Great Families Program - Northwood Family Office

I N D E P E N D E N T M E A N S I N C.
Great Families Program
“We want our family
to be financially
savvy, but we
don’t know where
or how to begin.”
2
t the heart of Independent
Means is the Great Families program, a comprehensive, five-stage financial and human capital education
curriculum. The program includes more than 30 customizable,
experiential modules designed for specific age groups and
developmental stages, from children to twenty-somethings.
Each module within the curriculum focuses on a different
topic and includes core concepts and vocabulary that build
financial fluency. Our modules emphasize hands-on experiences so learning doesn’t feel like another day in school.
Exciting live events and innovative stand-alone activities
provide additional opportunities to reinforce core concepts
and values taught in the curriculum.
3
10 BASIC MONEY SKILLS
The heart of Independent Means' Great
Families curriculum is built around the
Ten Basic Money Skills. Developed
over decades working with children
and families, these skills provide a
kind of armor to protect and prepare
your family members for the challenges
and decisions they will face in an everchanging global economy.
1.
2.
3.
KNOW HOW TO SAVE: Figure out how to make compound interest work for you.
KEEP TRACK OF MONEY: Know where your money goes.
Connect your values and the way you handle your money.
GET PAID WHAT YOU’RE WORTH: Your opportunities
are boundless, but you need to know how to ask for
what your work is worth.
4.
5.
SPEND WISELY: Your personal financial sustainability depends on careful and thoughtful use of
your resources.
KNOW HOW TO TALK ABOUT MONEY: Uncomfortable
when topics connected to money come up? Financial
fluency, like all fluency, grows from exposure and use
of key terms and concepts in open communication.
6.
7.
LIVE A BUDGET: This is a way of staying in control of
your life, not being controlled by others.
UNDERSTAND HOW TO INVEST: Passive income is
critical to building and sustaining one’s options. Thinking “someone else” will take care of investing for you
is one of the biggest mistakes you can make.
8.
9.
10.
EXERCISE YOUR ENTREPRENEURIAL SPIRIT: Make
a job, don’t just take a job.
HANDLE CREDIT WELL: Aim for a lifelong credit score
of 850; never go below 750.
USE MONEY TO CHANGE THE WORLD: Philanthropy is not just about giving time, but about stew-
arding real assets to the priorities that matter to you.
4
DEVELOPMENTAL STAGES
Identifying necessary financial skills is the first step toward fluency—
learning and practice are the next steps. Independent Means understands
how to connect concepts and skills to the real-world experiences and
learning capabilities of our next-gen clients of all developmental stages.
Beginning
the Journey
Encouraging
Passions
Breaking Away
Standing Tall
THE LAUNCH
Stage 1 (5-8yo)
Stage 2 (9-12yo)
Stage 3 (13-15yo)
Stage 4 (16-18yo)
Stage 5 (19+)
Counts coins
and bills
Can make change
Can shop
comparatively
Actively saves,
spends, invests
Understands timemoney relationship
Connects goals,
future plans,
and saving
Launches a career
and/or a serious
labor of love
Understands the
value and purpose
of money
Learns to
differentiate
between wants
and needs
Initiating behavior
and entrepreneurial
spirit
Can balance
simple accounts
and keep up with
savings account
Begins to earn
money; initiates
small ventures
Commits to
saving goals
Has basic
understanding
of investment
Practices
Philanthropy
Can read bank
statement
Experiences
responsibility for
others and self
Able to talk
about money and
plan future
Understands
money as power
Understands why
and how to develop
strong credit ratings
Engages with
the community
Takes action to
prepare for nearand long-term
financial future
Shows developing
capacity for
economic
self-sufficiency
5
1
Beginning the Journey
Stage 1 (5–8 Years Old)
Kids take their first step toward lifelong financial literacy through
hands-on modules designed to take advantage of their energy and
curiosity. Modules focus on core skills of saving, spending, and
giving, as well as building fluency and good financial habits.
Money (new in 2013)
Spending
What is money? How are credit cards and
Distinguishing needs from wants and learn-
paper money alike and different? What does
ing about cash and spending patterns is
money buy? How else do people get the
critical for developing good spending habits.
things they want and need? This module
This module includes a variety of games
answers these questions and more as
and activities that build early awareness and
participants are introduced to ideas about
good decision-making skills.
money and the economy.
6
Time, Treasure, Talent
Saving
Philanthropy is an effective tool for develop-
Like learning to brush our teeth, financial
ing generosity, ethical conduct, and compas-
values and language are best acquired early.
sion in children. The activities in this module
This module includes parental messages,
help children identify how to use their time,
habits, and skills for the beginning saver.
skills, and savings to help others.
Tuck Gets An Allowance
Tuck Gets An
Allowance
Tuck Gets An Allowance
This storybook introduces basic concepts of an allowance plan as children
help Tuck the dog save, spend, and
The Ant and the
Grasshopper
share his bones each week.
The Ant and the Grasshopper
This companion to the Savings
module illustrates the importance
© Independent Means Inc. all rights reserved
of saving through the fable of “The
Ant and the Grasshopper,” known
for its moral lesson of hard work
and preparation.
