PART 1
Clothes
Where do you buy most of your clothes?
Most of them, online. I tend to buy a lot of sportswear online and sneakers, things like hoodies and sweatshirts or windbreakers. The selection is much better and the prices too.And most of the clothes I wear for work I buy from stores like H&M and Zara, for example, or really anywhere where I see something I like.
But, really, I’m not a big clothes shopper, I just buy what I need, and I actually don’t really like spending a lot of time shopping for clothes. If I find something I like I might even buy a few of them just to avoid having to buy clothes later.
Just last month I bought a shirt, and after wearing it I decided to go back and get three more, but in different shades, because I liked it so much.
How often do you buy new clothes for yourself?
On average, I would guess it’s about once a month I buy some form of clothing. If I buy online unless it’s really urgent I tend to wait until I need a couple of things and then get them delivered.On the other hand, if I specifically go shopping for some clothes I usually have a good idea of what I want to buy and when I find something, that’s it, I buy it, and job done!
Sometimes I buy a lot in one shopping trip and sometimes it’s just one item I specifically look for, it all depends on what I need and what I see when I’m out shopping.
How do you decide which clothes to buy?
Firstly, based on need; how many shorts and pants, etc. I need for work and other occasions, with a bit of variation, to make sure I have enough to last at least a week.So, like, I probably have about 5-7 pairs of formal pants, around 10 formal shirts, and then maybe 3 pairs of jeans and several casual tops and T-shirts.
And then there are the clothes I wear for sports and going to the gym I buy those depending on how long they last, so for example, I know that a pair of shoes will last me around 4 months or so, so plan to replace them after that.
Every 6 months or so, I tend to change most of my wardrobe, so I tend not to have too many clothes at any one time but replace them regularly.
Have the kinds of clothes you like changed in recent years?
No, not really. I wear more formal clothes than I used to when I was a student, but apart from that the clothes I ‘like’ are pretty much the same. They have to be comfortable, a good fit, and functional.I’m quite conventional when it comes to clothes; so, I wouldn’t say I’m a fashionista or anything like that, I just buy what I need and like, and that’s it.
I tend to follow general trends rather than high fashion. So, for example, I’ll buy clothes in colors that are current for the season, or the cut of jeans or pants that is current, but I don’t always go for the absolute latest in fashion if I don’t like the way it fits or looks on me.
Part 2
Describe an interesting discussion you had about how you spend your money
My friend was an international business administrator and several years ago he had started his own business and that involved a lot of organization and strategy when making payments, investments and even income, as he wanted his company to grow and strengthen day by day.
He told me that the change from being employed to working independently was difficult because it required greater autonomy and responsibility.
The money that came to him was not only deposited to his account to spend, he had to look after it and distribute it in such a way that it would cover the different expenses and investments and in addition he had to keep the accounts thoroughly balanced, to avoid any losses.
He made me some recommendations about the management of my money, one of which was to save 10% of my salary every month, as difficult as it seemed. Typically, I prefer to purchase things or make a trip, but the main thing is to save 10% and put it aside, like untouchable money, that could be used for any eventuality, unexpected situations, health difficulties, an emergency, house repairs, basically anything unforeseen: a “mattress of money” as he called it, can get you out of any mess at a particular moment.
Another recommendation that he gave me was that I should plan my trips and purchases. Many extra expenses are incurred when people buy something expensive in the spur of the moment or go on a trip without previous planning.
Sometimes, the same item can be purchased at almost half the price with some planning and a bit of shopping around. And travel tickets are always cheaper in the off season, or low season.
You should say:and explain why this discussion was interesting for you.
- who you had the discussion with
- why you discussed this topic
- what the result of the discussion was
Sample Answer
A few months ago, I had an interesting conversation with a friend about some of my financial expenses. I was facing financial difficulties and there was a lot of disorganization in my expenses, which was reflected in the imbalance between my income and payment of expenses that I had at the end of the month, and the fact that my cash flow was worse than I had expected.My friend was an international business administrator and several years ago he had started his own business and that involved a lot of organization and strategy when making payments, investments and even income, as he wanted his company to grow and strengthen day by day.
He told me that the change from being employed to working independently was difficult because it required greater autonomy and responsibility.
