– English Lyrics

Lyrics & Translation

[English]

hello this is Taylor a year ago I left

my consulting job the corporate world

and income stability to become a

full-time YouTuber and I have learned a

lot over the last year and so in this

video we're going to cover everything I

have learned specifically about making

money as a content creator one year into

my full-time Journey now I've always

been transparent with my finances on

this channel I just don't think it

should be as taboo of a subject as it is

and my hope is that this video will be

helpful to some of you who are just

starting as a creator or really to

anyone who's looking to level up their

personal finance game in general so

we're going to be chatting real numbers

they're going to be up here behind the

scenes details and how Creator money

actually works and a lot of it might

surprise you so if Financial

transparency sounds good to you too give

this video a thumbs up subscribe and

let's get into it okay you'll never take

100% of the consultant out of me so

let's keep this organized and throw in

some arts and crafts because it's fun so

first we'll talk about my income a quick

overview of my revenue streams and about

how much they pay then we'll dive deep

into a regular income as a Creator

specifically how I budget and

financially plan and how I invest with a

regular income after that I'll tell you

exactly how I track and project my

Revenue as a Creator which is especially

important for a few reasons that we'll

cover then we'll go over some of my

expenses as a Creator plus a word on

cost of living in big cities as you can

probably tell I'm not in my usual city

of New York I'm in La the other big one

followed by health insurance and

retirement accounts as a Creator fun

creator taxes which are a lot more

complex and finally longevity as a

Creator now let's jump in and go back to

our third grade arts and crafts so how

do I as a Creator even make money well

the slices of my income pie are pretty

simple right now there aren't that many

of them my total revenue in the last

year was comprised 77% from Brand deals

AKA sponsorships 19% from YouTube ad

revenue and about 4% from contract

Consulting and affiliate Revenue heavily

concentrated here I know more on that

later quick overview of what each of

these are so brand deals are the parts

of my videos where I take about a minute

in the middle of the video to tell you

about a specific brand so like when

YouTubers say now I'd like to take take

a minute to thank today's sponsor so and

so I try to make my more fun than that

but that's a brand deal and how much

should they pay well it's dependent on a

lot of things so the brand itself the

Creator and the niche that they're in

how engaged Their audience is what type

of video the sponsorship actually goes

into but a very rough rule of thumb is

that on the low end a brand might pay

about $20 per thousand views that a

video is expected to get and on the high

end they can pay around $100 per 1,000

views the lower end typically will come

from more lifestyle-based Brands if I

had to generalize while the higher end

will skew more towards business finance

banking SAS companies but there are lots

of exceptions for sure and again it's

dependent on a lot of things so back of

the envelope math for a video that's

expected to get 100,000 views the brand

is probably paying the Creator anywhere

from $2,000 to $10,000 for that brand

deal now ad revenue is the check that I

get from YouTube every month for the ads

that play at the beginning middle or end

of my videos but Taylor what if I have

YouTube premium so I watch ad free do

you still make money for me brilliant a

lot of people ask me that yes I do part

of the fee that you pay for YouTube

premium every month gets distributed to

the creators that you watch Good

Question keep them coming and how much

does AD Revenue P again depends on a lot

of things the Creator's Niche Their

audience demographics among other things

but the low range is $1 to5 for videos

that skew more lifestyle and

entertainment and on the higher end 15

to30 plus dollars per thousand views for

videos that skew more personal finance

in business so again for a video with

100,000 views quick maths that can be

anywhere from 100 to $500 for these

lower range videos and $1,500 and beyond

for the higher range contract Consulting

is something I started recently and I've

actually been doing it for my former

consulting firm on a project that's

about the Creator economy plus another

small Consulting project I did for

YouTube about 6 months ago and then

affiliate revenue is the small amount of

commission that I might make if you

purchase something through one of my

affiliate links or if you become a paid

member of something that I recommend for

example epidemic sound which I've been

using for years I get a little Kickback

from those referrals affiliate revenue

is just a teeny tiny portion of my

Revenue but a huge portion of some other

creators that I know it really just

depends on what your business model is

for an even more indepth breakdown on

how these revenue streams work and how

they're calculated I put all of that in

this video but I will remind you at the

end about that okay now that we have the

overview of my revenue streams laid out

let's chat about probably my biggest

learning of all which is how to navigate

irregular income when it comes to

budgeting Financial Planning and

investing this is probably the theme you

guys asked me about the most when I put