Pigs Will Be Pigs
Kids jump into the pages of a
colorful children’s book and learn
in this module based on Pigs Will
Be Pigs by Amy Axelrod. Just like
the pigs in the book, kids search
around their homes and learn how
to recognize coins and bills, how to
create a simple budget, and how
to explain the difference between
piggy banks and savings accounts.
7
2
Encouraging Passions
Stage 2 (9–12 Years Old)
Increasingly aware and empathetic, tweens are encouraged to engage
their new passions through imaginative modules and simulations that
put them in various roles, from philanthropist to entrepreneur. Other
modules provide practical tools for newfound responsibility.
Self-Assessment
Philanthropy
Participants share what they know, learn more
Using tweens’ own interests as vehicles for explor-
about their attitudes toward money, and discover
ing philanthropy, this module gives young people
new topics to pursue in this introductory module.
direct experience with making a difference.
Allowance 2.0
Entrepreneurship
An allowance is a tool for practicing money
The ubiquitous lemonade stand is a timeless
management. This module helps parents and
reflection of young initiative. This module seeks
children get on track with an allowance program
to capture and encourage that early spirit of
that successfully builds key financial habits.
inventiveness, while going well beyond the
Saving
8
lemonade stand.
Saving in the context of the tween years includes
Hard Conversations
an understanding of the rewards of compound
Awkward or difficult social situations begin to
interest and delayed gratification. The activities in
emerge during this stage of life. This module offers
this module emphasize sustaining resources and
practice and strategies for dealing with difficult
planning for the future.
social situations related to money.
MoneyScore
Children and parents get a baseline for
Money$core Assessment
®
Get a baseline on financial competency. Score each child on a scale of 1-5.
1 = Clueless and 5 = Financially Fit
Ten Money Skills
Age 5-8
Age 9-12
Age 13-15
How To Save
How To Keep Track Of Money
How To Get Paid What You Are Worth
Tuck Feeds
His Friends
Age 16-18
How To Spend Wisely
Skills through our self-assessment.
As children and parents re-take
the assessment over time, they will
How To Talk About Money
observe their growth.
How To Live A Budget
How To Invest
How To Exercise The
Entrepreneurial Spirit
1209 1/2 De La Vina Street
How To Handle Credit
their understanding of the Ten Money
Santa Barbara, CA 93101
Telephone: 805-965-0475
www.independentmeans.com
How To Use Money To Change The World
Money Styles
Assessment
A tool for understanding your
children’s financial behavior
TOTAL
www.independentmeans.com
beggar
Money Style
Is your kid a spendthrift? A hustler? Oblivious? This quiz helps
Scrimper
hoarder
families and children recognize their
financial personality as a step toward
self-sufficiency.
huStler
giver
Spendthrift
obliviouS
Tuck Feeds His Friends
This book introduces budgeting and
© Independent Means Inc. All Rights Reserved.
comparison shopping at the grocery
store. Participants help Tuck the dog
plan and budget a meal for his friends.
9
3
Breaking Away
Stage 3 (13–15 Years Old)
Teens intent on asserting their independence build on the basics they
learned as “kids” and begin to envision grown-up lives and gain the
skills they’ll need to navigate them. Topics from previous modules are
expanded with new vocabulary and concepts. New modules introduce
credit and careers as opportunities for self-expression.
Self-Assessment
Credit and Trust
An updated MoneyScore assessment, a
This module covers credit scores, debt, trust,
clarification of values, and an introduction to
and ethics as a foundation for managing
family legacy and stewardship are activities
personal finance.
®
included in this module.
Allowance Management
“Who am I?” is the central question at this
In this module, teens develop budgeting
age, and this module helps participants
skills as a tool for managing cash flow,
search for the answer as they identify the
windfalls, and emergencies, and they make
passions and interests that drive possible
choices based on personal values to guide
future careers.
their financial behavior.
Philanthropy
Entrepreneurship
Whether children have any interest in
A growing awareness of causes and concerns
family businesses or not, these are highly
must be paired with a thoughtful approach
creative years. Helping teens link their
to philanthropic strategy and a connection
most creative urges with entrepreneurial
to the work done through foundations. Teens
skills is the focus of this module.
use this module to learn about charitable
giving, social enterprise, policy, and activism.
Saving and Investing
Hard Conversations
This module provides practice with financial
etiquette and sticky situations so that young
An overview of savings tools as well as an
teens can face potentially embarrassing
exploration of basic investing methods offer
questions and awkward social situations with
a more sophisticated understanding of sav-
a plan.
ings financial management.
10
Career
Budget Savvy
Young Stewards 2011
Teens imagine themselves as newly
independent 24-year-olds in this
Participant Guide
Horse
Cents
Independent
Means, Inc.
immersive preview of adult life.
Home Furnishings
You’ll need a few things for your home or
apartment like furniture, appliances, dishes,
sheets & towels, pots & pans, etc. Will you...?
Raid the family attic
In this simulation, teens pick a
Buy used furniture and appliances
Buy all new stuff
career, make lifestyle choices, and
Connections
Cell Phone
Basic Plan/free phone (limited minutes, no text, no data)
Premium Plan/free phone (unlimited minutes with text)
Premium Plan/PDA phone (unlimited talk, text, data)
experience the outcomes of their
Entertainment
When spending for entertainment, are you a ...?
