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back 105 thousand dollars. Now, it's a lot more complex than thousand dollars, you would probably at 5% interest, you the bank, they are going to charge you interest. That means Little bit of financial uh calculations there from Bob the go and log into my online banking and see that money from interest rate. So, maybe your interest rate is 5% or 8% or interest and interest rates. So, when you borrow money from would owe $5,000 in interest, okay? So you would need to pay where you work I had a job once where um I got paid every every cards. Uh payday. I should have put this earlier in the lesson There's different ways of charging interest but with and inside of a purse um a woman might have a wallet as simple math, if I lend you $100 and said I'm going to charge that if you borrow 100 thousand dollars, you have to pay back
payday some people have every Friday is payday it depends on you your paycheck. Okay? So payday is a very nice day for it is payday. So again um my job I have a salary and so I the month every month so twenty-four times a year I have keep some a little bit of money and our credit cards and bank well. Like Jen and I both have wallets. Um and it's where we the winter it's so cold. I think it's important to help So, Bob the Canadian is not rich but Bob the Canadian is poor, maybe you don't have enough money or even the basic the name because I don't have one. Um yeah a purse is might also call it um um oh sorry I'm I'm not remembering today. Cuz we don't really use cash uh anymore. Um but a wallet can be like this. This is a man's wallet. Uh women can you are in debt. Um so, describing how much money 15 years ago, I can't remember. The bank approved our mortgage
have a lot of money. Maybe you have fancy cars, maybe you have mortgage off, okay? So, debt is owe somebody or the bank money, the bank money, okay? So, I currently have a mortgage on farm, we went to the bank, we applied for a mortgage, I think and now we are in debt until we are finished paying our to have a down payment When you have loans, you are in debt, okay? When you are in debt, it means that you owe somebody or that because there's daily interest and monthly interest. you 5% interest, you would need to pay $105 um in order to pay back the debt or the loan. Hopefully that made sense. than that in interest. Usually, banks do this by having an the $100,000 but you also have to pay back a little bit more that you were doing and let's talk a little bit about people. Um I get paid twice a month. I'm always happy when I
other Monday was payday so it really just depends on the job ten percent. If you simple math, if you borrowed 100 my school has come into my bank account. I have been paid. Um get paid. Um usually the middle of the month and at the end of but uh payday is the day when the place where you work gives you use to put your cards, your credit cards and bank cards in in my wallet um and then go put it back in the bank later as well as your cash. So um maybe I'll put all of this cash I am not rich or wealthy. Um or you might be poor. When you're also not poor. I'm somewhere in the middle. I think most different than a wallet. Um so a purse is kind of a bigger bag also have a wallet but it might look a little different. They necessities. You have trouble even finding food every day. people who are less fortunate. Wallet. Um not everyone carries Canadians are somewhere in the middle but I do try to donate
lots of jewelry and you go on big vacations. This is not me. a wallet like this anymore. Um but a wallet is um something rich or wealthy or poor. So, if you are rich or wealthy, you just II just feel like especially in Canada because in people have. For there's two extremes. You can either be money to help people who are um poor or who are homeless. Um I the farm. Jen and I make mortgage payments. Um and so, that means that I have debt, okay? In order to buy this of money in the bank before the bank will give you a mortgage, you buy something uh well sorry when you buy a house you need and then because you have enough money for a down payment mortgage is a specific type of loan that you get from a bank years, they might think um it's a good time to buy a house. money, it means you have no money and you ask someone if
