[Script Info]
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[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.51,0:00:02.19,Default,,0000,0000,0000,,- [Sal] Hello teachers, Sal here.
Dialogue: 0,0:00:02.19,0:00:06.15,Default,,0000,0000,0000,,Welcome to the unit on\N"Investments and Retirement."
Dialogue: 0,0:00:06.15,0:00:09.27,Default,,0000,0000,0000,,And as always, I encourage you
Dialogue: 0,0:00:09.27,0:00:10.65,Default,,0000,0000,0000,,to go through the unit yourself.
Dialogue: 0,0:00:10.65,0:00:13.20,Default,,0000,0000,0000,,If you have limited time, at\Nleast go through the exercises
Dialogue: 0,0:00:13.20,0:00:14.94,Default,,0000,0000,0000,,and the unit test
Dialogue: 0,0:00:14.94,0:00:18.98,Default,,0000,0000,0000,,to refresh both your own\Nunderstanding of this material,
Dialogue: 0,0:00:18.98,0:00:20.67,Default,,0000,0000,0000,,but also to be familiar
Dialogue: 0,0:00:20.67,0:00:22.77,Default,,0000,0000,0000,,with what students are\Ngoing to go through.
Dialogue: 0,0:00:22.77,0:00:26.31,Default,,0000,0000,0000,,Now, this first unit on\Nsavings and investing,
Dialogue: 0,0:00:26.31,0:00:27.70,Default,,0000,0000,0000,,well, it is what it sounds like.
Dialogue: 0,0:00:27.70,0:00:30.21,Default,,0000,0000,0000,,And here, above and beyond the work
Dialogue: 0,0:00:30.21,0:00:32.04,Default,,0000,0000,0000,,on this course on Khan Academy,
Dialogue: 0,0:00:32.04,0:00:34.86,Default,,0000,0000,0000,,we encourage having\Ndiscussions with the students.
Dialogue: 0,0:00:34.86,0:00:37.47,Default,,0000,0000,0000,,Run a discussion where\Nyou have students to say,
Dialogue: 0,0:00:37.47,0:00:41.52,Default,,0000,0000,0000,,to talk about why saving might be easier
Dialogue: 0,0:00:41.52,0:00:44.19,Default,,0000,0000,0000,,or more difficult in\Ncertain circumstances.
Dialogue: 0,0:00:44.19,0:00:46.20,Default,,0000,0000,0000,,How they might set themselves up
Dialogue: 0,0:00:46.20,0:00:48.07,Default,,0000,0000,0000,,to be in a better position to save.
Dialogue: 0,0:00:48.07,0:00:51.92,Default,,0000,0000,0000,,Why certain folks are more\Nlikely to save than others,
Dialogue: 0,0:00:51.92,0:00:55.17,Default,,0000,0000,0000,,and what does that do\Nto their future selves
Dialogue: 0,0:00:55.17,0:00:58.29,Default,,0000,0000,0000,,so they could start to project\Nthemselves into the future
Dialogue: 0,0:00:58.29,0:01:00.84,Default,,0000,0000,0000,,and think about how they\Nwanna set themselves up
Dialogue: 0,0:01:00.84,0:01:03.48,Default,,0000,0000,0000,,in 5, 10, 15, 20 years,
Dialogue: 0,0:01:03.48,0:01:06.60,Default,,0000,0000,0000,,which isn't usual for a lot of teenagers
Dialogue: 0,0:01:06.60,0:01:08.73,Default,,0000,0000,0000,,or fairly young people.
Dialogue: 0,0:01:08.73,0:01:10.32,Default,,0000,0000,0000,,It's also really important to,
Dialogue: 0,0:01:10.32,0:01:13.86,Default,,0000,0000,0000,,for students to realize the\Nimportance of saving early.
Dialogue: 0,0:01:13.86,0:01:16.54,Default,,0000,0000,0000,,I've often found as an adult to myself
Dialogue: 0,0:01:16.54,0:01:20.19,Default,,0000,0000,0000,,that when I tell younger\Nfolks about things
Dialogue: 0,0:01:20.19,0:01:22.06,Default,,0000,0000,0000,,that I wish I had done earlier,
Dialogue: 0,0:01:22.06,0:01:23.91,Default,,0000,0000,0000,,it seems to resonate with them.
Dialogue: 0,0:01:23.91,0:01:26.40,Default,,0000,0000,0000,,So if, even if there are even\Nexamples from your own life
Dialogue: 0,0:01:26.40,0:01:27.42,Default,,0000,0000,0000,,or people that you know,
Dialogue: 0,0:01:27.42,0:01:30.39,Default,,0000,0000,0000,,saying, "Hey, I wish when I\Nwas a teenager I knew this
Dialogue: 0,0:01:30.39,0:01:31.22,Default,,0000,0000,0000,,or I did this,
Dialogue: 0,0:01:31.22,0:01:32.25,Default,,0000,0000,0000,,or when I was in my early twenties,
Dialogue: 0,0:01:32.25,0:01:34.62,Default,,0000,0000,0000,,I knew and I did this, I\Nstarted saving earlier,
Dialogue: 0,0:01:34.62,0:01:37.20,Default,,0000,0000,0000,,I saved more, I started\Ngetting better interest."
