IELTS Speaking Practice - Topic of MONEY and PERSONAL FINANCE

haha there you are how are you good morning and welcome this is keith from the keith speaking academy um and good morning today we've got an exciting live lesson we're going to be looking at personal finance finance if i can pronounce it properly personal finance that's all about how much you earn how much you spend how much you save and lots more it's going to be a very interesting lesson looking forward to it let's begin with a little bit of this [Music] [Music] hello good morning everybody this is keith from the keith speaking academy if you don't know i have this website it's um down here keith speaking academy as well as running the the youtube channel um english speaking success by the way if you're on youtube please do turn on these things subscribe to the channel turn on the notification button so you can find out about more videos coming up your way very very soon great nice to be with you all here today those of you on facebook also welcome um you can follow me on facebook i'm on keith speaking academy today slowing down is an exciting topic because today's topic is personal finance which i think is interesting not only for ielts and for english but also for life i'm looking forward to sharing some interesting ideas about how you manage your personal finance um it's interesting to look at how people make money how they spend money and how if possible they save money as well right not always possible but an idea and we're going to be talking a bit about investing today as well so um listen let me just take you through as an introduction what we're going to do today so you know what's coming up personal finance i got matching colors look at that and earthquakes it's not it's a table um so personal finance we're going to kick off with that we're going to move on and talk about vocabulary um around money and finance right the essential things that you need to know we'll go on and ask this question have you ever invested i did ask the guys on the facebook group uh got some interesting answers um also on youtube as well and a lot of people have answered my quiz so i'm going to be sharing the results of the quiz with you we will discuss the best investments so if you're interested in investing well it's a dangerous world right the world of investing but we're going to look at the english language of investing just to be clear i am not a financial advance advisor i am not a financial expert any advice i give today please do not follow blindly do your own research okay just to be clear that's a waiver toolbox i'm going to share a really interesting tool to help you with your vocabulary today also we'll be looking at some idioms and doing a little review at the end as we normally do so all of that is going on today around personal violence let's take a quick look at um how you guys are doing who is in the house today i'll see you in my comments box um thank you very much oh i'm not sure about that intelligent but thank you abdullah there's no advertisements today not not at the moment no financial companies backing me obviously cannata from japan hello i did get my hair cut yes i'm shaved i have clippers so i just like to shave it all off yeah absolutely um deepika come on that's matching in my book cities louisa nice to see you here already asking an interesting question can you buy happiness with money well we're going to find out today luisa we're going to answer all the questions of the world and solve all the world's problems today hello jack reacher interesting jack nito mijan partha great lots of people here as well today great so nice to see you all thank you so much for joining me um we're going to jump straight in i think because the first thing that i mentioned we're going to look at right is finance personal finance is the vocabulary element why when they look at vocabulary does the dollar always come out always get a picture of the dollar as though it's the most important currency well it is but for how long who knows so i've got a quick question before we kick in actually here's a very quick question um this one over here i'd like to know what do you spend most money on each month now maybe you spend money on food on clothes on books on rent maybe or your mortgage what do you spend most money on each month right down in the chat box let's just see the first question to get you warmed up in the morning nagis thank you very much for your comment regina from israel hello nice to see you hello christy as well i'm from uzbekistan sure nice to see you we always have a nice crowd from uzbekistan we got from kenya elizabeth as well great so what do you spend most money on i'm interested to see i'm interested to see my comments have seemed to have stuck oh let me see what's going to happen now fun and games okay bear with me let's just have a look if we can get any comments coming out we have great i'm back in so lorena says i spent most of my money on food ahmed says i else lessons right uh boba fun all from the basque country buenos dias just food great facebook user says mortgage yep that can be a steep cost um communication interesting food foods i wonder why you would say foods that's interesting um because you're thinking different kinds of foods maybe generally speaking we would use food as an uncountable noun right i spend a lot of money on food we would put that in the singular normally as an uncountable now great boo it's our first lesson of the day thank you very much electricity of water food says to warrior says i spend my money for the gym i spend my money now here's a really good start to the lesson thanks to this warrior because instead of four we say i spend money on something spend money on the gym right so nice that's great thank you very much for showing everybody that le mans guitars wow yazaman buying clothes right mama says mostly on food and clothes books and plants i like it because all of the others are in the plural and this is right right so food singular but books plants clothes in the plural excellent indian song medicine oh dear now you're either very sick or maybe you're a doctor i don't i don't know right good i spend most money on food and clothes perfect food and clothes okay some interesting ideas all of you on how you spend different amounts of money so listen let me push on well okay no i'll tell you why i'm asking this because i just realized i asked a question the other day about your attitudes to money and i'd like to have a look at the results right there were different questions that i asked you and here we go i can pull up the results over here it was a financial quiz basically about how you feel about money it was really interesting and thank you all of you who answered there were 466 responses that's a lot um it's just a fun quiz about money so let's have a look at the results right this is what you said i think i can make this bigger how do you feel about money well it seems that most people say i love it 62 of the of of you of the students said they love it that's the vast majority hey this could be interesting language for your ielts writing at the same time about third a third of the people said it's no big deal right and very few people hate money that's good to know that's good to know money's you know not a bad thing i guess it's how you what you do with it that matters budgeting do you plan a budget for your monthly spending so to plan a budget is to make a budget where you decide how much money you're going to spend on different things each month so it's interesting almost half of you