BBC-Money and Lifetime

Money and Lifetime
Neil
Hello, and welcome to 6 Minute English. I'm Neil.
Rob
And I'm Rob.
Neil
In this programme we're talking about finance and in particular planning
for our future lifestyles.
Rob
I can barely afford my current lifestyle!
Neil
Same here, but perhaps we’ll pick up some good tips today. Before that
though, a question. Being a ……………………..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……………………... 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 …………………….and she talked about the process of
lifestyle financial planning. How many numbers does she say you need
to start with?
Julie Lord
Well, we would start by saying that we need to put together a
lifetime …………………………. or a model. You just need four
numbers: your income, your …………….., 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 ………….you do some of the things that -
perhaps an ISA or a …………..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.
Neil
That’s right. The first of these numbers is your income, this is the
money that you have coming in, your salary, for example.
Rob
Then there is the number for your expenditure. This is the money you
have going out for rent, food, entertainment, transport and so on.
Neil
The next number was for assets. This is the cash value of things that you
own. For example property, cars, ……………as well as savings and
investments, that kind of thing.
Rob
And finally there is……………………. This is the money that you owe,
for example on credit cards or loans.
Neil
So if you know these details, 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 …………………….your
expectations. Do you have those details? Do you know your numbers,
Rob?
Rob
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…………………….! How about you, Neil?
Neil
Oh, I live in ………………... 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……………………….. Anyway, let’s listen to
Julie Lord again describing the lifestyle financial planning process.
Julie Lord
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
…………….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.
Julie Lord
Well, it’s not all about old age, is it? I mean there are people… we have
quite a number of ……………who come to us and say 'we just want to
get financially organised, we've heard about all this………….., these
financial products, no idea really what they are or, more importantly,
what they’re going to do for us, so can you …………………..to help us
look forward to see what will happen'.
Neil
So she also has younger clients who ask for her company’s help.
Rob
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.
Rob
Well, I think I give you a hand rather than the other way around, Neil.
Neil
Really, well let’s not ……………..about it. Let’s listen to Julie Lord
again.
Julie Lord
Well, 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'.
Neil
It’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
……………in French in the 1700s. Now on with the vocabulary.
Rob
Yes, we had a lot of financial terms in this……………. We
had cashflow forecast. This is a calculation of how much money you
can expect to have at a ………………….the future.
Neil
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.
Rob
You also need to know your assets, which is the value of things you own
as well as savings and investments. This is ………………………
your liabilities, which is the term for the money that you owe, for
example on credit cards.
Neil
And finally we had the expression to give someone a hand meaning to
help someone. 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……………………, online and on our app. Just search
for……………………... Bye, and thanks Rob for giving me a hand.
Rob
No, thank you for giving me a hand. Bye!

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