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

back 105 thousand dollars. Now, it's a lot more complex than

thousand dollars, you would probably at 5% interest, you

the bank, they are going to charge you interest. That means

Little bit of financial uh calculations there from Bob the

go and log into my online banking and see that money from

interest rate. So, maybe your interest rate is 5% or 8% or

interest and interest rates. So, when you borrow money from

would owe $5,000 in interest, okay? So you would need to pay

where you work I had a job once where um I got paid every every

cards. Uh payday. I should have put this earlier in the lesson

There's different ways of charging interest but with

and inside of a purse um a woman might have a wallet as

simple math, if I lend you $100 and said I'm going to charge

that if you borrow 100 thousand dollars, you have to pay back

payday some people have every Friday is payday it depends on

you your paycheck. Okay? So payday is a very nice day for

it is payday. So again um my job I have a salary and so I

the month every month so twenty-four times a year I have

keep some a little bit of money and our credit cards and bank

well. Like Jen and I both have wallets. Um and it's where we

the winter it's so cold. I think it's important to help

So, Bob the Canadian is not rich but Bob the Canadian is

poor, maybe you don't have enough money or even the basic

the name because I don't have one. Um yeah a purse is

might also call it um um oh sorry I'm I'm not remembering

today. Cuz we don't really use cash uh anymore. Um but a

wallet can be like this. This is a man's wallet. Uh women can

you are in debt. Um so, describing how much money

15 years ago, I can't remember. The bank approved our mortgage

have a lot of money. Maybe you have fancy cars, maybe you have

mortgage off, okay? So, debt is owe somebody or the bank money,

the bank money, okay? So, I currently have a mortgage on

farm, we went to the bank, we applied for a mortgage, I think

and now we are in debt until we are finished paying our

to have a down payment When you have loans, you are in debt,

okay? When you are in debt, it means that you owe somebody or

that because there's daily interest and monthly interest.

you 5% interest, you would need to pay $105 um in order to pay

back the debt or the loan. Hopefully that made sense.

than that in interest. Usually, banks do this by having an

the $100,000 but you also have to pay back a little bit more

that you were doing and let's talk a little bit about

people. Um I get paid twice a month. I'm always happy when I

other Monday was payday so it really just depends on the job

ten percent. If you simple math, if you borrowed 100

my school has come into my bank account. I have been paid. Um

get paid. Um usually the middle of the month and at the end of

but uh payday is the day when the place where you work gives

you use to put your cards, your credit cards and bank cards in

in my wallet um and then go put it back in the bank later

as well as your cash. So um maybe I'll put all of this cash

I am not rich or wealthy. Um or you might be poor. When you're

also not poor. I'm somewhere in the middle. I think most

different than a wallet. Um so a purse is kind of a bigger bag

also have a wallet but it might look a little different. They

necessities. You have trouble even finding food every day.

people who are less fortunate. Wallet. Um not everyone carries

Canadians are somewhere in the middle but I do try to donate

lots of jewelry and you go on big vacations. This is not me.

a wallet like this anymore. Um but a wallet is um something

rich or wealthy or poor. So, if you are rich or wealthy, you

just II just feel like especially in Canada because in

people have. For there's two extremes. You can either be

money to help people who are um poor or who are homeless. Um I

the farm. Jen and I make mortgage payments. Um and so,

that means that I have debt, okay? In order to buy this

of money in the bank before the bank will give you a mortgage,

you buy something uh well sorry when you buy a house you need

and then because you have enough money for a down payment

mortgage is a specific type of loan that you get from a bank

years, they might think um it's a good time to buy a house.

money, it means you have no money and you ask someone if

out of a bank machine. If someone has given you a lot of

put the money into the bank machine. It goes into the bank.

because you can do so much of your banking um and you're

okay? So, when you borrow money, you have no money, and

bank. Um but I use bank machines less and less now

eventually disappear bank machines. We'll see. When you

cash or a check, you might want to deposit it. That's when you

shopping. So, when you withdraw, you are taking money

out. Here's a nice word, a phrases for you, spit out the

want to buy a house, you go to the bank and you get a

There's nothing um different about a mortgage versus another

agreement saying, the bank will give you $10,000 and you will

the bank that they can use to go buy a house. So, again, a

They'll go to the bank and they'll apply for a mortgage.