said that you do have a budget that's really good i mean i was impressed i used to have a budget for my monthly spending to be honest i don't have one now but i i used to and it was really helpful and about a third of you said sometimes this was interesting are you more of a saver an investor or a spender and exactly half of you said that you're a saver so that's interesting half of the students feel that you know they are a saver saving is important to you and i think that's really good obviously saving for a rainy day you never know what the future holds so it is important um almost a third of you are spenders so you spend money more than anything else and we do have a small percentage 17 who are investors and we're going to look at that as well i wonder why some people don't invest because it's similar to saving in many ways there's risk but we'll talk more about that later to what extent do you think you're financially literate well financially literate look at this um 78 of you so the top figure seems to be about seven so we could say that oh 16 percent of you feel that you have a financial literacy of seven which is pretty good it seems like the most part for the most part a large proportion of the students feel they have a mid to high level financial literacy so you're around the kind of the six and the seven level which is interesting and then i asked you what question would you ask a financial expert how to save money how can i invest my money in a safe way that's interesting right because we're talking about risk and investing does carry risk how to become a financial expert how to make more money we all want to know that i save money but i can't use it tell me what should i do well it depends that's a good question we'll come back where can i learn more about financial planning i'm going to tell you how can i start to invest lots of places you can look what kind of investment should i do and here's a good question i think the most important question is how to become a billionaire soon enough any answer doesn't include bank robbery or finding a bag full of dollars ahmed fatty century gods that's a great question how to become a billionaire i don't have the answer as soon as i do i will share it with everybody how to strike it rich that's a nice expression that's to make it uh to make a lot of money lots of questions about investing right about managing savings especially with the kids yeah great question so listen this was really interesting lots of very very interesting questions i will share these results uh later with you on on yout on the youtube and community tab and in facebook as well very very interesting right all of those um ideas and questions around money so let's see i'm just checking in those were the quiz results i'm gonna go straight in actually and look at vocabulary we've talked a bit about some vocabulary there um before i do that i just realized one thing that came up right in that one of those questions was about financial literacy and somebody asked me about what is financial literacy i found a definition here right financial literacy is the confident understanding of concepts including saving investing and debt so saving like putting your money in the bank investing like buying a house and debt is when you owe money to other people so it's understanding you know how you how you manage your money basically financial literacy it's quite a hard word to say can you say with me financial financial literacy literacy literacy financial literacy yeah good good financial literacy if you want to learn more about financial literacy i do recommend the khan academy and guys moderators if you could share the link the khan academy i don't know if you know the khan academy but the khan academy has lots of online courses which are totally free they're really really good and they have one about personal finance and i would recommend it because i think that the khan academy is very very good and what they do in their if i make a bit smaller in their um their course they talk about saving and budgeting right how to budget how to save they explain interest and debt so when you owe people money they talk about investments it's very usa focused but the concepts are still the same they talk about income and benefits housing car expenses taxes paying for college right all of this this is basically the course summary um i had a look at the saving and budgeting part and i thought it was interesting i thought it's well it's well worth having a look at because they ask you interesting questions right that you're probably asking yourself and i found it really really interesting and useful even on a basic level i mean i have a reasonable level of financial literacy but i still found it very very useful as a review and to kind of touch base with some basic ideas so check it out the khan academy i think guys if you can share the link that would be really really nice i'm pronouncing khan incorrectly i'm sorry never mind okay so there you go let's come back um where am i here i am here i am okay this time yes straight into vocabulary ielts speaking so we're talking about money finance personal violence let's go through some really really basic but essential vocabulary for this topic the first word that came to my mind was budget right as a noun a budget it's a j sound a budget a budget yes not to be confused with a budgie a budgie is a little bird that looks like a parrot this is a budget so we talk about making a budget or creating or planning a budget a budget is a plan of how much you will spend on different things it's how much money you've got right i mean if you've got a thousand dollars each month maybe half goes on rent maybe uh 200 on food 50 on your car i don't know that's your budget so you can make a monthly budget we can say to make a budget people often talk about living on a budget right to live on a budget i live on a budget of 500 usd per month it's not true sorry it's an example everybody in the world will be different but i live on a budget and if you ex if you spend too much money more than you've allocated on your budget then we say i have gone over budget right to go or to be over budget to go or be over budget which means to spend more than you planned this usually happens on holiday you say well we'll we'll take a hundred for all of our expenses on holiday and you end up spending 110 because you're on holiday and you go well never mind i'm on holiday it's only once a year and so you may go over budget right or you may be over budget likewise you could go under budget or be under budget as well great budgets are good we've also got rehab you've reminded me my dream is out of my budget yeah so we can also say out of my budget is nice good it's out of my budget or beyond my budget boba fon said i've gone over budget because of my wife well maybe or maybe because of you who knows right good abina says my parents usually make a monthly budget but we hardly follow it great i don't live in with within my means that's an interesting expression right to live within my means that means within my budget right i i can live within my means within the money i have it's a nice expression good i don't live within my means i don't live within my budget lovely thank you very much for sharing that so budget is a noun but also budget can be a verb to budget um i will need to budget for a new kitchen this year so if i for example i know we are going to buy a new kitchen i need to plan the finance now so i need to budget for a new kitchen so it's a budget to plan for or to allocate money that's another