a question box up on my Instagram follow

me there to be part of these in the

future so what do I even mean by

irregular income well in the past when I

used to get paid once every 2 weeks for

the same exact amount for my consulting

job I now get paid very sporadically

luckily one of my revenue streams does

have a regular payment schedule and

that's ad Revenue it comes in once a

month but the amount differs depending

on how many views I got that month and

ad rates brand deals though so very

lumpy I call a regular income lumpy

because sometimes I'll get three brand

deal paychecks in one month and then

sometimes I'll go 3 months without a

brand deal paycheck and this is

obviously dependent on how many brand

deals I take on and the Brand's payment

schedule almost all brands that I've

worked with pay on a net 30-day basis so

when a video goes live I usually get

paid for that sponsorship 30 days later

some Brands pay even faster some pay

slower but 30 is what I've seen the most

so how do I prepare and budget for such

irregular income because it's pretty

unusual and dare I say unideal to have

77% of my income coming in at such lumpy

chunky intervals so I'll tell you what I

do and then I'll tell you what I think

you probably should do if you're a

Creator or really anyone with irregular

income so what I do believe it or not is

much more of an art than a science I

have a general sense of my expenses

every month I pay

$3,175 per month in rent a lot I know

we're going to cover the cost of living

in New York more in a bit and with

everything else like food subscriptions

utilities memberships extra stuff like

clothes or various Amazon purchases

that's about another $2,500 per month so

my total monthly spend comes out to

about $5,700 per month give or take so

annualized that's

$68,400

yeah sounds like a lot huh uh-huh now a

popular budgeting rule is 52 2030 where

50% of your post tax income goes towards

your needs so like rent food stuff you

need 20% goes to your savings and

Investments and 30% goes towards your

wants stuff you want but don't

technically need this is more of a

science and the reason that mine is more

of an art is because I'm in a fortunate

position where this number is much

higher for me as in I save a lot more

than 20% of my income and these two

numbers my needs and my want are lower

and it's for that reason that I kind of

budget based on Vibes but actually I

keep close track of all of my dollars

coming in I always have a projection of

what my annualized Revenue will be and

we'll talk about how I calculate that in

just a little bit and I know my expenses

so if my income is above a certain limit

where I'm able to invest most of it and

I'm being responsible for the most part

with my expenses then I don't really

need to stress about hitting these 50 20

30 quotas something else I do to feel

comfortable taking this more artistic

approach is to always keep in mind big

expenses that I might have coming up so

I'm used to paying rent every month and

for all that other stuff but here's one

that got me in a pickle at the beginning

of last year estimated quarterly taxes

oh taxes yes yes we'll have a whole

section on taxes so just hold your

horses I'm just using this as an example

so estimated taxes is a big expense for

me as a creator that I pay every quarter

so at the beginning of last year I

wasn't really thinking about it because

it was my first year having to pay them

and I had actually just taken out a lot

of my liquid assets to invest the tax

payment day rolled around and I was like

oh I should have a bigger buffer there

it all worked out but this is an example

of a lesson that I learned that then

became part of my financial planning

which is to keep a bigger buffer of

assets that I might need to pay off a

bigger expense such as quarterly

estimated taxes liquid and by liquid I

mean easily accessible do you also keep

a few months worth of expenses handy yes

exactly so in addition to that extra

buffer that I keep for bigger expenses I

also try to keep no less than 3 months

of expenses liquid because of my

irregular income since I don't totally

know when my next paycheck is going to

come I don't want to run the risk of not

having enough on hand which is

definitely a downside of Creator income

because that extra liquidity could be in

Investments if I had more predictability

so that is how I budget with a regular

income what I think you should do

depends on who who you are and what your

situation is if you're a higher earner I

think it depends on if you're the type

of person that always seems to have

holes in your pockets like money just

falls right through in which case I

think taking a more structured approach

like this could be helpful if you're

like me where you don't have holes in

your pockets and you kind of know

exactly is where your money is going

each month I think you can afford to

take this more flexible artistic

approach if that works for you but if

you're working to get your finances on

track or you're in the early stages of

building Financial stability I think

that a structured approach such as this

one would behoove anybody then you can

really kind of keep track and see areas

where you might be able to pull back a

little bit or areas where you can

Splurge for what my opinion is worth I

think that 30% for once is too high

Taylor's budgeting rule would flip these

two because I'm all about building your

wealth and making your money work for

you and I know I sound like my parents

