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Passive forms

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Intermediate Green B - Lesson 1 - Passive

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Modals of obligation / necessity

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Intermediate Green B - Lesson 3 - Modals

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Phrases to complain politely

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Unit 32

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Unit 34

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Phrases for buying and selling

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Do you worry about your standard of living when you retire? How much money do you need to live the life you desire? How much money is enough money? These questions got Neil and Rob thinking as they talk about financial planning and teach you money-related vocabulary.

This week's question

When was the word millionaire first used in English? Was it:

a) 1600s

b) 1700s

c) 1800s

The answer is at the end of the programme.

Vocabulary

cashflow forecast
a calculation of how much money you can expect to have at a particular time

income
money coming in from, for example, your salary

expenditure
money you have to pay out for your regular expenses such as rent, food, entertainment, transport, etc.

assets
the cash value of things that you own and your savings

liabilities
the cash value of your debts, for example on credit cards or other loans

to give someone a hand
to help someone

Transcript

Note: This is not a word for word transcript

Rob
And I'm Rob.

Rob
I can barely afford my current lifestyle!

Same here, 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?

Rob
I'm going to guess that it's the 1600s as there have always been very wealthy people.

Neil
Well, 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?

Well, 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.

Neil So how many numbers do you need?

Rob
She says that you start with just four numbers.

I have a very detailed spreadsheet where I do list my income and expenditure. So I do know from month to month how much money I need and how much I can spend.

Neil
That sounds very organised! What does it tell you about your future?

Rob
Well, it just reminds me of exactly how much money I don't have. It's quite depressing! How about you, Neil?

Well, 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.

Neil
Is lifestyle financial planning only for older people with a good pension? Not according to Julie Lord.

Neil
So she also has younger clients who ask for her company's help.

Yes, she uses the phrase, give us a hand, which means to help someone. If you give someone a hand, you help them.

Neil
Exactly, in the way that I give you a hand with 6 Minute English.

NeilIt's nearly time now to review our vocabulary, 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?

Rob
Well, I guessed and said it was the 1600s.

Neil
Well, 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.

Yes, 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.

And the cashflow forecast is based on knowing your income, which is the money you have coming in and your expenditure, the money you have going out.

You also need to know your assets, 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.

Rob No, thank you for giving me a hand. Bye!

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BBC Learning English - 6 Minute English / Do you care if you're poor when you're old?

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Are you planning for a comfortable retirement?