way you can say it to allocate money for something okay be really careful notice the prepositions because we're going to see a lot of prepositions today is to budget for something so spend money on do you remember spend money on okay good so that's budget as a verb sorry i keep glancing at your comments they're very funny some of you trang says i will need to budget for a new laptop this year excellent very very nice great anything else so we've got budget budget next as a adjective it can also be an adjective we have booked a budget hotel so as an adjective basically it means you can guess cheap or economical economical also means lower price right or a low price let's say low price the reason i'm hesitating is because the word cheap has a bit of a negative connotation if you say oh i bought this cheap t-shirt or i got this this new mobile phone this cheap phone it's it has a negative connotation it means it's not very good quality and it was a low price because it's not good quality so be careful with the word cheap right if you say to your friends we stayed in a cheap hotel they may think oh that's not very nice why um but if you say well we stayed in an economical hotel then that's fine right it means that you're clever you've saved money you've got a good price but if you stayed in a cheap hotel people might think well you know not good quality so it can have a negative connotation it does depend on the context and how you use it um but just be a little bit careful with cheap generally speaking it's fine right it's the opposite of of expensive right i this you know this pencil is very cheap it's cost one euro um just be careful when it's when you're talking about normally expensive things and you say it's cheap it could be negative so you can say economical you can say low priced or it has a low price it wasn't expensive use the opposite as well okay or budget we booked a budget hotel that's quite a common expression okay great that's budget moving on another important word then once you've got budget we've got to save to save money and again we say to save for something notice to save for retirement i'm saving for a car to save or to save up i'm saving up to buy a new laptop for example so we often use it with the preposition up to save up to save up um to save up so to save has two meanings right it can mean to keep money like to keep money in the bank or under your pillow or in your house but to save also means to spend less so the first one i got them both here already didn't i ah me and my notes by saving up to buy a new car to save up let me put these down here so to save up is to keep money is the first one to spend less i'm going to take this out put it over here and you're thinking keith what are you doing i'm just trying to keep it here to spend less is is so to save money but if you buy in bulk you save money gosh how to confuse your students in one easy step okay so to save is to keep money but it's also to spend less money if you go to the supermarket sometimes they have a special deal that you buy three and you pay for two and you save one pound so you spend less money if you buy in bulk you can save money i don't if you know the expression to buy in bulk is to buy a lot at one time so normally the shops buy in book the supermarkets buy all their goods in book and then they sell to you individually okay right for example ocean man says you'll save money if you go on this tour in a group of four exactly exactly mary jane has a problem i couldn't save up because i love buying everything yeah well that's your that is a bit of a problem i'm trying to save up for my tuition exactly bulk well i hope to you can see now what bulk is right it's buying a lot of something at one time okay sharazad gives some advice here they say start saving money while you are young when you have money in your pocket the impulse to spend it can be very strong that's a nice um a rhyme very very nice poetic but i totally agree start saving when you're young the the earlier you start the better you'll be the richer you'll be as well okay so we talked about saving let's talk next about investing invest to invest and this sound is a it's quite a difficult you need your lips to vibrate against your teeth and it's voiced it's a [Music] invest can you say that invest i like to invest invest in invest in investing gold i like to invest in gold try with me i like to invest in gold i like to invest in houses i like to invest in people you can invest in people as well give them an education so to invest is to put money or time or energy into something hoping it will grow basically so if you put your money into something and you hope it will grow or that you will get some reward back okay you can invest in stocks and shares it's another common expression stocks and shares are public companies so if you buy a stock of apple it's a public company you can own a little bit of apple but of course as i mentioned you can invest time and energy also as well as money but invest in so notice the prepositions investing so this is a verb but of course we've got the noun investment it can be countable that's a good investment bitcoin is a good investment maybe maybe not just to remind you i am not a financial advisor please do not follow my advice without doing your own research investment can be uncountable investment in england has increased in the last 20 years we've got foreign investment in the country has grown it can be the uncountable noun as well and of course a person is an investor i'm going to add another one here because i just realized that another important part of personal finance is making money to earn money or to make money to earn to make um you can make money you can earn money what else can you do you can gain money no earn money make money um you can get that either by having a salary you can have your wages wages is normally a weekly payment salary is normally a monthly payment that's the only difference okay so i'll just add those and the last one was finance because this word comes up a lot finance as a noun is uncountable talking about the field uncountable and then financial as the adjective financial it's a sound financial can have a lot of collocations we can talk about financial planning when you're organizing things financial security to make sure that you are having enough money and you can live financial freedom we talk about meaning you have enough money you don't have to worry about money and we talked about financial literacy knowing and understanding finance just say these with me financial planning financial security financial freedom financial literacy yeah nice very very nice excellent good so lots of um language those are the kind of the important words i think around personal finance let me just check in with you guys see what we've got oh there's another here financial aid yeah to other countries we can talk about financial regulations by your bank your country's bank or the government financial management is a common uh popular topic in universities and schools these days financial freedom allows you to do anything you want almost so long as you're within the law yes medy says the best part of investing into something is the return you can say invest into i would normally say invest in but that's okay and the return is what you get back however sometimes hard work couldn't pay off nice which means it doesn't pay off it doesn't give you the benefit there very very good my parents wanted me to become financially independent that's a nice one financial freedom financially in financially independent