loan. The bank will want to know that you have a job or

house. So, if you want buy a car, you get a car loan. If you

them back in the future but if you borrow money, it means you

don't have money or have enough. When you lend money, it

idea will be that in the future, they will pay me back,

have no money and you go to someone and say, can I borrow

month for five years. It's a five-year loan and you would

pay back a small amount of that 10 thousand dollars. Let's say

expenses and a list of your income and then you can

decide if you have enough money. If you don't have enough

cheap. Um because you're always trying to buy things you can

means you have lots of money and you give it to someone,

have almost twenty or 25 years to pay it back and you make

a loan agreement and you will need to repay the loan over

giving money to and you write it on The paper with the date

apply for a loan and if they approve your loan and they lend

to explain this as best as possible. When you borrow

amount of money you earn is equal to the amount of money

giving money to someone. Hopefully, made sense. In the

go to a bank machine, when you take money out, we say that you

you need to ask someone and you get money from someone, when

saying, withdraw $100 and then, the bank machine would spit

are withdrawing money. So, the action of going to a bank

purchasing online. So, a bank machine. I wonder if they'll

didn't find really good pictures for this. So, I'll try

flowers with cash and younger people will pay using either, I

is lending you money. We call that a loan. A loan is an

you have to decide whether you can afford the expensive item

when you sit down and you think about how much money you make

used a check in months by the way. A budget, So, a budget is

money goes directly from your bank account to the person you

per month and then, you list all the money that you earn or

most often now pay either with a debit card bank card or with

with a credit card or with money? My view is you should

people to pay for stuff. Rarely do I ever write checks anymore.

$100,000 you can't buy a house for $100,000 but it makes the

okay? So, maybe you're buying a house that costs an say

loan but it is a loan specifically for buying a

recently married or they've been married for three or four

A check is an old way to pay for things. It's where you

account. Um right now, I think I write maybe one check a year,

money. Um yes, it's not nice when uh a person or a business

to buy expensive bread. I don't have enough money to regularly

in the world are Visa and Mastercard. Um you can see some

use money as much as you can. A debit card or bank card is a

credit card and then later you need to pay your credit card

goes bankrupt. So, ways to pay for things. You can pay for

Often, my friends would say, hey, let's go out to a

You don't actually have the money. You pay for it with the

math easy you might need to have $20,000 in your savings

account and then the bank will give you a mortgage for $80,000

money left, no money at all. When a person legally doesn't

the loan, they will lend you money and you will need to sign

their phone and I didn't include a slide for that. It's

mortgage. Again, notice the pronunciation. Mortgage. A

you money, you're borrowing money from the bank. The bank

um you're able to qualify for that mortgage so sometimes when

world, there are things that are expensive. So, when you go

mortgage is usually a twenty or twenty-five-year loan. So, you

to buy a house. In order to buy a house, you need to usually

have enough money to pay their bills or when a business can't

time. A mortgage. So, a mortgage is just a loan.

money, you might need to buy a used Nissan Sentra. Um like

where they close their doors and they could no longer

buy it. Okay? So you always need to when you spend money

older than you and your family who has passed away. Um maybe

money, it means that you get money from usually a relative

side, you would put like rent for your apartment, heat,

don't get paid till Friday. So, when you are broke, you have no

okay? So sometimes, I will lend money to one of my kids and the

receive money that you need to pay Back later because you

you spend. So, hopefully, all of you have balanced budgets.

you can get money from them. The idea is that you will pay

money and you would take the money and then go do your

Again, I use a bank machine a lot more than going into the

hopefully balance your budget. A balanced budget is when the

So, on one side, you might say, you know, pay from work, X

Internet, food, and you would kind of create a list of your

amount of dollars um and maybe you get a little bit of an

maybe two. I pay for everything now using uh either my bank

very rare for people to pay cash when they buy stuff. Um

bank card or debit card. That's a very common way for younger

write down the name of the business or person you're

works like money. They can go and put the check in their bank

card that when you pay with a debit card or bank card, your

are buying it from. When we sell flowers at market, people

sign a loan agreement. So, again, you need to apply for a

make a down payment. This means that you need a certain amount

borrowing and lending. So, when you go to the bank and you

mortgage payments, okay? So, often, people when they're

If the bank approves it, then they have borrowed money from

that you run a successful business and if they approve

very expensive. There are items that are very, very cheap and

decide if you can afford something. And we talked about

they had really expensive bread. Because we have so many

kids. I don't wanna buy expensive bread. I can't afford

something that's 15 years old. Something that's a little more

or whether you can't afford it. So, let's go back. If you

afford. So right now if I went to the grocery store um and

to buy things at the store, there are things that are very,

really want to buy a Lamborghini, you would need to

deposit, you're putting it in. Borrow versus lend. So, I

It goes into your checking account or savings account. So,

you lend money, it means you have lots of money and you are

ten dollars, okay? So, the act of borrowing is when you

It's bad when you spend more than you earn. Because you

when you withdraw, you're taking it out. When you

machine, putting your card in, punching in your code, and

machine. An ATM is, it's short for automatic teller machine.

