You recently graduated from college with a business degree and accepted a positi

ID: 2763166 • Letter: Y

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You recently graduated from college with a business degree and accepted a position at a major corporation earning more than you could ever dreamed. You wanted to 1) open a checking account for transaction purposes, 2) open a savings account for emergencies, 3) invest in an equity mutual funds for that far off future called retirement, 4) see if you can find more affordable auto insurance, and 5) borrow funds to buy a condo, helped along by your uncle who said he was so proud of your grades that he wanted to give you $20,000 towards a down payment. Make five lists of the financial service firms that could provide you each of these services.(one list for each of the five needs noted above) You recently graduated from college with a business degree and accepted a position at a major corporation earning more than you could ever dreamed. You wanted to 1) open a checking account for transaction purposes, 2) open a savings account for emergencies, 3) invest in an equity mutual funds for that far off future called retirement, 4) see if you can find more affordable auto insurance, and 5) borrow funds to buy a condo, helped along by your uncle who said he was so proud of your grades that he wanted to give you $20,000 towards a down payment. Make five lists of the financial service firms that could provide you each of these services.(one list for each of the five needs noted above)

Explanation / Answer

Hi,

(1) open a checking account: checking account services are provide by financial service firms such as banks, credit unions and savings and loan associations. Even securities brokers allow you to open checking accounts.

(2) open a savings account: traditional commercial banks can be of great help in this. Also, savings associations, credit unions, or online brokerages can help you to open a savings account.

(3) retirement fund: there is a large pool of defined benefit and defined contribution schemes from private pension funds available. Banks, brokerages and insurance firms offer a variety of retirement investment options including equity mutual funds.

(4) Finding a more affordable auto insurance: In the modern world, this can be done very easly using online services. Also, one could use a traditional insurer such as Allstate or State Farm or approach some of the newer discount insurers including Geico and Progressive. Alternatively, one could use a reverse auction service such as Esurance to get the best rate.

(5) To borrow funds to buy a condo: the straight option is to approach a traditional bank. Also, savings associations that specialize in granting home mortgage loans, or financial companies such as GMAC can do the same. A reverse-auction site such as LendingTree might also be useful in this exercise. The borrower is not limited to a mortgage loan for financing the purchase of a condo.

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