It is important for everyone, including young people, to save money for their future. To what extent do you agree or disagree with this statement?

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Inflation is making everything expensive, from groceries to a house.
Thus
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, it is commonly believed that saving money is essential for everyone, including the younger generation, to secure their future.
This
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essay will discuss why I completely agree with
this
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viewpoint.
To begin
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with, a substantial down payment is required to purchase a new home. To give an example of
this
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, in Canada, homebuyers must pay one-fifth of a house's cost using personal funds, which amounts to two hundred thousand dollars for a one-million-dollar house.
Moreover
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, market analysts have observed a gradual increase in real estate prices over the past few years, making it essential to start saving as early as possible because raising a significant amount of money when needed can be challenging. Clearly, being financially prepared is crucial in a rapidly changing market. Another benefit of saving funds is being ready for urgent situations
such
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as a medical emergency. Medical care is extremely expensive in the modern era, making it difficult for many people to afford necessary treatments. If there is no financial plan for emergencies, people could be denied access to urgent healthcare needs that can help them recover. Dental treatments,
for instance
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, could cost thousands of dollars, and the majority of people in Canada may be unable to pay the bills immediately.
As a result
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, they would either request financial aid or resort to taking painkillers until they secure sufficient funds for the procedure. In conclusion,
this
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practice ensures financial readiness for significant life events like buying a home
as well as
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unexpected situations,
in particular
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health crises. Ultimately, everyone should put a portion of their income into savings, safeguarding their future.
Submitted by turanavdeep on

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coherence cohesion
The essay has a clear and logical structure, with well-defined paragraphs that aid in understanding.
task achievement
The response thoroughly addresses the task with comprehensive ideas and explanations.
task achievement
Specific examples, such as the reference to real estate in Canada and the cost of medical emergencies, effectively strengthen the arguments.
Topic Vocabulary:
  • financial security
  • safety net
  • unforeseen circumstances
  • emergencies
  • future investments
  • retirement planning
  • financial discipline
  • habit of saving
  • amassing wealth
  • substantial fund
  • opportunity cost
  • additional income
  • inflation
  • purchasing power
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