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:
The answer is at the end of the programme.
a calculation of how much money you can expect to have at a particular time
money coming in from, for example, your salary
money you have to pay out for your regular expenses such as rent, food, entertainment, transport, etc.
the cash value of things that you own and your savings
the cash value of your debts, for example on credit cards or other loans
to give someone a hand
to help someone
Note: This is not a word for word transcript
Hello, and welcome to 6 Minute English. I'm Neil.
And I'm Rob.
In this programme we're talking about finance and in particular planning for our future lifestyles.
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:
b) 1700s, or
What do you think, Rob?
I’m going to guess that it’s the 1600s as there have always been very wealthy people.
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.
So how many numbers do you need?
She says that you start with just four numbers.
That’s right. The first of these numbers is your income, this is the money that you have coming in, your salary, for example.
Then there is the number for your expenditure. This is the money you have going out for rent, food, entertainment, transport and so on.
The next number was for assets. This is the cash value of things that you own. For example property, cars, jewellery as well as savings and investments, that kind of thing.
And finally there is liabilities. This is the money that you owe, for example on credit cards or loans.
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 that is enough to meet your expectations. Do you have those details? Do you know your numbers, 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.
That sounds very organised! What does it tell you about your future?
Well, it just reminds me of exactly how much money I don’t have. It’s quite depressing! How about you, Neil?
Oh, I live in blissful ignorance. 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 come up those four numbers. Anyway, let’s listen to Julie Lord again describing the lifestyle financial planning process.
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, liabilitiesand 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.
Is lifestyle financial planning only for older people with a good pension? Not according to 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'.
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.
Exactly, in the way that I give you a hand with 6 Minute English.
Well, I think I give you a hand rather than the other way around, Neil.
Really, well let’s not fall out about it. Let’s listen to Julie Lord again.
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'.
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:
b) 1700s, or
What did you think, Rob?
Well, I guessed and said it was the 1600s.
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 cash flow 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.
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 social media, online and on our app. Just search for bbc learning enlish. Bye, and thanks to Rob for giving me a hand.
No, thank you for giving me a hand. Bye!
A city that people leave
Aug 18. 2019
Cosmopolitan heritage: Hussein, a 63-year-old local man who manages the Surtee Sunni Jamae Mosque, a pride of the Surti Muslim community. Read more at https://www.thestar.com.my/opinion/columnists/ceritalah/2019/08/18/a-city-that-people-leave#VF4t2UtmIC83wLzh.99
By The Star/Asia News Network
It’s estimated that some 10-12% of Myanmar’s population live or work overseas – a statistic comparable with the Philippines. MAWLAMYINE (or Moulmein) is one of those Southeast Asian cities like Sandakan, Bacolod and Songkhla; where the past looms large but the present seems faded and unpromising. The kinds of places that young people yearn to leave in search of jobs and money.
The capital of the three million-strong Mon State and having a population of just under 300, 000, the city has a slightly forlorn, neglected air. After all, its glory years were well over one-and-a-half centuries ago, between 1826 and 1852.
Back then, the British transformed a sleepy port city at the confluence of the Salween, Ataran and Gyaing Rivers into the capital of their Burmese possessions on the Tenasserim coast.
Orwell (back row, third from left), who was a colonial police officer in Mawlamyine, wrote ‘Burmese Days’ that captures the hypocrisy, racism and violence of the era.
Present-day Mawlamyine is a six-hour overland journey from Yangon. It used to be a much more arduous trip, but improvements in the national highways and several new bridges have brought the two closer.
However, that hasn’t led to a significant increase in industries or jobs. Instead, it seems to have made it easier for people to leave.
Moreover, with the main border crossing at Mae Sot just four hours to the east (along a recently upgraded highway); Thailand, with its higher pay (reportedly some
USD8-10 per day, more than double anything available in Myanmar) has become even more accessible.
The iconic Kyaikthanlan Pagoda reportedly inspired Rudyard Kipling’s ‘Mandalay’ poem.