also very very nice collocation as pradip says we talk about financial trends absolutely of course personal finance which is today's topic by the way if you've just joined us we are today talking all about personal finance stock so a stock basically stock is is the i don't know the correct um terminology but it's similar to a share it's a part of a company it's a small part of a public company that you can buy to own it so stocks and shares i don't know exactly the difference but hey we can find out right now stocks and shares meaning let's have a look because it is a very very good question let me just take this off so often used to describe a slice of ownership of one or more companies in contrast shares has a more specific meaning it often refers to the ownership of a particular company stocks on the other hand exclusively refer to corporate equities securities traded on a stock exchange i'm non the wiser i still don't fully understand the meaning or the difference but it's part of a company right financial advisor that's another collocation yes my brother is a financial advisor believe it or not excellent so lots of collocations there financial problems indeed two says do you invest in anything mr keith yes i do um yes i do i mean i i think investment is a very very good idea but as we're going to discuss there are different kinds of investments and you need to you need to balance different things right when you invest um for example okay as you've brought this up when you're investing you need to balance the following you need to consider high risk versus low risk because the high risk gives a high return but the chances are you'll lose all your money you need to consider the long term against the short term long term investments tend to be more stable and safer short-term investments short-term investments is making a quick win right or striking it rich as somebody said trying to make a lot of money very quickly normally high risk normally not safe normally for me not a good idea and then you've got volatile versus stable some markets change all the time right take the crypto currencies it's a very volatile market so it's changing up and down today it's up tomorrow it's down today it's up it's too volatile other markets are just very very stable right take the if you look at the last three years of the the nasdaq or the dow jones or these index markets the s p 500 right they're going blah they're just going up they're very stable right they're very very stable so for me personally i i look carefully at balancing low risk and high risk so i have some high risk and some low risk i always go long term i very rarely invest short term and i look at tend to look at stable markets but again you need a balance so it's really important i think looking at all those different aspects of of investing um but the simple answer is yes i i i do invest and i think it's a good idea to invest for your future for your retirement the key thing is that i have learnt right is only invest money you can afford to lose that is so important because if you invest your life savings and then you lose it you're finished you'll lose everything and what's more you'll think oh investing is bad i will never do it again once bitten twice shine where in fact investing is not bad it's just managing it carefully you need to be quite emotionally strong so if the if the market becomes volatile you don't suddenly sell sell sell buy buy but you don't react right you have to stay kind of quite in control but i think that's really important only invest money you can afford to lose and i'm going to write that down because it's the most important thing i ever learned money you can afford to lose so it's pocket money it's extra money right you should only invest that extra money you've got spare don't invest all your savings i think it's too too risky i don't know who said it but whoever did it was very very clever because right when i was younger a lot of people said to me oh you should invest in this invest in this stock invest in this share it's gonna go up or in the forex invest in this currency pair it's going up for sure nobody knows it's like the casino nobody knows even though all of your friends tell you it's going up nobody knows really and you can lose money anyway lecture over sounds like the khan academy the mispronounced khan academy great so investing so actually i went to my facebook page the other day and i did ask you about investing what you invest in right by the way if you haven't joined the facebook group guys go to facebook go to the keith's mastermind community for ielts speaking you can look it up in facebook come and join us um we do a lot of stuff um sharing information ideas questions um i like to get your i like to pick your brains to get your ideas about stuff um and so the other day i was asking people do you invest in fact i asked you the same question right do you invest or have you invested so what i'd like to do i'm going to come back to your questions in a moment you are yes right there are some very good questions shall i look at the questions first okay some very good questions did you learn that from your brother partly yes yes only invest the money you afford to lose exactly very very good nat ask me here nat what is the best investment for a teenager um something long term and stable i mean i would definitely have a savings account i would have a savings account even though interest rates are so low in most countries that's going to change in the next 20 years and a savings account where you put a monthly amount because you get compound interest compound interest means that each year it goes up more and more go and investigate compound interest because it's mind-blowing but it means that small investment so not one time investment right you put some money in every month as a teenager after 20 years you'll be sitting on a nice packet um this one from jessica red is financial upliftment i don't know that one no not really 70 of it saving my bank nice to hear your voice again thank you very much well yeah people talk about the the different percentages of saving um i try to save about fifty percent and i try to invest about 10 that's what my my amounts my percentages more or less but something is too good to fall right how do you know you have no idea you have no idea they said that like about the big companies before the financial crisis in 2008 go back 20 years and look at some of those big companies they they because not only the company can fall but the whole environment around us can change it is changing so we think that google and amazon the digital giants are part of this new digital world they're going up and up i agree i and i do invest in both of those but we're never sure it is always possible they will fall they may fall temporarily that's why it's good to invest for the long term because if they go down for a couple of years they probably will come back up but you never know seriously we never know and this advice was the advice from um [Music] from warren buffett right and warren buffett says only invest in the things that you know well right invest into properties that you know well and do your own financial research so i totally agree if you go shopping at i don't know sainsbury's or here we go to irosky whatever supermarket you go to and you buy certain brands like tesco brand or your brand buy starbucks coffee if you know that cop that product and that company and you like it that is a good place to begin investing right it's much better to invest in things that you experience every day