most of you, but if you want to retire when you’re fifty, you will need to start planning very soon. To achieve your goal in terms of timing, a lot will depend on how much surplus money you have. By surplus money, I mean money that you have left after you have paid all your expenses. Now, it is important that you don’t simply accept that what you have left after you pay all your expenses is the only money you have. Far too many see finance in this very simple way. You must think about your assets – what you have that is worth money, and whether your expenses can be reorganized so that you have more surplus cash. Let me give you some examples. One asset might be your house. You might decide to sell it, and buy another one in an area where property is cheaper – you might decide to rent one of the rooms to a student for a while. One expense might be keeping a car on the road – you might realize that it makes more financial sense to sell the car and use the train or take taxis. Now, this is where investment and risk-taking come
in. When you have decided how much surplus money you have, you should think about how you can best invest it. The more risk you are prepared to take, the more money you can make. Remember, though, you can also lose money – so, unless you know a lot about the area in which you invest money, it is best to get advice from people who know what they are doing. Now, like all programmes, you need to revise your
financial management programme from time to time. You might suddenly earn more money, or you may find a way of freeing money that was previously unavailable. Perhaps some of the goals that you set ...
≤099 Unit 9 Exam Practice – Listening
B You will hear the owner of a taxi firm talking to his accountant. Accountant: Hello, Mehmet. How are you? Businessman: Oh, good morning, James. I’m not too bad. I’m glad you could come and see me. Accountant: Yes, when you spoke to me on the phone I got the impression that things are not going so well. Is there a problem? Businessman: Please sit down. Would you like a coffee?
Accountant: No, I’m OK – I had a coffee on the train. So, Mehmet, tell me. Businessman: I’m very worried. I just don’t understand what’s been happening recently – business is down, and the money is just not coming in like it was. Accountant: Mm, well, have you made any changes to the way you operate the business – changes that could affect profit? Businessman: Well, yes. I’ve cut the number of drivers operating at the airport.
198 Pathway to IELTS 1
Accountant: By how many? Businessman: Down from ten to eight. Accountant: Why? Businessman: Because I expected a fall in the number of people using the airport. The number of flights coming in has reduced by fifteen per cent. There are fewer evening arrivals – during the day, more people take a bus into the city centre – it saves them a lot of money, and it doesn’t take that long. The drivers were waiting longer for customers. Accountant: OK. Have you made any other changes? Businessman: No. Well, I transferred the two airport drivers to the city centre. Accountant: Why did you do that? Businessman: Well, I didn’t want to just dismiss them. It wouldn’t be fair. Anyway, I predicted a rise in business in the central business district – everyone is talking about expansion there – more jobs and so on. I expected more people to use pre-booked taxis. Accountant: So, you’ve reduced the number of drivers operating at the airport, and increased the number of drivers operating in the city centre? Businessman: Yes, James. I’ve explained that. Accountant: So, how many drivers do you now have operating in the city centre? Businessman: Sixteen. Accountant: Did you look carefully at the profitability of airport taxis and city-centre taxis when you made your decision? Businessman: You mean, separately? No, not really. I just looked at the overall figures, and then made predictions. Accountant: Mm, it might have been better to lay off two or three of the airport drivers – at least for a month or two – and then re-employ them if business improved. Businessman: No, all the drivers have worked for the company for a long time – they have families to support. I couldn’t do that. Anyway, who says they would be available when I wanted to re-employ them? They might find a job somewhere else. Good drivers are difficult to find. Accountant: Mehmet – I think you’re trying to keep everyone happy. You must think more like a businessman. It seems clear to me that the problem here is that ...
≤100 Workbook Unit 9 Listening
A Listen to some short extracts about starting up a business. For each extract, circle (T) true or (F) false after the statement and then write the key word that you hear in the space. Extract 1 Voice: Anyone starting up their own business will need some capital. Of course, you will have to borrow money from the bank – quite a lot of money, in fact – but you will need to have capital, too. The bank will not take you seriously if you do not have capital.
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