out of a bank machine. If someone has given you a lot of put the money into the bank machine. It goes into the bank. because you can do so much of your banking um and you're okay? So, when you borrow money, you have no money, and bank. Um but I use bank machines less and less now eventually disappear bank machines. We'll see. When you cash or a check, you might want to deposit it. That's when you shopping. So, when you withdraw, you are taking money out. Here's a nice word, a phrases for you, spit out the want to buy a house, you go to the bank and you get a There's nothing um different about a mortgage versus another agreement saying, the bank will give you $10,000 and you will the bank that they can use to go buy a house. So, again, a They'll go to the bank and they'll apply for a mortgage. loan. The bank will want to know that you have a job or house. So, if you want buy a car, you get a car loan. If you
them back in the future but if you borrow money, it means you don't have money or have enough. When you lend money, it idea will be that in the future, they will pay me back, have no money and you go to someone and say, can I borrow month for five years. It's a five-year loan and you would pay back a small amount of that 10 thousand dollars. Let's say expenses and a list of your income and then you can decide if you have enough money. If you don't have enough cheap. Um because you're always trying to buy things you can means you have lots of money and you give it to someone, have almost twenty or 25 years to pay it back and you make a loan agreement and you will need to repay the loan over giving money to and you write it on The paper with the date apply for a loan and if they approve your loan and they lend to explain this as best as possible. When you borrow
amount of money you earn is equal to the amount of money giving money to someone. Hopefully, made sense. In the go to a bank machine, when you take money out, we say that you you need to ask someone and you get money from someone, when saying, withdraw $100 and then, the bank machine would spit are withdrawing money. So, the action of going to a bank purchasing online. So, a bank machine. I wonder if they'll didn't find really good pictures for this. So, I'll try flowers with cash and younger people will pay using either, I is lending you money. We call that a loan. A loan is an you have to decide whether you can afford the expensive item when you sit down and you think about how much money you make used a check in months by the way. A budget, So, a budget is money goes directly from your bank account to the person you
per month and then, you list all the money that you earn or most often now pay either with a debit card bank card or with with a credit card or with money? My view is you should people to pay for stuff. Rarely do I ever write checks anymore. $100,000 you can't buy a house for $100,000 but it makes the okay? So, maybe you're buying a house that costs an say loan but it is a loan specifically for buying a recently married or they've been married for three or four A check is an old way to pay for things. It's where you account. Um right now, I think I write maybe one check a year, money. Um yes, it's not nice when uh a person or a business to buy expensive bread. I don't have enough money to regularly in the world are Visa and Mastercard. Um you can see some
use money as much as you can. A debit card or bank card is a credit card and then later you need to pay your credit card goes bankrupt. So, ways to pay for things. You can pay for Often, my friends would say, hey, let's go out to a You don't actually have the money. You pay for it with the math easy you might need to have $20,000 in your savings account and then the bank will give you a mortgage for $80,000 money left, no money at all. When a person legally doesn't the loan, they will lend you money and you will need to sign their phone and I didn't include a slide for that. It's mortgage. Again, notice the pronunciation. Mortgage. A you money, you're borrowing money from the bank. The bank um you're able to qualify for that mortgage so sometimes when world, there are things that are expensive. So, when you go
mortgage is usually a twenty or twenty-five-year loan. So, you to buy a house. In order to buy a house, you need to usually have enough money to pay their bills or when a business can't time. A mortgage. So, a mortgage is just a loan. money, you might need to buy a used Nissan Sentra. Um like where they close their doors and they could no longer buy it. Okay? So you always need to when you spend money older than you and your family who has passed away. Um maybe money, it means that you get money from usually a relative side, you would put like rent for your apartment, heat, don't get paid till Friday. So, when you are broke, you have no okay? So sometimes, I will lend money to one of my kids and the receive money that you need to pay Back later because you you spend. So, hopefully, all of you have balanced budgets.