right i use apple every day i love what they do i will invest in apple because i think they're going well of course do your financial research so research about the management about the shares and the stocks about what they're doing everything is publicly published in a public company so it's worth it's worth doing to find out about it you don't when it comes to research you don't have to do your own there are some great websites um that help you do research let me share one of them that i use the wall street i can't remember exactly the full name uh wall street what's it called if i can find it i'll share it with you simply wall street that's the one and i actually use this here we go simply wall street dot st if you can see that and they give you financial advice they do the research for you it's free i mean you can pay but it's free if you want and they do research on companies so that they actually find out all the information you need and you just go into their catalogues and you look at amazon and they tell you about the management the history the uh the things you need to know saves you a lot of time right simply wall street go check it out if you're into investing that is okay right interesting i didn't know this but anita says it's better to invest in the stock instead of a share because if the company goes bankrupt you can take something of the company ah that's interesting okay didn't know that great narja this is a good question can we tell us investing in my studies can we say investing in my studies yes absolutely absolutely um so in we can talk about investing in yeah in your studies in your education totally for sure okay great good so talking about investing i asked my guys on the facebook page have you invested let's find out what they said and let's see what i how how i reacted to some of their ideas as well okay so let me um find out and see what you said let's have a look so let's have a look here is the question i asked you have you ever invested money in something i think it's interesting right the difference between spending money and investing money because when we spend money the idea is we consume something straight away but when we invest money the idea is we get something back even better in the future maybe it's in just in education maybe it's in your children maybe it's in a house or in stocks let's find out what you guys said jordan says yes cryptocurrency oh dear with a unhappy face which suggests maybe he lost some money um what else have we got yes most of the time you need to invest money in everything like to go to school business travel even your future well yes and that i think is the difference between spending and investing sometimes it's just a question of mindset that you're getting something back hamlet is on the stock market so i was wondering is he a day trader like trading every day or investing just for the long term where maybe he trades once a month or something yuko is investing in a trust fund which seems to be more stable and safe she hopes me too asthma very interesting invested in a small library that's great i'm assuming that's a personal library so that's kind of investing in your own education let's have a further look down um farida says yes in beekeeping beekeeping look at this she bought 10 bee hives and it became 16 a good long-term investment um she doesn't know how to share the photos we will wait for those then we've also got steve who's invested in his education the ielts study which i think is a great idea um and a few months ago quang said he or she invested in cryptocurrency but didn't make uh any profit so she took the money back but hasn't lost anything that's good sazad says yes because he's a he or she is an entrepreneur so of course investing in a business is a good idea let's uh have a look down we've also got here i invested my money in the national bank of the usa fixed account and found of technical and i think you mean fund maybe f-u-n-d a fund so s-s-s-meter hello yes for my business of course great idea is invested money in forex trading that's where you trade currencies like pairs of currencies currencies the dollar and the pound or the euro and the rmb i've been trading in a virtual trading platform great on a regular basis also the higher the risk our returns also yield so that's right the higher the risk the higher the returns but you do need to do need to manage the risk well endy has invested to buy a rice field what a great idea brilliant what else have we got sonia yes my second thought is we can invest in many things houses land separate garden forest land that's right i mean property and real estate is a often a very good investment because the property goes up in value um great well we've got aka akippi well many times i invested in different platforms but what i feel if you invest in medical hospital management and you'll get more return compared to others last year i invested in hospital management and got one third part of the investment back in the first quarter that is very profitable wow very good unfortunately marwa tried but lost it all you know most people do when they invest in short-term investments i think about 70 of the people lose their money which is why long-term investments are seen as being better milan says no but i like to invest i would like to invest can you help me maybe i can keep watching le says i've been investing in real estate what about you well me personally investing in real estate i've invested in a few different things over the years and i'll tell you more about it but they include stocks cryptocurrencies um forex and education what else my husband did that ah monica says her husband invested uh sabha says yes i invested i invested not only in my ielts prep but also in different modalities so i can treat my patients more effectively i i wonder what that means then i'm not too clear whether what the modalities refers to interesting and now mika says i have invested to buy an apartment which has turned out to be a profitable investment that's great right because i assume the property has increased in value or you're renting it as investing in that area was a tough decision also becoming a solopreneur leads lots of investments tell me about it you do need to invest as a solopreneur let's take one more in here jem says i was able to get a two-door condominium in my country i was elated because it was such a good investment i can use it if i want to and i was planning to have the next door for rent after a month long of paying it monthly after a long month of paying it monthly i lost my job then i mad made a pledge to the company to pay my dues this is giving going into a long story gem to my dismay i feel that i don't like to invest anymore we have this expression in english once bitten twice shy when things go bad you're reluctant then to try again fair enough listen let me call that a stop for a moment there's quite a few interesting ideas there let's move on so thank you guys thank you very much for all of those um comments and contributions it was so interesting to read about it so it is um there are lots of different kinds of investments but let's remember right this is an english class not a financial class so it's interesting but let's keep focused on um on the english okay so we've had a look here at investments and i talked about things to consider right talked about high risk low risk long term short term um other vocabulary that came up i think is interesting around risks especially because in ielts speaking i think in the past we've had questions about risks about taking