Money matters – otázka z angličtiny (2)

angličtina

 

Otázka: Money matters

Jazyk: Angličtina

Přidal(a): Janaris

 

 

Money matters

  • I would like to speak about financial literacy, types of financial services, bank accounts, cards, how to solve finance-related problem and so on.

 

Definition of financial literacy:

  • It is an ability to understand how money works in the world or it is set of skills and knowledge that allows people to make effective decisions about their money. I think we should learn it at school as well.

 

Types of financial services:

A bank or an insurance company are financial institution that offer various financial services to their clients. Among basic services are:

  • Providing loans (= it means lending money to clients)
  • Providing mortgages (= a loan that you use for purchasing of real property)
  • Providing various types of insurance (health, casualty, life, travel, property damage, car insurance)
  • Investments – you can take an expert advice on how to enhance your wealth

 

Investments:

  • People invest their money, because they expect to earn more in the future. The benefit from investment is called a return. We can divide investments according to various aspects: short-term, long-term, low-risk, high-risk

 

Bank accounts:

Accounts allow us to transfer or save money.

  • Current account – offers various payment methods to allow customers to distribute their money directly to others ( you usually get a credit card)
  • Credit account – thanks to a credit card you can spend more money than you own (in fact you spend money belonging to a bank)
  • Savings account – offers better interests, but payment methods are more limited than on a current account

 

Interests:

We have 2 types of interests:

  • Money that you pay a bank for a loan (the higher interest tis the more money you pay back)
  • Money that a bank pays you for money on your savings account ( the higher interest tis the more money you get)

 

And finally there are tips how to save more money and avoid finance-related problems:

  • If you want to spend more, earn more(try to find part-time job for example)
  • Consider all purchases if they are really necessary(don’t buy useless things)
  • Don´t trust offers promising you get rich quickly and easily
  • Don´t sign any contracts you don´t understand
  • If you spend a lot of money, pay in cash (you know better how much money you spend)
  • Write down a budget of your expenses and incomes




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