Free English Class! Topic: Money 💰💲💵🏦 (Lesson Only)

Free English Class! Topic: Money 💰💲💵🏦 (Lesson Only)

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Language: English

Type: Robot

Number of phrases: 659

Number of words: 4233

Number of symbols: 17480

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00:00
well hello and welcome to this english lesson about money we are going to talk about money this morning this is always one of the most popular topics when i teach an english lesson anytime i talk about money or banking borrowing money lending money depositing money withdrawing money any lesson i do on money is usually quite popular so we'll see if this one is as popular as some of the other ones in this english lesson i'll talk about
00:31
things like allowances and piggy banks and spending money phrases and words that maybe you haven't heard before and maybe you have so thank you for being here and welcome to this english lesson about money so money money is the one thing in the world that everyone has in common every country has some sort of system where people buy things using some type of money in canada we use the canadian dollar in europe they use the euro
01:01
but we have as a civilization invented something called money before money we would barter barter is when you exchange goods for other things so a long time ago maybe you would trade some milk to get some eggs so there would be no money you would just barter and you would say i will give you one pail of milk for a dozen eggs and the other person might say no no no for one pail of milk i will give you six eggs so money is actually an amazing invention it
01:34
replaces the barter system with you know bills and coins and digital currency that we can use to buy and sell things so money is very very cool i think it's one of the neatest things that humans have invented currency and i've i've said this a little bit already currency is the name for the type of money your country uses again in canada we use our currency is the canadian dollar in europe it's the euro in the united states it's the
02:06
american dollar or the u.s dollar so currency is just that formal name that we use to talk about the type of money that a country uses and then i want to talk a little bit about bills or what we sometimes call cash as opposed to coins which we call change so bills are paper money actually i have a five dollar bill here a canadian five dollar bill it almost matches my shirt look it almost disappears when i hold it right here
02:37
um i have a five dollar bill um i could say that i have some cash here okay so bills are the paper form of money maybe you want to see our 20 bill there's the queen i don't know all the people on our bills here's the 50 bill maybe i'll hold that a little higher and then here uh just special for you i went and got a hundred dollar bill so this is a canadian 100 bill um did i hold up the 10 bill maybe i did and then of course you can't see it
03:09
because it's camouflage but here's the five dollar bill suddenly appearing from my shirt so bills are the paper form of money if our money looks familiar it might be because i think canada makes money makes bills for other countries i think we make new zealand's money i'm not 100 sure about that though and then coins so coins in canada we have um well we have nickels and dimes and quarters very small denominations we don't have pennies anymore we don't use the penny and then
03:41
we have our one dollar coin which is a loonie and our two dollar coin which is a tuning and i actually have a bigger picture of those so there's our loonie it's called a loonie because that bird on the coin is a loon and we call this a toonie because it rhymed with looney so looney is a loonie is worth one dollar and a toonie is worth two dollars and we do actually call him that we say hey i'm just gonna grab some loonies and toonies from the change cup because i'm going to go buy a coffee so that's we don't say do you
04:13
have any one dollar coins we say hey do you have any loonies can i get a couple loonies from you and there's something new in the world called cryptocurrency well relatively new the most common kind of cryptocurrency is called bitcoin cryptocurrency is a type of currency that only exists on the internet or it exists digitally so there are no bills there's no coins but you can buy one bitcoin and then you digitally have one bitcoin i think
04:44
though one bitcoin is worth 40 or 50 000 us dollars right now so cryptocurrency might become the currency of the future it might not who knows i don't know a lot more about it other than it sounds like it could be something we use some countries are starting to develop national cryptocurrencies i think china is developing one as well but cryptocurrency is a digital type of coin
05:16
uh let's see here savings so savings is a word that we use to talk about any time you put money somewhere to use in the future okay you might have a jar where you put money in and that's your savings you might have an envelope in your house that you put money in but most people will put their savings in a bank account because it's a little safer sometimes people jokingly say that they keep their savings under their mattress that's not a good place to keep your savings
05:47
