. There are 3 main learning styles: Kinesthetic,
Visual and Auditory. In your own words, define
what each one is. (3 marks)
Which type(s) of learner are you? (1 mark) (You
can be more than one). Use real-life examples
to demonstrate your learning style (3 marks = 3
examples).
Your Answer:
Kinesthetic learners use their sense of touch to
learn things, finding it easier to do something
then write it down or say it. They prefer
demonstrations and doing something
themselves.
I am a visual-kinesthetic learner. I use stress
balls sometimes when working or preparing for
tests, I move around a lot when studying, prefer
demonstrations, and reading and using visual
graphics to help me along.
Ikigai:
Ikigai is the japanese concept of “à reason for
being”. Everyone has an ikigai. Finding it
requires à journey to self discovery, but the
search is worth it. Your Ikigai is the meaning to
life.
There are 4 wheels in Ikigai:
1. What you love
2. What you are good at
3. What the world needs
4. What you can be paid for
What you love and what you are good at is your
passion
Loving something and what the world needs is a
Mission
What you are good at and what you get paid for
is a profession
What you can be paid for and what the world
needs is a vocation.

Visual learners learn easily by seeing things.

They learn by needing or watching others do
something. They also prefer demonstrations and
probably like watching videos or reading texts
with graphics.

Auditory learners prefer listening to instructions

or lessons provided. When explaining
something, they prefer saying it rather than
demonstrating or writing it down. For example,
they like listening to music while working.
❖ What you love, you are good at, and what
the world needs, (Passion and Mission)=
is something that gives you delight and
fullness, but no wealth.
 ❖ What you love, what you are good at, and
what you can be paid for, (Profession and
Passion)= is something that gives you
Satisfaction, but a feeling of uselessness.
❖ What you are good at, what you can be
paid for, and what the world needs,
(Vocation and Profession)= is something
that gives you comfort, but also gives you
a feeling of emptiness.
❖ What you love, what is good for the world,
and what you can be paid for, (Vocation
and Mission)= is something that gives
excitement and complacency, but a
feeling of uncertainty.
Emerging and Hidden Job Markets
Advertised jobs are often those that are in
high demand but with a low supply of workers,
or in high demand with a high turnover of
workers. You have probably seen advertised
jobs in the classified section of most
newspapers or online at job banks. Advertised
jobs are open to everybody and anyone with
the right skills and qualifications can apply.
However, did you know that advertised jobs
represent only twenty percent of all job
openings?
Hidden jobs make up approximately 80-85%
of the job market! The hidden job market
exists because employers prefer to fill
vacancies by methods other than advertising.
Employers are always looking for the best
people to fill positions so information about this
available work is often circulated through the
employers' network of co-workers, business
associates, friends, and acquaintances.
Emerging jobs are those that have yet to
appear or are in the process of becoming the
next big career trend. For example, as
technology and society changes, new jobs that
previously did not exist now exist.
Emerging Job Market: Green-Collar
Jobs
The United Nations Environment Programme
(UNEP) defines green jobs or green-collar jobs
as, “positions in agriculture, manufacturing,
construction, installation, and maintenance, as
well as scientific and technical, administrative,
and service-related activities that contribute
substantially to preserving or restoring
environmental quality.”
One thing to consider when making your
post-secondary plans is to investigate the
future prospects of the career that you intend
on pursuing in order to prepare for possible
transitions if the job market shifts.
Trends Affecting the Job Market:
● Aging baby boomers
● Healthcare
● Increased Costs of Child Care
● Rapid Technology Growth
● Distributed Work
Explain how in Notebook
Possible Opportunities
● Job Offers
● Moving to a new city
● Living on your own
● Meeting new people
● Enrolling in certification courses and
or college/university programs
● Being more independence
● Making money
● Gaining new skills
Challenges Rarely will you ever apply for a job without being
asked for a résumé. A résumé (sometime
● Increased financial obligations
spelled without the accents, as in “resume”) is a
● Moving to a new home
short document that tells potential employers
● Moving to a new city
information about you: your work experience,
● Dealing with multiple job offers
your skills, and your education. The amount of
● Losing your job
detail in your résumé will depend on your years
● Taking care of paying bills and other
of work experience and your related
responsibilities of being
qualifications.
independent
● Living with another person, such as
a roommate Power Words
● Loneliness