risks so a nice collocation to have is to take calculated risks so that means to think carefully analyze and then make a decision calculated risks this is a tricky word right risks in the plural can you say with me risk risk the k and then risks so it's a risk the k and the sir almost come together it's like opening the coca-cola bottle risks risks take risks not bad take calculated risks manage the risk we need to manage the risk again feel the rhythm we need to manage the risk we need to balance the risk balance the risk high risk or low risk with investment you probably want to balance the risk and then the other one i'll just come back to is um return on your investment i mean literally we do it those of you who study finance you'll know r o i is return on investment so you want to get a good return on your investment you want a good roi right you can say you can say roi most people know that and i just noticed we had this lovely expression it's actually a proverb right once bitten twice shy that means if for example imagine you're feeding the dog and the dog bites you then next time that twice the second time you're going to be very shy and you don't want to do it so when you try something and it doesn't work that often means next time you don't want to try once bitten twice shy it's very good expression well it's a proverb that we we still use and i've noticed in the investment circle this comes up a lot a lot of people invest once doesn't work and they give up once bitten twice shy excellent very very good let's move on um yes okay so i'm going to do i'm going to show you these i'm going to ask you a question um and i want you to tell me what do you think is the best investment and this is just to practice your english right rather than thinking about finance or investment it doesn't matter but just to practice your english what do you think is the best investment works of art cryptocurrency stocks gold a savings account or real estate real estate is property right um houses things like that savings account is in the bank where you have the interest rate so you can think about well i think gold is a good investment because it's a stable market you can invest for the long term so think about your english think about phrases you can practice what is the best investment what do you think have a look and i'm going to show you a little picture to put all of these up let's see if we can practice a little bit why is it called real estate depica i don't know it's a good question but it just means property houses right good mohammed you said gold tell me why okay brilliant chance for me to have a drink okay of course there's other things you can invest but those are just some ideas there so let's have a look what we've got uh vienti says me and my husband prefer crypto currencies it's very volatile but you might make a quick win noof says the best way to investing your money is on gold in gold invest in gold right invest in something right gold interesting for tran real estate for another for trang savings account yazra says i'm rather a risk-taker more than of a risk-averse more than risk-averse without without the ah because i like the adrenaline i like the adrenaline rush that it offers i mean the results of the risk whether it could pay off or sometimes not right so to pay off is to give you the result that you're after nice language risk taker risk-averse very nice like it for me she tells us that uh in vietnam it must be real estate however we need to have a large amount of capital nice capital is the money that you need absolutely and really estate so maybe this reflects the vietnamese market right uh avec nice real estate because it can it can pay for itself i think that's the expression you want it can pay for itself that's right because when you buy real estate well first the value goes up hopefully secondly you can rent it or you can live there or thirdly you could you could lease it for a commercial a commercial entity as well it pays for itself nice good ah though has a very good point it depends on your knowledge on the matter without enough insight nice something thought to be the best can turn out to be the worst great english i like that very much and i agree with what you're saying as well potpot real estate because it doesn't depreciate nice language depreciate is to go down in value appreciate is to go up in value really state doesn't doesn't depreciate sometimes it can but often it doesn't you're right we've got a lot of gold fans here paul as well he's in for gold i've seen quite a few people going for gold pradeep as well going for gold sounds like the olympics going for gold best investment is gold gold and currencies yes you could do the 4x as well 4x though is short-term usually right so it's a bit more volatile very interesting right good language great anything else maybe one more comment let's share min says i used to invest in gold but now i want to try investing in real estate i think it's better and more profitable nice word profitable it has a good roi right excellent good so lots of ideas about difference investments so again the focus on the language some really good language we could talk about here um i'm going to move on and have a look next changing topic completely first of all i need to have i need to have a little drink before we move on let me do this coffee wi-fi muffin no muffin today in fact no coffee i'm on water so where are we um oh yes it's uh it's this one i almost forgot sorry the next thing we're going to do is let me come back this will help me it's my guide vocabulary we've talked about whether you've invested right and actually we've talked about best investments a little bit again this is not financial advice this is english advice um next up i'd like to look at a toolbox so in my toolbox i like each week to kind of pick out a tool something that will help you with your learning of english and i discovered this one a while back but i still use it quite a lot especially when i'm researching and i think it's really interesting um so let's have a look let's have a look first of all in the toolbox [Music] right so it's called word hippo right this is what i've got it's called word hippo which is interesting it's a it's a word tool if you if you like um so word hippo let me come back in dear idea dear oh dear you don't want me twice do you no you don't want me to twice where's it gone here it is behind the scenes word hippo dot com so listen let me show you on the on the website it'll be easier basically it's a vocabulary tool that can help you and i'll explain why i like it so when you go into word hippo um you can put in any word and it will be like a thesaurus so he can give you another word but what's great is it can give you the opposite a meaning sentences with you can translate you can even play scrabble with it or even other things like words starting with but another word for let's take for example budget right we took this word we were looking at budget and if i put in budget it will give me what's another word for budget so basically synonyms allowance allocation so here you've got all the other words if it's a noun but it also takes into account that it may be different meanings right so you'll probably find down here the verb as well yeah the verb to budget to allocate to a lot to reserve and then if you're not sure you can click on straight away and it takes you to the analysis of that word to allocate okay that's nice now if you look at the very top what i love about this let me just go back to budget right if you go to the top you can look