but savings is an english word we use to talk about any time you have money that you don't spend that you keep somewhere safe because you're going to use it in the future maybe you're going to use it for retirement maybe you're going to use it to go on a big trip someday but you would keep your savings in a safe place you might if you are a child keep your savings in a piggy bank i don't know if this is common throughout the world but children in canada will often have a piggy bank and when they get money as a
06:18
gift from their grandparents or their parents they might put it in the piggy bank um spending money so spending money is money meant to be spent probably the best example is that parents sometimes give their children spending money if they're going on a school trip or if they're going somewhere so here's a good example before covid our school had trips and sometimes my kids would say we're going on a trip we're going to a museum the
06:51
teacher said i can bring some spending money because we can buy lunch or a souvenir and so then as a dad i would say okay here's ten dollars because i'm cheap or i might say you know here's twenty dollars and i would give it to my uh one of my kids and say um here's a little bit of spending money here's some money that you can spend when you go on your trip um let's see here an allowance so an allowance is when parents give one of give their kids
07:22
money every week or every month and the kids don't have to do anything to get the money they don't have to do any work the parents simply say we'll give you five dollars a week as an allowance we have never given our kids an allowance we have always given our kids spending money whenever they needed money we would give them some money if they needed to go on a trip at school or whatever but we have never given our kids an allowance when our kids are old enough
07:54
they're allowed to work on the farm and we pay them but we have never just given our kids money for no reason our kids probably have friends who got an allowance our children never did get an allowance 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 salary versus wages and then we'll do some questions so generally in canada if you earn a salary
08:24
it means that the company you work for has decided to give you a certain amount of money per year and they usually pay you every two weeks okay so as a teacher i have a salary and so the the school has said we will pay you this much money to work for a year and then they give it to me in 24 equal payments okay as opposed to wages so wages are when you have a job where you are paid for each hour you work so your wages might be 22 dollars
08:56
an hour and these usually jobs like teaching you know if you're a doctor or nurse you usually get a salary but in canada if you are a construction worker or a bricklayer you usually get paid an hourly wage so that's a slight difference in how you can get money so we're talking right now about how you get money ways to get money so you might have a job where you have a salary you might have a job where you're
09:27
paid an hourly wage you might just have winnings winnings are when you go to the casino maybe you buy a lottery ticket maybe you go to the races and you bet on horses or maybe even dogs in your country i know when i was in florida they had dog races if you win you would call that winnings so you can make money at work you get paid for work but there's also other ways to get money and one of those could be winnings you might inherit in
09:59
you might inherit money so i think last week we talked about an inheritance an inheritance is when you get money from someone older than you and your family who has passed away maybe your grandparents or even your parents when you inherit money it means that you get money from usually a relative who has died if you have no money you are broke okay so when i was a university student i was
10:30
often broke often my friends would say hey let's go out to a restaurant and i would say i can't this week i'm broke i don't get paid till friday so when you are broke you have no money left no money at all when a person legally doesn't have enough money to pay their bills or when a business can't pay their bills they can go bankrupt when you declare bankruptcy it means that all of the people you owe money to
11:02
um can no longer get money it's it's when a business goes broke okay so during covid there were a lot of businesses that went bankrupt there were a lot of businesses that where they closed their doors and they could no longer operate their business because they weren't making enough money yes it's not nice when a person or a business goes bankrupt so ways to pay for things you can pay for
11:33
things using a credit card two of the most common credit cards in the world are visa and mastercard you can see some examples there a credit card though is actually like a loan you don't actually have the money you pay for it with the credit card and then later you need to pay your credit card bill so earlier we had the question should you buy things with a credit card or with money my view is you should use money as much as you can
12:04
a debit card or bank card is a card that when you pay with a debit card or bank card your money goes directly from your bank account to the person you are buying it from when we sell flowers at market people most often now pay either with a debit card bank card or with their phone and i didn't include a slide for that it's very rare for people to pay cash when they buy stuff people still do usually older people will pay for their
