“we want our family to be financially savvy, but we don’t know … the program includes more...

“We want our familyto be financiallysavvy, but we

don’t know where or how to begin.”

Great Families ProgramI N D E P E N D E N T M E A N S I N C.

t the heart of Independent

Means is the Great Families program, a comprehen-

sive, 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 experi-

ences 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

1. KNOW HOW TO SAVE: Figure out how to make com-

pound interest work for you.

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 opportunities

are boundless, but you need to know how to ask for

what your work is worth.

4. SPEND WISELY: Your personal financial sustain-

ability depends on careful and thoughtful use of

your resources.

5. 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. LIVE A BUDGET: This is a way of staying in control of

your life, not being controlled by others.

7. UNDERSTAND HOW TO INVEST: Passive income is

critical to building and sustaining one’s options. Think-

ing “someone else” will take care of investing for you

is one of the biggest mistakes you can make.

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: Philan-

thropy is not just about giving time, but about stew-

arding real assets to the priorities that matter to you.

10 BASIC MONEY SKILLSThe 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 ever-changing global economy.

4

THE LAUNCHStage 5 (19+)

Launches a career and/or a serious

labor of love

Understands why and how to develop strong credit ratings

Engages with the community

Takes action to prepare for near- and long-term financial future

Standing TallStage 4 (16-18yo)

Actively saves, spends, invests

Connects goals, future plans, and saving

Experiences responsibility for others and self

Able to talk about money and

plan future

Understands money as power

Shows developing capacity for economic

self-sufficiency

Beginningthe JourneyStage 1 (5-8yo)

Counts coins and bills

Understands the value and purpose

of money

Learns to differentiate

between wants and needs

Encouraging Passions

Stage 2 (9-12yo)

Can make change

Initiating behavior and entrepreneurial

spirit

Can balance simple accounts and keep up with savings account

Breaking AwayStage 3 (13-15yo)

Can shop comparatively

Understands time-money relationship

Begins to earn money; initiates small ventures

Commits to saving goals

Has basic understanding of investment

Practices Philanthropy

Can read bank statement

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.

DEVELOPMENTAL STAGES

5

1Stage 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.

Beginning the Journey

Money (new in 2013)What is money? How are credit cards and

paper money alike and different? What does

money buy? How else do people get the

things they want and need? This module

answers these questions and more as

participants are introduced to ideas about

money and the economy.

SavingLike learning to brush our teeth, financial

values and language are best acquired early.

This module includes parental messages,

habits, and skills for the beginning saver.

SpendingDistinguishing needs from wants and learn-

ing about cash and spending patterns is

critical for developing good spending habits.

This module includes a variety of games

and activities that build early awareness and

good decision-making skills.

Time, Treasure, TalentPhilanthropy is an effective tool for develop-

ing generosity, ethical conduct, and compas-

sion in children. The activities in this module

help children identify how to use their time,

skills, and savings to help others.

6

Tuck Gets An Allowance

Tuck Gets An Allowance

Tuck Gets An AllowanceThis storybook introduces basic con-

cepts of an allowance plan as children

help Tuck the dog save, spend, and

share his bones each week.

The Ant and the GrasshopperThis companion to the Savings

module illustrates the importance

of saving through the fable of “The

Ant and the Grasshopper,” known

for its moral lesson of hard work

and preparation.

Pigs Will Be PigsKids 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.

The Ant and the Grasshopper

© Independent Means Inc. all rights reserved

7

2Stage 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.

Encouraging Passions

Self-AssessmentParticipants share what they know, learn more

about their attitudes toward money, and discover

new topics to pursue in this introductory module.

Allowance 2.0An allowance is a tool for practicing money

management. This module helps parents and

children get on track with an allowance program

that successfully builds key financial habits.

SavingSaving in the context of the tween years includes

an understanding of the rewards of compound

interest and delayed gratification. The activities in

this module emphasize sustaining resources and

planning for the future.

PhilanthropyUsing tweens’ own interests as vehicles for explor-

ing philanthropy, this module gives young people

direct experience with making a difference.

