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English Podcast For Learning English | Episode 11 | English Leap Podcast | How To Build Wealth — Transcript

by Speak English With Class · 2,935 words · 443 segments · language en · Watch on YouTube

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0:00English Le podcast from speak English
0:03with
0:05class hello everyone welcome to the
0:08English leap podcast if you're looking
0:10to improve your English while having fun
0:12you're in the right place I'm Jennifer
0:15your host and with me is my co-host
0:17Daniel hey everyone we're excited you've
0:20joined us today our goal is to help you
0:22learn English through interesting
0:24conversations and easy to follow
0:26discussions and today's topic is really
0:28exciting Building Wealth yes Building
0:32Wealth is something we all think about
0:34at some point whether you want to save
0:37for the future invest or just understand
0:41money better it's an important topic
0:44we'll share tips and ideas and of course
0:47keep it simple so you can practice your
0:48English along the way exactly and the
0:52best part is by the end of today's
0:53episode you won't even realize that
0:55you've picked up new vocabulary related
0:57to finance learning while having fun
1:00that's what we're all about
1:02absolutely so let's Dive Right into
1:05today's topic So Daniel let me ask you
1:09when did you start thinking about saving
1:11and Building Wealth was there a moment
1:14when you realized I need to start doing
1:16something about my money oh definitely
1:20it was right after college I got my
1:22first job and for the first time I had a
1:24steady income but after a few months I
1:27realized that I wasn't saving anything I
1:30was spending on things I didn't really
1:31need it hit me when I checked my bank
1:34account and thought whoops I should be
1:36smarter with my money that's such a
1:38relatable story I think many people go
1:41through that moment when they realize
1:43they need to start saving and thinking
1:45about the
1:45future for me it was when I wanted to
1:48buy my first car I didn't have enough
1:50savings and I had to make a plan to
1:53start building my
1:54finances exactly Building Wealth isn't
1:58just for the super rich it's something
2:00we can all do little by little today
2:03we'll share some ideas that can help
2:05anyone start Building Wealth no matter
2:07where they are in life Oh and before we
2:10continue don't forget about the PDF for
2:12today's episode it includes all the
2:15vocabulary phrases and extra tips we'll
2:17talk about today just click the link in
2:20the description to download it and later
2:22on our friend Charlotte our vocabulary
2:25expert will join us to break down some
2:27key words and expressions we use today
2:31she'll make sure you understand all the
2:33important terms related to Building
2:35Wealth that's right Charlotte will
2:37explain everything in a simple way so
2:39stick around for that so Jennifer let's
2:42start by talking about what wealth
2:44really means a lot of people think it's
2:47just about how much money you make right
2:49but wealth is much more than just your
2:51salary exactly Daniel a lot of people
2:55confuse income with wealth you can have
2:57a high income and still not be wealthy
3:00if you're spending everything you earn
3:02wealth is really about what you save
3:05invest and build over time it's about
3:07accumulating assets like stocks bonds
3:11real estate things that can grow in
3:13value and help you build your financial
3:16future right wealth is really about the
3:19bigger picture your Financial Health
3:21over the long term it's about what you
3:23keep after all your expenses and how you
3:26grow it when I started my first job I
3:29was earning a decent salary but I wasn't
3:32saving anything at the time I thought
3:35having a good income meant I was doing
3:37fine financially but I didn't realize
3:39that without saving and investing I
3:41wasn't actually Building Wealth I
3:44totally relate to that when I got my
3:46first job I felt the same way I was
3:49spending my entire paycheck on things I
3:51didn't really need just because I had
3:53the money but one day I looked at my
3:56bank account and I had nothing left it
3:59was a wakeup call for me that's when I
4:01realized that being rich doesn't mean
4:03earning a lot it's about being smart
4:05with your money and making it grow and
4:07that's where financial goals come in
4:09right if you don't have a plan it's so
4:12easy to just spend money without
4:14thinking about the future I remember
4:16when I Set My First Financial goal it
4:19was to save up for a down payment on a