The money that came to him was not only deposited to his account to spend, he had to look after it and distribute it in such a way that it would cover the different expenses and investments and in addition he had to keep the accounts thoroughly balanced, to avoid any losses.
He made me some recommendations about the management of my money, one of which was to save 10% of my salary every month, as difficult as it seemed. Typically, I prefer to purchase things or make a trip, but the main thing is to save 10% and put it aside, like untouchable money, that could be used for any eventuality, unexpected situations, health difficulties, an emergency, house repairs, basically anything unforeseen: a “mattress of money” as he called it, can get you out of any mess at a particular moment.
Another recommendation that he gave me was that I should plan my trips and purchases. Many extra expenses are incurred when people buy something expensive in the spur of the moment or go on a trip without previous planning.
Sometimes, the same item can be purchased at almost half the price with some planning and a bit of shopping around. And travel tickets are always cheaper in the off season, or low season.
Part 3
Money and young people
I know why my parents did it, and I guess it’s the same for many others; it’s to teach children about the value of money and basic financial budgeting.
My parents never told me what to spend my money on, but they did explain to me that I should save some it and not spend it all at once.
That’s how I first learned the importance of saving – to be able to get something bigger and more important, later.
It’s a good way of teaching children financial responsibility and the value of money and also delayed gratification – being willing to wait until later to get what you want – and not always wanting everything instantly.
And money management is a life skill, so it should be taught in schools so that all children have a clear idea of the value of money, how to manage it, and how to make the most of it.
It’s an important lesson to learn so that as adults they can avoid many financial problems later in life.
Student loans are very expensive and not every family has enough foresight to save enough money to send their children to university.
When I was at university, I think about half of my class had some form of work that they earned money from while they were studying – it was essential.
Money and society
But, and it’s an important but, everybody has problems in life, but it’s generally easier to deal with problems when you have enough money to take advantage of solutions.
Being poor and having problems and not enough money to do anything to improve your situation is really frustrating. So, it depends on how comfortable you are as to whether money will make you happier.
If you don’t have anything, then more money will make you happier – but only up to a certain point – then it won’t.
It’s like people say money can’t buy you health, but it can definitely get you access to the best healthcare and doctors, which helps.
It might not make you happier - but having money certainly makes life easier.
Wealth is not a finite resource; so just because one person has a lot doesn’t mean that, for example, I have less. Anyone can create more wealth, but it generally takes a long time.
It’s also a by-product of globalization, as many traditional industries have closed or been outsourced to other countries, developed countries like the USA, UK, and some other European countries have experienced a stagnation of wages for the working class.
Clearly, when work can be done online, it is just as easy to get someone in another country to do it cheaper, and just as well. I remember reading an interview with a Wall Street financier not long ago.
His comment explained this very well; he said that he has interviewed several American financial analysts, all with master’s degrees etc., but after analyzing all the data, he realized he could contract 5 financial analysts from another developing country for the same cost. That’s a big difference!
The non-American candidates had the same qualifications and experience but were 5 times cheaper to employ. So now employees in developed countries are competing with employees in developing countries for the same work, which will push salaries down for those in the developed countries.
It’s a balancing act, which is rebalancing the value of workers on a global level in certain types of work, usually tech-related or work that is not location-specific.
Developed countries need markets to sell their products to, so helping develop emerging markets serves their interests and the interests of the developing country also.
But, if you think about it – eventually a developing country will become a developed country – and what then?
As more and more business is driven by technology, and technology is now available to almost every country, it is just a matter of time before there is less difference between developed and developing countries in terms of ideas, innovation, and business models.
The first responsibility of any nation is to protect its own citizens. There is also a moral responsibility to help those who need help in times of crisis, etc.
The fact that many countries invest in developing countries is driven by business, and making a profit, rather than altruistic motives.
Organizing your year thinking about some big purchases like a computer, a new camera, a couple of vacation trips will be able to focus your finances, so you can buy at the most appropriate times and save money.
It was a very useful conversation that I had with him, and even though he only gave me two recommendations, they are simple things that helped me to reduce my expenses and to think better about my financial planning and economic situation.
Money and young people
Why do some parents give their children money to spend each week?