One of the key things to writing a résumé is

An inference is the ability to connect what is in
the text with what is in the mind to create an
educated guess. When reading a job ad from
newspapers, employment centres, or Internet
sites, you should look for the explicit details and
implicit clues so you don't miss vital information
about what the job requirements might really be.
For example, explicit details, such as the name
of the company, starting dates, descriptive
details and facts, usually appear directly in the
text. Implicit details are implied clues in the
text and these are often based on some prior
knowledge and experience. For example, if a
job ad for a small restaurant says, “wait staff,”
this also might imply that you will be expected to
take on some other duties, such as taking orders
and reservations over the phone, or opening and
closing the restaurant depending on the time of
your shift.
using the right language. Power words help
demonstrate your strengths as an employee,
and highlight why you are right for the
particular job.
Power words are useful for three reasons:
1) Hiring managers quickly skim through all
the résumé and cover letters they receive, so
power words will jump off your page, quickly
showing the hiring manager that you have the
skills and other qualifications for the job.
2) Résumés can get repetitive and boring. If
your language is the same as everyone else’s,
it will be hard for you to stand out. Good,
thoughtful word choice will set you apart from
the other candidates.

Sometimes you will find that, while you may not

have a particular experience a job ad indicates
in its explicit details, you can make inferences
about other skills that the job may require –
these may be skills you have to offer!
The Résumé
3) Power words are useful when a company
uses an Applicant Tracking System (ATS).
These tracking systems help screen
applications so that employers only need to
focus on the top candidates. One way an ATS
works is to eliminate résumés that are missing
certain keywords.
By including these words, you increase your
chances of making it through the ATS, and
having your application read by a human.
employment. By highlighting skills rather than
work history, you can emphasize that you are
qualified for the job.
Combination Résumé

A combination résumé is a mix between a

Chronological Résumé
chronological résumé and a functional résumé.
At the top of the résumé is a list of your skills
A chronological résumé starts by listing your
and qualifications. Below this is your
work history, with the most recent position
chronological work history. However, the work
listed first. Below your most recent job, you list
history is not the focus of the résumé, and
your other jobs in reverse chronological order.
typically does not take up much space.
Employers typically prefer this type of résumé
With this type of résumé, you can highlight the
because it's easy to see what jobs you have
skills you have that are relevant to the job you
held and when you have worked at them. This
are applying for, and also provide your
is the most common resume type.
chronological work history. After all, most
employers want to see your chronological work
This type of résumé works well for job seekers
history, even if that history is not very
with a strong, solid work history. If you are just
extensive.
starting your career, or if you are changing
career fields, you might consider a different
This kind of résumé helps you highlight what
resume type.
makes you the best fit for the job, while still
giving the employer all the information they
Functional Résumé want.

A functional résumé focuses on your skills and

experience, rather than on your chronological
work history. Instead of having a “work
history” section at the top of your résumé, you
might have a “professional experience” or
“accomplishments” section that lists various
skills that you have developed over the years.

A functional résumé might not include one’s

employment history at all, or might have a
concise list of work history at the bottom of the
resume.

A functional résumés is used by people who

are new to the workforce, have limited work
experience, or who have a gap in their