12:37
flowers with cash and younger people will pay using either i don't have my phone here either their phone or their bank card or debit card that's a very common way for younger people to pay for stuff rarely do i ever write checks anymore a check is an old way to pay for things it's where you write down the name of the business or person you're giving money to and you write it on the paper with the
13:07
date and the amount and you put your signature on it and then it works like money they can go and put the check in their bank account right now i think i write maybe one check a year maybe two i i pay for everything now using uh either my bank card or online banking i i don't think i've i haven't used a check in months by the way a budget so a budget is when
13:38
you sit down and you think about how much money you make per month and then you list all the money that you earn or that you make each month and you list all of your expenses so on one side you might say you know pay from work x amount of dollars and maybe you get a little bit of an allowance from your parents still and then on the other side you would put like rent for your apartment heat electricity internet
14:10
food and you would kind of create a list of your expenses and a list of your income and then you can hopefully balance your budget a balanced budget is when the amount of money you earn is equal to the amount of money you spend so hopefully all of you have balanced budgets it's bad when you spend more than you earn because you slowly go broke when you go to a bank or to a mall or a
14:41
public place they might have an atm or what we also call a bank machine an atm is it's short for automatic teller machine again i use a bank machine a lot more than going into the bank um but i use bank machines less and less now because you can do so much of your banking and you're purchasing online so a bank machine i wonder if they'll eventually disappear bank machines we'll see
15:13
when you go to a bank machine when you take money out we say that you are withdrawing money so the action of going to a bank machine putting your card in punching in your code and saying withdraw 100 and then the bank machine would spit out there's a nice work phrase for you spit out the money and you would take the money and then go do your shopping so when you withdraw you are taking money out of the bank machine if someone has given you a lot of cash
15:44
or a check you might want to deposit it that's when you put the money into the bank machine it goes into the bank it goes into your checking account or savings account so when you withdraw you're taking it out when you deposit you're putting it in borrow versus lend so i didn't find really good pictures for this so i'll try to explain this as best as possible when you borrow money it means you have no money and you ask someone if you can get money
16:16
from them the idea is that you will pay them back in the future but if you borrow money it means you have no money and you go to someone and say can i borrow ten dollars okay so the act of borrowing is when you receive money that you need to pay back later because you don't have money or have enough when you lend money it means you have lots of money and you give it to someone okay so sometimes i will lend money to one of my
16:47
kids and the idea will be that in the future they will pay me back okay so when you borrow money you have no money and you need to ask someone and you get money from someone when you lend money it means you have lots of money and you are giving money to someone hopefully that made sense in the world there are things that are expensive so when you go to buy things at the store there are things that are very very expensive there are items that are very very cheap
17:20
and you have to decide whether you can afford the expensive item or whether you can't afford it so let's go back if you really want to buy a lamborghini you would need to decide if you have enough money if you don't have enough money you might need to buy a used nissan sentra like something that's 15 years old something that's a little more cheap because you're always trying to buy things you can afford so right now
17:52
if i went to the grocery store and they had really expensive bread because we have so many kids i don't want to buy expensive bread i can't afford to buy expensive bread i don't have enough money to regularly buy it okay so you always need to when you spend money decide if you can afford something and we talked about borrowing and lending so when you go to the bank and you apply for a loan
18:23
and if they approve your loan and they lend you money you're borrowing money from the bank the bank is lending you money we call that a loan a loan is an agreement saying the bank will give you ten thousand dollars and you will pay back a small amount of that ten thousand dollars let's say every month for five years it's a five-year loan and you would sign a loan agreement so again you need to apply for a loan the bank
18:54
will want to know that you have a job or that you run a successful business and if they approve the loan they will lend you money and you will need to sign a loan agreement and you will need to repay the loan over time a mortgage so a mortgage is just a loan there's nothing different about a mortgage versus another loan but it is a loan specifically for buying a house so if you want to buy a car you get a car loan if you want to buy a