Digital Cable
Thrifty Spender ____
Nothing
(Watch movies online and dvd, go to free concerts,
Basic Service
enjoy hiking and biking)
Premium
choices as they learn the essentials
Moderate Spender ____
(Go to the movies about once a week, see local
Internet Service
Nothing
Cable/DSL
High Bandwidth Cable Modem/DSL
bands, buy new books, download music online for
99 cents.)
Big Spender ____
(Attend big name concerts, major league sporting
events, buy CDs and DVDs regularly.)
10
of allocating income.
Horse Cents
Young horse enthusiasts explore
the hidden costs and opportunities
of horse ownership in this treasure
hunt. They’ll read the story of a year
of ownership and build a budget by
© Independent Means, Inc. All rights reserved.
searching through their stable and
tacking for cards that will tell them
about the most common expenses
related to their favorite hobby.
Economic Life of a
Movie Ticket
In this parent-led activity, teens are
presented with three movie tickets
and asked: “How much does a ‘free’
movie ticket really cost?” Teens are
encouraged to creatively consider
hidden costs, stakeholder issues, and
leveraging opportunities as they develop
core financial vocabulary.
Indie Girls
Take a summer break in Santa
Barbara to brush up on the money
secrets of independent women.
This two-day live event gives 14- to
17-year-old girls on the brink of
financial independence a chance to
practice the language and skills that
make them financially self-confident.
11
4
Standing Tall
Stage 4 (16–18 Years Old)
Teens practice skills for managing independence through modules that
emphasize the real world, including the challenges of credit, money
management, and increasingly complex financial etiquette.
Self-Assessment
Careers
This module includes a suite of assessment tools. The
This module includes strategies for exploring interests
goal is a shift from uncertainty to competency, with
specific to each participant and helps participants better
teens fully understanding the financial skills they are
understand the process of choosing a career and seeking a
comfortable with, and those they need to build.
job. IMI can also provide help with internship placements.
Legacy and Stewardship
Entrepreneurship
This module focuses on family history, shared val-
The 21st century requires a more entrepreneurial
ues, and legacy as keys to balancing the privileges
approach to life and career. Whether joining the family
and responsibilities of human and financial capital.
business; starting one’s own; or pursuing the arts,
Money Management
fashion, education, non-profits, or science, the ability to
create and manage a balance sheet and marshal one’s
The module emphasizes budgets, allowance manage-
own leadership potential is vital to sustaining assets and
ment, cash flow, and situational financial choices.
financial independence.
Savings and Sustainability
Hard Conversations
An introduction to building and sustaining wealth using
Basic financial etiquette now evolves to a more complex
various savings and investment tools. This module is
set of life issues: dealing with the demands of friends
aimed at helping young people make thoughtful choices
and dating partners as well as contemplating issues
about lifestyle needs and income required to sustain
that include entertainment, gifts, loans, and business
goals and passions. It includes an emphasis on building
opportunities.
language sufficient to have effective conversations with
the family office and advisors.
Philanthropy
Teenagers care deeply about social causes and the
needs they see in their immediate lives. This module
Credit
This module ranges from a heightened emphasis
on the power of credit scores to the use of credit as
leverage in business.
encourages a strategic, proactive approach to philan-
Beneficiary Development
thropic engagement. Teens develop their own mission
Designed for people on the brink of first meetings
statement and giving criteria through this module.
with trust attorneys, this module is an introduction to
trusts and fiduciary responsibilities.
12
Participant Guide
The Year
of the Car
Independent
Means, Inc.
Camp
$tart-Up
2013
Year of the Car
Camp Start-Up
When you get a free car, is it really free?
Our 12-day residential program inspires
There are a lot of costs to owning a car
teens to unleash their entrepreneurial
that are not the purchase price. Many
spirit. Team projects, field trips, and
of these costs can be anticipated and
speakers from some of Silicon Valley’s
planned for. Depreciation is a sneaky
most recognized companies all teach
hidden cost of ownership.
innovation, social responsibility, personal
finance, and using shared resources to
®
FASHION &
FINANCENYC
© Independent Means, Inc. All rights reserved.
Buck & Bill’s
achieve greatness.
Happy Birthday, Now Sign This
Fashion & Finance
In this interactive cartoon that
accompanies the Beneficiary
Development module, Bill translates
the essentials of estate planning
from “legalese” to plain English for
his younger brother Buck. Quizzes and
off-the-wall visuals help viewers rein-
This multi-generation program
introduces young fashionistas and
their mentors to different aspects of
business with an exclusive behindthe-scenes adventure through the
NYC fashion industry.
force their newly acquired language.
13
5
THE LAUNCH
Stage 5 (19+)
As young adults enter increasingly independent lives, expanded modules offer a more
in-depth look at core topics. Other modules offer tools for meaningful participation in
family ventures, ranging from family boards to businesses to philanthropic endeavors.
Personal Economic Mission Statement
Prenup Prep:
Perspective changes as we grow older, and young
This module explores prenuptial agreements in the
adults are faced with new expectations. This module
context of family assets and responsibilities. It gives
helps participants take stock of financial values in
participants a deeper understanding of the benefits
order to build a mission statement that will guide
and objectives of thoughtful preparation while provid-
them through big decisions and opportunities.
ing strategies for managing the process.