4:21car I had to think about how much I
4:24needed how much I could save each month
4:26and how long it would take it gave me
4:29something to work towards exactly
4:32financial goals give you a direction and
4:35purpose whether it's saving for
4:37something like a car a vacation or even
4:40bigger goals like buying a house or
4:42retiring early having clear goals helps
4:44you stay focused when I was paying off
4:47my student loans I set small goals along
4:50the way I'd break it down into
4:52manageable chunks like paying off one
4:54loan at a time it made the process less
4:58overwhelming and kept me motivated
5:00mhm I like how you mentioned breaking it
5:03down sometimes when we think about big
5:05financial goals they can feel Out Of
5:07Reach but if you break them into smaller
5:09more achievable goals it feels less
5:11stressful like building an emergency
5:14fund instead of aiming for a huge number
5:17right away start with something small
5:20like
5:21$500 and build from there uh-huh that's
5:25a great Point Daniel it's like Building
5:27Wealth Brick by Brick and once you have
5:30those financial goals in place one of
5:32the best ways to grow your wealth is by
5:35investing saving is important but
5:38investing is how your money starts
5:40working for you there are so many ways
5:43to invest stocks bonds mutual funds real
5:48estate I started with mutual funds
5:50because they felt safer but over time I
5:53got more comfortable investing in
5:55individual stocks yes investing is key I
5:59was was really nervous about investing
6:00at first because I didn't know much
6:02about it but I started small with my
6:04retirement account and then gradually
6:06learned about other types of Investments
6:09it's amazing how your money can grow
6:11over time even with small consistent
6:14contributions exactly and speaking of
6:17being consistent one thing that can
6:19really derail wealth building is debt
6:22I've seen so many people struggle
6:24because of credit card debt it's easy to
6:26fall into but hard to get out of if
6:28you're not careful
6:30managing credit wisely is so important
6:32oh for sure I learned that lesson the
6:35hard way when I first got a credit card
6:38I didn't really think about the interest
6:40I was just swiping it left and right but
6:43then the balance kept growing and I was
6:45only paying the minimum each month the
6:48interest added up so quickly that it
6:50took me years to pay it off now I make
6:53sure to only use credit when I know I
6:55can pay it off in full by the end of the
6:57month that's a great Habit to have
7:00credit cards can be useful especially
7:03for building your credit score but only
7:05if you manage them
7:06carefully paying them off every month
7:09and avoiding highin debt can really help
7:11you stay on track with your wealth
7:13building goals and speaking of staying
7:15on track that reminds me of another tip
7:19automating your savings and Investments
7:22when I first started saving I'd often
7:24forget or feel tempted to spend the
7:26money but when I set up automatic
7:29transfer from my checking account to my
7:31savings and investment accounts it
7:33became a lot easier I didn't have to
7:35think about it and my wealth was
7:37building in the background uh-huh
7:40automation is such a good idea I've been
7:42doing the same thing and it's amazing
7:45how much of a difference it makes you
7:47don't even miss the money because it's
7:48already out of your account plus it
7:51keeps you consistent with your savings
7:53goals so Jennifer we've talked about the
7:56importance of managing credit and
7:58investing but there's another simple
8:00principle that can make a huge
8:01difference living below your means it
8:04sounds easy but it's not always simple
8:07right
8:08definitely living below your means is
8:11the foundation of Building Wealth it's
8:13all about spending less than you
8:15earn the problem is in today's world
8:18with online shopping and credit cards
8:21it's so easy to overspend without even
8:23realizing it I remember when I got my
8:26first raise I thought I could treat
8:28myself to a few luxuries new clothes a
8:32nicer car but after a while I realized I
8:35was just spending more instead of saving
8:38I've been there too it's tempting to
8:40upgrade your lifestyle every time your
8:42income goes up but that's where the
8:44trouble starts you end up with lifestyle
8:47inflation where your expenses grow as
8:49fast as your income that's why living
8:52below your means is so powerful if you
8:55earn more but keep your spending low you
8:57can save and invest the difference
9:00and that's how wealth grows exactly it's
