Your Blueprint for Financial Success

Beginner

Task 1: Getting Out of Debt – True or False?

Listen to the beginning of the video where the speaker talks about being in debt. Decide if the following statements are True or False.

1. The speaker was never stressed about money.
2. The speaker found a way to get out of debt.
3. The video will share tips to get ahead in finances.
4. You should not subscribe or like the video.

Task 2: Top Tips for Money

Listen for the first two tips the speaker gives. What are they?

1. Tip 1: 
2. Tip 2:

Intermediate

Task 1: Understanding “Keeping Track of Spending”

Listen to the section about “keeping track of your spending.”

1. According to the speaker, why do most people not do this, even though they’ve heard it before?
2. What is the “basic goal” of expense tracking?
3. What does the speaker suggest you do first to get control of your spending habits? Give an example.

Task 2: The 1% Rule

Listen to the explanation of the “1% rule for spending money.”

1. What is the purpose of this rule?
2. If someone makes $60,000 a year, how much money is the “1% limit”?
3. What is the main benefit of the 24-hour cooling-off period?

Advanced

Task 1: The Philosophy Behind Financial Habits

The speaker references Peter Drucker’s quote, “If you can’t measure it, you can’t manage it.” Analyze how this quote applies to the first two tips (keeping track of spending and making a budget). Additionally, discuss the speaker’s perspective on why budgeting is often avoided but is “worth it.”

Discussion Points: 

• • How does tracking spending relate to “measuring” your finances?
  • What are the perceived difficulties and actual benefits of budgeting according to the speaker?
  • How does the speaker encourage a change in perspective towards budgeting?

Task 2: Strategic Debt Management and Lifestyle Changes

The speaker offers several strategies for debt repayment and avoiding future debt, including managing discretionary spending, saving for big purchases, and reducing reliance on credit cards. Discuss how these different strategies intertwine to create a comprehensive approach to financial wellness. Furthermore, evaluate the “spending fast” concept, considering its potential psychological and financial benefits in changing long-term spending behaviors.

Discussion Points: 

• • Compare and contrast the immediate vs. long-term impacts of using credit cards vs. saving for purchases.
  • How does “discretionary spending” relate to impulsive purchases and the “1% rule”?
  • Analyze the “spending fast” as a “detox” for financial habits, including its challenges and potential outcomes.

Beginner

Task 1: Paying Bills

The speaker talks about a time when bills piled up. Have you ever felt stressed about money or bills? What was one simple idea from the text that you think can help people start to pay their bills?

• Read the first two paragraphs and point 1: “Keep track of your spending.”
• Write: 3-4 sentences.
• Keywords to use: bills, money, stressed, keep track, spending.

Task 2: Eating at Home

The speaker suggests eating at home to save money. What are two things you can do to eat more at home and save money, according to the text?

• Read point 7: “Eat at home.”
• Write: 3-4 sentences.
• Keywords to use: eat at home, save money, takeout, packed lunches.

Intermediate

Task 1: The Importance of Budgeting

The speaker emphasizes the importance of making a budget, even though many people find it difficult. According to the text, why is making a budget worth the effort? What should you do to make sure your budget is useful, and how can technology help?

• Read point 2: “Make a budget.”
• Write: 100-150 words.
• Concepts to include: worth it, benefits, updating, reviewing, digital apps/software.

Task 2: Smart Spending Habits

The text introduces the “1% rule for spending money” and the idea of “spending fasts.” Explain both of these concepts. How do they help people avoid impulsive purchases and gain better control over their finances?

• Read point 3: “Give yourself a limit on unbudgeted spending” and point 10: “Continue to spend quickly.”
• Write: 120-180 words.
• Concepts to include: 1% rule, cooling-off period, spending fast, discretionary purchases, financial wellness, behavior change.

Advanced

Task 1: Financial Literacy as a “Superpower”

The speaker describes financial literacy as a “superpower” that helps people control their “financial destiny.” Analyze this metaphor. Based on the text, what specific abilities does financial literacy provide, and how do these abilities lead to financial stability and meeting financial objectives? Discuss the speaker’s implied criticism of people who “never bother to read.”

• Read point 5: “Read books about finance.”
• Write: 200-250 words.
• Key Concepts to address: financial literacy, superpower metaphor, budgeting, saving, borrowing, investing, financial objectives, financial stability, importance of reading, criticism of ignorance.

Task 2: Overcoming Debt and Credit Card Reliance

The transcript identifies carrying high-interest debt, especially credit card debt, as a “costliest mistake.” Discuss the strategies proposed in the text for paying off debt, including both tracking and proactive repayment methods. Furthermore, explain why the speaker strongly advises against over-reliance on credit cards, detailing the negative consequences and suggesting alternative payment methods.

• • • Read point 8: “Pay off your debt” and point 9: “Stop using credit cards.”
    • Write: 250-300 words.
    • Key Concepts to address: high-interest debt, credit cards, minimum payments, debt repayment strategies (e.g., lower interest rates, merging loans, balance transfers), self-control, financial constraints, cash/debit cards, short-term savings, financial stress.

Beginner

Task 1: My Spending Habits

The speaker talks about keeping track of your money. Do you know where your money goes? What is one thing you spend money on that you could try to spend less on? Write 3-4 sentences.

• Keywords to use: spend, money, track, save

Task 2: Eating at Home

One tip is to “eat at home.” Why does the speaker say this is a good idea for saving money? What is one simple way you could start eating at home more often? Write 3-4 sentences.

• Keywords to use: eat at home, save money, cook, lunch

Intermediate

Task 1: The Importance of Budgeting

The speaker strongly recommends making a budget. Why does he say many people don’t have one? Explain the benefits of having a budget and why it’s important to keep it updated and reviewed, not just put away.

• Word Count: 100-150 words
• Concepts to include: budget, benefits, updating, reviewing, digital apps.

Task 2: The “1% Rule” for Smart Spending

Explain the “1% rule” mentioned in the transcript. How does this rule help people avoid impulsive purchases? Provide an example of how someone would use this rule with a specific purchase.

• Word Count: 120-180 words
• Concepts to include: 1% rule, unbudgeted spending, impulsive purchases, cooling-off period, discretionary spending, example.

Advanced

Task 1: Financial Literacy as a “Superpower”

The speaker describes financial literacy as a “superpower” that puts you “in control of your financial destiny.” Discuss the various aspects of financial literacy mentioned (budgeting, saving, borrowing, investing) and how mastering these skills can lead to financial stability and goal achievement. Analyze why the speaker emphasizes reading books on finance despite many people avoiding them.

• Word Count: 200-250 words
• Key Concepts to address: financial literacy, superpower, control, destiny, budgeting, saving, borrowing, investing, importance of reading, financial stability.

Task 2: Strategic Debt Management and Credit Card Usage

The transcript strongly advises paying off debt, especially high-interest credit card debt, and re-evaluating credit card usage. Analyze the speaker’s arguments against relying on credit cards and the dangers of high-interest debt. Compare the suggested strategies for debt repayment (e.g., listing debts, lowering interest rates, developing repayment plans) with the advice to stop using credit cards. Discuss the speaker’s perspective on when credit cards are useful versus when they become a “crutch.”

• Word Count: 250-300 words
• Key Concepts to address: debt repayment, high-interest credit cards, disadvantages of credit card reliance, debt repayment strategies, balance transfer, spending fast, credit cards as a “crutch” vs. “tool,” financial maturity.