Investing for Life
Why Credit Matters
Trust beneficiaries have an obligation to understand
This module covers the many reasons why credit is
reports provided by advisors, to be vigilant about
important, even for people with considerable assets.
counsel received, and to make the best decisions
Learning how to assess investment versus consump-
in the face of conflicting advice. This module helps
tion, understanding the role of due diligence, and
prepare participants for the complex financial advice
knowing when and how to use good advisors are some
and choices facing them.
of the topics that are explored.
Philanthropy
Opportunities and
Responsibilities of Ownership
Young adults become familiar with the tools of family
philanthropy in this module that critically looks at donor
advised funds, due diligence, and how to find, fund, and
sustain a cause for real impact.
Financial Accountability
Financial awareness is a basic requirement of
independence. This module helps participants analyze
and assess financial behavior in the context of their
personal mission and fiduciary responsibilities.
Taking Positions of Control
Next-generation members will have many opportunities to participate in boards and to be engaged in
civic, social, and business activities at an early age.
This module reviews strategies for becoming effective
board members and participants—as well as leaders.
14
Readiness for a New Way of Being
What does it mean to be financially responsible in the
context of family? Shareholders, trust beneficiaries,
and members of operating businesses have fiduciary
and ethical obligations to be mindful and engaged in
the assets—human and financial—that encompass
their wealth. This module reviews key issues that
successful shareholders and stakeholders will manage
over the course of a lifetime.
Wealth Transfer
When surrounded by expert tax attorneys, accountants, and advisors, the issue is not to be an expert,
but to know enough to talk with and use the best
services of those experts. This module explains the
estate planning process in understandable terms.
Launch Prep
Independent Means’ Launch Prep is
an inspiring and practical two-day
workshop that helps young people
develop intentional plans for careers,
education, and exploration. In
intimate sessions we arm them with
tools to make the best of their assets
and talents.
Global Citizenship
Whether spending a semester at sea,
backpacking across Europe during
the summer, or spending part of the
college years studying in a foreign
country, Independent Means helps
young adults get the most from their
travel by using financial news, current
events, and important ideas about
the global economy to augment the
travel experience.
15
Tools for Money Mentors
The financial education is a family affair. We offer tools designed to help parents and
money mentors help next-gen members excel between modules. Parent offerings
include live events, white papers, a quarterly client publication, and resources for
parents who may themselves be financial novices.
Raising Financially Fit Kids
Learning Labs
Joline Godfrey gives parents the secrets and
Acquire financial fluency with a community of
knowledge she has gleaned from working with
people who think of money as a means of making a
kids on financial literacy and business in this
difference, not an end in itself. Over the course of
book. Centered around colorful developmental
four quarterly courses, each in a beautiful setting,
maps for covering 10 specific money skills all
we’ll help you feel comfortable as a family leader.
young people should master, Raising Financially
Fit Kids helps parents send their children into
Pop-Up Think Tank
the world as balanced, financially stable indi-
Participants join with thought catalysts Greg
viduals who are contributing members of both
Brandeau (former Chief Technology Officer Pixar/
their family and community.
Walt Disney Studios), Joline Godfrey (CEO of
The Source
(Senior Vice President and Head of Pitcairn’s
The Source is our creative guide to financial educa-
New York Office), and journalist Frank Rose
tion and wealth preparation. Each issue focuses
(Wired) to explore the most innovative uses of
on one core money skill—one issue might be all
21st-century storytelling technologies to help
about saving, the next might be raising globally
families make the journey from “good to great.”
aware kids. Inside each edition you’ll find a letter
from Independent Means founder and CEO Joline
MoneyScore
Godfrey, practical advice for teaching the skill no
This assessment tool gives you language and con-
matter how old your children are, step-by-step plans
cepts for opening the conversation with your children
for an activity you can run at home, and other great
about money management and financial fluency.
resources. Think of it as a regular training note from
your family’s personal financial education coach.
White Papers & Articles
Our client-exclusive white papers provide in-depth
looks at core topics in financial education, wealth
preparation, and family human capital development.
16
Independent Means Inc), Alan B. Houghton
Personal Consultations
Joline Godfrey offers consultations with family leaders and family office executives who want to explore
taking their families from good to great.
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on
Financial Education as
World Class Preparation
Joline Godfrey, author of
Raising Financially Fit Kids
2011
t th
ou
ab
do
.
elow
ld
ou
sh
1209 1/2 De La Vina Street
b
are
hat’s
ey: W
Mon
and
Kids
ns Inc.
nt Mea
nde
epe
© Ind
Fair?
“One cannot train a child haphazardly to
shepherd financial and human capital and
expect they will become proficient adults any
Raising
Financially
Fit Kids
more than the weekend athlete will make it to
the national trials for Olympic competition.”
Revised
and
Updated
c.
ns
In
ea
tM
en
nd
pe
de
©
Money Map
Age/Stage
5-8
In
Giving Better
Instill conscientious giving: give to make the
world made better, not to feel better.
Activities
Resources
• Each week, set aside a portion of their allowance (say, 10%)
Those Shoes by Maribeth Boelts and Noah Z.
in a giving jar. Once a quarter, let them decide where to
donate.
Joline Godfrey
Jones conveys the spirit of philanthropy through
one boy’s decision to give away the shoes he
thought he needed.