Dialogue: 0,0:01:37.20,0:01:38.67,Default,,0000,0000,0000,,That has a huge impact.
Dialogue: 0,0:01:38.67,0:01:41.69,Default,,0000,0000,0000,,And speaking of interest,\NI think this is a good time
Dialogue: 0,0:01:41.69,0:01:43.45,Default,,0000,0000,0000,,for students to start to appreciate
Dialogue: 0,0:01:43.45,0:01:46.15,Default,,0000,0000,0000,,how much their savings can compound
Dialogue: 0,0:01:46.15,0:01:48.06,Default,,0000,0000,0000,,if they invest it appropriately
Dialogue: 0,0:01:48.06,0:01:50.43,Default,,0000,0000,0000,,and make even reasonable interest,
Dialogue: 0,0:01:50.43,0:01:52.47,Default,,0000,0000,0000,,make or reasonable return on it.
Dialogue: 0,0:01:52.47,0:01:56.01,Default,,0000,0000,0000,,Even 3, 4, 5, 6%, as much as 10%
Dialogue: 0,0:01:56.01,0:01:59.45,Default,,0000,0000,0000,,that over many years can become\Na really significant return
Dialogue: 0,0:01:59.45,0:02:01.26,Default,,0000,0000,0000,,on their investment.
Dialogue: 0,0:02:01.26,0:02:04.00,Default,,0000,0000,0000,,Now the flip side of that\Nis in really in lesson two,
Dialogue: 0,0:02:04.00,0:02:06.42,Default,,0000,0000,0000,,is thinking about risk and return.
Dialogue: 0,0:02:06.42,0:02:08.55,Default,,0000,0000,0000,,Because a lot of folks,\Nwhen they start to invest,
Dialogue: 0,0:02:08.55,0:02:09.99,Default,,0000,0000,0000,,they start to shoot for the moon
Dialogue: 0,0:02:09.99,0:02:12.57,Default,,0000,0000,0000,,and they say, "Hey, I wanna\Ndouble my money by next week.
Dialogue: 0,0:02:12.57,0:02:13.48,Default,,0000,0000,0000,,Triple my money."
Dialogue: 0,0:02:13.48,0:02:15.63,Default,,0000,0000,0000,,I think there it's very good for people
Dialogue: 0,0:02:15.63,0:02:17.84,Default,,0000,0000,0000,,to realize that there are real risks.
Dialogue: 0,0:02:17.84,0:02:21.56,Default,,0000,0000,0000,,It's good to talk about\Nthat when you're investing,
Dialogue: 0,0:02:21.56,0:02:24.84,Default,,0000,0000,0000,,you're usually buying\Nsomething from someone.
Dialogue: 0,0:02:24.84,0:02:28.11,Default,,0000,0000,0000,,Say you're buying a stock.\NSomeone is selling it to you.
Dialogue: 0,0:02:28.11,0:02:29.70,Default,,0000,0000,0000,,Why are they selling it to you?
Dialogue: 0,0:02:29.70,0:02:30.81,Default,,0000,0000,0000,,When someone makes
Dialogue: 0,0:02:30.81,0:02:33.00,Default,,0000,0000,0000,,or loses money in, say the stock market,
Dialogue: 0,0:02:33.00,0:02:35.46,Default,,0000,0000,0000,,where is that money going or coming from?
Dialogue: 0,0:02:35.46,0:02:38.79,Default,,0000,0000,0000,,And once again, this is a,\Nthis is really good fodder
Dialogue: 0,0:02:38.79,0:02:41.54,Default,,0000,0000,0000,,for a Socratic conversation\Nabout what type
Dialogue: 0,0:02:41.54,0:02:44.07,Default,,0000,0000,0000,,of investments might be prudent depending
Dialogue: 0,0:02:44.07,0:02:48.27,Default,,0000,0000,0000,,on different contexts in someone's life.
Dialogue: 0,0:02:48.27,0:02:50.33,Default,,0000,0000,0000,,And also talking about\Nthings that people know
Dialogue: 0,0:02:50.33,0:02:52.62,Default,,0000,0000,0000,,and through their families\Nor their friend circles
Dialogue: 0,0:02:52.62,0:02:56.76,Default,,0000,0000,0000,,of investments gone well\Nor investments gone bad
Dialogue: 0,0:02:56.76,0:02:58.47,Default,,0000,0000,0000,,and what they've learned from it.