Given the proximity, perhaps it’s unsurprising that almost everyone Team Ceritalah met talked wistfully of the opportunities abroad. Indeed, it’s estimated that some 10-12% of Myanmar’s population live or work overseas – a statistic comparable with the Philippines.
The Mon State is Myanmar’s largest rubber producing state. Back in the boom days, this would have been a major source of income. However, with global prices languishing, the commodity has been anything but lucrative – even for the many traders who work to supply the vast Chinese market to the north.
The picturesque port was similarly sleepy. There was only one ship docked at the jetty for the duration of the Team Ceritalah trip. It’s hard to imagine that the city used to be such an important regional hub, not to mention a major shipbuilding centre drawing on the ample supplies of teak hardwood from the upper reaches of the Salween.
A young ferryman on the Attaran. Better roads have made Mawlamyine a city that many young people leave for better opportunities. — Photos by Team Ceritalah
Burma was one of the wealthiest and most profitable of Britannia’s colonies. Rich in natural resources, Rangoon (now Yangon) rivalled the Empire’s greatest ports, from Bombay to Singapore and Liverpool.
However, the British weren’t a benign presence.
They were ruthless colonisers – destroying the indigenous elite, logging thousands of acres of virgin jungle and opening vast rice fields that were tended to by immigrant labour from India: especially Bengalis and Tamils. Contemporary Myanmar, its paranoia and pathology, must be read in the context of its turbulent and bloody past.
The First Baptist Church, its grey walls peeled and blackened with age, still serves congregations whose ancestors were converted by Victorian missionaries.
One of the most scathing indictments of the British was written by a Mawlamyine resident, Eric Blair (better known as George Orwell) a colonial police officer whose novel Burmese Days captures the hypocrisy, racism and violence of the era.
And yet, it’s the vestiges of the colonial times that remain intriguing. In an overwhelmingly Buddhist polity, there are traces of a more cosmopolitan past with Anglican, Catholic and Baptist churches, as well as a handful of mosques.
Joseph’s family first established themselves in the Ayeyarwady Region after the First Anglo-Burmese War, one of the many Catholic Tamils from southern India to do so in that period.
St Patrick’s Catholic Church, with its 19th Century bells intact, and the First Baptist Church, its grey walls peeled and blackened with age, still serve congregations whose ancestors were converted by Victorian missionaries.
“The history of this church is very important to me, ” said Joseph, a priest-in-training at St Patrick’s.
Joseph’s family first established themselves in the Ayeyarwady Region after the First Anglo-Burmese War (1824-1826), one of the many Catholic Tamils from southern India to do so in that period. The community now stands at 50, 000, a drop in Myanmar’s melting pot of 53.5 million.
Improvements in the national highways and several new bridges have brought Yangon and Mawlamyine closer.
Further north of the church, Team Ceritalah met Hussein, a 63-year-old local man who manages the Surtee Sunni Jamae Mosque. He said with pride that the Surti Muslim community, originally from Gujarat, has owned the mosque since 1846, when it was built by the British for its Muslim civil servants ferried across the Bay of Bengal.
His own grandfather came from what is now Pakistan – this gives him a sense of attachment to the mosque, seeing it as linked to his family’s story.
There’s so much more to the city than just the iconic Kyaikthanlan Pagoda – which reportedly inspired Rudyard Kipling’s “Mandalay” poem – but virtually no promotion of its rich history.
The First Baptist Church had around 50 young members just two years ago but has since lost most of them to greener pastures in Yangon, Singapore, Australia, Thailand, or the US. Only about 15 remain.
Still – and perhaps ironically given their migrant backgrounds – Hussein and Joseph are anchored to the city.
“I want to stay here and take care of the church, ” Joseph said, standing sentinel-like at its warm green, open doors.
“People come here to find God and look at this old building. They should know its history. I want to take care of it and tell people about its story and culture.”
Read more at https://www.thestar.com.my/opinion/columnists/ceritalah/2019/08/18/a-city-that-people-leave
August 19, 2019