VIP Class Notes (Li)

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Vocabulary

big returns/high yield – lots of profit

for profit organisation – opposite of not-for-profit organisation

fraudsters – people that commit fraud

swindler – someone who deceives others to get their money

deceive – lie to people

source of income – where you earn money

skyrocket – to increase very rapidly

ex. The healthcare industry’s profits have skyrocketed due to COVID-19.

profit driven – to do things because you benefit financially

Grammar

I will talking about 

I will talk about 

graduate/s – noun

ex. I’m a graduate of this university.

graduate – verb

I graduated in 2016.

Prepare a topic for next class.

Due to COVID-19, everyone’s life changed. Considering each nation’s financial situation, government officials and these related authorities execute quarantine. If the time of quarantine is too long, it would cause many financial problems to people and state.

Recently, Netflix launched out a series of documentary for financial problems. Each episode presents a common fraud, like Student Loans, Gambling, and “How to Get Rich Quick ”. We more often fall into a scam to these tricks, it would put we into a financial dilemma. If face some accidents and incidents like COVID-19, we would be trapped and want to finish our lives. That is why we have to have vigilance all time.

Episode one is about fraud, “How to Get Rich Quick ”. The classic frauds are Ponzi Scheme and Pyramid scheme. Ponzi Scheme is a deception that tricksters use the mind which people want to be rich, to persuade crowd to take out their account. They would tell people that they have a high benefit investment plan, but actually they might take second guy’s money to pay first guy. If all people ask money in the same time, the fraud will collapse. Pyramid scheme also a famous fraud, but it has the grey zone, so that we could see the situation in common place. You may have experience that your classmate hasn’t long time to meet, but he or she contacts you suddenly. The reason is that they want to sell some things we can’t use in our life and with poor quality, and they want you to be a member with them.

Other episodes are about student loan and credit card. Due to lack of money, we often buy something before we save money. But we still have to pay these bills later, and that make we have pressure each month. If one day has accident we could not have any income, the interests will rise high and become compound interest. Our loan grow to a big nightmare. The classic problem and we would ignore is student loans. We all want to have good income so we will pay tuition naturally but some school is education organization to seek profits. You would learn some useless knowledge and hard to find any job after graduated. But after graduated, these people have to pay student loans. Without any money and job, these loans would produce compound interest. It would be a potential crisis after.

Gambling is a potential peculiarity for humans. The reason might be that our life actually is gambling. And we also want lucky appear to us and twist our lives now. Even some research shows that people who has poor financial situation would prefer to play gambling all day. But casino is a place to ask for profits, so the truth is that common gamblers are only consumers.

We could not predict the day COVID-19 would be finished, so we have to survive and go through the tough time. Saving much money we could and solving financial problems are good habit and method.

Revised: 

Due to COVID-19, everyone’s life has changed. Considering each nation’s financial situation, government officials and other related authorities have opted for quarantine measures. If the quarantine duration is too long, it will cause many financial problems to the people and the state.

Recently, Netflix launched out a documentary series about financial problems. Each episode presents a common fraud, like Student Loans, Gambling, and “How to Get Rich Quick ”. We more often fall into these scams, they would put us into a financial dilemma. If we face some  incidents like COVID-19, we would become trapped and want to end our lives. That is why we have to have vigilance at all times.

Episode one is called, “How to Get Rich Quick ”. The classic frauds are the Ponzi Scheme and the Pyramid Scheme. The Ponzi Scheme is a type of fraud where fraudsters/swindlers take advantage of people that want to get rich quick, to persuade groups to take out/withdraw their money. They would tell people that they have a /deceive people by telling them they have a high yield/big returns investment plan, but actually they might take the second guy’s money to pay the first guy. If everyone asks for their money at the same time, the fraud will collapse. The Pyramid Scheme is also another famous fraud, but it is in the grey area, so it is still commonly seen in public. You may have experienced that your old classmate that you haven’t met in a long time, contacts you suddenly. The reason is that they want to sell you some useless products of poor quality, and they want you to be a member of their scheme. 

Other episodes are about student loans and credit cards. Due to lack of money, we often buy something before we save money. But we still have to pay these bills later, and that make us stressed every month. If one day, by accident we have lost our source of income, the interests will rise high/skyrocket and will become compound interest. Our loan will grow/increase to into a big nightmare. The classic problem that we often ignore is student loans. We all want to have good income, so we will pay tuition naturally. But, some schools are actually education organizations for profit. You would learn some useless knowledge, and it will be hard to find any job after graduation. But after graduation, these people have to pay student loans. Without any money and job, these loans would produce compound interest. It would be a potential crisis after.

Gambling is a potential peculiarity of humans. The reason might be that our life actually is a gamble. And we also want to be lucky and change our current lives. Even some research shows that people who have poor financial situation/background would prefer to gamble all day. But casinos are profit-driven, so the truth is that common gamblers are only consumers.

We cannot predict the day when COVID-19 will be over, so we have to survive and go through these tough times. Saving as much money as we could is a good habit and method for preventing financial problems.