19:25
house you go to the bank and you get a mortgage again notice the pronunciation mortgage a mortgage is usually a 20 or 25 year loan so you have almost 20 or 25 years to pay it back and you make mortgage payments okay so often people when they're recently married or they've been married for three or four years they might think um it's a good time to buy a house they'll go to the bank and they'll apply for a mortgage if
19:55
the bank approves it then they have borrowed money from the bank that they can use to go buy a house so again a mortgage is a specific type of loan that you get from a bank to buy a house in order to buy a house you need to usually make a down payment this means that you need a certain amount of money in the bank before the bank will give you a mortgage okay so maybe you're buying a house that costs
20:26
i'm gonna say a hundred thousand dollars you can't buy a house for a hundred thousand dollars but it makes the math easy you might need to have twenty thousand dollars in your savings account and then the bank will give you a mortgage for eighty thousand dollars and then because you have enough money for a down payment um you're able to qualify for that mortgage so sometimes when you buy something or sorry when you buy a house you need to have a down payment when you have loans you are in debt okay
20:58
when you are in debt it means that you owe somebody or the bank money okay so i currently have a mortgage on the farm jen and i make mortgage payments and so that means that i have debt okay in order to buy this farm we went to the bank we applied for a mortgage i think 15 years ago i can't remember the bank approved our mortgage and now we are in debt until we are finished paying our mortgage off okay so debt is
21:29
anytime you owe somebody or the bank money you are in debt um so describing how much money people have for there's two extremes you can either be rich or wealthy or poor so if you are rich or wealthy you have a lot of money maybe you have fancy cars maybe you have lots of jewelry and you go on big vacations this is not me i am not rich or wealthy
22:01
or you might be poor when you're poor maybe you don't have enough money or even the basic necessities you have trouble even finding food every day so bob the canadian is not rich but bob the canadian is also not poor i'm somewhere in the middle i think most canadians are somewhere in the middle but i do try to donate money to help people who are poor or who are homeless i just i just feel like especially in canada because in the winter it's so
22:32
cold i think it's important to help people who are less fortunate wallet um not everyone carries a wallet like this anymore um but a wallet is something you use to put your cards your credit cards and bank cards in as well as your cash so maybe i'll put all of this cash in my wallet um and then go put it back in the bank later today because we don't really use cash anymore but a wallet can be like this this is a man's wallet
23:04
women can also have a wallet but it might look a little different they might also call it um oh sorry i'm i'm not remembering the name because i don't have one yeah a purse is different than a wallet so a purse is kind of a bigger bag and inside of a purse a woman might have a wallet as well like jen and i both have wallets and it's where we keep some a little bit of money and our credit cards and bank cards payday i should have put this earlier in
23:36
the lesson but uh payday is the day when the place where you work gives you your paycheck okay so payday is a very nice day for people um i get paid twice a month i'm always happy when i go and log into my online banking and see that money from my school has come into my bank account i have been paid it is payday so again my job i have a salary and so i get paid um usually in the middle of the month and at the end of the month every month
24:08
so 24 times a year i have payday some people have every friday is payday it depends on where you work i had a job once where i got paid every every other monday was payday so it really just depends on the job that you were doing and let's talk a little bit about interest and interest rates so when you borrow money from the bank they are going to charge you interest that means that if you borrow a hundred thousand dollars you have to pay back
24:40
the hundred thousand dollars but you also have to pay back a little bit more than that in interest usually banks do this by having an interest rate so maybe your interest rate is five percent or eight percent or ten percent if in simple math if you borrowed a hundred thousand dollars you would probably at five percent interest you would owe five thousand dollars in interest okay so you would need to pay back a hundred and five thousand dollars now it's a lot
25:10
more complex than that because there's daily interest in monthly interest there's different ways of charging interest but with simple math if i lent you 100 and said i'm going to charge you 5 interest you would need to pay back a hundred and five dollars in order to pay back the debt or the loan hopefully that made sense a little bit of financial uh calculations there from bob the canadian

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