EntrepreneurshipThe ubiquitous lemonade stand is a timeless

reflection of young initiative. This module seeks

to capture and encourage that early spirit of

inventiveness, while going well beyond the

lemonade stand.

Hard ConversationsAwkward or difficult social situations begin to

emerge during this stage of life. This module offers

practice and strategies for dealing with difficult

social situations related to money.

8

Money$core® AssessmentGet a baseline on financial competency. Score each child on a scale of 1-5.

1 = Clueless and 5 = Financially Fit

www.independentmeans.com

Ten Money Skills Age 5-8 Age 9-12 Age 13-15 Age 16-18

How To Save

How To Keep Track Of Money

How To Get Paid What You Are Worth

How To Spend Wisely

How To Talk About Money

How To Live A Budget

How To Invest

How To Exercise The Entrepreneurial Spirit

How To Handle Credit

How To Use Money To Change The World

TOTAL

MoneyScoreChildren and parents get a baseline for

their understanding of the Ten Money

Skills through our self-assessment.

As children and parents re-take

the assessment over time, they will

observe their growth.

Money StyleIs your kid a spendthrift? A hus-

tler? Oblivious? This quiz helps

families and children recognize their

financial personality as a step toward

self-sufficiency.

Tuck Feeds His FriendsThis book introduces budgeting and

comparison shopping at the grocery

store. Participants help Tuck the dog

plan and budget a meal for his friends.

Tuck Feeds His Friends

A tool for understanding your children’s financial behavior

Money Styles Assessment

1209 1/2 De La Vina Street

Santa Barbara, CA 93101

Telephone: 805-965-0475


© Independent Means Inc. All Rights Reserved.

Spendthrift

Scrimper

hoarder

beggar

huStler

obliviouS

giver

9

3Stage 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.

Breaking Away

Self-AssessmentAn updated MoneyScore® assessment, a

clarification of values, and an introduction to

family legacy and stewardship are activities

included in this module.

Allowance ManagementIn this module, teens develop budgeting

skills as a tool for managing cash flow,

windfalls, and emergencies, and they make

choices based on personal values to guide

their financial behavior.

PhilanthropyA growing awareness of causes and concerns

must be paired with a thoughtful approach

to philanthropic strategy and a connection

to the work done through foundations. Teens

use this module to learn about charitable

giving, social enterprise, policy, and activism.

Saving and InvestingAn overview of savings tools as well as an

exploration of basic investing methods offer

a more sophisticated understanding of sav-

ings financial management.

Credit and TrustThis module covers credit scores, debt, trust,

and ethics as a foundation for managing

personal finance.

Career“Who am I?” is the central question at this

age, and this module helps participants

search for the answer as they identify the

passions and interests that drive possible

future careers.

EntrepreneurshipWhether children have any interest in

family businesses or not, these are highly

creative years. Helping teens link their

most creative urges with entrepreneurial

skills is the focus of this module.

Hard ConversationsThis module provides practice with financial

etiquette and sticky situations so that young

teens can face potentially embarrassing

questions and awkward social situations with

a plan.

10

Young Stewards 2011

10

ConnectionsCell 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)

Digital Cable

Nothing

Basic Service

Premium

Internet Service

Nothing

Cable/DSL

High Bandwidth Cable Modem/DSL

Home FurnishingsYou’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

Buy used furniture and appliances

Buy all new stuff

EntertainmentWhen spending for entertainment, are you a ...?

Thrifty Spender ____

(Watch movies online and dvd, go to free concerts,

enjoy hiking and biking)

Moderate Spender ____

(Go to the movies about once a week, see local

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.)

Participant Guide

Horse Cents

Independent Means, Inc.

© Independent Means, Inc. All rights reserved.

Budget SavvyTeens imagine themselves as newly

independent 24-year-olds in this

immersive preview of adult life.

In this simulation, teens pick a

career, make lifestyle choices, and

experience the outcomes of their

choices as they learn the essentials

of allocating income.

Horse CentsYoung 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

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 aMovie TicketIn 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 GirlsTake 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

4Stage 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.

Standing Tall

Self-AssessmentThis module includes a suite of assessment tools. The

goal is a shift from uncertainty to competency, with

teens fully understanding the financial skills they are

comfortable with, and those they need to build.

