00:00Compound interest, the eighth one of the world, some would say, and you're giving it with 250 million U.S. kids each getting a jumpstart of $250.
00:08Why is this the right act of philanthropy for you?
00:13Well, you know, our foundation has been focused on children since the beginning.
00:17And when this Invest America Act was passed earlier this year, you know, we saw it as a platform for companies and families and communities and philanthropists to contribute to these accounts.
00:34And as you probably know, you know, the government is giving $1,000 to every newborn in an account that will essentially go in the S&P 500 and compound over time.
00:44And when they're, you know, the child's 18, it becomes like an IRA.
00:48It can be used for education, to start a business, to start a family, for continued savings, to buy a home.
00:56And so what Susan and I wanted to do was help out some of the kids that weren't included in the government program.
01:05And so the kids that are 10 and under that live in zip codes where the median income is $150,000 or less that aren't in the government program, so think ages 2 to 10, we're going to give 25 million of those children $250 each in their account.
01:24And we hope that, you know, this, you know, inspires them and gives them hope and opportunity and prosperity.
01:36I've spoken with a number of other philanthropists.
01:38I believe you'll see some other significant gifts.
01:41And we know many companies are going to match the government's contribution, as Dell Technologies is certainly doing, and a number of companies have already announced.
01:49So we're super excited about what this can become over time as these accounts grow to be something significant.
01:58Tell us about that.
01:59Tell us about how you are calling on companies like you to match what many are calling the Trump accounts.
02:06But also, will those match what you're now doing for 2 to 10-year-olds, maybe 10-year-olds and above?
02:11Have you fielded many calls?
02:14Well, you know, we just announced this this morning.
02:18I did speak with a number of philanthropists in the weeks leading up to our announcement.
02:25And, you know, well, I won't speak for them.
02:27We'll let them make their own announcements.
02:30And they could be designed in a different way.
02:33I think you'll see some people adopting particular states or, you know, particular communities.
02:39And, in fact, we started with the idea of doing this only in the state of Texas.
02:44But then we decided to do it nationally.
02:48So there can be many varieties and alternatives here.
02:52But we do think that this will be catalytic and that more philanthropists and companies will join us over time.
03:03And, again, this is a platform for the future of these children.
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