IELTS Speaking

Part-3  Topics

IELTS SPEAKING PART 3 DR VISHAL GOYAL

 Dr Vishal Goyal

38

Money


Young people tend to waste money because they may not have a strong understanding of the value of money or of budgeting. They may be reckless with their spending, buying things impulsively without considering the long-term implications. They may also be influenced by peer pressure, feeling compelled to keep up with their friends in terms of fashion, travel, and other material possessions. Finally, young people may lack financial literacy and may not have learned the basics of budgeting, saving, and investing. 


In India, people like to buy a variety of things, depending on their personal preferences and interests. Popular items include electronics, such as smartphones, laptops, and tablets; clothing and fashion accessories; books and media; home decor and furniture; sports and outdoor equipment; video games; and food and beverages. People also tend to purchase items related to their hobbies, such as musical instruments, art supplies, and craft kits. 

3. How do people become rich?

People become rich by building wealth over time. This can be done through a variety of methods, such as investing in stocks, starting a business, real estate investing, and saving and investing money. Becoming wealthy also requires a lot of hard work, discipline, and dedication to a plan. People often have to make sacrifices and develop strategies for managing their finances in order to become wealthy. Additionally, people with a high degree of financial literacy are more likely to build wealth. 


4. Why do people often want more money, no matter how much they have got?

People often want more money, no matter how much they have, because money can provide security, freedom, and access to a greater variety of experiences. Money can be used to purchase goods and services that increase quality of life, and it can be used to save for future goals. Additionally, people may feel that having more money can give them a sense of status or power, or they may simply want to be able to do more with their money. 


5. What are some reasons for people being poor? Can poverty be avoided?

Reasons for people being poor can include lack of access to education, limited job opportunities, inadequate healthcare, and lack of financial literacy. Additionally, poverty can be caused by systemic issues, such as racism, sexism, and economic inequality. 

Poverty can be avoided, although it requires the implementation of policies that tackle the systemic issues that lead to poverty. This can include providing access to education, creating more job opportunities, and increasing financial literacy. Additionally, programs that provide assistance and resources to those in need can be helpful in helping people escape poverty. 


6. Why are poor people in many cases more generous than rich people?

Poor people may be more generous than rich people because of their understanding of what it means to be in need. They may be more aware of the struggles of others and more likely to empathize with them, which can lead to greater generosity. Additionally, because they don’t have as much money to give, they may be more likely to give of their time and energy, which can be just as valuable. Finally, they may have greater faith in the power of kindness and generosity to change the world, which may lead to more giving. 


7. Do you think that riches can have a bad effect on a person? How?

Yes, riches can have a bad effect on a person. Wealth can lead to a sense of entitlement, which can make a person more selfish and less compassionate. It can also lead to feelings of isolation, since wealth can often create an artificial barrier between a person and those around them. Additionally, it can lead to a sense of powerlessness, since a person may feel as though they have no control over how their wealth is used. 


8. Do you think taxes in your country are too high/low?

It depends on the individual's perspective. Some may believe that taxes in India are too high while others may believe they are too low. The level of taxation is often determined by the government's fiscal policies and can vary based on the type of taxes, the amount of income, and other factors. Ultimately, the individual's opinion will depend on their personal economic circumstances and their view of the government's fiscal policies. 


9. If you were the ruler of your country, what would you do to change the taxation system?

If I were the ruler of my country, I would strive to create a fair and equitable taxation system. This would involve simplifying the existing tax codes and eliminating loopholes that favor certain individuals and corporations. Additionally, I would lower taxes for lower- and middle-income earners, while raising taxes for higher-income earners. I would also work to ensure that the wealthy pay their fair share of taxes by closing off any remaining loopholes that allow them to avoid paying their fair share. Finally, I would work to ensure that corporations pay their fair share of taxes by eliminating deductions that allow them to pay significantly less than they should. 


10. Should parents give a credit card to teenagers?

Whether or not parents should give a credit card to teenagers is a difficult question to answer, as it is ultimately up to the individual family's discretion. On one hand, having a credit card can provide teens with financial independence, and it can teach them valuable lessons about budgeting and responsible spending. On the other hand, teens may not be mature enough to handle the responsibility of a credit card, and it can open them up to potential debt and financial problems. Ultimately, if parents decide to give their teenager a credit card, they should do so with caution and make sure to set boundaries and expectations. 


11. How do you think the government uses all the taxes they collect?

The government uses the taxes they collect to fund a variety of programs, services, and initiatives. These include social security, health care, education, infrastructure, defense, veterans' services, and more. Additionally, the government uses taxes to fund research and development projects, provide subsidies to businesses, and stimulate the economy. Finally, taxes are used to pay off the national debt and provide assistance to those in need.


12. Can a person be rich without having a lot of money or possessions? How?

Yes, a person can be rich without having a lot of money or possessions. The key is to focus on experiences and relationships rather than material wealth. Experiences can be anything from traveling to learning a new skill, and relationships can be with family, friends, or even the community. By investing in experiences and relationships, someone can be wealthy in life without having a lot of money or possessions.