• Start an Annual Day of Volunteering as a family tradition.
In Mal Peet, Elspeth Graham, and Juan
Wijngaard‘s wonderful picture book Cloud Tea
Monkeys, monkeys save a young girl forced to work
on a tea plantation after her mother gets sick.
9-12
• Giving is a forum for sharing (or developing) family mission
statements. Let kids listen in on (and add their two cents to)
your giving decisions this year.
• Questioning philanthropic approaches is a critical thinking
13-15
21/64’s Picture Your Legacy cards help families
share their mission visually. Ask us to use a set
during our next session. http://bit.ly/IMI_2164
This month’s Money Skill guides ‘tweens through
seven questions they should ask before giving
Page 4.
skill.
• Encourage teen philanthropy by offering to provide seed
funding for a friend’s-only giving circle.
Viso’s YouTube channel Give features great videos
from non-profits around the world.
http://bit.ly/IMI_Give
10 Basic
Money skills
• While teens are still figuring out what their priorities are,
encourage them to do one-day projects. A day
off from
Letter
from Joline
school can be the incentive that helps them find their
philanthropic passion!
DoSomething.org makes it easy for teens to
find philanthropic initiatives by area of interest,
The New TWA
location, or time span (including one-day projects).
1. KNoW hoW To SAvE: Figure out how
to make compound interest work for you.
Habitat for Humanity is recruiting for its Disaster
Corps, a group of volunteers that will respond to
Today’s kids are global and wired in
short-term, post-disaster needs and long-term
trips.
• Microlending can engage kids in thoughts about giving
a way
Ray online.
Bradbury sci-fi
recovery. Find
outthat
morebrings
or register
critically in a place where they’re already comfortable:
http://bit.ly/IMI_Habitat
to life. They tweet friends around the
online.
2. KEEP TrACK oF MoNEy: Know where
your money goes. Connect your values
and the way you handle your money.
3. GET PAID WhAT yoU’rE WorTh: your
world, live for semesters overseas, and
opportunities are boundless. But you need to
Last July, Google hosted a Tech Talk introducing
are as comfortable
using Skype to chat
the fundamentals
of strategic philanthropy.
know how to ask for what your work is worth.
http://bit.ly/IMI_GooglePhilanthropy
with traveling parents
as their grandparents were sending Western
19+
4. SPEND WISELy: your personal financial
Union telegrams (remember those?). For months, the news has
• Help teens prepare for the next stage of their lives (college,
sustainability is as important as environmental
Credit Suisse has written an insightful white
paper on engaging the next generation in family
sustainability—and the two are connected.
been driven by events somewhere off of our shores. From the tumult
the family board, etc.) by inviting them to join (or establish)
a next generation committee.
The Source
March-April
5. KNoW hoW To TALK ABoUT MoNEy:
in the Middle East and
North Africa
to the disasters in Japan, young
philanthropy.
http://bit.ly/IMI_CS
• Send adult children philanthropic conferences this year. The
people they meet may change their lives.
The Council on Foundations, Lido Family
Consulting, and the Bioneers have exciting
about sticky issues like “who pays”; what
you can afford; privilege and need, etc.
But worldly travel and net access is not the same as worldwide
will give you greater self-confidence.
understanding, and a recent business trip to London gave me the
perspective to think about the difference. Standing beneath sky-high cranes
building new office towers (yes, somewhere in the world construction is
have their fingers on the pulse of the world. And fabulous vacations to
exotic destinations aren’t enough to build a deep understanding of the
international currents affecting family assets—financial and human.
Twenty years ago, the threat was American manufacturing jobs going
overseas. Six years ago, when Thomas Friedman wrote The World is
Flat, the challenge was middle-skilled workers in India replacing call
center operators at home. Now, it’s something closer to our families. Our
children—who have had the best tutors and have been sent to the best
prep schools and colleges—are facing competition not only from each
6. LIvE A BUDGET: This is a way
of staying in control of your life, not
Call it the
new TWA
Trans World Awareness
I’m not an oracle. I can’t tell you what the future holds for a generation
that can choose to watch not only the 24/7 content stream of top-down of
news from the BBC and Al Jezeera as well live bottom-up information from
YouTube and Twitter feeds. The challenges for this generation are great,
not just in work but in finding and managing love across geographic and
ethnic borders and in feeling secure in a world that can seem borderless.
Great families are meeting these challenges by being mindful of the
preparation their kids need for life as global citizens.
8. ExErCISE yoUr ENTrEPrENEUrIAL
SPIrIT: Make a job, don’t just take a job.
9. hANDLE CrEDIT WELL: Aim for a lifelong
credit score of 850; never go below 750.
10. USE MoNEy To ChANGE ThE WorLD:
ss
rene
Awa11.
rld
Wo
s
n
Tra
Philanthropy is not just about giving
time, but about stewarding real money
to the priorities that matter to you.
that might actually get your kids reading the news. Finally, our
Great Families feature shares a great summer program that will
let young adults learn about global philanthropy while traveling.
With my best,
great school? They did too, possibly the same one your kids attended—
and they’re finishing their MBAs right now. And, if you think youth
unemployment is bad here, look at the rates in Europe.
1 March-April 2011
else” will take care of investing for you is
one of the biggest mistakes you can make.
