Introduction
Thinking about living on your own someday? Then earning your own money is a must! Whether it’s called “working for a living” or just “getting a job,” it all starts with understanding the basics.
In this article, we’ll break down everything you need to know before stepping into the working world—like what makes a full-time job different from a part-time job and other important terms and tips to help you get started on your journey to independence.Full-Time vs. Part-Time Jobs
When you work 40 hours a week you are working “full-time.” In general, anything less than 40 hours in a single week (seven consecutive days) is considered a “part-time” job. .
Minimum Wage
The “minimum wage” is the lowest amount of money (hourly wage) an employer can legally pay an employee. Expect your first few jobs to pay minimum wage. This amount varies from state to state and in some cases, from city to city. To find out what that is, search for “minimum wage” for your state on the Internet.
As you move from one job to another and gain experience, your pay should go up.
Tip: No one “owes” you a living or anything else, nor do employers think you “deserve” anything more than what they are offering. You are only “special” to your parents.
If you get a college education, you might get lucky and someone will hire you (at your first job) for a little bit more than minimum wage, but don’t expect it just because you put all that time and money into a higher education. That is your issue, not your employer’s.
Tip:Experience trumps education every time. Having both will help you to get ahead. So sometimes you have to suck it up and take those low-paying jobs at the start of your career.
Hourly vs. Salary
Hourly workers are paid by the hour. For example, if you work 36 hours in one week, then you’ll get paid for 36 hours. Hourly workers are usually eligible to be paid overtime based upon the description shown below under the “Overtime (OT)” heading.
Salaried workers get paid a set dollar amount per year, which is then divided by the number of pay periods in that year. For example, if your salary is $50,000 per year and you get paid twice a month, (26 pay periods) then your gross pay would be $1923.08 for each pay period. However, salaried workers do not get paid OT, no matter how many hours worked in a day or week.
Gross Pay vs. Net Pay
Gross pay is what your paycheck looks like before deductions.
Net pay is the amount of money that remains in your paycheck after income taxes, Social Security, Medicare, and other charges are subtracted, aka, deducted, from your paycheck. Most people refer to the final amount as your “take-home pay.”
Overtime (OT)
Any amount of time you work over eight hours a day, or 40 hours in one week is considered overtime, also known as “OT.”
Some companies will pay you time-and-a-half for OT, and some will pay you double time. Time-and-a-half looks like this: If you earn an hourly wage of $10 an hour, your overtime pay is $15 an hour for overtime. Double time would be $20 an hour.
Employee Benefits
These are services that a company offers to an employee such as paid vacation time, medical, dental and vision insurance, or various retirement account options. Keep in mind that these benefits are not always paid for by the employer and they may only be offered to full-time employees who have worked for them over a certain period of time such as six months.
Applications
This is the form you must fill out to apply for a job. Every employer will ask you to do this whether it be on paper or online. You’ll be required to provide the following information:
Name, Address, Phone Number Email Address
Previous work experience: If you have none, leave this blank. Don’t worry; zero employment history is not uncommon for most people under the age of 22 or 23. Most employers know that young adults don’t hold paying jobs, or jobs relating to their field of study, while they’re in school.
Education: If you have not yet completed your education, whether it’s high school or college, just enter the start date and leave the finish date blank or write the words “in progress.”
Tip: Don’t ever lie on a job application. You can get fired when it’s discovered. And yes, it will be discovered.
Résumés
A résumé is a document you create that contains essentially the same information as a job application. The difference is that you have the benefit of adding more information about your experience under each or your former employers. This is the place where you can really talk yourself up.
You can also add any “special skills or talents” you may have. But be sure to only list things that would have something to do with the job for which you are applying. For example, if you know how to use MS Excel and you’re applying for an admin assistant or data entry role, then add it. I don’t know that I would bother to add that you know how to play five-card draw for either of those jobs. But if you’re in Vegas, go for it.
Many websites offer guidance on how to type up a good résumé. Do some homework on this topic and learn well. (You can also hire someone to write your résumé.) When you think you have a good first draft, have a few professional people (not your parents or friends – they all think you’re wonderful and may not be brutally honest with you) review it for you before you send it to potential employers. Your résumé can really make the difference as to whether or not you get the job.
Your Internet Presence
Most employers will do some sort of “background” check on you and most of it can and will be done on the Internet. Your internet presence refers to what you’ve been posting on Facebook, LinkedIn, Pinterest, Instagram, X (formerly known as “Twitter”), Tik Tok, and every other online account you might have.
Potential employers will look for your credit score (which reveals your financial responsibility history), all your education, and previous work experience. They will also find out about any illegal or criminal activity in which you might have engaged in your reckless youth.
Tip: Everything about anyone can be found on the Internet whether you like it or not. So you or your parents should be thinking about this the moment you first touch a computer.
To Summarize
No matter what career path you decide to take, the terms and processes you’ll come across are pretty much the same across most industries. Get a handle on them now so when it’s time for your interview, you’ll know exactly what to ask to make the most of the opportunity.
Want to know more about interviews and employee benefits? Check out the Employment and Retirement lesson on this site to learn and grow.
If you have any questions, comments, or suggestions, shoot me a message in the Contact Jan form located in the sidebar.
Sincerely,
Jan