The Cover Letter
Traditionally, a cover letter was a concise,
one-page formal letter that acted as your
introduction to a potential employer. It was
your opportunity to make a first impression.
Therefore, it often decided whether a
prospective employer even looked at your
résumé.
While there are many businesses that no
longer require a formal cover letter, you should
know how to write one. This is especially true if
you have never written a formal letter before –
something quite common among many young
people who have grown up using only email
and text messaging as correspondence!
Your goal in the cover letter is to show that you
would be an asset to the company, and perform
well in the position. Below, you'll find a list of
student cover letters, listed by position and
experience-level, to help you develop your own
cover letter.
The Interview
In many cases, the interview is the final stop of
the job search process. An employer will often
interview several qualified applicants for a job
and the face-to-face interview is often what
determines whether you get a particular job.
An interview can be a simple, informal meeting
between you and your potential employer, or it
can be a formal interview between you and a
group of people with set questions.
Ask any of your friends and family and they will
more than likely have stories about their own
interview experiences – most with stories
about how nervous and stressed they were.
Certainly, there is a level of nervousness
involved – you only have a short period to
convince a stranger that you have the ability to
be a great employee – but as many will also
tell you, your best defense against that
nervousness is to be properly prepared!
Interviewing Tips:
➢ Research the company and the position.
➢ Prepare your answers to the most common
interview questions.
➢ Prepare a few “success stories” in which you
can refer to
➢ Prepare questions to ask the interviewer
➢ Tailor your entire interview to the company or
organization you are interviewing with
➢ EES stands for education, employment, and
skills
➢ A poor answer is one that is general, not
relevant and not related to the role.
➢ Read the job description carefully- what skills
does this job need and/or require
➢ Make sure you get the message across how
you can benefit the employer
➢ Prepare answers using the EES format-
ensure it is relevant- if the employer requires
communication skills, explain what you have
done.
➢
Workplace Safety:
According to the Workplace Safety and
Insurance Board (WSIB), an average of nearly
50 young workers under the age of 25 are
injured on the job, and some lose their lives,
every day. That's almost two young workers
injured every hour of every day and every night,
seven days a week - and it's often because of
what they didn't know.
Employment Standards Act (ESA)
The Employment Standards Act
(Links to an external site.)
, 2000 (ESA) sets out the rights and
responsibilities of both employees and
employers in Ontario workplaces. It includes
standards on payment of wages, public holidays,
hours of work, overtime pay, vacation time and
pay, statutory leaves, and termination and
severance entitlements. If you are an employee
working in Ontario, you are probably covered by
the ESA. However, some employees are not
covered by the ESA and some employees who
are covered by the ESA have special rules
and/or exemptions that may apply to them.
Who Will the Protections Apply To?
According to a news release
(Links to an external site.)
, the leave will protect workers from termination
in the following situations:
● The employee is under medical
investigation, supervision or treatment
for COVID-19.
● The employee is acting in accordance
with an order under the Health
Protection and Promotion Act.
● The employee is in isolation or
quarantine.
● The employee is acting in accordance
with public health information or
direction.
● The employer directs the employee
not to work.
● The employee needs to provide care
to a person for a reason related to
COVID-19 such as a school or
day-care closure.
The Follow-Up Process
For many, the interview is the final stage of the
job search process, but with increased
competition for job positions, the follow-up is a
way to make one final impression on a potential
employer so that your name is remembered long
after the other applicants have gone home.
Often a “thank-you” email the day after an
interview or a phone call a few days later to let
the company know you are still interested in the
job is enough.
(THIS IS ONLY FOR THE AFTER THE
INTERVIEW PART)
Workplace Safety and Rights
· What are the three basic health and
safety rights at any workplace?
The three rights are having the right to know
anything that relates to your job, the right to
refuse dangerous jobs and roles, and the
rights to participate in the job that they can.
· What should you do if you think you
should have special safety equipment
and don't?
You should call the Ministry of Labor Health
and Safety Contact Centre to get your items.
· What is WHMIS training?
The WHMIS is a Canadian facility designed to
place safety signs and safety hazards on
equipment and materials. They also provide
health and safety information about their
products as a condition of sale, which
includes the Safety data sheets (SDSs).
· What should you do if you get injured
at work?
If an employee gets injured at work, the first
thing they should do is get some first aid
treatment, which would be provided at the
responsibility of the employer. If an employee
gets injured badly, then he/she should be
referred to a hospital. No matter how small
the injury is, it should be reported to the
employer.
 · As a student/young worker, does the
ESA (Employment Standards Act)
apply to you? Are there exemptions?
Yes it does apply to me, however, there are
exemptions when it comes to things such as
school and University programs.
· What is the minimum wage in Ontario?
The minimum wage in Ontario is 14.25 dollars
an hour.
· After how many hours of work in one
(1) week must overtime pay be
provided?
For working overtime in a week, the pay must
be 1 and half times the regular.
· What is the weekly maximum number
of hours an employee can be required
to work without a written agreement?
They can work up to 8 hours a day, or 48
hours a week without an agreement.
· How much should you receive per
hour worked in overtime?
Around $18.00 an hour.
· As a young worker, are you entitled to
paid statutory holidays?
Yes, I am.
· Are you entitled to lunch and coffee
breaks?
According to ESA, you cannot work more than
five hours without a lunch or coffee break.
· Can an employer deduct the cost of a
company uniform from your pay?
Yes the employer can deduct the cost of a
company uniform from your pay.
· What should you do if you think you
are a victim of discrimination in the
workplace?
You should keep a record of the harassment
and report it to the employer or union.
However, if they ignore you, then you should
report it to the Ministry of Labor.
· If you feel you have been fired
unjustly, who should you contact?
They can give a complaint about being fired
unjustly at any Labour Program Office.
A job ad should include the following items:
● the type of job;
● its location;
● working hours;
● pay rate;
● work experience toward future career
goals; and/or
● personal considerations (such as
ethical or environmental concerns).
What to put on your Resume: (in this order)
✔ Contact details
✔ Opening statement (objective)
✔ List of key skills that you have
✔ List of technical/software skills (if any)
✔ Personal attributes/career overview
✔ Educational qualifications
✔ Employment history/volunteering/work
placements from co-op at school
✔ References/referees (someone who vouches
for your abilities)