9:04not about living like you're poor it's
9:06about being smart with your money for
9:08example instead of buying a new car
9:10every few years I decided to stick with
9:13my reliable old car and invest the money
9:15I would have spent on a new one over
9:18time those savings really add up that's
9:21a great Point Jennifer and another thing
9:24that really helps with wealth building
9:26is having multiple streams of income you
9:29don't want want to rely on just one
9:31paycheck I started a small online
9:33business as a side hustle and it's been
9:35a great way to bring in extra income it
9:38also feels good knowing I'm not putting
9:40all my eggs in one basket oh absolutely
9:43relying on just one source of income is
9:46risky if something happens to your job
9:49you're in trouble but if you have
9:50multiple streams of income you've got a
9:53safety net I know people who have rental
9:56properties invest in the stock market or
9:59even do freelance work there are so many
10:01ways to earn extra money these days I
10:04started doing freelance Consulting on
10:06weekends and the extra cash helped me
10:08pay off debt faster that's awesome
10:11having more than one stream of income
10:13gives you more security and it also
10:15speeds up your wealth building plus with
10:18technology these days starting a side
10:20hustle is easier than ever whether it's
10:22selling products online freelance work
10:25or even passive income like Investments
10:28there are so many OPP opportunities
10:31exactly and what I've learned is that
10:33once you start seeing the benefits of
10:34having multiple incomes it motivates you
10:37to think bigger and look for more ways
10:39to grow your wealth it really ties into
10:41the mindset you need for wealth building
10:44right your mindset is crucial I always
10:47say Building Wealth isn't just about
10:49numbers it's about how you think if you
10:52believe you can grow your wealth and
10:54stick to your plan you'll be more likely
10:56to succeed but if you're always thinking
10:59I'll never have enough money or this is
11:01too hard you're putting up mental
11:04roadblocks that's so true your mindset
11:07can either help or hurt you I used to
11:10think that wealth was only for rich
11:11people I thought it wasn't something I
11:13could achieve but once I started
11:16learning about personal finance and set
11:18small goals I realized it's possible for
11:21anyone to build wealth no matter where
11:23you start it just takes time and the
11:26right habits yes having a growth mindset
11:29is key it's about believing that you can
11:32improve your financial situation over
11:34time even if it seems slow at first you
11:37have to stay patient and keep going even
11:40when it feels like you're not making
11:42progress Building Wealth is a marathon
11:44not a Sprint exactly and I think another
11:48part of having the right mindset is not
11:49being afraid to take risks investing
11:53starting a side business or buying
11:55property all involve risks but if you
11:58don't take calculated risks it's hard to
12:01grow your wealth the key is to educate
12:03yourself start small and make smart
12:06decisions along the way totally agree
12:09Jennifer and I think it's important to
12:11mention that mistakes are part of the
12:13journey too sometimes you'll make a bad
12:15investment or lose money but that's okay
12:19the important thing is to learn from
12:21those mistakes and keep moving forward
12:24that's how you build a solid Financial
12:25Foundation over time uh-huh now before
12:29we wrap up let's bring in Charlotte for
12:31the vocabulary
12:32breakdown that's right Charlotte will
12:35explain some of the key words and
12:36phrases we use today thanks Jennifer and
12:40Daniel hi again everyone let's go over a
12:43few key wordss from today's conversation
12:45that can help you improve your
12:48English wealth meaning the total value
12:52of all the money assets and Investments
12:54someone owns example wealth isn't just
12:57about how much money you make but what
12:59you save and
13:00invest assets meaning resources or
13:04things of value like stocks bonds real
13:06estate or cash that can grow in value
13:09example investing in assets like
13:11property can help build your wealth
13:14financial goals meaning specific
13:17measurable objectives related to
13:19managing your money like saving for a
13:21house or paying off debt example setting
13:24financial goals gave me a clear path to
13:27follow credit score meaning a numerical
13:31rating that shows how reliable a person
13:33is in paying back borrowed money example
13:36a high credit score helps you get better
13:38interest rates on