but if you start investing more at a

younger age compound interests will do

wonders for you bear with me but here's

a quick example if you start investing

$1,000 per month at age 22 so right

after graduating college let's say

assuming a 7% annual rate of return

that'll be worth almost $3.3 Million by

the time you're 65 and we can plug in

lots of different numbers to that

calculation but the point is that time

in the market beats timing the market as

they say speaking of which this is a

nice segue into our next section which

is investing as a creator with a regular

income so going back to that amount that

I said I like to keep easily accessible

about months of expenses plus the buffer

that's also how I decide when to invest

and how much so when I go above that

amount I'll pull out extra to invest and

if I go below that amount because I

haven't had a brand deal payment in a

while then I'll just hold off in

investing and let my pot grow for a

while longer from these other revenue

streams like ad Revenue contract

Consulting Etc whereas in the past when

I was in Consulting I had automatic

withdrawals come out of my checking and

into my investment account every single

month because I had regular paychecks

this is a strategy called dollar cost

averaging which is where you invest a

fixed amount of money at regular

intervals of time regardless of the

stock price so while I no longer invest

fixed amounts of money nor at regular

intervals of time I do still invest

regularly and typically much larger

chunks so it's kind of similar to dollar

cost averaging in that I ignore Market

timing and just focused on buying

consistently over time and what do you

invest in well pretty much as it's

always been since I first first started

investing 80% is in ETFs and mutual

funds that track the S&P 500 and 20% is

in individual equities but as I'm

getting older and anticipating some

bigger purchases within my 5year Horizon

I'm starting to think about diversifying

Beyond just stocks wait spill the tea

what else are you investing in well I've

actually been interested in real estate

investing for a really long time wait

you're buying property in New York City

in this economy well the econom is

actually really great right now but no

I've been researching the fundrise

flagship fund it's a lot more accessible

than traditional real estate investing

Define accessible because that sounds

expensive that's why it's great you can

start with $10 $100 or $10,000 and gain

access to a 1.1 billion doll portfolio

of real estate including over 4,700

rental homes and Industrial properties

okay cool but is it complicated it

sounds kind of complicated no it takes

less than 5 minutes to set up an account

and become a real estate investor and

this helps with diver ver ifying your

portfolio exactly private real estate

typically isn't nearly as volatile as

stocks so it can help balance out your

portfolio plus you get exposure to real

estate without having to you know become

a landlord Taylor you're always putting

me on the best things if you want to

check it out you can get started

clicking the link in my description and

thank you to fundrise Flagship fund for

sponsoring this little chat and my final

investment as a creator with irregular

income is actually something i' would

recommend to anybody even if you have

steady paychecks but this is not

Financial advice so so remember how I

mentioned that it's kind of a shame that

my 3 months of expenses plus the buffer

are liquid rather than sitting in

Investments where they can be generating

a return well something I finally

started doing was investing my liquid

assets in a money market fund so whether

you choose a high yield savings account

or a money market fund this either one

of these is so much better than just

having your cash sit in a checking

account that generates basically zero

return and that's what I did for way too

long it's basically akin to keeping your

money under your mattress so this might

sound kind of complicated but it's

really not money market funds are just

mutual funds that invest in lowrisk

short-term Securities and as of late

they're offering between 4 to 5% annual

yield 4 to 5% for comparison typical

checking accounts offer between 0 and

.1% high yield savings accounts are also

a great option and they've been offering

about the same annual yield as money

market funds as a blade so put simply a

money market fund is a great place to

park cash or funds that you don't need

red second but that you want accessible

within 1 to two days so like an

emergency fund or money to pay off your

bills or to pay for quarterly estimated

taxes because it generates a little bit

of return the reason I chose to park my

cash in a money market fund versus

opening up a high old savings account is

because I already have a Schwab account

where I'm regularly transferring cash

from my checking account into my

investment account and so now I just

invest some of that cash in a money

market fund

specifically SWV XX versus opening up a

whole new high old savings account which

isn't hard but I don't know this felt

like fewer steps moving on to tracking

my Revenue this is fun so remember how

earlier I mentioned that part of my

financial planning is having an

annualized Revenue projection I think

this is really important for any Creator

or contract worker or anyone with a

regular income to do so you can actually

do some financial planning so the way

that I project my annual revenue is by