at antonyms so you can get the opposite of budget you can get a definition what does it mean so it's a wallet a purse or a bag it's the amount of money or resources earmarked if it's a verb it can explain here but it then gives you sentences so straight away you can get the context how to use budget in a sentence and these are great i love these and what's more you can listen neither our lease nor our budget will allow us to raise our buildings to put in showcase perfect sustainable materials i always find this useful in other languages to help me make sure i get the right preposition so you can see the collocations in the context and if you want you could do translations but of course you need to choose the language that you want it's not doing it at the moment and it also goes into into word forms so for example i can find the plural singular past tense let's say i want to find the plural of budget and it will find it of course it's budgets this one's quite simple um but the plural is budgets for other words it's very very useful that's it that's the word hippo and if you play scrabble i just love this if you do play scrabble right what it allows you to do is put the letters you've got let's say g-u-r-t-s-w-a imagine those are the words the letters you've got in scrabble and it will give you different words you can make with those straw what swag wags great if you're into scrabble nine letter words anyway word hippo simple tool help you with your vocabulary i think it's a bit more than a dictionary and a bit more fun more flexible than a dictionary there you go you can go and check it out if you like it that's the word hippo toolbox right what's after that well let's come and check i think it's time for idioms right if i remember correctly after toolbox idioms let's look at some idioms on the topic of personal finance okay first of all i've got to be on a shoestring budget so a shoe and the string that you tie on your shoe the lace is the shoe string on a shoestring budget means with little money to spend and so maybe if you're a student you're on a shoestring budget i think in many countries when you're a university student you have to pay off a loan you're in debt so you really are you're always on a shoestring budget right you have little money the same meaning that we can say to be on a tight budget tight tight budget meaning with little money very often we go on holiday and we're on a tight budget in the last day or two because we've spent so much money we've often gone over budget now if you are on a tight budget you may need to tighten your belt so your belt is with your your trousers right the belt and to tighten your belt is just means to be a bit more careful with your money be careful how you're spending money so you need to tighten your belt for example we don't have much money so we need to tighten our belts this month great in addition we've got to make ends meet to make ends meet end of the finger make the ends meet basically it means to cope or to survive especially financially let me add tax i think it's especially financially for example it's hard to make ends meet at the end of the month right it's hard to survive there's not enough money at the end of the month because most people get paid their salary at the beginning of the month they go and spend it buy things and then at the end of the month there's very little money left and it's hard to make ends meet so you have to tighten your belt at the end of the month right great nadja says i have to tighten my belt a bit because i'm a free spender very very good says i always had tighten my belt to save money though when i was a kid yes good very good it's hard to make ends meet at the end of the month monica says in italy we also say stringeri la chinta which is great similar idea i think many languages have the same thing right money's too tight to mention yes simply red i remember that that's going back a while yes um i'm just hard up right now right to be hard up that's a good one let's add that one in there to be hard up means to have little money i think there's so many expressions around this bear with me to be hard up so it's often temporary it doesn't mean you're poor it's normally temporarily i'm hard up at the moment and can't afford to go to the pub very british example i'm hard up at the moment i'm just too hard up i can't afford to go to the pub great as rakia says it's hard to make ends to make both ends meet these days especially in times of covid very very true i'm broke it's a good one yes to be broke equals to have no money left i'm broke let me put that one up there thanks too that's the brilliant let me bring this one up to be hard up to be broke uh we've got to get by is to cope or survive so we had to make ends meet is to cope or survive normally in the negative i can't make ends meet but to get by is to cope and survive um i can get by until my next paycheck so it means i can i've got enough money to cope so all of this in the context of money right great to get by a juggling act is a nice expression so a juggling act is something that is difficult to balance anything that's difficult to balance um this happens to a lot of parents idioms let's move that out a lot of parents who have so many responsibilities you have a new job you have children you have to look after the family you have to cook right you have to balance all of these different things it's a juggling act it's it's really hard to do so leading the family is a juggling act studying and working at the same time is a juggling act it's like a balancing act um so it's juggling acts for example controlling monthly budgets is a juggling act it's a juggling act it's not easy to say but you can say it with me a juggling juggling act a juggling act it's a juggling act exactly great um what else have we got is capitalism a juggling act i don't know i'm not sure we've got here car him low says i endeavor not to spend money because i am extravagant on buying things otherwise i will tighten my belt this month good tighten my belt this month great life seems to be a juggling act absolutely absolutely making ends meet is a bit of a juggling act very very good excellent i hope we can all get by in the covid 19 pandemic let's just put in there we can get by in the pandemic anything else good those are great those are nice idioms lots of idioms there that we've got um there may be some more i will check in the messages later and maybe add some to the list but those are great so gosh where are we where are we indeed we've been looking at idioms um we're coming to the review right the final thing we are today gonna do a kahoot we're gonna do a kahoot just to practice some of the language that we've been looking at today on personal finance for those of you who are new this is just a very simple game that we're gonna play to help practice some of the vocabulary that we've been learning nice good what you'll need to do is to go to kahoot.it so stay with me in the screen but on a different browser or use your mobile phone or another screen and go to kahoot.it and there you will be able to play this with me so i just need to sign in and get the game rolling so just give me a moment while i do this and i'll keep an eye on your comments we can share some of your comments as we're going nice nice one from tom vu i like it very much i'm hard up and i have to tighten my belt indeed i like it funny probably not funny it's probably true right um what else have we got good let me get this i want to play sorry just takes me a minute to set up the kahoot bars in this is a very good