you can get money from them. The idea is that you will pay money and you would take the money and then go do your Again, I use a bank machine a lot more than going into the hopefully balance your budget. A balanced budget is when the So, on one side, you might say, you know, pay from work, X Internet, food, and you would kind of create a list of your amount of dollars um and maybe you get a little bit of an maybe two. I pay for everything now using uh either my bank very rare for people to pay cash when they buy stuff. Um bank card or debit card. That's a very common way for younger write down the name of the business or person you're works like money. They can go and put the check in their bank card that when you pay with a debit card or bank card, your are buying it from. When we sell flowers at market, people
sign a loan agreement. So, again, you need to apply for a make a down payment. This means that you need a certain amount borrowing and lending. So, when you go to the bank and you mortgage payments, okay? So, often, people when they're If the bank approves it, then they have borrowed money from that you run a successful business and if they approve very expensive. There are items that are very, very cheap and decide if you can afford something. And we talked about they had really expensive bread. Because we have so many kids. I don't wanna buy expensive bread. I can't afford something that's 15 years old. Something that's a little more or whether you can't afford it. So, let's go back. If you afford. So right now if I went to the grocery store um and to buy things at the store, there are things that are very,
really want to buy a Lamborghini, you would need to deposit, you're putting it in. Borrow versus lend. So, I It goes into your checking account or savings account. So, you lend money, it means you have lots of money and you are ten dollars, okay? So, the act of borrowing is when you It's bad when you spend more than you earn. Because you when you withdraw, you're taking it out. When you machine, putting your card in, punching in your code, and machine. An ATM is, it's short for automatic teller machine. card or online banking. II don't think I've, I haven't slowly go broke. When you go to a bank or to a mall or a public that you make each month and you list all of your expenses. place, they might have an ATM or what we also call a bank things using a credit card, um two of most common credit cards don't have my phone here, either their phone or their
and the amount and you put your signature on it and then it allowance from your parents still and then on the other bill. So, earlier, we had the question, should you buy things examples there. A credit card though is actually like a loan. people still do. Usually, older people will pay for their your grandparents or even your parents. Um when you inherit at broke, okay? So, during covid, there were a lot of businesses can no longer get money. It's it's when a business goes that went bankrupt. There were a lot of businesses that um operate their business because they weren't making enough pay their bills, they can go bankrupt. When you declare bankruptcy, it means that all of the people you owe money to when I was a university student, I was often broke. restaurant and I would say, I can't this week. I'm broke. I who has died. If you have no money, you are broke, okay? So,
and then they give it to me in twenty-four equal payments, brick layer, you usually get paid an hourly wage. So, that's develop um national cryptocurrencies. I think China Um let's see here. An allowance. So, an allowance is when I was in They had dog races. Um if you win, you would something we use. Some countries are starting to has said, we will pay you this much money to work for a year their children spending money if they're going on a school of those could be winnings. You might inherit and you might have a job where you're paid an hourly wage. You might just every month and the kids don't have to do anything to get the inherit money. Um so, I think last week, we talked about an you bet on horses or maybe even dogs in your country. I know paid for work but there's also other ways to get money and one talking right now about how you get money, ways to get money.
inheritance. An inheritance is when you get money from someone might be $22 an hour and these usually jobs like teaching um maybe you buy a lottery ticket, maybe you go to the races and amount of money per year and they usually pay you every two farm and we pay them but we have never just given our kids called cryptocurrency. Well, relatively new. The most common my kids and say, um here's a little bit of spending money. Zealand's money. I'm not 100% sure about that though. And type of coin. Uh let's see here savings. So savings is a word money for no reason. Our kids probably have friends who got You might if you are a child keep your savings in a piggy an allowance. Our children never did get an allowance. Uh salary but in Canada, if you are a construction worker or a spend, that you keeps Somewhere safe because you're going to
know a lot more about it other than it sounds like it could be retirement. Maybe you're going to use it to go on a big trip because we can buy lunch or a souvenir and so then, as a dad, whatever but we have never given our kids an allowance. Probably the best example is that parents sometimes give toonie because it rhymed with Looney. So loony is a loony is money. So, spending money is money meant to be spent. that we use to talk about anytime you put money somewhere they get money as a gift from their grandparents or their example. Before covid, our school had trips and sometimes, to use in future, okay? You might have a jar where you put because that bird on the coin is a loon. And we call this a is a type of currency that only exists on the internet. Or it bills are the paper form of money. Maybe you want to see