using a run rate which is a metric used

to project future returns based on

current results it's actually really

simple and very helpful but it does have

its limitations which we will talk about

but here's how it works I take the

amount of money that I have earned up

until that point in the year divided by

how many days have already passed to get

how much money I made on average each

day and then I multiply that by 365 to

get my annual projection easy example

let's say I make $10,000 in the month of

January divide that by 30 days I know

it's 31 days but to 30 to keep it simple

that is

$333 per day then if I multiply that by

365 days my annual projection there

would be about

$120,000 per year so the Run rate

assumes that I will continue to make

this same amount each month which

introduces its obvious first limitation

which is that it doesn't really account

for variability at least not in the

short term so what I mean is people with

a regular income might make a killing

one month and then make $0 the next

month so short term data might be

misleading it's less of a problem once 6

months has passed for example because

you're getting a more accurate

representation of what that whole year

will look like and it's for that reason

that I also mentally adjust my run rate

if I make a killing at the beginning of

the year or if things are going super

slow because it'll kind of skew the

results if that makes sense this

literally happened to me last year I

signed like three brand deals in the

month of January and this number was

looking nice and juicy but it didn't

turn out quite as nice and juicy I was

thinking of ways to adjust my

calculation to account for that

variability and so I took a look at

seasonality in my earnings and what I

found is actually kind of funny so you

often hear that highest spend on

Advertising is in Q4 because it's around

the holidays and that's when consumers

are spending the most money so I did

heat mapping in my spreadsheet to see if

I could spot any Trend like that like

times of the year where I'm making the

most or making less and this is what I

found so these are dummy numbers this is

just an example this is not real but

this would be an example of totally

spotting a trend through heat mapping

AKA making more during fall and winter

months and then things really slowing

down through the spring and summer my

income heat mapping looks like this

there is literally no pattern even still

I think it's a fun feature to include in

my spreadsheet and maybe one day there

will be a trend so that's how I track my

Revenue in one column I have all of my

brand deal dollars and then my ad

revenue and my contract Consulting and

affiliate revenue and then I have my run

rate projection number front and center

so I always have a sense of what I'm

going to make make by the end of the

year which again I kind of mentally

adjust if it's only been a few months

now a lot of you guys asked me to dig

deeper into my expenses as a Creator

camera lights computer what the cost of

each video is and within the context of

living in New York city where the cost

of living is literally insane how to

navigate that so let's tackle these

questions first my production costs as a

Creator are unusually low I have

absolutely bought some gear over the

years I bought a big fancy turbocharged

computer to make my life a lot easier

when I'm editing my videos but to this

day I film everything on my iPhone

seriously that blows away other creators

more than anyone I use these Road

Wireless goto microphones that I've had

for years at this point shout out in the

comments if you remember what video I

bought them in and then I'm using a kind

of shitty $29 tripod from Amazon right

now everything I do use is linked in the

description but it's not much you'll see

now it depends what type of videos you

make if you want to make really

cinematic Vlogs it probably makes sense

to invest in a camera in more gear but

since day one I have always said that I

am a lean deal team Finance joke but to

this day I'm a one-woman show I've never

hired anyone I do all of my own ideation

scripting filming editing as you can

probably tell I mean I'm in a standing

in a parking lot it is my time that I

trade which is worth a lot let's not

discount that but you know it's my job

so I hope it gives some of you some hope

that you don't need a ton of money or

gear to start a YouTube channel quite

the contrary if you have a phone with

internet connection and ideas that's all

you need to start now where my expenses

are not low pretty much everything else

my co-working space is $254 per month I

pay $160 per month for my workout

classes I live in one of the most

expensive cities in the entire world and

some of you asked me on Instagram about

budgeting for where you live and what

your goals are and I have thoughts on

this so when it comes to being a creator

and this really goes for any profession

in addition to the crazy costs that come

with living in a big city you should

also consider the benefits prime example

New York City is as much of a character

on my YouTube channel as I am you can

almost argue that me living in New York

is a business expense I have met so many

friends and other creators from living

here and the networking opportunities

and the meetups are plentiful and then

on a personal level the energy and

motivation that I feel from living here

it's a their discussion but my point is

that living in a city doesn't only come

with the annoyingly High Cost of Living