card or online banking. II don't think I've, I haven't

slowly go broke. When you go to a bank or to a mall or a public

that you make each month and you list all of your expenses.

place, they might have an ATM or what we also call a bank

things using a credit card, um two of most common credit cards

don't have my phone here, either their phone or their

and the amount and you put your signature on it and then it

allowance from your parents still and then on the other

bill. So, earlier, we had the question, should you buy things

examples there. A credit card though is actually like a loan.

people still do. Usually, older people will pay for their

your grandparents or even your parents. Um when you inherit at

broke, okay? So, during covid, there were a lot of businesses

can no longer get money. It's it's when a business goes

that went bankrupt. There were a lot of businesses that um

operate their business because they weren't making enough

pay their bills, they can go bankrupt. When you declare

bankruptcy, it means that all of the people you owe money to

when I was a university student, I was often broke.

restaurant and I would say, I can't this week. I'm broke. I

who has died. If you have no money, you are broke, okay? So,

and then they give it to me in twenty-four equal payments,

brick layer, you usually get paid an hourly wage. So, that's

develop um national cryptocurrencies. I think China

Um let's see here. An allowance. So, an allowance is

when I was in They had dog races. Um if you win, you would

something we use. Some countries are starting to

has said, we will pay you this much money to work for a year

their children spending money if they're going on a school

of those could be winnings. You might inherit and you might

have a job where you're paid an hourly wage. You might just

every month and the kids don't have to do anything to get the

inherit money. Um so, I think last week, we talked about an

you bet on horses or maybe even dogs in your country. I know

paid for work but there's also other ways to get money and one

talking right now about how you get money, ways to get money.

inheritance. An inheritance is when you get money from someone

might be $22 an hour and these usually jobs like teaching um

maybe you buy a lottery ticket, maybe you go to the races and

amount of money per year and they usually pay you every two

farm and we pay them but we have never just given our kids

called cryptocurrency. Well, relatively new. The most common

my kids and say, um here's a little bit of spending money.

Zealand's money. I'm not 100% sure about that though. And

type of coin. Uh let's see here savings. So savings is a word

money for no reason. Our kids probably have friends who got

You might if you are a child keep your savings in a piggy

an allowance. Our children never did get an allowance. Uh

salary but in Canada, if you are a construction worker or a

spend, that you keeps Somewhere safe because you're going to

know a lot more about it other than it sounds like it could be

retirement. Maybe you're going to use it to go on a big trip

because we can buy lunch or a souvenir and so then, as a dad,

whatever but we have never given our kids an allowance.

Probably the best example is that parents sometimes give

toonie because it rhymed with Looney. So loony is a loony is

money. So, spending money is money meant to be spent.

that we use to talk about anytime you put money somewhere

they get money as a gift from their grandparents or their

example. Before covid, our school had trips and sometimes,

to use in future, okay? You might have a jar where you put

because that bird on the coin is a loon. And we call this a

is a type of currency that only exists on the internet. Or it

bills are the paper form of money. Maybe you want to see

Bitcoin. I think though one Bitcoin is worth forty or 50

our $2 coin which is a toonie. And I actually have a bigger

exists digitally. So there are no bills, there's no coins but

money, makes bills for other countries. I think we make New

use to talk about anytime you have money that you don't

barter system with you know bills and coins and digital

worth one dollar. And a toonie is worth two dollar. And we do

So, you might have a job where you have a salary, you might

your country uses. Again in Canada we use our currency is

the penny and then we have our $1 coin which is a loony and

denominations. Don't have pennies anymore. We don't use

have nickels and dimes and quarters, very small

okay? As opposed to wages, so wages are when you have a job

lesson I do on money is usually quite popular. So, we'll see if

kind of cryptocurrency is called Bitcoin. Cryptocurrency

have winnings. Winnings are when you go to the casino,

Actually, I have a five-dollar bill here, a Canadian

for you. I went and got $100 bill. So, this is a Canadian

call that winnings. So, you can make money at work, you get

a slight difference in how you can get money. So, we're

is just that formal name that we use to talk about the type

the Canadian dollar. In Europe they use the Euro. Um but we as

very very cool. I think it's one of the neatest things that

say, we'll give you $5 a week as an allowance. We have never

the company you work for has decided to give you a certain

museum, the teacher said, I can bring some spending money

generally in Canada, if you earn a salary, it means that

to coins which we call change. So, bills are paper money.