Our Money Map offers big ideas about small things you can do to
pique their interest in the world. Our Money Skill shares a game
other (youth unemployment is still at its highest rate since 1983) but from
do too—and they speak two or three or four other languages. Went to a
Passive income is critical to building and
sustaining one’s options. Thinking “someone
In this issue we offer support to help develop globally aware children.
graduates from abroad with at least equal skills and greater motivation.
Speak English? Graduates from Spain, China, India, and South Africa
being controlled by others.
7. UNDErSTAND hoW To INvEST:
Page 3
and Asia’s most prominent families, I was reminded that the competitive
advantage for 21st century families will be the extent to which their kids
Employment protectionism isn’t enough to guard young people. What
will is the ability to imagine products and services the world will demand
in the next century. Call it the new TWA: Trans World Awareness.
still going on) and speaking with wealth managers for some of Europe
January–February 2011
Your creative guide to
financial education &
wealth preparation.
money come up? Being able to converse
grandparents still use awkwardly: Twitter, YouTube, Facebook, etc.
conferences in 2011.
The Source © Independent Means Inc. 2011 all rights reserved
2011
Uncomfortable when topics connected to
people are sharing what they see through media their parents and
© Independent Means Inc. all rights reserved
in THis issUe
16-18
• Encourage autonomy by sending teens on philanthropic field
KEEP a
FinGeR on
THe PUlse oF THe
WoRlD: Understand
how the news from
thousands of miles away
impacts your assets—
human and financial.
The Source 2
Raising Globally Aware Children
Inside this Edition:
Letter From Joline
The New TWA: Page 1
Basic Money Skill
Finger on the Pulse of the World: Page 2
Money Map
Global Kids: Page 5
Coming Events:
Money Skill
Sunday Times Trivia: Page 6
Great Families Are…
Learning on the Ground: Page 7
Save These Dates!
Live Events in 2011: Page 9
More on Page 6
Camp Start-Up
July 29-August 7, 2011
Indie Girls Two-Day Adventure
August 8-9, 2011
Launch Prep
May 23-24, 2011
www.independentmeans.com
17
How the Materials Work
The Great Families curriculum makes delivering engaging educational experiences easy.
Each module includes a step-by-step trainer guide, participant guides, and activities that
make learning fun. A sample from our Stage 2 Savings module shows you how it works:
Plan
Read a quick overview
of what’s happening in
Saving
the module and in each
Saving
Expectations
Time Frame: Approximately 2 hours
section within it.
Understand what suc-
The Plan
Goals
Teach with the confi-
This module is designed to give participants an overview of key saving concepts. Part One examines the
reasons why people save and the idea of creating short and long term saving goals. In Part Two Participants will discuss saving options and learn about the benefits of interest and compound interest. Part
Three introduces participants to the concepts of delayed gratification and opportunity costs. Lastly, Part
Four provides a review of the Big Ideas and concepts covered in this module.
dence that you know
Goals
the module’s aims.
• Explore familiar savings vehicles: a piggy bank and a bank savings account.
Big Ideas
Stress these core ideas
during the session
and review them with
participants afterwards.
• Orient participants to the habits and function of saving and sustainability, why and how.
• Emphasize goal setting in relation to successful saving and sustainability practices.
See what you need
before you start teaching. Will this require a
projector? Colored pencils? Internet access?
this module looks like
before you start.
Key Terms
• Introduce compound interest, delayed gratification and opportunity costs.
Turn to our glossary
Big Ideas
for stage-specific
• We save money, time, and resources so they will be available in the future, for emergencies, continued
use, and big goals.
Saving
• Piggy banks are good for collecting money in the short term, bank savings accounts help your money to
grow.
• Compound interest is a reward for saving money.
Expectations
definitions of all the
vocabulary introduced
• Participants will appreciate the importance and possibilities of conserving and sustaining money and
• Compound interest is money that is made when you deposit
money
in a bank.
other
resources.
• Set big and little goals, then keep track of how you reach• those
goals. will practice setting short-term and long-term goals.
Participants
in the module.
• Participants will grasp the concept of compound interest.
Materials
• Participant Guide
Materials
cessful completion of
• Saving Digital Presentation
• Computer with Internet Access and Projector
• Easel Chart and Markers
• Pencils
• Colored Pencils
• Cookies (Two per participant)
• Participants will be exposed to delayed gratification and opportunity costs.
• Savings Option Kit (Contains a piggy bank, a jar, a
wallet, a purse, and a coin collection book)
Key Terms
• Compound Interest Kit (Contains 3 envelopes, ex-
Compound Interest: Money that makes money. The money you put in a savings account earns interest.
traThe
playbank
money
and
coins
the bank,
calculators)
then
pays
youfor
interest
on your
interest which is called compound interest and makes your
• Situation
Cardsfaster.
money grow
• How Patient Am I? Poster
Delayed Gratification: The ability to ‘save for a rainy day’, a choice to put off getting what you want
right now so you can have something more important down the road.
2 or into your piggy bank. The deposit in the bank
Deposit: Money put into a savings account at the bank,
will earn more money. Money in the piggy bank stays the same.
Goal: A good reason or purpose for saving money, time, or resources. There are short-term goals,
(something you plan for that will happen in a few days) and long-term goals (something you need time to
make happen, like becoming a good tennis player or saving enough money to buy a car).