Bitcoin. I think though one Bitcoin is worth forty or 50 our $2 coin which is a toonie. And I actually have a bigger exists digitally. So there are no bills, there's no coins but money, makes bills for other countries. I think we make New use to talk about anytime you have money that you don't barter system with you know bills and coins and digital worth one dollar. And a toonie is worth two dollar. And we do So, you might have a job where you have a salary, you might your country uses. Again in Canada we use our currency is the penny and then we have our $1 coin which is a loony and denominations. Don't have pennies anymore. We don't use have nickels and dimes and quarters, very small okay? As opposed to wages, so wages are when you have a job lesson I do on money is usually quite popular. So, we'll see if kind of cryptocurrency is called Bitcoin. Cryptocurrency have winnings. Winnings are when you go to the casino,
Actually, I have a five-dollar bill here, a Canadian for you. I went and got $100 bill. So, this is a Canadian call that winnings. So, you can make money at work, you get a slight difference in how you can get money. So, we're is just that formal name that we use to talk about the type the Canadian dollar. In Europe they use the Euro. Um but we as very very cool. I think it's one of the neatest things that say, we'll give you $5 a week as an allowance. We have never the company you work for has decided to give you a certain museum, the teacher said, I can bring some spending money generally in Canada, if you earn a salary, it means that to coins which we call change. So, bills are paper money. you know, if you're a doctor or a nurse, you usually get a our twenty-dollar bill. There's the queen. Um I don't know all Well, hello and welcome to this English lesson about money. We
my kids would say, we're going on a trip, we're going to a weeks, okay? So, as a teacher, I have a salary and so the the five-dollar bill. It almost matches my shirt. Look, it milk to get some eggs. So, there would be no money. You Anytime I talk about money or banking, borrowing money, where you are paid for each hour you work. So, your wages someday. Um but you would keep your savings in a safe place. bit about bills or what we sometimes call cash as opposed spending money whenever they needed money, we would give you know, here's $20 and I would give it to my uh one of money is actually in a Amazing invention. It replaces the English I'll talk about things like allowances and piggy banks them some money if they needed to go on a trip at school or I didn't get an allowance when I was a kid either. So, I think fair is fair in that sense, isn't it? Let's talk about
When our kids are old enough, they're allowed to work on the when parents give one of, give their kids money every week or lending money, uh depositing money, withdrawing money. Any money. They don't have to do any work. The parents simply Here's some money that you can spend when you go on your trip. money, we would barter. Barter is when you exchange goods for would just barter and you would say, I will give you one pale salary versus wages and then, we'll do some question. So, given our kids an allowance. We have always given our kids money. Money is the one thing in the world that everyone has use it in the future. Maybe you're going to use it for children in Canada will often have a piggy bank. And when place to keep your savings. But savings is an English word we loonies from you? There's something new in the world actually call him that. We say hey I'm just gonna grab some
Maybe I did. And then of course, you Can't see it cuz We say hey do you have any loonies? Can I get a couple their savings under their mattress. That's not a good I would say, okay, here's $10 cuz I'm cheap or I might say, parents they might put it in the piggy bank. Um spending little safer. Sometimes, people uh jokingly say that they keep envelope in your house that you put money in but most people is developing one as well. A cryptocurrency is a digital money in and that's your savings. You might have an the currency of the future. It might not. Who knows? I don't you can buy one Bitcoin and then you digitally have one trip or if they're going somewhere. So, here's a good bank. I don't know if this is common throughout the world but thousand US dollars right now. So, cryptocurrency might become will put their savings in a bank account because it's a loonies and toonies from the cup because I'm going to go buy a coffee. So that's we don't say do you have any $1 coins?
money looks familiar, it might be because I think Canada makes it's camouflage but here's the $5 bill suddenly appearing from I'll hold that a little higher and then here uh just special bill. Um I could say that I have some cash here, okay? So, almost disappears when I hold it right here. Um I have a five then coins. So, coins in Canada, we have um well, we people buy things using some type of money. In Canada we use picture of those. So there's our loony. It's called a loony one-hundred-dollar bill. Um did I hold up the ten-dollar bill? my shirt. So, bills are the paper form of money. If our of money that a country uses. And then I wanna talk a little the people on our bills. Here's the fifty-dollar bill. Maybe States it's the American dollar or the US dollar. So, currency and spending money. Um phrases and words that maybe you
a civilization invented something called money. Before other things. So, a long time ago, maybe you would trade some no, no. For one pale of milk, I will give you six eggs. So, little bit already. Currency is the name for the type of money the Canadian dollar. In Europe it's the Europe. In the United of milk for a dozen eggs and the other person might say, no, humans have invented. Currency and I've I've said this a being here and welcome to this English lesson about money. So currency that we can use to buy and sell things. So money is Canadian. haven't heard before and maybe you have. So thank you for this one is as popular as some of the other ones. Um in this in common. Every country has some sort of system where are going to talk about money this morning. This is always one of the most popular topics when I teach an English lesson.
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