but also a potential return on

investment for the opportunities that it

might bring of course you still have to

budget and plan accordingly for it I

wouldn't recommend going into debt to

move to New York but my point is try to

take a more holistic analysis that's my

thought moving on to a big topic for us

self-employed folk funding my own

retirement and health insurance what fun

so these are some of the the benefits

that I gave up when leaving the

corporate world the health insurance

part is annoying because my consulting

firm had gold standard health insurance

but the retirement accounts have been

fun so starting with health insurance

when I left my consulting job I started

paying for my own specifically I went

online to New York state of health

evaluated the different plans and chose

a high deductible plan that really just

covers the bare minimum because I am a

healthy person and don't anticipate too

many doctor's visits so it really just

serves to protect me from going bankrupt

if something catastrophic happened but

it is annoying to pay for I'm not going

to lie it's hundreds of dollars per

month and without exaggeration it's

probably my least favorite part of

leaving corporate but that's probably a

good place to be if the thing I miss the

most is the health insurance and I

didn't even use my gold standard health

insurance that much I just liked knowing

that I had it as for retirement accounts

I still max out my Roth IRA every single

year and there are other tax advantage

accounts for self- employed people I

didn't end up funding any of them in

this past year but hopefully this time a

year from now I will have an update for

you on that but to tie a bow on this

very riveting topic a lot of you asked

me to touch on the stress of managing my

own retirement the health insurance part

again is annoying but when it comes to

the retirement Vehicles yes I do miss

out on the 401K match which is a typical

thing that a lot of corporate jobs will

offer you and that you should take

advantage of if you have it cuz that is

literally free money but my income is

higher now and my increased Investments

make up for it that's kind of how I see

it it doesn't cause me too much stress

personally okay tell me why I'm kind of

excited to talk about taxes it was

perhaps my most asked about specific

topic and it's become kind of a big part

of my life because Creator taxes are

definitely more complex than regular

jobs and so I've learned a lot about it

over the last year so let's talk about

it quarterly estimated taxes business

write-offs and having an accountant

versus doing it myself so in a regular

job I keep doing the air quotes but a W2

job as we would classify it here in the

US you can elect for your employer to

withhold part of your paycheck each

month to send to the government in taxes

so come tax day you've probably already

paid everything that you owe to the

government in taxes and then you can

file them yourself in 20 minutes using

Turbo Tax or the likes not the case for

creators I make what is called $10.99

income in the US which is income earned

as an independent contractor so

Freelancers creators anyone who gets

paid for special one-off projects makes

$10.99 income and this includes ad

Revenue that I get from YouTube even

though it's a huge corporation that you

might expect to withhold part of those

paychecks they don't they do for their

corporate employees obviously so now I

get to do that myself and it's not just

one big payment at the end of the year

it's quarterly so you've heard me

reference quarterly estimated taxes

earlier in the video These are taxes

that I pay every single quarter based on

how much I estimate I will earn by the

end of the year and the reason it's

every quarter is for the same reason

that regular jobs will withhold part of

your paycheck to pay to the government

in taxes it's so the government

maintains a steady flow of Revenue and

so the taxpayer doesn't have to pay this

huge lump sum at the end of the year

which kind of makes sense so let's say I

get paid for a brand deal in January and

I pocket the full amount without paying

any taxes on it yet feels great for me

but Uncle Sam doesn't want to wait until

tax day April 15th of the following year

to receive his cut of that for my

non-americans Uncle Sam is the

personification of the United States

federal government so I pay my portion

to Uncle Sam every quarter we already

talked about how I budget for this I

just make sure to have a buffer easily

accessible to pay for that now a fun

topic and a benefit of Creator earnings

are write-offs or business expenses this

includes things like camera gear which

we already discussed I have none video

editing software legal and Professional

Services hired to help your business

website hosting costs office supplies

used to run your business there are a

lot of them I actually found a great

resource on Creator write offs that I

will link in the description now this

all sounds like fun and games but what

does it even mean to write something off

it means that it lowers your taxable

income by the amount of the business

expense so let's say I make $100 in a

year and spend $30 on a camera for my

business then I only have to pay taxes

on $70 of my income so while write offs

are nice to have I do see some people

fall in the Trap of spending more than

they normally would because it's a

business write off so yes it helps lower

your taxable income a little bit and it

does lessen the sting of some expenses

