TRI DUC ENGLISH ✦ ACADEMIC EDGE UNIT 21 · EXTENDED MASTERCLASS Money and Personal Finance Currencies · Banking · Investments · Taxation · Financial Health 💡 Pro Tip: Di chuột (hover) vào các từ in đậm màu cam để xem định nghĩa chi tiết bằng tiếng Anh. Hãy ghi chép lại các collocation (cụm từ đi kèm) để tối ưu điểm Lexical Resource. A. The Global World of Money In the globalized economy, each nation typically issues its own currency . When individuals or businesses need to trade internationally, they must consider the exchange rate . This rate is not static; it will fluctuate daily depending on the broader economic situation, political stability, and global market trends. Cost of Living & Inflation A crucial factor in personal finance is the cost of living , which varies significantly from city to city and country to country. If you live in a city like London or New York, the cost of living is extremely high. Over time, economies generally experience inflation —a general and continuous increase in prices. High inflation means that the purchasing power of your money falls; effectively, your money buys less than it used to. Wealth and Poverty Society is often divided by financial status: People who have virtually no money and few possessions are described as poverty-stricken or destitute . They often struggle to maintain a basic standard of living . Conversely, individuals with an abundance of money and valuable assets are described as wealthy or affluent . B. Managing Personal Finance To manage day-to-day finances, most people open a bank account . You can deposit (put in) your salary and withdraw (take out) cash when needed, often using an ATM . Types of accounts and tracking: 💳 Current account: Used for daily expenses and paying bills. 🏦 Savings account: Used to store money long-term and earn interest . 📊 A smart individual maintains a strict budget to ensure their expenses (what they spend) do not exceed their income (what they earn). Borrowing and Debt Sometimes your expenses exceed your income. If you spend more money than is actually in your bank account, you go overdrawn . The specific amount y...