Legacy and StewardshipThis module focuses on family history, shared val-

ues, and legacy as keys to balancing the privileges

and responsibilities of human and financial capital.

Money ManagementThe module emphasizes budgets, allowance manage-

ment, cash flow, and situational financial choices.

Savings and SustainabilityAn introduction to building and sustaining wealth using

various savings and investment tools. This module is

aimed at helping young people make thoughtful choices

about lifestyle needs and income required to sustain

goals and passions. It includes an emphasis on building

language sufficient to have effective conversations with

the family office and advisors.

PhilanthropyTeenagers care deeply about social causes and the

needs they see in their immediate lives. This module

encourages a strategic, proactive approach to philan-

thropic engagement. Teens develop their own mission

statement and giving criteria through this module.

CareersThis module includes strategies for exploring interests

specific to each participant and helps participants better

understand the process of choosing a career and seeking a

job. IMI can also provide help with internship placements.

EntrepreneurshipThe 21st century requires a more entrepreneurial

approach to life and career. Whether joining the family

business; starting one’s own; or pursuing the arts,

fashion, education, non-profits, or science, the ability to

create and manage a balance sheet and marshal one’s

own leadership potential is vital to sustaining assets and

financial independence.

Hard ConversationsBasic financial etiquette now evolves to a more complex

set of life issues: dealing with the demands of friends

and dating partners as well as contemplating issues

that include entertainment, gifts, loans, and business

opportunities.

CreditThis module ranges from a heightened emphasis

on the power of credit scores to the use of credit as

leverage in business.

Beneficiary DevelopmentDesigned for people on the brink of first meetings

with trust attorneys, this module is an introduction to

trusts and fiduciary responsibilities.

12

Participant Guide

The Year of the Car

Independent Means, Inc.

© Independent Means, Inc. All rights reserved.

Year of the CarWhen you get a free car, is it really free?

There are a lot of costs to owning a car

that are not the purchase price. Many

of these costs can be anticipated and

planned for. Depreciation is a sneaky

hidden cost of ownership.

Buck & Bill’sHappy Birthday, Now Sign This

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-

force their newly acquired language.

Camp Start-UpOur 12-day residential program inspires

teens to unleash their entrepreneurial

spirit. Team projects, field trips, and

speakers from some of Silicon Valley’s

most recognized companies all teach

innovation, social responsibility, personal

finance, and using shared resources to

achieve greatness.

Fashion & FinanceThis multi-generation program

introduces young fashionistas and

their mentors to different aspects of

business with an exclusive behind-

the-scenes adventure through the

NYC fashion industry.

Camp$tart-Up®

2013FASHION & FINANCENYC

13

5Stage 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.

THE LAUNCH

Personal Economic Mission StatementPerspective changes as we grow older, and young

adults are faced with new expectations. This module

helps participants take stock of financial values in

order to build a mission statement that will guide

them through big decisions and opportunities.

Investing for LifeTrust beneficiaries have an obligation to understand

reports provided by advisors, to be vigilant about

counsel received, and to make the best decisions

in the face of conflicting advice. This module helps

prepare participants for the complex financial advice

and choices facing them.

PhilanthropyYoung 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 AccountabilityFinancial 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 ControlNext-generation members will have many opportuni-

ties 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.

Prenup Prep: Readiness for a New Way of Being

This module explores prenuptial agreements in the

context of family assets and responsibilities. It gives

participants a deeper understanding of the benefits

and objectives of thoughtful preparation while provid-

ing strategies for managing the process.

Why Credit MattersThis module covers the many reasons why credit is

important, even for people with considerable assets.

Learning how to assess investment versus consump-

tion, understanding the role of due diligence, and

knowing when and how to use good advisors are some

of the topics that are explored.

Opportunities andResponsibilities of OwnershipWhat 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 TransferWhen surrounded by expert tax attorneys, accoun-

tants, 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.

