Learn English with Mr. Duncan - Lesson 39 (Money)

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You know the world of English is a fun and exciting place to be. I'm so glad you could join us for another lesson.

Hi everybody, this is Misterduncan in England. How are you today? Are you OK?… I hope so! Are you happy?… I hope so! In this lesson we will take a look at something, it seems we all need in which to survive. A very simple looking item that plays a big role in most of our lives. Money!

The word 'money' is a noun that normally relates to the means or way of exchanging the value of an item that is sold or a task that is carried out or done. When we give money, we pay for it. And when we receive money, we are paid for it.

There are many words related to money, such asCash, Change, Coins, Currency, Denomination, Exchange, Notes and Tender.

There are many slang words for money, includingDosh, Dough, Foldable-stuff, Greenback, Moolah, Notes, Readies and Smackers.

If you have lots of money then you can be described asAffluent, Comfortable, Flush, Loaded, Prosperous, Rich, Rolling in it, Solvent, Wealthy, Well off.

If you have no money at all then you can be described asBankrupt, Broke, Bust, Destitute, Insolvent, Impoverished, Needy, On the breadline, Poor and Penniless.

The earliest record of money being used dates back to ancient Babylonian times, when wheat grain was used as a way of exchanging value for items and services. It was not a perfect system but it did allow the eventual creation of what we carry around now. Isn't that right? Yes that's right!

In the past people would save their money in a bank and only used it when it became necessary to do so. When you put money in a bank, the people who own it will use your money to buy shares in a company or invest it and because of this, you will make more money too. This particular system is calledInterest. So keeping your money in a bankwas considereda good thing to do.

Carry the one. Ooh! Nice! There are many words connected to banks and banking. Such as

Account. Your own personal bank storing space that has its own number or code.

Deposit. The money you put in.

Withdrawal. The money you take out.

Interest. The charge for borrowing money or the amount you earn for saving it.

Cashier or Teller. A person who works in a bank.

A-T-M. A machine from which you can obtain money.

Bank charge. Money you must pay for using the bank.

Debit. Money that has moved from your account.

Credit. Money that has moved into your account.

Direct debit. Money that is automatically taken from your account each month to pay regular bills.

These days' there are many ways of paying for items and services. You can write a cheque (Check). You can use your credit card. Or you can use good old fashioned cash!

No. I told you to sell, sellnot buysell! Bye-bye. These days' people have more choice of where to put their money. You can buy a small part or share of a company and invest your money there. Normally over time your shares will grow as the company expands, thus making more money for you. You can buy a house and as its value increases, so your money will grow too. So when you come to sell the house, you make a profit on it. Although it's worth remembering both of these things carry a heavy risk, you can lose your money too.

Look at meI'm the boss! If you have your own company or business then you need to spend money so as to run it successfully. If you make more money than you spend we can say that youMake a Profit. You areIn the black. If you make less money than you spend then we will say that youMake a loss. You are losing money. You areIn the red.

Each country has its own type of money or currency. The word 'currency' means the particular type of money used in one country. For example, here in the UK we useThe Pound. So the UK currency is the Pound. The USA currency isThe Dollar. Some other examplesIn Russia the currency isThe Rouble. In India it isThe Rupee. In China it isThe Yuan. The Japanese currency isThe Yen. And across Europe the currency isThe Euro. The Dollar also describes the currency used in other countries too, such as AustraliaJamaica, Singapore and New Zealand, but it is worth remembering that they are not connected in any way to the United States.

Each country's currency has its own value. This is calledThe Exchange rate. We work this out by comparing the value of one currency with another. For example. I can compare the UK Pound with the USA Dollar. Right now the UK Pound has more value, so if I travel to the USA, I will actually get more money for each Pound that I change into Dollars. However, if I travel from the USA with Dollars and change them into UK Pounds then I will lose money. This is how the exchange rate works between all countries. Sometimes you gainand sometimes you lose.

There are some idioms and phrases relating to money, such as

Money doesn't grow on trees. This means that money is always hard to get.

Money is the root of all evil. This means that money can often make people do bad things.

I'm not made of money. This means that I only have a certain amount of money that belongs to me.

That will cost me an arm and a leg. This means that something is too expensive, it costs too much.

You look like a million Dollars. This means you look great and healthy.

Splash out. This means, to spend a lot of money all at once. In one go.

Rob Peter to pay Paul. This means that you borrow money from one person to pay back money you owe to someone else.

Money makes the World go round. This means that money helps us to live and things to happen.

Throw your money down the drain. This means that you waste money or you spend it on useless things and rubbish!

Of course there is one big problem with money and that is that most of us do not have enough of it. So very often, we must borrow it from the bank. The bank will lend it to us. This is calledCredit. Of course they will also charge us for this service and this time we must give interest to the bank. Each day that we have that money, the bank will charge us. Sometimes this can lead to us paying a very big interest charge.

You can also borrow money by using a credit card. Once again the bank is giving you the money, but in this situation, it does not have to be paid back so fast. These days many people own a credit card, some of us have four or five credit cards at one time.

During the past ten years, people have been spending much more money that they are actually earning. In 2007 we saw the early signs of a problem in the way we all borrow and spend money. It seemed as if the banks were becoming less willing to lend money to people. As we all now know, this has lead to a big financial freeze or hold on giving credit. We call this situationThe Credit Crunch.

In society we tend to judge each other by the amount of money we haveor appear to have. If we see a person driving a nice new car then we may assume that they have lots of money, but in fact they may have borrowed the money to pay for the car, so as to appear wealthy. There is a phrase in English that describes this type of person… "They have two cars outside the housebut nothing to eat in the fridge." OKI'm ready for my transition. Special effect. Whooshing noise. Where are you? Ahhere it comes.

Of course we need money to live and we must work for it. However, some people may become too concerned with making money and forget all about the things in life that cost nothing. Those who have little or no money may appreciate the small things they own, while those with millions in the bank may not care about anything but themselves. You could say that money is a paradox. If you have noneyou want some. If you have somethen you want more. If you have lots, then you may find yourself discovering that the phrase… "Money can't buy you happiness" is completely true. As Oscar Wilde once wrote… "I may be lying in the gutterbut I'm looking up at stars." This is Misterduncan in England sayingtake care until next time. Ta-ta for now.