but if it's not a purch that you would

have made otherwise you're not coming

out on top so be aware of the write-off

trap as I call it and finally a lot of

questions about whether I use an

accountant to file my taxes yes I do

even though I do feel like I have a

pretty good hold on the various

components and I do keep close track of

every dollar coming in for reporting

purposes Creator taxes is still a pretty

complex process in my opinion I worked

with 13 different brands last year even

more if you count the ones that I

received affiliate revenue from like

Amazon so it's a lot to track so I

happily pay a trained professional to

file for me and I can also ask him

questions throughout the year as needed

and last but not least let's talk about

longevity as a content creator one of

the main criticisms that I hear about

this career is you know how long can you

keep that up so many channels inevitably

kind of die or the Creator falls off and

stops getting views yada yada and it's

true it is incredibly rare to make this

a living for years on end and so I have

looked at creators who have managed to

do it and I spotted two consistent

things across all of them the first

thing they all do in some shape or form

is continuously provide value this is

how literally any business works you

provide value in some way shape or form

for the customers time and or money so

in the case of a content creator if you

can manage to provide value whether

you're literally teaching something my

mind goes towards Finance creative who

have been around for a while or you're

providing value through entertainment I

think of more personality based people

channels or anything in between creators

who have made this their career for

years continue to provide value on their

channel for a long time which then

allows them to be set up really well for

the second thing that I've noticed they

all do which is diversify I am such a

broken record on diversifying and I'm

one to freaking talk look at my income

it couldn't be more concentrated if I

tried and sure in theory it's not

necessarily a bad thing to have so much

of your in come coming from one source

as long as things are going well but I

just think that it's inherently risky to

have so many of your eggs in one basket

because it's true who knows when the

brand deals will fall through even if

you do continue to provide value you

know the market could slump and Brands

could completely slash their marketing

budgets so what I have seen Mega

successful creators do to increase their

lifespan in this industry is diversify

the revenue stream into other avenues

things like starting their own product

launching a course starting a membership

subscription model of sorts and then

they already have a start from this

audience that they have grown over the

years Emma Chamberlain has her coffee

brand Ali abdal has several different

courses and a book that he wrote my fam

just launched a clothing line that is

killing it so back to me I know I've

been saying this for a long time but I

really do have plans to diversify my

revenue streams over the next 12 months

to take some of the pressure off of that

brand deal section consider this your

reminder for the more in-depth breakdown

on how some of the revenue streams are

calculated and as always if you found

this video helpful please give it a

thumbs up and subscribe I'd really

appreciate it and I can promise that I

will put more and more work into these

videos over the next year so thank you

for being here and until next time

turtle out this is my attempt to do a

perfect circle I'm not even left-handed

I'm using a string well that part I can

fill in myself how about that oh yeah

baby that's not that

bad

sweet LA

PD I didn't ask you anything

yeah oh yeah

Key Vocabulary

Vocabulary	Meanings
income /ˈɪnkʌm/ B1	noun - money that is received by an individual or organization regularly as payment for work or through investments
revenue /ˈrɛvənjuː/ B2	noun - income generated by a business from the sale of goods or services
money /ˈmʌni/ A1	noun - a system or means of exchange for goods and services
budget /ˈbʌdʒɪt/ B1	noun - an estimation of income and expenses for a period of time verb - to plan or estimate expenses for a period of time
invest /ɪnˈvɛst/ B2	verb - to put money into something expecting a profit
taxes /ˈtæksɪz/ B1	noun - money paid to the government based on income
creator /kriˈeɪtər/ B2	noun - a person who creates content or material
brand /brænd/ B1	noun - a type of product manufactured by a particular company
deal /diːl/ B1	noun - an agreement or arrangement between parties verb - to have dealings with someone
consulting /kənˈsʌltɪŋ/ C1	noun - the activity of providing expert advice to organizations
affiliate /əˈfɪliət/ C1	noun - a person or organization associated with another as a subordinate adjective - connected or associated with something
expenses /ɪkˈspɛnsɪz/ B2	noun - money spent to pay for something
retirement /rɪˈtaɪərmənt/ B2	noun - the state of being retired from work
insurance /ɪnˈʃʊərəns/ B2	noun - an arrangement by which a company undertakes to provide a guarantee of compensation for specified loss or damage
track /træk/ B1	verb - to follow the progress of something
project /ˈprɒdʒɛkt/ B1	verb - to estimate or forecast something noun - an estimate or forecast
buffer /ˈbʌfər/ C1	noun - a reserve or protective barrier
liquid /ˈlɪkwɪd/ B2	adjective - easily convertible into cash
diversify /daɪˈvɜːrsɪfaɪ/ C1	verb - to vary one's investments or activities