14

Launch PrepIndependent 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 CitizenshipWhether 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

Raising Financially Fit KidsJoline Godfrey gives parents the secrets and

knowledge she has gleaned from working with

kids on financial literacy and business in this

book. Centered around colorful developmental

maps for covering 10 specific money skills all

young people should master, Raising Financially

Fit Kids helps parents send their children into

the world as balanced, financially stable indi-

viduals who are contributing members of both

their family and community.

The SourceThe Source is our creative guide to financial educa-

tion and wealth preparation. Each issue focuses

on one core money skill—one issue might be all

about saving, the next might be raising globally

aware kids. Inside each edition you’ll find a letter

from Independent Means founder and CEO Joline

Godfrey, practical advice for teaching the skill no

matter how old your children are, step-by-step plans

for an activity you can run at home, and other great

resources. Think of it as a regular training note from

your family’s personal financial education coach.

White Papers & ArticlesOur client-exclusive white papers provide in-depth

looks at core topics in financial education, wealth

preparation, and family human capital development.

Learning LabsAcquire financial fluency with a community of

people who think of money as a means of making a

difference, not an end in itself. Over the course of

four quarterly courses, each in a beautiful setting,

we’ll help you feel comfortable as a family leader.

Pop-Up Think TankParticipants join with thought catalysts Greg

Brandeau (former Chief Technology Officer Pixar/

Walt Disney Studios), Joline Godfrey (CEO of

Independent Means Inc), Alan B. Houghton

(Senior Vice President and Head of Pitcairn’s

New York Office), and journalist Frank Rose

(Wired) to explore the most innovative uses of

21st-century storytelling technologies to help

families make the journey from “good to great.”

MoneyScoreThis assessment tool gives you language and con-

cepts for opening the conversation with your children

about money management and financial fluency.

Personal ConsultationsJoline Godfrey offers consultations with family lead-

ers and family office executives who want to explore

taking their families from good to great.

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.

Tools for Money Mentors

16



Telephone: 805-965-0475


“You can’t make a place for yourself in the

sun if you keep taking refuge under the

family tree.”

The Launch: How Great Families Develop the Next GenerationJoline Godfrey with David Wegbreit

June 2011

© Independent Means Inc.

The Clothing Allowance

Page 1



Telephone: 805-965-0475


Parents Ask:

The Clothing Allowance

Joline Godfrey

CEO, Independent Means Inc.

October 2011

Recently, a parent wrote to ask:

What is a “fair” or realistic budget for clothing for a girl in a family with an income

of $300,000? I was thinking of giving my 16-year-old clothes horse $100 a

month for clothes. She also gets $25 a week for allowance; that’s $200 a month.

I want to encourage a work ethic, but she says there’s no reason for her to

work. She’s not interested in saving for a car; she says she won’t need one.

My daughter became very resentful and bitter when I decreased her clothing

budget in the past, because she feels we can afford to clothe her in the way

she’d like to become accustomed.

Next year is a tough year academically—all honors and two AP courses, so she

may not have too much time to work, except for occasional babysitting. I have

heard of parents who match what their kids earn and put it in the bank if th

e

kids will save half of what they earn. What do you think of this matching policy?

Kids and Money: What’s F

air?

“How much?” is one of the most common questions I get from parents. How much for an

allowance? How much for clothes? They often follow that question with more information that

tells me the “how much?” question isn’t at the heart of the issue.

Indeed, parents’ concerns, though expressed as a question of “how much?” often are not just

about the money, but about how to raise great kids, kids who exercise good financial judgment,

who master financial skills that will serve them for a lifetime and who understand that life is not

just about them, but about how they function in the context of family, friends, and community.

© In

dependent Means I

nc.

Gettin

g Sta

rted

Page 1

1209 1/

2 De L

a Vina S

treet

Santa B

arbara

, CA 9

3101

Telephone: 8

05-965-0

475

www.independentm

eans.com

Getting

Started

:

Kids an

d Mone

y

Joline

Godfre

y

CEO, Inde

pend

ent M

eans

Inc.

June

2011

One qu

estion

more

than

any o

ther e

mbodie

s the

good

inten

tions

of

most fa

milies w

hen i

t com

es to

raisin

g fina

ncial

ly cap

able

child

ren:

how sh

ould

we get

starte

d?