The Interview (formative)
The best way to prepare for an interview is to do
your research – if you know what to expect then
you can be, feel, and look more confident.
Before you go to your interview, find out the
following:
● What is the process? Will it be
one-to-one or be by committee?
● If possible, find out the name of the
person or persons who are conducting
the interview.
● How long is the interview?
● Are you expected to bring anything
with you, such as examples of your
work or letters of reference?
● Know what the company or job
entails.
● Know what your skills and
qualifications are and how they would
benefit the position.
● Know why you want this job and what
you hope to get from the experience.
The Follow-Up Process (formative)
Follow-up letters, emails, or phone calls are best
delivered a few days after the interview process.
Many people don't engage in the follow-up
process for fear of looking too needy or
bothersome, but if done correctly the follow-up
process fulfills the following:
● It shows your appreciation for the
employer's interest in you.
● It reminds the potential employer
about your qualifications for the
position.
● Many organizations wait a few days
before making call backs – a follow-up
letter, email, or phone call reminds
them of your interest in their company.
● It demonstrates that you have good
manners that would translate well in a
workplace environment.
There are several career advice resources to
assist you in the follow-up process (even
websites such as ehow and ask.com offer
interview follow-up advice)
The Employment Standards
Act (ESA) is a law in Ontario that protects
workers' rights. This law tells employers how to
treat workers fairly. ESA protects most workers
in Ontario. The ESA has rules that employers
have to follow and was established in the year
2000.
According to the WSIB every
employee has the right to:
* safe and well maintained workplace
* a Health and Safety Representative on site
* be provided with proper health and safety
information about hazardous substances or
working environments
* immediate first aid treatment
Workplace Harassment:
It occurs when a person engages in a course of
vexations, comments, or conduct against a
worker in a workplace which is known or ought
to be known as unwelcome.
Termination in the probation
period:
● It is often advisable to follow some degree
of a fair procedure prior to dismissing an
employee in their probationary period
even where there is no contractual
requirement to do so. ... I am not saying
 that you can't dismiss an employee during
a probation period 'without' any process,
of course you can.
● Termination ‘without cause’ means being
fired without the employer giving you a
reason.
7 Steps for Effective Problem
Solving:
1. Identifying the Problem. Ask yourself
what the problem is
2. Brainstorming
3. Evaluate the options
4. Rate the options
5. State the Solution
6. Make a plan
7. Follow up
Fail
First.Attempt.In.Learning
We often talk about failure as if it were some
absolutely soul-crushing, ego-obliterating abyss
from which one can never recover.
Unfortunately, the "fear of failing" all too
frequently becomes a barrier to achievement.
For example, have you noticed that the more
important a project is to a person, the more
pronounced this fear of failure usually becomes
– until many of us won't even take a risk or
complete a project out of fear of doing it ‘wrong?'
Does not receiving an A+ or 100% somehow
make us less valuable as people? It is for this
reason that fear of failing may act as a
roadblock. It stops us from taking a chance. It
prevents us from taking one step further beyond
our comfort level. It makes us terrified of “what
ifs,” and, for many of us, it becomes our excuse
not to follow our dreams.
I Statements:
I-Statements consist of a description of how you
feel, an indication of the conditions under which
you feel that way, and why those conditions
cause your emotions.
-Statements take this form: * "I feel… (State your
emotion) when you….(describe their behavior or
under what conditions you feel this way)
because… (explain why their behavior or the
conditions cause you to feel this way). And what
I want you to do is... (describe the action you
need to see, and a promise or commitment that
it will happen or not happen again.)
Benefits of I-Statements –
1. Avoids blaming others for your emotions
2. Accurate and less hostile way to express a
feeling or an emotion you’re experiencing
3. Most appropriate way to inform someone that
their behaviour is causing a problem
4. Minimizes making the other person feel guilty,
put-down, & resentful
The pathway Plan:
Your Post-secondary Plan is a living, “breathing”
document. It is meant to be tweaked and
modified, reviewed and revised. This is not just
something that you create in a high school
course for marks and then shelve away once the
course is over, never to be seen again.
On the contrary, its purpose is to guide you, not
only through high school, but also through your
post-secondary years and into your eventual
career or careers. This plan is a list of your skills
and your accomplishments. It is a list of the
career options best suited to you. It is a list of
resources – both educational and career-related.
And those skills and interests and resources will
definitely change over time as you change and
gain experience.

