Do you care if you're poor when you're old?
Вас волнует, будете ли вы бедны в старости?
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6 minute English from BBClearningEnglish.com
and welcome to 6 Minute English.
I’m Neil.
but perhaps we’ll pick up some good tips today.
Before that though,
a question.
Being a millionaire may be an impossible dream for most of us,
but when was the word first used in English?
Was it:
a) 1600s
b) 1700s,
or
c) 1800s
What do you think,
Rob?
I’ll reveal the answer later.
Now,
the BBC Money Box programme covers all sorts of financial features.
Recently they were talking about lifestyle financial planning,
which is planning your finances to meet the kind of lifestyle you want to have.
Julie Lord leads a financial planning organisation and she talked about the process of lifestyle financial planning.
How many numbers does she say you need to start with?
we would start by saying that we need to put together a lifetime cashflow forecast or a model.
You just need four numbers: your income,
your expenditure,
assets,
liabilities and then we project forward to show you what sort of lifestyle you will have if you do nothing at all and if indeed you do some of the things that -
perhaps an ISA or a pension or any other kind of financial product -
might help you with.
The first of these numbers is your income,
this is the money that you have coming in,
your salary,
for example.
This is the money you have going out for rent,
food,
entertainment,
transport and so on.
This is the cash value of things that you own.
For example property,
cars,
jewellery as well as savings and investments,
that kind of thing.
This is the money that you owe,
for example on credit cards or loans.
she says they can come up with a lifetime cashflow forecast,
which is a calculation of how much money you can expect to have in the future and if that is enough to meet your expectations.
Do you have those details?
Do you know your numbers,
Rob?
So I do know from month to month how much money I need and how much I can spend.
What does it tell you about your future?
it just reminds me of exactly how much money I don’t have.
It’s quite depressing!
How about you,
Neil?
I live in blissful ignorance.
I have no idea how big my debts are.
I try not to worry about it.
I kind of think I’m much too young to worry about it now and that as if by magic it will all work out in the end.
So it would be difficult for me to come up those four numbers.
Anyway,
let’s listen to Julie Lord again describing the lifestyle financial planning process.
we would start by saying that we need to put together a lifetime cashflow forecast or a model.
You just need four numbers: your income,
your expenditure,
assets,
liabilities and then we project forward to show you what sort of lifestyle you will have if you do nothing at all and if indeed you do some of the things that -
perhaps an ISA or a pension or any other kind of financial product -
might help you with.
Not according to Julie Lord.
it’s not all about old age,
is it?
I mean there are people…
we have quite a number of younger clients who come to us and say 'we just want to get financially organised,
we’ve heard about all this stuff,
these financial products,
no idea really what they are or,
more importantly,
what they’re going to do for us,
so can you give us a hand to help us look forward to see what will happen’.
she uses the phrase,
give us a hand,
which means to help someone.
If you give someone a hand,
you help them.
in the way that I give you a hand with 6 Minute English.
I think I give you a hand rather than the other way around,
Neil.
well let’s not fall out about it.
Let’s listen to Julie Lord again.
it’s not all about old age,
is it?
I mean,
there are people…
we have quite a number of younger clients who come to us and say 'we just want to get financially organised,
we’ve heard about all this stuff,
these financial products,
no idea really what they are or,
more importantly,
what they’re going to do for us,
so can you give us a hand to help us look forward to see what will happen’.
but first,
let’s have the answer to our quiz question.
When was the word millionaire first used in English?
Was it:
a) 1600s
b) 1700s,
or
c) 1800s
What did you think,
Rob?
I guessed and said it was the 1600s.
not a good guess this time,
I’m afraid.
It’s actually a lot later.
It was the 1800s when it was first used in English,
though it had appeared in French in the 1700s.
Now on with the vocabulary.
we had a lot of financial terms in this programme.
We had cashflow forecast.
This is a calculation of how much money you can expect to have at a particular time in the future.
which is the money you have coming in and your expenditure,
the money you have going out.
which is the value of things you own as well as savings and investments.
This is balanced against your liabilities,
which is the term for the money that you owe,
for example on credit cards.
Well,
that’s all from us in this programme.
We look forward to your company next time.
Until then,
you can find us in all the usual places on social media,
online and on our app.
Just search for bbclearninglish.
Bye,
and thanks Rob for giving me a hand.
thank you for giving me a hand.
Bye!
6 minute English from BBC.