While man

y pare

nts have

aske

d this q

uestion

in va

rying f

orms, f

ew have

convey

ed th

e hea

rt of

it as w

ell as

one f

amily,

whom I’l

l refer

to as

the J

affes.

The Jaff

es sen

t me a

note as

king w

hat

they sh

ould do a

bout th

eir th

ree-ye

ar-old

son N

oah an

d nine-yea

r-old dau

ghter

Hale

y, which

I share

below.

In shari

ng it an

d my r

espon

se, I h

ope t

o con

vey a

few es

sentia

l facts

abou

t gett

ing star

ted: fi

rst,

that fam

ilies m

ust choo

se ag

e approp

riate

approa

ches;

seco

nd, that

repeti

tion an

d consis

tency

are vi

tal—

this is

a proc

ess, n

ot an

even

t; and th

ird, th

at fam

ilies m

ust be c

lear in

the v

alues

they are

trying t

o con

vey.

The Q

uery:

Our bigg

est iss

ue is im

pressin

g upon

the c

hildren

exac

tly what

money

is—what

it mea

ns, how

it rela

tes to

them

, etc.

Gett

ing an al

lowan

ce m

eans n

othing t

o them

; when

we a

sked th

em if

they wan

ted an

allow

ance

, and ev

en af

ter we e

xplain

ed th

at it m

ean th

ey wou

ld rece

ive m

oney

from us o

n a peri

odic

basis,

the kids lo

oked

at us b

lankly

and sa

id no. They’

re pret

ty much

a

blank s

late.

Our end go

al is f

or them

to ap

preciat

e how

fortu

nate th

ey, an

d we as a

family,

are

compara

tively a

nd also

to help

them

learn

abou

t budge

ting a

nd savin

g, to

give t

hem to

ols th

at

will stic

k with

them

later

on in

life.



Telephone: 805-965-0475


“One cannot train a child haphazardly to

shepherd financial and human capital and

expect they will become proficient adults any

more than the weekend athlete will make it to

the national trials for Olympic competition.”

Financial Education as World Class Preparation

Joline Godfrey, author of Raising Financially Fit Kids

2011

Raising Financially

Fit Kids

Joline Godfrey

Revised and

Updated

January–February 2011The Source © Independent Means Inc. 2011 all rights reserved

Page 3

Money Map Giving BetterInstill conscientious giving: give to make the world made better, not to feel better.

Age/Stage Activities Resources

5-8 • Each week, set aside a portion of their allowance (say, 10%)

in a giving jar. Once a quarter, let them decide where to

donate.

• Start an Annual Day of Volunteering as a family tradition.

Those Shoes by Maribeth Boelts and Noah Z. Jones conveys the spirit of philanthropy through one boy’s decision to give away the shoes he thought he needed.

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

skill.

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.

13-15 • Encourage teen philanthropy by offering to provide seed

funding for a friend’s-only giving circle.

• While teens are still figuring out what their priorities are,

encourage them to do one-day projects. A day off from

school can be the incentive that helps them find their

philanthropic passion!

Viso’s YouTube channel Give features great videos from non-profits around the world.http://bit.ly/IMI_Give

DoSomething.org makes it easy for teens to find philanthropic initiatives by area of interest, location, or time span (including one-day projects).

16-18 • Encourage autonomy by sending teens on philanthropic field

trips.

• Microlending can engage kids in thoughts about giving

critically in a place where they’re already comfortable:

online.

Habitat for Humanity is recruiting for its Disaster Corps, a group of volunteers that will respond to short-term, post-disaster needs and long-term recovery. Find out more or register online.http://bit.ly/IMI_Habitat

Last July, Google hosted a Tech Talk introducing the fundamentals of strategic philanthropy.http://bit.ly/IMI_GooglePhilanthropy

19+ • Help teens prepare for the next stage of their lives (college,

the family board, etc.) by inviting them to join (or establish)

a next generation committee.

• Send adult children philanthropic conferences this year. The

people they meet may change their lives.

Credit Suisse has written an insightful white paper on engaging the next generation in family philanthropy. http://bit.ly/IMI_CS

The Council on Foundations, Lido Family Consulting, and the Bioneers have exciting conferences in 2011.

