How to talk about money in English

hey guys welcome to lingo marina today we're going to learn some vocabulary and some cultural aspects related to talking about money i personally like this topic a lot because i like to be transparent with my financial situation i like to inspire people how to make more money and when you want to you know kind of tell people something about investing or tell people something about financial planning you kind of have to share what's going on in your life because the worst thing is where you are an expert in something but you are not succeeding in that particular sphere so i personally like talking about money and i'm okay sharing where i lost money or where i made money but i also understand that a lot of people don't like it and this topic is a complete taboo especially if you're working for the same company the management would highly discourage you from discussing your salary with your colleagues because sometimes salaries of people on the same position vary a lot because someone might have worked longer or someone had a different relationship with the boss so people just don't like discussing it and here you have to be really subtle because sometimes even your close friend wouldn't want to talk about financials but if you feel that you're willing to share something about your financial life if you feel that you want to read more about investing about budgeting about being a financial minimalist this video is for you because we're going to go through vocabulary related to money and i'm going to explain some concepts so if you're interested hit the like button first and then continue watching this video so number one let's start with the worst situation broke this adjective describes a person who doesn't have money or who run out of money and in a lot of times people don't mean being actually broke they just mean not having enough cash to go out so for example you say you know do you want to go to the movie theater tonight and your friend answers i can't i'm broke that doesn't mean that he doesn't have home whatever that he's going through bankruptcy which is like the worst it just means they don't have a lot of money right now to spend on entertainment completely broke he took everything the next word is cash cash is basically what you have in your pocket your coins your banknotes but i also noticed that a lot of people who are in financial sphere they call cash whatever you have on your checking account so your account that doesn't make any interest that is also cash but if you want the simplest meaning of the word cash that's your coins and your bank notes i don't have any cash then the next word that's really important to know is currency that means money used in particular country so for example the national currency of the us is an american dollar the national currency of the uk is british pound national currency of canada is canadian dollar that means currency american currency when you want to buy another country's currency you buy it at an exchange rate so for example you come to russia with a hundred dollars and you're asking what's the current exchange rate from dollars into rubles and people will tell you it's around 80 rubles per dollar that's the exchange rate what's the exchange rate now then you have your expenses when you spend money on something that's your expense you pay the expenses the next word really important interest remember we're talking about cash so when cash is put at work when cash is put into savings account it's no longer cash those are your savings because they what they earn you interest interest is a percentage that bank gives back to you because you put your savings into their savings accounts the problem with savings accounts these days is that i know in some european countries the interest rates on savings accounts are negative and by the way guys if you could practice your english right now and just open google in a separate tab and put in current savings interest rate in your country and comment down below what it is that would be really interesting because when i asked this question on instagram a lot of people from denmark and other european countries were like i just checked and it's actually negative in the u.s in some banks it's like 0.01 percent but i know in countries with higher inflation it's still around 5 to 7 interest rates so comment down below what's the current interest rate in your country and practice your english at a low interest rate loan is money that you borrow from a bank from an institution for example she's trying to get a hundred thousand dollar loan from a bank to pay for her education which is by the way really sad i don't think education should be as expensive as it is these days i think it should be more affordable and open to people from different backgrounds well you're getting alone now the next word is something that's inevitable you know there is a phrase there are two things inevitable in our lives death and taxes so texas is something that you pay to your government if you make money the thing is again it's really different in different countries i know in some i think in saudi arabia the tax rate is zero uh let me know if i'm correct but i get a lot of dms from subscribers when i write about my 50 tax rate in the us they're like oh my god we don't have taxes at all in my country and i'm so jealous and again this is another way for you to practice english google your tax rate or if you know it comment down below what's the current tax rate in your country and i know in some countries it's different so for example in the u.s some people pay zero percent taxes and some people like me pay 50 taxes and some countries have like a fixed tax rate we're talking about personal income tax rate that means that you as individuals pay tax on whatever you make to your government there are also corporate tax rates there are also other tax rates related to different entities so not pay taxes another great