Budgets And Finances
A budget estimates the amount of revenues and
expenses a company may incur over a future
period. Budgeting represents a business'
financial position, cash flows and goals.
Companies use financial forecasting to
determine how they should allocate their
budgets for a future period.
What's the difference between a budget and
a financial plan?
* A budget is essentially a guideline to follow
with regards to spending. It breaks down
expenses into categories (i.e. rent, electric bills,
etc..) for a certain time period (usually weekly,
monthly, or yearly).
* Once all expenses are put into the budget,
they're added up to get a total. This figure is
then used to subtract against the total amount of
income made for the same time period. The
result is how much money can be saved for that
time period. If the goal is to save more money,
then expenditures can be changed or dropped
from the budget (if possible).
* A financial plan is a tool to help you achieve
long-term financial objectives. It's kind of like a
budget in that it breaks down your expenses, but
it's much more goal-oriented.
* For example, let's say your goal is to save up a
certain amount of money for retirement. A
financial plan would be your guideline for
reaching that retirement goal. Financial plans
also differ from budgets because they focus
more on income and assets including: bank
accounts, pensions, home equity, etc.. A
financial plan also will estimate how much
money you will make from stocks, bonds, mutual
funds, 401Ks, etc..
Personal finance is about deciding what you
want to do and planning how you're going to do
it. Whatever your plans — work, travel, trades
training, university, college — making smart
decisions about money starting now can help
you get there.
Need: Something you have to have
Want: Something you would like to have
● Need: A necessity, something required,
something essential for life
● Want: A desire, something wished for,
something non-essential
As well, needs and wants may change over
time.
In actuality, You only need a few things to
survive:
- Food
- Water
- Shelter
- Clothing
- Basic health and hygiene
- Shelter
- Air
Income
Income is a monetary gain through work or
investments.
Everyone needs some type of income, whether it
comes from a paycheque, an inheritance or
investments. You need to know how to keep
track of your income and manage it to cover
your expenses and save for future goals.
For most of us, our main source of income is our
job. Most people get paid through a biweekly or
semi-monthly paycheque. But you may get paid
irregularly if you do contract, consulting or
seasonal work, or odd jobs.
Parts in a paycheck
Year to date: The total amount of pay and
deductions from the beginning of the year
through the current pay period.
Gross income: The total amount of pay before
any deductions are taken out
Employment insurance (EI): A percentage of
gross income paid by employees and employers
to provide temporary payments if workers
become unemployed.
Canada Pension Plan (CPP): A percentage of
gross income paid by employees and employers
to provide income when workers retire or
become disabled, or for survivor benefits. The
employee contribution is 4.95 per cent, and the
combined contribution from both sources is 9.9
per cent of your gross income.
Other:
Other deductions may include private pension
plans, health insurance premiums, union dues
and professional fees, transfers to your
registered savings plans and charitable
donations.
Net pay: The amount of pay remaining after
deductions are taken out
Deductions (money subtracted from
your gross income)
Income tax - a percentage of gross income sent
to the Governments of Canada and the province
or territory to pay for federal, provincial and
territorial government services
• Income tax is not always deducted at source;
e.g., if you do occasional or contract work that is
not regular employment. If you have this kind of
income, you still have to report it and pay tax on
it.
Employment insurance (EI) - a percentage of
gross income paid by employees and employers
to provide temporary payments if workers
become unemployed
Canada Pension Plan(CPP) - a percentage of
gross income paid by employees and employers
to provide income when workers retire or
become disabled
Other deductions - deductions the employer
makes under an agreement with the employee
or the employee's union or other agent,
including:
• private pension plans
• health insurance premiums
• union dues and professional fees
• food and clothing deductions
• transfers to the employees' Registered
Retirement Saving Plan
• purchases of investments like bonds or shares
• charitable donations
• *vacation pay
Expenses:
follow these steps to get a true picture of
your spending.
1. Keep every receipt.
2. Record every expense daily.
3. Review bank and credit card
statements to identify additional
expenses.
4. Make a list of irregular expenses,
such as gifts, donations, taxes, car
or home repairs, etc.
5. Total your expenses at the end of
the month.
6. Do this for at least three months.
• Fixed expenses are expenses that don't
generally change from month to month, like
rent, most utilities, transit passes and car
payments.
• Variable expenses are expenses that can
easily change, like the amount spent on food,
