Listening 11

Nobel Prize Winning Economist.

https://www.youtube.com/watch?v=vt-I3Ff8xfw

Interviewee: One thing that I said in some of my books is that I recommend that people get a financial advisor, particularly one that comes recommended as devoted to the interests of the clients.

There're a lot of little things that you can mess up and, well, financial advisors are not always right and some of them are self-centred and thus not really giving good advice. There is something to be gained by talking, (talking) frankly about your situation, what you want for the future and how you are investing your money, because people do make mistakes.

Interviewer:  Are there any tips you would give to people who are anxious about saving specifically for retirement?

Interviewee: People are underestimating their savings needs now. The markets look pricey now, and interest rates are close to zero. That means that you have to save more to achieve the same level of retirement.

The people like to talk about the power of compound interest. Well, think about this: if the interest rate is zero, how high is the power of compound interest?

It’s zero too. That means that, in this environment, if you are investing at a zero interest rate, there is no magnification at all on your retirement saving, you just can take out what you put in and, if you're not putting much in, you're not going to get much out at the other end. 

TO PRACTISE:

1.   What does he do in some of his books? In some of his books he ______ that people get a financial advisor.

2.   What does the financial advisor have to be devoted? He has to be devoted to the ______ of the clients.

3.   Which is the reason why you should get a financial advisor? Because there is a lot of little things that you can mess ______.

4.   How do you have to talk with your financial advisor? You have to talk ______ about your situation.

5.   Why do you have to talk sincerely?  Because people ______ make mistakes.

6.   How are the markets now? The markets are ______.

7.   What are people underestimating? The people needs their ______ now.

8.   How are interest rates? The interest rates are ______.

9.   In your retirement saving there isn’t ______.

10.        The video talks about some tips for the ______.

POSSIBLE ANSWERS

1.   Recommends.

2.   Interest.

3.   Up.

4.   Frankly.

5.   Do

6.   Pricey, expensive, costly.

7.   Savings, reserves, funds.

8.   Zero, nothing, naught.

9.   Magnification, increase, rise, gain.

10.        Retirement, pension.