1 March-April 2011 © Independent Means Inc. all rights reserved

Letter from Joline

The New TWA

Today’s kids are global and wired in

a way that brings Ray Bradbury sci-fi

to life. They tweet friends around the

world, live for semesters overseas, and

are as comfortable using Skype to chat

with traveling parents as their grandparents were sending Western

Union telegrams (remember those?). For months, the news has

been driven by events somewhere off of our shores. From the tumult

in the Middle East and North Africa to the disasters in Japan, young

people are sharing what they see through media their parents and

grandparents still use awkwardly: Twitter, YouTube, Facebook, etc.

But worldly travel and net access is not the same as worldwide

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

still going on) and speaking with wealth managers for some of Europe

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

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

other (youth unemployment is still at its highest rate since 1983) but from

graduates from abroad with at least equal skills and greater motivation.

Speak English? Graduates from Spain, China, India, and South Africa

do too—and they speak two or three or four other languages. Went to a

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.

Call it the new TWATrans World Awareness

The Source 2

10 Basic Money skills1. KNoW hoW To SAvE: Figure out how

to make compound interest work for you.

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

opportunities are boundless. But you need to

know how to ask for what your work is worth.

4. SPEND WISELy: your personal financial

sustainability is as important as environmental

sustainability—and the two are connected.

5. KNoW hoW To TALK ABoUT MoNEy:

Uncomfortable when topics connected to

money come up? Being able to converse

about sticky issues like “who pays”; what

you can afford; privilege and need, etc.

will give you greater self-confidence.

6. LIvE A BUDGET: This is a way

of staying in control of your life, not

being controlled by others.

7. 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. 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:

Philanthropy is not just about giving

time, but about stewarding real money

to the priorities that matter to you.

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.

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.

In this issue we offer support to help develop globally aware children.

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

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,

11. KEEP a FinGeR on

THe PUlse oF THe WoRlD: Understand how the news from thousands of miles away impacts your assets—human and financial.in

TH

is is

sU

e

March-April 2011

Your creative guide to financial education & wealth preparation.The Source

Raising Globally Aware Children

Letter From JolineThe New TWA: Page 1

Basic Money SkillFinger on the Pulse of the World: Page 2

Money MapGlobal Kids: Page 5

Money SkillSunday Times Trivia: Page 6

Great Families Are…Learning on the Ground: Page 7

Save These Dates!Live Events in 2011: Page 9

Coming Events: More on Page 6

Camp Start-UpJuly 29-August 7, 2011

Indie Girls Two-Day AdventureAugust 8-9, 2011

Launch PrepMay 23-24, 2011


Inside this Edition:

Trans W

orld Awarene

ss

17

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:

Saving

2

Saving Time Frame: Approximately 2 hours

The PlanThis 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 Partici-

pants 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.

Goals• Orient participants to the habits and function of saving and sustainability, why and how.

• Explore familiar savings vehicles: a piggy bank and a bank savings account.

• Emphasize goal setting in relation to successful saving and sustainability practices.

• Introduce compound interest, delayed gratification and opportunity costs.

Big Ideas• We save money, time, and resources so they will be available in the future, for emergencies, continued

use, and big goals.

• 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.

• Compound interest is money that is made when you deposit money in a bank.

• Set big and little goals, then keep track of how you reach those goals.

Materials• Participant Guide

• Saving Digital Presentation

• Computer with Internet Access and Projector

• Easel Chart and Markers

• Pencils

• Colored Pencils

• Cookies (Two per participant)

• Savings Option Kit (Contains a piggy bank, a jar, a

wallet, a purse, and a coin collection book)

• Compound Interest Kit (Contains 3 envelopes, ex-

tra play money and coins for the bank, calculators)

• Situation Cards

• How Patient Am I? Poster

Saving

3

Expectations• Participants will appreciate the importance and possibilities of conserving and sustaining money and

other resources.

• Participants will practice setting short-term and long-term goals.

• Participants will grasp the concept of compound interest.

• Participants will be exposed to delayed gratification and opportunity costs.