you know, if you're a doctor or a nurse, you usually get a

our twenty-dollar bill. There's the queen. Um I don't know all

Well, hello and welcome to this English lesson about money. We

my kids would say, we're going on a trip, we're going to a

weeks, okay? So, as a teacher, I have a salary and so the the

five-dollar bill. It almost matches my shirt. Look, it

milk to get some eggs. So, there would be no money. You

Anytime I talk about money or banking, borrowing money,

where you are paid for each hour you work. So, your wages

someday. Um but you would keep your savings in a safe place.

bit about bills or what we sometimes call cash as opposed

spending money whenever they needed money, we would give

you know, here's $20 and I would give it to my uh one of

money is actually in a Amazing invention. It replaces the

English I'll talk about things like allowances and piggy banks

them some money if they needed to go on a trip at school or

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

When our kids are old enough, they're allowed to work on the

when parents give one of, give their kids money every week or

lending money, uh depositing money, withdrawing money. Any

money. They don't have to do any work. The parents simply

Here's some money that you can spend when you go on your trip.

money, we would barter. Barter is when you exchange goods for

would just barter and you would say, I will give you one pale

salary versus wages and then, we'll do some question. So,

given our kids an allowance. We have always given our kids

money. Money is the one thing in the world that everyone has

use it in the future. Maybe you're going to use it for

children in Canada will often have a piggy bank. And when

place to keep your savings. But savings is an English word we

loonies from you? There's something new in the world

actually call him that. We say hey I'm just gonna grab some

Maybe I did. And then of course, you Can't see it cuz

We say hey do you have any loonies? Can I get a couple

their savings under their mattress. That's not a good

I would say, okay, here's $10 cuz I'm cheap or I might say,

parents they might put it in the piggy bank. Um spending

little safer. Sometimes, people uh jokingly say that they keep

envelope in your house that you put money in but most people

is developing one as well. A cryptocurrency is a digital

money in and that's your savings. You might have an

the currency of the future. It might not. Who knows? I don't

you can buy one Bitcoin and then you digitally have one

trip or if they're going somewhere. So, here's a good

bank. I don't know if this is common throughout the world but

thousand US dollars right now. So, cryptocurrency might become

will put their savings in a bank account because it's a

loonies and toonies from the cup because I'm going to go buy

a coffee. So that's we don't say do you have any $1 coins?

money looks familiar, it might be because I think Canada makes

it's camouflage but here's the $5 bill suddenly appearing from

I'll hold that a little higher and then here uh just special

bill. Um I could say that I have some cash here, okay? So,

almost disappears when I hold it right here. Um I have a five

then coins. So, coins in Canada, we have um well, we

people buy things using some type of money. In Canada we use

picture of those. So there's our loony. It's called a loony

one-hundred-dollar bill. Um did I hold up the ten-dollar bill?

my shirt. So, bills are the paper form of money. If our

of money that a country uses. And then I wanna talk a little

the people on our bills. Here's the fifty-dollar bill. Maybe

States it's the American dollar or the US dollar. So, currency

and spending money. Um phrases and words that maybe you

a civilization invented something called money. Before

other things. So, a long time ago, maybe you would trade some

no, no. For one pale of milk, I will give you six eggs. So,

little bit already. Currency is the name for the type of money

the Canadian dollar. In Europe it's the Europe. In the United

of milk for a dozen eggs and the other person might say, no,

humans have invented. Currency and I've I've said this a

being here and welcome to this English lesson about money. So

currency that we can use to buy and sell things. So money is

Canadian.

haven't heard before and maybe you have. So thank you for

this one is as popular as some of the other ones. Um in this

in common. Every country has some sort of system where

are going to talk about money this morning. This is always

one of the most popular topics when I teach an English lesson.