entertainment or clothing.
When living independently, you also need to
include irregular expenses: expenses that don't
come up regularly or often, like car repairs or
new appliances. To estimate irregular expenses,
you would review your bills or expense records
for the previous year, total the cost of irregular
expenses in various categories, and divide by 12
to arrive at an average monthly cost.
Budgets
A budget compares expenses with income to
show whether income will exceed expenses (a
surplus) or expenses will exceed income (a
deficit).
It is also important to note that savings is an
essential part of your budget. Financial experts
recommend putting aside 10 percent or more of
your net income each month to save for your
goals and have funds in reserve in case you lose
your job or face a major unplanned expense.
Build up an emergency fund of three to six
months' income. Then continue to save for your
other goals.
Definitions
● Surplus: the amount by which your
income is greater than your spending
● Deficit: the amount by which your
spending is greater than your income
If you have a surplus, congratulations! Here are
some ideas for what you can do with the extra
money:
● pay down debt (especially
high-interest debt, like credit card
debt)
● boost your emergency fund
● increase your monthly savings
amount
● invest some of the surplus to pay for
future expenses like your children's
education or your retirement.
If you have a deficit, you need to make changes
to balance your budget and get back to the plus
side. You can:
● take a look at your discretionary
spending and cut back
● reduce expenses by negotiating better
plans for your communications,
banking and other services—contact
 your service providers to see if you
can get better rates
● increase your income, possibly by
getting a different job or an additional
job.
Savings
Step 1: Reduce expenses
Step 2: Make savings a habit; pay yourself first
Step 3: Get Your Money Working for You
Simple Interest
With simple interest, interest is paid on the
original amount of deposit, year after year. The
formula is:
Original Dollar Amount x Interest Rate x
Length of Time (in years) = Amount Earned.
The Rule of 72
It’s a formula for figuring out how quickly
your money will double if left alone in an
interest bearing account.
All you have to do is divide 72 by the
interest rate. So if your rate is 6%, divide 72
by 6. At that rate, it will take 12 years to
double your money.
Types of Accounts
➢ Saving Accounts:
● Money is usually deposited and left for
extended periods of time in the account in
order to earn
● Some pay high interest and are income
tax exempt
● Few withdrawals are usually associated
with this type of account and higher
service charges paid for making
withdrawals
● Can be linked to a debit card to make
conducting transactions efficient and
convenient
➢ Chequing Accounts
● A working account
● A place to accept deposits for example
from pay cheques
● Make withdrawals to pay bills or make
purchases
● Money can be deposited or withdrawn
frequently for daily, weekly, or monthly
transactions
● Can be linked to a debit card to make
conducting transactions efficient and
convenient
Types of Credit:
Single-payment Credit:
Items and services are paid for in a single
payment, within a given time period, after the
purchase. Interest is usually not charged.
• Utility companies, medical services
• Some retail businesses
Installment Credit:
Merchandise and services are paid for in two or
more regularly scheduled payments of a set
amount. Interest is included. A repayment plan
is drawn up in the form of a conditional sales
contract based upon fulfilling a number of
conditions of the contract.
• Some retail businesses, such as car and
appliance dealers
Money may also be loaned for a special
purpose, with the consumer agreeing to repay
the debt in regularly scheduled payments.
• Chartered banks
• Consumer finance companies
• Credit unions
• Trust companies
Revolving Credit
Many items can be bought using this plan as
long as the total amount does not go over the
credit user’s assigned dollar limit. Repayment is
made at regular time intervals for any amount at
or above the minimum
required amount. Interest is charged on the
remaining balance.
• Retail stores
• Financial institutions that issue credit cards
Building A Credit Rating
Your credit history is a financial profile. It lets
lenders, landlords and employers know how you
have managed money in the past and helps
them decide whether or not to do business with
you.
● Establish a steady work record.
● Pay all bills promptly.
● Open a checking account and don’t
bounce checks.
● Open a savings account and make
regular deposits.
● Apply for a local store credit card and
make regular monthly payments.
● Apply for a small loan using your
savings account as collateral.
● Get a co-signer on a loan and pay
back the loan as agreed.
Credit Cards
Items to consider when selecting a credit card:
● Annual Percentage Rates (APRs) and
whether rates are fixed or variable
● Annual, late and over-limit fees
● Credit limit on account
● Grace periods before interest begins
accruing
● Rewards including airline miles or
cash back
Once you find a credit card that meet your
needs, read and understand the contract