Key TermsCompound Interest: Money that makes money. The money you put in a savings account earns interest.

The bank then pays you interest on your interest which is called compound interest and makes your

money grow faster.

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.

Deposit: Money put into a savings account at the bank, or into your piggy bank. The deposit in 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.

ExpectationsUnderstand what suc-

cessful completion of

this module looks like

before you start.

Key TermsTurn to our glossary

for stage-specific

definitions of all the

vocabulary introduced

in the module.

PlanRead a quick overview

of what’s happening in

the module and in each

section within it.

GoalsTeach with the confi-

dence that you know

the module’s aims.

Big IdeasStress these core ideas

during the session

and review them with

participants afterwards.

MaterialsSee what you need

before you start teach-

ing. Will this require a

projector? Colored pen-

cils? Internet access?

How the Materials Work

18

Saving

13

Trainer Action Trainer Prompts Materials1. Display the items

in the Saving Options

Kit and discuss. Write

participants’ responses

on the easel chart.

These are all ways to save money. Where do you keep your

money?

We use these containers to hold and collect our money. The

coin collection book helps us track the coins we’ve collected.

How do we keep these collections safe?

Like cash, we keep anything we want to collect in safe

places. Sometimes people keep a safe in their house, but

often we use a bank to keep things safe. A bank keeps our

money and collections safe. For what other reasons do we

put the money from our piggy banks and wallets in the bank?

Saving

Digital

Presentation

Computer

and

Projector

Easel Chart

and Markers

Saving

Options Kit

2. Explain and discuss

the differences between

piggy banks and savings

accounts.

Click to slide 13

Let’s compare piggy banks and bank savings accounts.

A piggy bank is a place where you can store your money

at home. People usually keep their piggy banks in their

bedroom and they can reach their money easily and quickly.

3. Introduce interest,

deposits, withdrawals,

and statements. Show

participants an actual

bank statement, if

possible.

Click to slide 14

Click to slide 15

Click to slide 16

Keeping money inside a piggy bank is better than storing

money inside your wallet or in your pockets. Why?

Answers will vary but may include:• If you keep money in your wallet you are more tempted to

use it.

• If you keep money in your pocket you may lose it.

What can a bank do that a piggy bank or a home safe can’t?

Answers will vary but may include:• The bank has a vault, where money and other valuable items

are kept. The bank protects you money but you have to physi-

cally go to the bank put you money into your account.

• Have you heard the saying ‘make your money grow’? One of

the best things about a savings account is that just by leav-

ing your money in the bank, you can earn more money. The

bank pays you to keep your money in a savings account.

The money the bank pays you is called interest.

Trainer ActionKnow when you need to change

topics, distribute materials, or

advance to the next slide.

Trainer PromptsFind your own words or

use our script to explain

tough concepts easily.

MaterialsQuickly see what

participants need and

when they’ll need it.

Gimme Now!

I can Wait.

Stage 2 Saving

How Patient am I?

Situation #1

Candace is the new student on campus and she just got invited

to go to the mall with a group of kids after school. But Candace

already has an appointment to meet with her Math tutor after

school.

What is Candace’s opportunity cost if she goes to

the mall with the group?


her Math session after school?

Situation #3

Samantha received $300 from her grandparents for her Junior

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.

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?

Situation #4

Mr. and Mrs. Smith are making plans for the upcoming summer

break and they are thinking of taking a trip to Disney World

Florida with their two children. The trip would cost them

$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?

Situation #2

Michael is excited to see the new Super Hero movie and he

plans on seeing it the day it comes out. As it turns out, Super

Hero comes out on Thursday night but Michael has an English

test on S.E. Hinton’s The Outsiders on Friday and he hasn’t

finished reading the book.

What is Michael’s opportunity cost if he goes to

see Super Hero on Thursday night?

What is Michael’s opportunity cost if he studies

for his English test?

Situation #1Candace is the new student on campus and she just got invited



school.

What is Candace’s opportunity cost if she goes to the mall with the group?

What is Candace’s opportunity cost if she goes to her Math session after school?

Situation #3Samantha received $300 from her grandparents for her Junior




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?

Situation #4Mr. and Mrs. Smith are making plans for the upcoming summer





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?