Interest: Money the bank pays you to keep your money in a savings account.
Opportunity Cost: This morning Jake decided to go to the beach with his friend Thomas. This means he
gave up any other opportunities that might come his way later in the day, (like when his friend Rachel calls
and invites him to a movie.) The cost of going to the beach with Thomas is an opportunity cost. If he really
likes Thomas and didn’t want to see the movie anyway, it’s a low opportunity cost. If he doesn’t have fun with
Thomas and really wanted to see the movie, it’s a high opportunity cost. Many of our decisions about money
involve opportunity costs. If you spend the $25 you saved in the piggy bank on a new game or sweatshirt
instead of putting the money in the bank where it could earn more money, you paid an opportunity cost.
Piggy Bank: A container that holds the money you collect; it’s usually in the shape of a pig, but not
always.
3
18
Trainer Action
Trainer Prompts
Materials
Know when you need to change
Find your own words or
Quickly see what
topics, distribute materials, or
use our script to explain
participants need and
advance to the next slide.
tough concepts easily.
when they’ll need it.
d he
ovie an
r
ero m
Supe
per H
s out,
h
new Su
it turn
Englis
e the
t. As
es ou
has an
d to se
m
te
el
co
ci
ha
ic
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y it
el is ex
but M
he ha
the da
t
d
it
gh
Micha
an
ni and he iday
ayvie
seeing
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ur
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on
s
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plan
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English
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got in
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it co
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Michael
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e just
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ite
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with a gro y has anet with her Ma
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nity cost opportunit
the mall
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she go
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opportu nigh
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st?
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s opp e goes to
school.
studies
is
see Supe
dace’
sh
2
tion #
Saving
Situa
Trainer Action
Trainer Prompts
Materials
1. Display the items
These are all ways to save money. Where do you keep your
Saving
in the Saving Options
money?
Digital
n #2
Situatio
participants’ responses
We use these containers to hold and collect our money. The
on the easel chart.
coin collection book helps us track the coins we’ve collected. Computer
and
How do we keep these collections safe?
if he
st ifoup?
Can
for h
es to
nity cost
hat isrtunity co
the gr
she go
e’sWoppoall with
’s opportu
cost if
Candac theoump?
Michael ?
tunity
What is
What is
th the gr
ish test
oppor goes
wi
gl
l
to
s
l?
En
al
e’
s
m
ac if shreschoo
the
for hi
er
Cantyd cost
summ
afte
hat is
ming
rtunise
ssion
e upco
e’sWoppo
#4
ath ?
World
for th
Candac her
rMschool
uation are making plans a trip to Disneythem
What is
it
ion afte
S
ss
se
h
ng
ld cost
her Mat
of taki
el
. Smith
Projector
Like cash, we keep anything we want to collect in safe
places. Sometimes people keep a safe in their house, but
Easel Chart
often we use a bank to keep things safe. A bank keeps our
and Markers
money and collections safe. For what other reasons do we
put the money from our piggy banks and wallets in the bank? Saving
od
ng
wou
d Mrs
thinki
to rem
e trip
Mr. an
n. Th er
ey are
t time
the
childre summ a grea
and th
nt as
r two comingalso be
break
e amou
foreithe up wouldWo
ns th
rld t the sam
with
pla
a
g
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ey
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kin
m
Flor
p to Disn cost abou
isa su
trim
ith are ma
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ld
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ing
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ni
m
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d Mr
wou the
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ch
$8of
nking
r her Mr. an
uld cost
whi
wo
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ents fo
ke
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at she and the
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andpar
thren
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iths ta
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00 from Junio
a plan
amount cost if th
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orld
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Options Kit
2. Explain and discuss
Let’s compare piggy banks and bank savings accounts.
the differences between
A piggy bank is a place where you can store your money
piggy banks and savings
at home. People usually keep their piggy banks in their
accounts.
bedroom and they can reach their money easily and quickly.
money inside your wallet or in your pockets. Why?
and statements. Show
Answers will vary but may include:
participants an actual
• If you keep money in your wallet you are more tempted to
bank statement, if
possible.
use it.
Situati
on #2
Cards,
posters, digital pre-
games engage participants
Wportunidbag
it
? hat
op
ter scho y cost ifan
han n money see is Michael’s
ew
e a’s
ol
gohe
Sam shth
op
Super
esrnto
graduatio
Wha?t is
Hero on portunity co
bag with
nd
st
Thursd
ha
w
ne
Situation #2
ay nigh if he goes to
What is
t?
M
ic
haheel’s
Michael is excited to see the new Superfo
Hero
r himovie
opport
s Engand
unity co
lisSuper
h test?
plans on seeing it the day it comes out. As it turns out,
st if he
studie
Hero comes out on Thursday night but Michael has an English
s
ssion af
and give them opportunities
Situation #1
Candace is the new student on campus and she just got invited
Situ
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Click to slide 15
Situati
sentations, worksheets, and
• If you keep money in your pocket you may lose it.
Click to slide 14
Supplemental Items
3
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Click to slide 13
3. Introduce interest,
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Click to slide 16
gradua
Situation #3
Samantha received $300 from her grandparents for her Junior
13
High School graduation. Samantha’s mom suggested that she
put the money into her savings account but Samantha plans to
buy a hot new Marc Jacob’s handbag.
