📘 Part 3: Expensive things and money

This episode’s vocabulary

Prohibitively (adverb) - in a way that is too expensive or too much:

Property in the area tends to be prohibitively expensive.

Hassle (noun)-  a situation causing difficulty or trouble: I can't face the hassle of moving again.

My boss has been giving me a lot of hassle this week.

Appeal (noun)-  the quality in someone or something that makes him, her, or it attractive or interesting: Spielberg's movies have a wide appeal.

This used to be a marvelous hotel but it has lost its appeal in recent years.

Fraction (noun)- a small part of something, or a small amount: They can produce it at a fraction of the cost of (= much more cheaply than) traditional methods.

Derive a great deal of pleasure from  (collocation) – If you derive something such as pleasure or benefit from a person or from something, you get it from them.

Hypocritical (adj.) - saying that you have particular moral beliefs but behaving in a way that shows these are not sincere;  characterized by behavior that contradicts what one claims to believe or feel : characterized by hypocrisy: Their accusations of corruption are hypocritical - they have been just as corrupt themselves.

Exclusive (adj.) - expensive and only for people who are rich or of a high social class: an exclusive private club; an exclusive part of town.

Encapsulate (verb) - to express or show the most important facts about something:

It was very difficult to encapsulate the story of the revolution in a single one-hour documentary.

She encapsulates the stereotyped image that the British have of Americans.

Frugal (adj.) - careful when using money or food, or (of a meal) cheap or small in amount: a frugal lifestyle; a frugal meal of bread and soup

Be wary of (adj.) - not completely trusting or certain about something or someone:

I'm a little wary of/about giving people my address when I don't know them very well.

The latest phone (adj.) - newest or most recent or modern:

Have you seen her latest movie? the latest fashions

Private jets  (collocation) – a business jet/private jet is a jet aircraft designed for transporting small groups of people:

Mansion (noun)- a very large, expensive house:

The street is lined with enormous mansions where the rich and famous live.

A status symbol  (collocation) –a thing that people want to have because they think other people will admire them if they have it: Among young people, this brand of designer clothing is the ultimate status symbol. The palace was built as a status symbol.

Momentary (adj.) - lasting for a very short time: a momentary hesitation

Penny pinching (adj.) - unwilling to spend money: I became tired of his penny-pinching friends.

Mean (adj.) - mainly UK, not willing to give or share things, especially money:

He's too mean to buy her a ring. My landlord's very mean with the heating - it's only on for two hours each day.

A breadwinner (noun)-  the member of a family who earns the money that the family needs: Men are often expected to be the breadwinner in a family.

A household (noun)- a group of people, often a family, who live together:

By the 1960s, most households had a TV. household chores, household expenses.

Peers (noun)- a person who is the same age or has the same social position or the same abilities as other people in a group:

Do you think it's true that teenage girls are less self-confident than their male peers?

Financial acumen  (collocation) – Simply put, a person with financial acumen is able to evaluate the impact of a business decision on the business' financial statements, and financial wellbeing in the long term.  Financial acumen refers to your ability to see the financial effects and relationships of various aspects of your business.

Afford (verb) - to be able to buy or do something because you have enough money or time:

I don't know how he can afford a new car on his salary.

Few people are able to afford cars like that.

A warrant (noun)- an official document, signed by a judge or other person in authority, that gives the police permission to search someone's home, arrest a person, or take some other action: a search warrant; Judge La Riva had issued an arrest warrant/a warrant for his arrest.

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Questions and Answers

Maria: Why are some sports expensive?

Rory: Well, I suppose for some things like polo, it's obvious you need to buy the equipment to pay for the skills development with a teacher, and this makes it prohibitively expensive for some. Although you have to wonder if most people would even want to do something like this, given all the hassle involved.

Maria: Why do people buy fakes?

Rory: Well, I suppose it depends, but if we take an example like clothing, then there's the appeal of buying into the sort of brand identity at a fraction of the price of the real thing. People derive a great deal of pleasure from the attention and status that that kind of thing brings, even if it is ultimately fake. Um, maybe it means they can overlook the sort of hypocritical nature of the action if they get these kinds of benefits. I suppose the same logic could be applied to other goods as well.

Maria: What are the advantages and disadvantages of being rich?

Rory: Well, are there any disadvantages of being rich? Well, the advantages seem to outweigh them massively like you get access to places most people can't go, exclusive brands and all the power and status encapsulated in a huge bank account. Although if you think about it, on the other hand, then there are definitely some issues that come with it. You need to be responsible with your wealth and probably frugal to preserve it, as well as wary of other people who might exploit both it and you.

Maria: What kinds of expensive things do people like to buy?

Rory: Most people like luxury brands like Gucci or Versace, phones. Everybody needs to have the latest phone for some reason. Televisions, this kind of thing. I suppose, like the super rich, prefer to buy things like personal yachts, private jets and luxury mansions and apartments. It seems excessive to a lot of people, but it's sort of understandable given the reasons that I've just mentioned in my previous answer.

Maria: Why do people like to buy expensive things?

Rory: Well, it's a status symbol, isn't it? You're expressing that you've done well for yourself and celebrating that fact publicly. I suppose if you're a more modest person, you might not want to that. Um, the other thing is the more expensive something is, the longer lasting and higher quality it is, usually, sometimes things which are expensive are worse. But generally speaking, that's the opposite is the case.

Maria: Do you think men and women have the same shopping habits?

Rory: Oh, the feminists are going to hate this one. Um, no. Um, and I can say that because I've been shopping with both men and women. Uh, women tend to see shopping as a social experience they can have with others or at least an experience that they can enjoy for themselves, whereas men tend to be more practical and direct. I don't know... I've said that, um, I don't think either approach is particularly like better than the other. But there is definitely a noticeable difference in the way that both genders shop.

Maria: In your opinion, why do many people derive pleasure from spending money?

Rory: For most people, it provides. Well, it provides them with the momentary pleasure, doesn't it? But it's also about providing meaning and purpose to their lives and the trials they went through to get the money needed to buy what they wanted.

Maria: Who do you think saves more money, men or women?

Rory: I don't know. Well, my mom and dad were equally not penny pinching or mean exactly, but they're equally good with money. And I'm not, I'm not sure that there is a difference if we go by the example set by my parents. I suppose if you really pushed me on the question, like men tend to be greater risk takers, so maybe women would be better at saving. In fact, historically, that makes sense now that I think about it, because men used to be the sole breadwinners in households, but women made and I think continue to make the bulk of household purchasing decisions. So actually, probably women save more money than men. I need to look into it further, but I think that's probably true.

Maria: How can or how do young people learn to manage their financial affairs?

Rory: Probably following the example set by their parents or their peers most likely, or their guardians, if they don't have parents. Definitely I think I get my financial acumen from my parents, though. Um, opening accounts and practicing early can also be helpful. You could learn how to do that at school. No one teaches you how to open a bank account at school. There's a practical skill that takes no time to learn that they could teach you.

Maria: Do you think it's easy for young people to save money?

Rory: Well, if they've got sufficient knowledge and practice with it, then yes, I know the life now for a lot of people is quite difficult in the economy that we live in and, you know, you might not be able to save a lot of money, but you still can save money if you can delay gratification long enough, for example.

Maria: Can people live without money?

Rory: Oh, they can survive. I'm not sure those two things are synonymous, though, are they? Like, you know, to truly live, you need to be able to afford things that you want. But if you have no money, then how can you get what you want? You could steal it, but then your life would be compromised by having a warrant out for your arrest. So, no,.. people can survive without money, but they can't live. And I don't think that kind of situation should be allowed.