point controlling and being well prepared for all four skills yes is a juggling act it is indeed okay excellent so listen for kahoot what you need to do right is when you get into code um dot i t it asks you for a name so just go and put in your name and put in the pin and the pin is eight two five three two three seven eight two five three two three seven so just put in your name and you can play with us don't worry if you can't get in you can still play by putting your answer in the chat what will happen is you'll you'll need to look at the screen to get the questions that's the main screen with me and then in the kahoot browser you will see the answers you basically choose one of four answers thanks for sharing the pin guys i'll just give everybody a few moments to get in bring home the bacon that's a good one bring home the bacon which means to earn the money great dealing with my parents is such a juggling act random my advice to you is have one girlfriend my friend martina fantastic you've got the exam how lucky you are the old exam is coming best of luck i'm sure you'll do a fantastic job um go and break a leg great 50 you learned a lot i'm pleased to hear that thank you very much that's very very kind thank you great okay we've got muhammad from iran hello mohammed are you in the game let's get going i'll just take this off we've got uh quite a few people in the game so we can start i'm just going to make the screen a bit bigger so we can all see it let's begin personal finance i'll read the question i need to budget blank a new kitchen this year i need to budget blank a new kitchen this year so it's what's the correct preposition on in 4 over make your choice on in four over [Music] shaquille well done rehab sheili well done as well there you go the answer is 4 91 of you got it right to budget for something right if you need to plan for something so be careful with that watch the prepositions to budget for something excellent let's see who was the fastest heaven was the fastest and then we've got puffwad and tim okay next question my wife is saving blank for a new car in up over out my wife is saving blank for a new car you've got 30 seconds in up over out i'm confident you'll all do well on this one well done harpreed loading two percent well done wow look at that yes saving up for a new car 181 well done that's excellent pleased to see that so heaven is still up in first place who is coming in second and alexander in third place question number three cryptocurrencies are not very stable they are too blank for me volatile low risk terminal valuable cryptocurrencies are not very stable they are too blank for me hmm something wrong yes it's the ques i forgot to put the picture never mind what's the answer wow fantastic yes so the opposite of stable is volatile they're always changing right one day they're up one day they're down volatile great well done everybody that's a really good answer so heaven is still up there and poo and alexander too um and hemdeep is the fastest climber we're moving on to the last question i recently lost my job so i'm on a blank budget nowadays necklace belt bracelet shoestring i recently lost my job so i'm on a blank budget come on guys let's see kalpana it's a good answer but it's not one of the choices as well good answer but not on the choice now that's interesting a lot of people said belt i noticed a belt budget no no no no the expression is to tighten your belt but here it's a shoestring budget i'm on a shoestring budget which means a tight budget a very small budget right you haven't got much money i'm on a shoestring budget okay well done nice so let's see how we finish up alexander third place pooh i've got a feeling i've got a feeling it's heaven it is heaven well done first place clara and tim were the runners up ah very very nice well done guys so listen that was fantastic i'm gonna come back make myself bigger brilliant well done to all of you who participated and who have been paying attention learning idioms expressions collocations all about personal finance english interesting for your personal finance and also maybe um wetting your appetite from an investment point of view please do be careful if you choose to invest only invest money you can afford to lose right now okay that's it so do remember if you're on youtube do remember to to do what to subscribe to the youtube channel turn on the notifications to find out about my find out to find out about my videos um i actually this saturday i do not have a video because lots of stuff is happening in my life at the moment so i'm doing the live lessons but this saturday there's no video but next week there will be um what you can do follow me on facebook come and join the facebook group as well keith's mastermind for ielts speaking lots of activity going on there you can share ideas with each other motivate each other maybe find a speaking partner if you want to practice as well and you can follow me on the facebook page do remember i've got the website the key speaking academy and you can find on there after the lesson probably about four or five hours if you go there you will see not that but you will see this if you go to the free live lessons tab up here click on that and you'll be able to go and find the latest lesson you can click on it you can download the file you can watch it again if you like and if you want to get the re the previous lessons you can just go down here and get the pdfs and study all the different topics wow we've done so many topics like this has been going on for over a year so there's lots of information there for you there's lots of information about the test if you want to find out about the test the evaluation the topics in ielts part one part two etc if you want to study with me you can go to the home page press the study with me button and that will tell you more about my online course that you can follow with me um i think it's very affordable and very very useful for you to help prepare for ielts speaking and what else if you want to find out about the other courses i've got just go in the top where it says my online courses um and you can tick press there and it'll tell you more about the fluency course as well so you can find out about those courses it's all on the website the keith speaking academy everything you need to know about ielts speaking and even just english i mean a lot of ielts is just improving your english so even if you're not interested in ielts you can just come and find lots of interesting stuff hopefully to help you that's it thank you very much for joining me today guys it's been a pleasure as always take care look after we say in english look after the pennies and the pounds will look after themselves so the pennies are the small currency the coins right the coins look after the pennies and the pounds the big things will look after themselves take care of the small things don't worry too much about the big things that's it lovely to see you friends take care all the best stay safe and i will see you next week bye bye now cheerio [Music] you

Channel: English Speaking Success

Views: 45,797

Rating: 4.9559598 out of 5

Keywords: ielts speaking, practise session, ielts speaking practice, ielts speaking practise, personal finance, ielts speaking lessons, live lessons for ielts speaking, ielts speaking practice live lessons, ielts speaking money topic, ielts speaking money questions, ielts speaking money vocabulary, ielts speaking money and finance, ielts speaking finance

Id: qv9x5fuCtkE

Length: 91min 27sec (5487 seconds)

Published: Thu Sep 02 2021