Stage 2 Saving
How Patient am I?
What is Samantha’s opportunity cost if she puts
her graduation money into her savings account?
What is Samantha’s opportunity cost if she buys a
new handbag with her graduation money?
Opportunity Cost
When you choose one thing you
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Situation #4
$8,000. This summer would also be a great time to remodel
the kitchen, which would cost about the same amount as the
trip to Florida.
What is the opportunity cost if the Smiths take a
family vacation to Disney World Florida?
What is the opportunity cost if the Smiths
remodeled their kitchen?
I can
Wait.
of having 19
a
Working with IMI
Human
Capital
Family
meetings
Innovative
Workshops
Engaging
Live Events
Collaborative
Conferences
1. Initial Meeting
2. Personalized Plan
Working with family leaders, we assess family needs,
We develop a comprehensive financial education
capabilities, and concerns. We also offer an introduc-
strategy for each family member. We determine
tory activity to help the whole family understand and
what content to deliver, how often sessions
appreciate the learning process ahead.
should be held, and whether a licensed agreement or programs led by an IMI trainer is the
best fit for your family.
20
Live
Values
Realize
Goals
Set
Expectations
Walk
the
Talk
Build a
Network
Find
Purpose
Audit the
Auditor
Leverage
Passion
Sustain
Legacy
3. Delivery
4. Taking it Home
Over the next one to three years, you or your IMI
Our aim is to help families develop valued,
trainers will deliver regular training relevant to the
proud, empowered family members. Lifelong
family’s core needs. The curriculum is designed for
learners can either join IMI for additional training
trainers to offer continuous feedback, evaluation,
or connect with one of our next-step experts to
and consultation to parents and next-gen members.
further their education.
Additional materials and client services give parents
and mentors tools to use between training sessions.
21
Camp Start-Up
®
PRESENTED BY
Our residential program introduces teens to key concepts of financial
fluency and inspires them to unleash their entrepreneurial spirit.
LEARN LIFE SKILLS
THAT MATTER
• Speaking and Presenting in Public
• Networking with Mentors
• Finding an Audience
• Working in a Team
• Managing Money
• Making Ideas Real
OTHER WAYS CSU
UPGRADES YOUR BRAIN
• Field Trips
• Improv Classes
• Daily Games
• Speakers and Panels
GREAT FAMILIES ORIENTATION
TWO-DAY
SEMINAR
We explain the Great Families curriculum, activities, and
unique instructional approach for teaching financial fluency
and building great families. This two-day seminar is for family
office executives, educational specialists, and family leaders.
Launch Prep
Many of today’s twentysomethings now face a paralyzing
task: deciding what they want to do and how to get there.
Compounding their challenge: unemployment is at its
highest rate in over twenty years. Cruising job posting
boards just isn’t enough to get a job let alone a great one.
Independent Means’ Launch Prep is an inspiring and
practical workshop that helps young people develop
intentional plans for careers, education, and exploration.
In intimate sessions we arm them with tools to make the
best of their assets and talents.
FINANCIAL CREATIVES
SANTA BARBARA, CALIFORNIA
A four-part financial education workshop
for creatively minded people
• Participants develop skills necessary to excel in fields of leadership,
entrepreneurship, philanthropy, and wealth management
• Learning Labs for Financial Creatives transforms anxiety and
disinterest into intentional engagements
• Acquire a level of financial confidence and fluency that facilitates
family leadership and growth-and is at least as much fun as a day
on the slopes or an afternoon at a spa
For dates, pricing, registration, and more IMI live events go to
w w w . i n d e p e n d e n t m e a n s. c o m
or call
805.965.0475.
23
Joline Godfrey is the CEO of Independent Means, an innovator in financial education for
children and families. Her work gives families new tools for developing their human capital
and raising children growing up in the midst of abundance. Joline is the author of Raising
Financially Fit Kids (a new edition will be published in June of 2013, Random House), Our Wildest Dreams: Women Making Money, Having Fun, Doing Good; No More Frogs To Kiss: 99 Ways to Give
Economic Power to Girls; and Twenty $ecrets to Money and Independence: The DollarDiva’s Guide to Life.
Godfrey grew up in a family business in Maine. She began her career with a focus on family therapy and spent a decade as the in-­house clinician and executive at the Polaroid Corporation before that company succumbed to the disruptions of digital photography. After
selling a spin-off from Polaroid, Godfrey’s focus turned to financial education, and for
more than two decades she has been exploring ways to help families develop their financial
fluency as a strategy for leveraging human and financial capital, generation to generation.
Godfrey is a graduate of the University of Maine and earned her MSW degree from Boston University. She was awarded an Honorary Degree in Business from Bentley College in 1995. She
was a Kellogg Leadership Fellow and the recipient of the Leavey Award for Excellence, as well as
the Beta Gamma Sigma Entrepreneurship Award. She has been recognized in features for The
Today Show, Oprah, Fortune, Business Week, The New York Times, and others. You can follow her
blog at: http://www.independentmeans.com/imi/category/joline/
1209 ½ De La Vina St, Santa Barbara, CA 93101
T 805.965.0475
F 805.965.3148
www.independentmeans.com