word that you can use is withdraw so when you take money from your account instead of saying i take money from the account you can say i am withdrawing money from my account an example there are no restrictions on the amount of money you can withdraw people will withdraw their money the next great word that you've probably heard a lot these days it is called recession procession is a period of decreased economic activity when people lose their jobs things get more expensive some industries stall or die a lot of businesses close an example is i could not find a job for a whole year after 2008 recession i even had to sell my car to pay the rent the session sucks but on the bright side recession is a really good time to invest and investing means putting your money into stocks bonds and other things for example in the us i invest through a couple of apps called robinhood and weeble and if you're in the us i'm willing to start to invest if you use my affiliate links below they're going to give you free stocks the thing is when we're in the recession stocks of the companies tend to be cheaper and it is a really good time to buy because in a year they would accelerate their growth and they would increase in price so if you're interested in putting your money to work research the topic of investing this is by the way one of my favorite topics these days and then invest that money another important american word that you have to know in order to understand the way american business world and financial world works is called financing so when you're financing something that means you are taking a loan to buy it so for example are you leasing this car or are you financing it so leasing means kind of renting the car but financing it means you're taking a loan and you're owning the car but then you're paying your bank every month because you took a loan from them that means financing the car and if you're financing an apartment or a house that is called a mortgage so mortgage is when you come to a bank and you say i want to buy a house but i only have like 200 000 and the house costs 1 million can you please give me a mortgage for 800 000 and then once the bank gives it to you you say i got a mortgage to buy a house i got a 200 000 mortgage and the last but not the least i wanted to explain the difference between debit and credit so if you have a debit card that means you put some money on your debit card like ten thousand dollars and that means you can only spend ten thousand dollars on that card if you have a credit card normally it says zero at the beginning again i'm explaining american version of that it might be different in different countries but with a credit card in the us when you get it it says zero but it says your credit limit is 35 000 and whenever you swipe your credit card the zero changes to for example 250 that means you made a 250 purchase and then you make a purchase of another thousand so your credit card balance is 1250. but that's actually something that's a little hard to understand so this balance shows is positive in your bank account but it actually means that you owe the bank because it's a credit card so anything on the credit card in your brain you know it's negative because you owe it to the bank anything on the debit card is with a plus sign because this is something you owe and people just deduct it from your card and by the way when you say can you debit this from my account that means can you just take it from my account so for example when i call my cpa my accountant he says marina you owe us 250 like can you just debit it from my account and they just take it from my account this is the way i pay it on the other hand if my cpa calls me and says marina you have a 200 credit with us that means that they owe me 200 that means that i overpaid maybe last month and now i have 200 more dollars to spend using their service so this is something that seemed a little illogical to me when i first came to the us and started dealing with personal finance but now that i know it life is a lot easier so i'm hoping you understand this and the last but not the least thing i wanted to show you today i just mentioned the word o so when you owe something to someone means you need to give that money back and this is something that i learned when i was on an exchange program in the uk let me show it to you my friend left me a note saying i owe you five i was like what does that mean and she explained me that i stands for i o stands for o w e o means i need to give you back and you means you so i owe you five dollars means i need to give you back five dollars or five pounds in this situation this is a financial acronym that people use a lot thank you guys so much for watching this video up to the very end i know this was a little too advanced for some of you let me know what you think i'm looking forward to reading your comments about the tax rate and interest rate in your country but i really hope that this class was useful these financial classes were one of my favorite classes when i learned english probably because i like finance but let me know what you think please subscribe to this channel if you haven't yet subscribed if you decide to start investing the affiliate links to the apps that i use would be below thank you so much and i will see you soon in my next videos bye-bye

Channel: linguamarina

Views: 144,810

Rating: 4.9711704 out of 5

Keywords: english, english language, learn english, linguamarina, marina mogilko, linguatrip, english with linguatrip, how to talk about money, money vocabulary, how to talk about money in english, english vocabulary, advanced english vocabulary, advanced english lesson, english lesson, how to discuss money, how to discuss money in english, money slang, english slang, american english, talk about money, english money conversation, conversation about money in english, money in english

Id: zVbaZn12nMw

Length: 11min 25sec (685 seconds)

Published: Wed Jan 13 2021