● Read the contract carefully
● Don’t rush into signing anything
● Once a contract is signed, get a copy
of it
● Know the penalties for missed
payments
Know Your Cost
● Figure out total price when paying
with credit
● Make the largest payments possible
● Know the penalties for missed
payments
● Buy on installment credit only after
you have evaluated all other
possibilities
● Don’t be misled into thinking small
payments will be easy
The True Cost of Credit Card Purchases:
Pros and Cons of Credit Cards
As with anything there are advantages and
disadvantages to using credit cards. Your
informed use of credit cards begins with
understanding these.
Advantages
• Able to buy needed items now
• Don’t have to carry cash
• Creates a record of purchases
• More convenient than writing cheques
• Consolidates bills into one payment
• Emergencies
Disadvantages
• Interest (higher cost of items)
• May require additional fees
• Financial difficulties may arise if one loses
track of how much has
been spent each month
• Increased impulse buying may occur
Debt
Debt is money owed by one party, the borrower
or debtor, to a second party, the lender or
creditor. There are various reasons we
accumulate debt, like paying for unforeseen
emergencies, unemployment, or education.
But most often, debt is a result of bad spending
habits, because unless you're spending cash,
it's costing you money to spend money.
On the plus side:
● You can achieve your goals earlier
● You can take advantage of
opportunities that might not be around
later
● Building a positive credit rating by
using debt responsibly can make
financing easier in the future
On the negative side:
● Interest on debt adds to the cost
● You have to budget for regular
payments
● Taking on debt limits your future
choices, because you'll have to pay it
back, which will reduce the money
you have available for other options
● A negative credit rating will limit your
options in many ways
Never borrow more than 20% of your yearly
net income
● If you earn $400 a month after taxes,
then your net income in one year is:
12 x $400 = $4,800
● Calculate 20% of your annual net
income to find your safe debt load.
$4,800 x 20% = $960
● So, you should never have more than
$960 of debt outstanding.
 ● Note: Housing debt (i.e., mortgage
payments) should not be counted as
part of the 20%, but other debt should
be included, such as car loans,
student loans and credit cards.
Your Responsibilities:
1. Not to run up more debt than you can
comfortably repay
2. Not to exceed the credit limit established
by your creditor.
3. Not to resell merchandise before
completely paying the creditor, if the
creditor has retained the title or has a lien
against it.
4. To notify the creditor immediately if your
credit card is lost or stolen.
Rule of thumb: Know what the cost will be
and how you’ll pay it off before you make the
charge.
Word that I must know when it comes to
Credit Payment or similar
1.Annual fee
An annual fee is an annual charge by the bank
and other financial institutions.
2.Annual percentage rate (APR)
This is the charge you pay yearly to be able to
borrow money from banks.
3.Credit line
This is the credit amount that they charged to a
credit card account.
4.Cash back/rewards
This is extra cash that is placed on a credit card.
5.Balance
A balance is the amount of money that is
available to someone.
6.Minimum payment
This is the lowest amount of payment customers
pay in order to stay safe on the credit card
company.
Customer Credit laws:
1.What is the purpose of the Fair Credit
Reporting Act (FCRA)?
This is a law that helps keep fairness and
accuracy within the information of credit card
bureaus.
2.What is the purpose of the Equal Credit
Opportunity Act (ECOA)?
This law helps prevent racism when it comes to
credit card companies. It prevents any
unfairness towards customers because of
religion, colour, race, or similar.
Insurance:
Insurance helps you manage some of the risks
in your future. Here’s how it works:
● You (the insured) make an
agreement (the policy) with the
insurer to pay if certain things happen
(the coverage).
● You agree to make a payment (the
premium) in exchange for protection
against the risks named in the policy.
The premium you pay for the
insurance depends on the amount of
risk – if the risk is high, the premium
will be high. (That’s why young
drivers in some provinces pay higher
car insurance premiums than older
drivers.)
 ● If you suffer a loss as a result of the
risks named in the policy, the insurer
pays you compensation for the loss.
Insurance is a way of transferring risk of an
economic loss. You make a relatively small
payment, and the insurer takes most of the risk.
You usually have to accept some of the risk by
paying the first part of the loss, called the
deductible.
What is covered?
What an insurance contract covers depends on
what’s in the policy – the written agreement
between the insured and the insurer.
● Basic auto insurance usually covers
only the damage that you cause to
another person, or to other people’s
property, in an accident. You can
expand your insurance by adding
things like collision coverage (for
damage to your own vehicle) and
comprehensive coverage (for theft,
fire, vandalism, etc.).
● Basic home insurance usually covers