Dialogue: 0,0:02:58.47,0:03:00.33,Default,,0000,0000,0000,,It's also interesting outside once again
Dialogue: 0,0:03:00.33,0:03:02.85,Default,,0000,0000,0000,,of the Khan Academy course,\Nthis could be a good time
Dialogue: 0,0:03:02.85,0:03:05.44,Default,,0000,0000,0000,,to start setting up mock\Ninvestment portfolios
Dialogue: 0,0:03:05.44,0:03:10.14,Default,,0000,0000,0000,,on various investment\Nwebsites where they can,
Dialogue: 0,0:03:10.14,0:03:15.14,Default,,0000,0000,0000,,where students can learn\Nto quote, invest fake money
Dialogue: 0,0:03:15.33,0:03:17.73,Default,,0000,0000,0000,,and see how it moves up and\Ndown with the stock market.
Dialogue: 0,0:03:17.73,0:03:19.77,Default,,0000,0000,0000,,Some of them might build a\Nlittle bit of false confidence
Dialogue: 0,0:03:19.77,0:03:21.12,Default,,0000,0000,0000,,if they get a little bit lucky,
Dialogue: 0,0:03:21.12,0:03:22.92,Default,,0000,0000,0000,,but if they're able to\Ndo that long enough,
Dialogue: 0,0:03:22.92,0:03:26.04,Default,,0000,0000,0000,,they're going to see\Nthat it really is hard
Dialogue: 0,0:03:26.04,0:03:28.11,Default,,0000,0000,0000,,to game the system over time
Dialogue: 0,0:03:28.11,0:03:30.27,Default,,0000,0000,0000,,and hopefully when they\Nstart having real money
Dialogue: 0,0:03:30.27,0:03:31.100,Default,,0000,0000,0000,,later on in their life,
Dialogue: 0,0:03:31.100,0:03:33.45,Default,,0000,0000,0000,,they'll be a little bit\Nmore prudent with it
Dialogue: 0,0:03:33.45,0:03:34.28,Default,,0000,0000,0000,,and recognize the risks.
Dialogue: 0,0:03:34.28,0:03:36.73,Default,,0000,0000,0000,,And last but not least, is\Nplanning for retirement.
Dialogue: 0,0:03:36.73,0:03:38.83,Default,,0000,0000,0000,,This is probably the hardest thing
Dialogue: 0,0:03:39.92,0:03:42.54,Default,,0000,0000,0000,,for students in their\Nteens to fully appreciate.
Dialogue: 0,0:03:42.54,0:03:44.92,Default,,0000,0000,0000,,They almost think that, you know,
Dialogue: 0,0:03:44.92,0:03:46.41,Default,,0000,0000,0000,,retirement is impossibly far away,
Dialogue: 0,0:03:46.41,0:03:49.56,Default,,0000,0000,0000,,but once again, stories\Nhelp to reinforce it.
Dialogue: 0,0:03:49.56,0:03:52.44,Default,,0000,0000,0000,,Talking about family members\Nwho didn't plan accordingly.
Dialogue: 0,0:03:52.44,0:03:53.70,Default,,0000,0000,0000,,And then also talk about
Dialogue: 0,0:03:53.70,0:03:56.61,Default,,0000,0000,0000,,how even though you might\Nbe planning for retirement,
Dialogue: 0,0:03:56.61,0:03:58.07,Default,,0000,0000,0000,,which could be decades away,
Dialogue: 0,0:03:58.07,0:04:00.96,Default,,0000,0000,0000,,that saving that money\Nalso gives you a cushion
Dialogue: 0,0:04:00.96,0:04:02.70,Default,,0000,0000,0000,,for other things in your life,
Dialogue: 0,0:04:02.70,0:04:04.38,Default,,0000,0000,0000,,other major purchases
Dialogue: 0,0:04:04.38,0:04:07.98,Default,,0000,0000,0000,,or flexibility if there's a\Nhealth crisis in your family.
Dialogue: 0,0:04:07.98,0:04:10.74,Default,,0000,0000,0000,,You need to support someone\Nelse. You lose a job.
Dialogue: 0,0:04:10.74,0:04:13.11,Default,,0000,0000,0000,,So saving is always a good thing.
Dialogue: 0,0:04:13.11,0:04:14.64,Default,,0000,0000,0000,,It's good to think about retirement
Dialogue: 0,0:04:14.64,0:04:17.12,Default,,0000,0000,0000,,'cause hopefully we're all\Ngonna be retired one day.
Dialogue: 0,0:04:17.12,0:04:21.21,Default,,0000,0000,0000,,But it also sets us up\Nwell for other things.
Dialogue: 0,0:04:21.21,0:04:22.68,Default,,0000,0000,0000,,But once again, for retirement,
Dialogue: 0,0:04:22.68,0:04:24.84,Default,,0000,0000,0000,,thinking about what it\Nmight cost to retire,
Dialogue: 0,0:04:24.84,0:04:27.75,Default,,0000,0000,0000,,expenses that they\Nmight not fully realize.
Dialogue: 0,0:04:27.75,0:04:30.60,Default,,0000,0000,0000,,And then think about how at\Nthat point all of their savings
Dialogue: 0,0:04:30.60,0:04:32.76,Default,,0000,0000,0000,,and their investments\Nare what they're going
Dialogue: 0,0:04:32.76,0:04:34.26,Default,,0000,0000,0000,,to be living off of.