Situation #2Michael is excited to see the new Super Hero movie and he





What is Michael’s opportunity cost if he goes to see Super Hero on Thursday night?

What is Michael’s opportunity cost if he studies for his English test?

Situation #1Candace is the new student on campus and she just got invited



school.


the mall with the group?What is Candace’s opportunity cost if she goes to


Situation #3Samantha received $300 from her grandparents for her Junior



buy a hot new Marc Jacob’s handbag.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


Situation #4Mr. and Mrs. Smith are making plans for the upcoming summer





trip to Florida.


family vacation to Disney World Florida?What is the opportunity cost if the Smiths


Situation #2Michael is excited to see the new Super Hero movie and he




finished reading the book. What is Michael’s opportunity cost if he goes to

see Super Hero on Thursday night?What is Michael’s opportunity cost if he studies


Opportunity Cost When you choose one thing you give up the opportunity for something else.

For breakfast I had

So I gave up the OPPORTUNITY COST

of having

Supplemental ItemsCards, posters, digital pre-

sentations, worksheets, and

games engage participants

and give them opportunities

to interact with the content.

Situation #1

Candace is the new student on campus and she just got invited



school.


the mall with the group?



Situation #3

Samantha received $300 from her grandparents for her Junior




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


Situation #4

Mr. and Mrs. Smith are making plans for the upcoming summer





trip to Florida.


family vacation to Disney World Florida?

What is the opportunity cost if the Smiths


Situation #2

Michael is excited to see the new Super Hero movie and he





What is Michael’s opportunity cost if he goes to

see Super Hero on Thursday night?

What is Michael’s opportunity cost if he studies


19

1. Initial MeetingWorking with family leaders, we assess family needs,

capabilities, and concerns. We also offer an introduc-

tory activity to help the whole family understand and

appreciate the learning process ahead.

2. Personalized PlanWe develop a comprehensive financial education

strategy for each family member. We determine

what content to deliver, how often sessions

should be held, and whether a licensed agree-

ment or programs led by an IMI trainer is the

best fit for your family.

Working with IMI

Innovative Workshops

Collaborative Conferences

Engaging Live Events

Family meetings

Human Capital

20

3. DeliveryOver the next one to three years, you or your IMI

trainers will deliver regular training relevant to the

family’s core needs. The curriculum is designed for

trainers to offer continuous feedback, evaluation,

and consultation to parents and next-gen members.

Additional materials and client services give parents

and mentors tools to use between training sessions.

4. Taking it HomeOur aim is to help families develop valued,

proud, empowered family members. Lifelong

learners can either join IMI for additional training

or connect with one of our next-step experts to

further their education.

Walk the Talk

Leverage Passion

Sustain Legacy

Set Expectations

Realize Goals

Build a Network

Audit the Auditor

Live Values

Find Purpose

21

LEARN LIFE SKILLSTHAT MATTER• Speaking and Presenting in Public• Networking with Mentors• Finding an Audience• Working in a Team• Managing Money• Making Ideas Real

Our residential program introduces teens to key concepts of financial fluency and inspires them to unleash their entrepreneurial spirit.

Camp Start-Up® PRESENTED BY

GREAT FAMILIES ORIENTATIONWe 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.

OTHER WAYS CSU UPGRADES YOUR BRAIN• Field Trips • Improv Classes• Daily Games• Speakers and Panels

TWO-DAYSEMINAR

www.independentmeans.com/imi/camp-start-up

http://www.kiva.org/about/how

FINANCIAL CREATIVESSANTA BARBARA, CALIFORNIAA 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

www. independent means.comor call 805.965.0475.

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.

Launch Prep

23


http://www.independentmeans.com/launch-prep/

1209 ½ De La Vina St, Santa Barbara, CA 93101 T 805.965.0475 F 805.965.3148


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 Wild-

est 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 fam-

ily therapy and spent a decade as the in- house clinician and executive at the Polaroid Cor-

poration 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 Uni-

versity. 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/

http://www.independentmeans.com/imi/category/joline/

“we want our family to be financially savvy, but we don’t know … the program includes more...

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