This is something that a lot of parents od here. My parents used to give me a certain amount of money each week that I was allowed to spend.I know why my parents did it, and I guess it’s the same for many others; it’s to teach children about the value of money and basic financial budgeting.
My parents never told me what to spend my money on, but they did explain to me that I should save some it and not spend it all at once.
That’s how I first learned the importance of saving – to be able to get something bigger and more important, later.
It’s a good way of teaching children financial responsibility and the value of money and also delayed gratification – being willing to wait until later to get what you want – and not always wanting everything instantly.
Do you agree that schools should teach children how to manage money?
It’s a good idea if they are the taught the basics of economics, yes.And money management is a life skill, so it should be taught in schools so that all children have a clear idea of the value of money, how to manage it, and how to make the most of it.
It’s an important lesson to learn so that as adults they can avoid many financial problems later in life.
Do you think it is a good idea for students to earn money while studying?
Whether or not it’s a good idea is virtually irrelevant, unless you come from a very wealthy family, most students need to work just to survive and pay their bills and things while studying.Student loans are very expensive and not every family has enough foresight to save enough money to send their children to university.
When I was at university, I think about half of my class had some form of work that they earned money from while they were studying – it was essential.
Money and society
Do you think it is true that in today’s society money cannot buy happiness?
It’s a fact, it’s been proven in studies that once you earn enough to meet all your basic needs such as housing, food, clothing, etc. the more money you earn does not make you happier.But, and it’s an important but, everybody has problems in life, but it’s generally easier to deal with problems when you have enough money to take advantage of solutions.
Being poor and having problems and not enough money to do anything to improve your situation is really frustrating. So, it depends on how comfortable you are as to whether money will make you happier.
If you don’t have anything, then more money will make you happier – but only up to a certain point – then it won’t.
It’s like people say money can’t buy you health, but it can definitely get you access to the best healthcare and doctors, which helps.
It might not make you happier - but having money certainly makes life easier.
What disadvantages are there in a society where the gap between rich and poor is very large?
Probably, the main one is that the poor want to have what the rich already have. It breeds resentment. But it’s not as simple as redistributing wealth, as some people seem to think.Wealth is not a finite resource; so just because one person has a lot doesn’t mean that, for example, I have less. Anyone can create more wealth, but it generally takes a long time.
It’s also a by-product of globalization, as many traditional industries have closed or been outsourced to other countries, developed countries like the USA, UK, and some other European countries have experienced a stagnation of wages for the working class.
Clearly, when work can be done online, it is just as easy to get someone in another country to do it cheaper, and just as well. I remember reading an interview with a Wall Street financier not long ago.
His comment explained this very well; he said that he has interviewed several American financial analysts, all with master’s degrees etc., but after analyzing all the data, he realized he could contract 5 financial analysts from another developing country for the same cost. That’s a big difference!
The non-American candidates had the same qualifications and experience but were 5 times cheaper to employ. So now employees in developed countries are competing with employees in developing countries for the same work, which will push salaries down for those in the developed countries.
It’s a balancing act, which is rebalancing the value of workers on a global level in certain types of work, usually tech-related or work that is not location-specific.
Do you think richer countries have a responsibility to help poorer countries?
In very general terms, yes. Helping other countries to improve their economy is good for everybody, but over the long term, it also changes everything.Developed countries need markets to sell their products to, so helping develop emerging markets serves their interests and the interests of the developing country also.
But, if you think about it – eventually a developing country will become a developed country – and what then?
As more and more business is driven by technology, and technology is now available to almost every country, it is just a matter of time before there is less difference between developed and developing countries in terms of ideas, innovation, and business models.
The first responsibility of any nation is to protect its own citizens. There is also a moral responsibility to help those who need help in times of crisis, etc.
The fact that many countries invest in developing countries is driven by business, and making a profit, rather than altruistic motives.
Organizing your year thinking about some big purchases like a computer, a new camera, a couple of vacation trips will be able to focus your finances, so you can buy at the most appropriate times and save money.
It was a very useful conversation that I had with him, and even though he only gave me two recommendations, they are simple things that helped me to reduce my expenses and to think better about my financial planning and economic situation.