Understanding how mutual funds work could save you a ton of money in the long run

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You’ve probably heard of mutual funds.

Even if you haven’t — but you have a 401(k) or other employer-sponsored investment account — odds are you own one.

In fact, an estimated 100 million Americans own a mutual fund, as of 2017.

People use them to save for retirement, college or buying a house.

The mutual fund industry in the U.S. alone tops out at around $18.7 trillion.

Here are the basics behind mutual funds.

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