From the course: Finance Foundations
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Introducing financial institutions
- Hi, let's talk about grandchildren. - Oh boy. So is this where you tell them you have about a thousand grandchildren, and I've only got 12? - No, no, no, no, no. We'll leave that discussion to another time. Instead, let's talk about the investment program you've established for your 12 grandchildren. So tell us, what do you do? - Okay, well when each grandchild is born, I set up a savings account for her or him. I start with 3,000 dollars, and then I add 100 dollars a month. - A hundred each month? How long to you continue this? - Well, I don't know. My oldest grandchild, Lily is just 10 years old. My plan is to keep going until each grandchild turns 25, or until I die, I guess. - Well, that's a great idea. But it sounds kind of complicated. For example, where do you store the money? Is it invested? And how do you remember to add 100 dollars for each of your 12 grandchildren every month? - No, it's easy. I've arranged all of this with a mutual fund company. When a new grandchild is…
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