losses resulting from fire, storms,
accidents, water damage, vandalism
and similar acts, but not earthquakes
unless you pay for special coverage.
● Tenant insurance: If you’re living at
your parents' or guardian’s home or in
residence, or if you’re travelling, you
may not need home insurance. In
some cases, your valuables will still
be covered under your parents' or
guardian’s policy. If it's not, you
should look into tenant insurance to
make sure your possessions are as
safe as possible.
● Medical insurance usually pays for
your basic medical care in your home
province or territory. Additional
policies are available to cover medical
expenses while travelling, or to pay
you an income if you suffer a
long-term disability.
● Life insurance pays the people you
name (your beneficiaries) a specified
amount if you die.
Where do I get insurance?
A variety of insurance companies offer insurance
policies in Canada under regulations set by the
federal, territorial or provincial governments.
Policies are sold through thousands of licensed
insurance agents across the country. Policies
and premiums will be different from one
insurance company to the next.
Investing:
Types of Investments
There are two basic types of investments,
lending and ownership.
When you choose a lending investment, you
loan your money to an institution, a company, or
an individual. In return for the use of your
money, you'll receive interest payments. And at
the end of the agreed-upon loan period, you'll
also get your original investment returned.
Lending investments includes:
● Savings account
● Tax Free Savings Account (TFSA)
● Canada Savings Bonds
● Guaranteed Investment Certificates
(GIC)
● Corporate bonds
In contrast, an ownership investment means you
become the actual owner — or part-owner — of
your investment. Ownership investments —
also called equity investments — include:
● Real estate
● Stocks
● Mutual Funds
Retirement Plans:
What they are and how they work:
● Plans that help individuals set aside
money to be used after they retire
● Federal income tax is not immediately
due on money put into a retirement
account or on the interest it makes
● Income tax is paid when money is
withdrawn
● Penalty charges apply if money is
withdrawn before retirement age
● Income after retirement is usually
lower, so tax rate is lower
Types of Retirement Plans
● Employer-sponsored retirement plans
● Government pensions
● Your own savings and investments
Personal Management Skills:
Be Adaptable
● Work independently or as part of a
team
● Carry out multiple tasks or projects
● Be innovative and resourceful: identify
and suggest alternative ways to
achieve goals and get the job done
● Be open and respond constructively to
change
● Learn from your mistakes and accept
feedback
● Cope with uncertainty
Be Responsible
● Set goals and priorities, balancing
work and personal life
● Plan and manage time, money, and
other resources to achieve goals
● Assess, weigh, and manage risk
● Be accountable for your actions and
the actions of your group
● Be socially responsible and contribute
to your community
Positive Attitudes and Behaviours
● Feel good about yourself and be
confident
● Deal with people, problems and
situations with honesty, integrity and
personal ethics
● Recognize your own and other
people's good efforts
● Take care of your personal health
● Show interest, initiative and effort
Learn Continuously
● Be willing to learn and grow
continuously
● Assess personal strengths and areas
for development
● Set your own learning goals
● Identify and access learning sources
and opportunities
● Plan for and achieve your learning
goals
Work Safely
● Be aware of personal and group health
and safety practices and procedures, and
act in accordance with these.
Below are the 5 styles of
communication.
● Assertive communication style.
● Aggressive communication style.
● The Passive-Aggressive
Communication Style.
● The Submissive Communication Style.
● The Manipulative Communication Style.
Assertive:

ASSERTIVE COMMUNICATION is a
style in which individuals clearly state
their opinions and feelings, and firmly
advocate for their rights and needs
without violating the rights of others.

Aggressive:

AGGRESSIVE COMMUNICATION is a
style in which individuals express their
feelings and opinions and advocate for
their needs in a way that violates the
rights of others. Thus, aggressive
communicators are verbally and/or
physically abusive.

PASSIVE-AGGRESSIVE
COMMUNICATION is a style in which
individuals appear passive on the surface
but are really acting out anger in a subtle,
indirect, or behind-the-scenes way. ...
Instead, they express their anger by
subtly undermining the object (real or
imagined) of their resentments.

The Submissive Communication Style

This type of people try their best to please

others and avoid conflict. They treat the
needs of other as more important than
theirs. They behave as if the other person
has more rights and more to contribute.

The Manipulative Style

This style is scheming, calculating and

shrewd. Manipulative communicators are
skilled at influencing or controlling others
to their own advantage. Their spoken
words hide an underlying message, of
which the other person may be totally
unaware. Making others feel obliged or
sorry for them.