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Getting financial lessons on banking and stocks

Photo Credit: Kidsday staff artist / Lingfei Zhao, Westbury

We studied about economics in social studies, then two bankers from the Babylon branch of Chase Bank came into our classroom to talk to us about saving and investing.

They told us a bank is a good place to save money. When a person puts money into an ATM, that’s called depositing money. When a person takes money out, it’s called withdrawing money. Your money is safe in a bank because our government insures it. They even give you interest for keeping your money there. Putting money in a bank is a good way to save for college or a trip.

A few weeks before the bankers came to talk to us, our class learned what it would be like to have 10 stocks from 10 student-selected companies. We checked the stock prices each day and compared them with the money we invested on the first day. Some of the stocks we bought were McDonald’s, Best Buy and Google.

When the bankers came, we learned that Berkshire-Hathaway is the most expensive stock and that there are risks of losing money or of making money if successful. We made up a saying “Hop on the train while it’s still in the station.” This means “Buy stock in a good company before the price gets higher.”

In our opinion, we believe that our classmates might be influenced by these lessons.

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