TOEFL Essay Topic 32 - Is it better to enjoy your money when you earn it or is it better to save your money for some time in the future? Use specific reasons and examples to support your opinion.
Some people think that saving up money for their later life is a better option than using it right after they have earned it. However, in my opinion, making use of the money you have earned can lead to a better life than keeping it in a bank account. To begin with, investing the money in one’s human capital is an effective way to improve the person’s ability to earn even more money in the later life. For example, most of the economically successful people in the modern society have at least bachelor’s degree and some of them have even master’s degree. This can be seen as an example of how investing money in one’s higher education can enhance the chance of becoming successful later. In addition, studies spearheaded by the University of Washington have revealed that people who cast the salary into their education such as language learning and leadership development earn 20% more than those who do not. This result buttresses the idea that investing for one’s education can be lucrative in the long run. On top of that, there is no guarantee that you live until you spend all the money you have saved up. According to the statistics from the U.S. Census Bureau show that the average life expectancy of American citizens is about 72 years. In addition, the statistics also imply that 25% of Americans die before they turn 65 years old, which is generally considered to be the year of retirement. Not only cannot one use the money the person has earned through the entire career but also inheritance tax would be detracted from the fortune the one has built. There is no point in working the socks off in order to pay additional tax for the government. To sum up, it is better to enjoy the money than to save it for some time in the future because it can ramp up the revenue in the later life through investment and there is a possibility that you might not be able to get around to using the savings. In this regard, I believe that people should use their money rather than save up most of them.
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