13:39loans mutual funds meaning a type of
13:43investment where money is pulled from
13:45multiple investors to invest in stocks
13:48bonds or other assets example I started
13:51by investing in mutual funds because
13:53they felt safer real estate meaning
13:57property consisting of land or buildings
14:00often considered a long-term investment
14:02example buying real estate is a good way
14:04to build assets that grow in
14:06value lifestyle inflation meaning when
14:10people increase their spending as their
14:12income goes up often making it harder to
14:14save money example lifestyle inflation
14:18can stop you from Building Wealth even
14:20with a good salary multiple streams of
14:23income meaning earning money from more
14:25than one source like a job Investments
14:28or a side business buiness example
14:31having multiple streams of income adds
14:33Financial
14:34Security passive income meaning income
14:37earned with little to no effort after
14:39the initial setup like rental income or
14:41dividends from stocks example passive
14:44income from Investments help me pay off
14:46debt faster automating savings meaning
14:51setting up automatic transfers from your
14:52checking account to savings or
14:54investment accounts so you don't have to
14:56think about it example automating my SA
14:59savings made it easier to stick to my
15:00financial goals emergency fund meaning a
15:05savings account set aside for unexpected
15:07expenses like medical bills or car
15:09repairs example I'm building an
15:12emergency fund to cover at least 3
15:14months of
15:15expenses growth mindset meaning the
15:19belief that abilities and intelligence
15:20can be developed with effort and
15:22learning over time example having a
15:25growth mindset is key to building
15:27long-term wealth calculated risks
15:30meaning risks that are thought out and
15:33planned with the potential rewards and
15:35consequences carefully considered
15:37example investing in the stock market is
15:40a calculated risk but it can pay off
15:42with smart
15:43decisions wake up call meaning an event
15:47or realization that makes someone change
15:49their behavior or take action example
15:52seeing my empty bank account was a
15:54wakeup call for me to start
15:56saving put all your eggs in one basket
15:59meaning relying too much on one thing
16:02which can be risky if it fails example
16:05you shouldn't put all your eggs in one
16:06basket by relying on just one source of
16:09income Brick by Brick meaning slowly and
16:13carefully building something over time
16:15example Building Wealth is done Brick by
16:18Brick with small savings and Investments
16:20over time in the background meaning
16:24something that happens without much
16:26attention or effort often without being
16:28noticed
16:29example my savings were growing in the
16:31background thanks to automatic
16:34transfers Snowball Effect meaning a
16:37situation where something starts small
16:39and builds momentum growing larger or
16:41more intense over time example compound
16:45interest works like a snowball effect
16:47the longer you invest the more your
16:48money
16:49grows derail meaning to cause something
16:53to go off track or fail example debt can
16:57derail your wealth building efforts if
16:59you're not
16:59careful on track meaning progressing in
17:03the right direction towards a goal or
17:06objective example paying off my credit
17:08card every month helps keep me on track
17:10with my financial
17:12goals so that wraps up all the key
17:15phrases and vocabulary from today's
17:16conversation I hope you found it helpful
17:20thank you so much Charlotte that was
17:22incredibly helpful yes we really
17:24appreciate it expanding your vocabulary
17:27is such an important part of improving
17:29your English skills uh-huh and that
17:32brings us to the end of today's episode
17:35don't forget to download the PDF for
17:37today's episode it has all the
17:39vocabulary phrases and practice
17:42exercises we talked about we hope you
17:44enjoyed the episode make sure to leave
17:46us a comment give us a thumbs up and
17:48subscribe for more episodes we'd love to
17:51hear your feedback and what you'd like
17:52to learn about next thanks for tuning in
17:55everyone we'll see you next time keep
17:58practicing stay positive and remember
18:01Building Wealth takes time but every
18:03step you take brings you closer to your
18:08goals your progress doesn't end here to
18:11continue advancing your English skills
18:13click on the next video or explore the
18:15additional videos we've thoughtfully
18:17selected for you

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