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Head Start Bootstraps

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Chase Parker

on 12 July 2013

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Transcript of Head Start Bootstraps

Money and Stress
Asset Building Continuum
An asset is simply something of value to you.
1.
Traditional Financial Education
Barriers
Income, money and time are frequently considered the primary barriers to achieving our goals.
1.
1.
Values and Behaviors
What is a Personal Value?
Something important to you.
“Ideals by which you live your life.”
Growth
Community
Affection
1. Frank Wouters
1.
Exercise: Personal Values
Please circle your top ten Values from the list in your packets.
Now list your top 5 personal values in no specific order.
Are Values Fluid?
Education
Fun
Freedom
Kindness
Courage
Family
Job Security
Health
Patience
Influence
Personal Behavior
List one personal behavior that supports each of your listed values.
Personal Value: Health
Personal Behavior: I exercise 3 times
a week
We all have things that are important to us but we all do things that are not in alignment with our values.

It is a human condition.
Personal Value: Health
Personal Behavior: I ate a dozen donuts
this morning
List one personal behavior that contradicts each of your listed values:
We all have things that are important to us but we all do things that are not in alignment with our values.

It is a human condition.
“Don’t worry that children never listen to you; worry that they are always watching you.”
– Robert Fulghum
75%
of Americans say that money is their biggest stressor, according to survey by the APA .
80%
of all medical expenditures are stress related, according to the CDC’s estimates.
Health related debt is the number one cause of personal bankruptcy in the U.S. according to a 2007 Harvard University Study.
Rule #8: Stressed brains don’t learn the same way.
Your brain is built to deal with stress that lasts about 30 seconds. The brain is not designed for long term stress when you feel like you have no control.

Stress damages virtually every kind of cognition that exists. (Memory and executive function, motor skills, immune response, ability to sleep)
John Medina, Brain Rules
You have one brain.

The same brain you have at home is the same brain you have at work or school.

The stress you are experiencing at home will affect your performance at work, and vice versa.
Money and Stress
Finances
play one of the biggest roles in a person’s day-to-day
stress
.

Stress
, as it turns out, is one of the biggest factors in a person’s
health
.

And
health
is one of the largest burdens on personal
finances
!
Employees & Financial Stress
Personal finance is the
#1
personal issue causing stress in the workplace. (ComPsych printed in USA Today)

Up to
40%
of employees report stress over personal finances which leads to lost productivity, increased absenteeism, and a loss of job satisfaction and motivation. (Garman, Leech & Grable)
OK – So money is the number one cause of stress…
Remember, money is simply a tool.

And our values drive our behavior around money.

We decide what we do with our money.
What is the difference between a want and a need?
Wants and Needs
What are some influences on determining your wants and needs?
Message in Our Head
Marketing:


Advertising:
All strategies used to get you to willfully give up your money.
One strategy used to get you to willfully give up your money.
How much is spent on marketing per year?
$400,000,000,000
“By the time we reach the age of
sixty-six
, most of us will have seen approximately
two million
television commercials. Time-wise, that’s the equivalent of watching
eight hours
of ads
seven days
a week for
six straight years
.” (Buy-ology, p. 37)
In 1971 the average American was exposed to at least
560
advertisements per day.

The average U.S. consumer receives roughly 1 million marketing messages a year across all media, or about
3,000
messages per day.
Marketing aims to…
Create a
want
where none existed.
Turn a
want
into a
need
.
“You know, those shoes are pretty nice, I
want
them.”
“Those shoes are so nice, I
need
them for this weekend.”
Example: Cell phones
Cell phones circa 1980s
Example: Cell phones
Cell phones today

Estimates are as high as
$10 billion
spent on advertising all types of food and beverages to America’s children and youth. (Only
5%
are for healthy foods/beverages such as dairy products and fruit juice. None are for fruits and vegetables.)

Kids in the United States see
40,000
commercials each year.
Under the
age of 8
, most kids don’t understand that commercials are for selling a product.

Under the
age of 6
, unable to distinguish program content from commercials.
Neuromarketing
Marketing
: you know that they are directly asking you to buy something.
Example: Car commercial.

Neuromarketing
: they influence you without directly asking you to buy something.

Can you describe an instance when you noticed “Neuromarketing” at work?
1.
If I know the rules and you don’t, I’ll win.
If there is money on the table, I’ll take that too.
Chess Analogy
Cognitive Dissonance
Example: “I’m a good person, but I robbed a bank.”




How do I make sense of that to myself?
“I didn’t hurt anyone.”
“The bank has insurance, it’s okay.”
“The world owes me.”
“I did it to take care of my kids.”
“I’ll never do it again.”
designed for
Personal Value
Behavior
If you’ve ever said…..
“Well, it was only $2.”
“It was on sale!”
“I deserve it.”
“Just this once, I won’t do this again.”
“It’s Friday.”
“It’s Monday.”
“It’s my birthday.”
“It’s their birthday.”
“It’s the weekend.”
“I’m stressed out, I need this.”
“It’s a gift.”
“It probably won’t be here later.”
... as justification for a purchase, then you have likely experienced Cognitive Dissonance.
80% of Spouses Lie About Spending
Secret spenders have hidden credit cards, bank accounts and debts.
Chris Friedrich, August 2010
Debt
As of March 2012 Americans amassed
in personal consumer debt*
This is what we haven’t paid for yet.
$2,522,200,000,000
*Federal Reserve
Amount of credit card debt:
$790,200,000,000
609.8 million credit cards in US.

Average credit card debt per household with credit card: $15,799.

Average APR on credit card with balance on it: 13.10% as of May 2011.
*Federal Reserve
More Startling Facts
Amount of student loan debt:
*Fastweb and FinAid
As of May 8, 2012*
$1,000,077,571,430
The amount of student loans taken out in 2010 was over
$100 billion
.

Two thirds of the undergraduate class of 2010 graduated with student debt, at an average of more than
$25,000
per student.

Total student loan debt is increasing at a rate of about
$2,853.88
per second.
*Federal Reserve
*Projectonstudentdebt.org
*FinAid
*Student Debt (Mother Jones)
The amount of mortgage debt:
*Bureau of Economic Analysis
$10,300,000,000,000
In Summary
Marketers spent:
Consumer’s DEBT:
$400,000,000,000
$2,522,200,000,000
US National Debt
The outstanding Public Debt as of May 17, 2012:
$15,723,830,125,821

The National Debt has continued to increase an average of $3.97 billion per day since 2007.
*National Debt Clock
That's a serious amount of debt...
...and debt =
A WHOLE LOTTA STRESS!!!
How does this affect our children?
&
What are we going to do?
...then
what is money?
How does our allocation of time hinder our progress towards our goals?
Generally speaking, what are the barriers to increasing income and money?
Then
Now
Example:
Example:
Usually comes down to survival.
The amount that students owe
quintupled
between 2000 to 2011.
Deeper in Debt
Bootstraps Asset Building Education
Most financial education classes and curricula in existence are typically focused on
income, savings and retirement
but fail to take into consideration the effects of
access, health, shelter and education
on a person’s capability to change financial behaviors and to build assets.
The primary concept of a traditional financial literacy approach is that once the individual gains knowledge of their personal finance, they will see the obvious and begin implementation at once, leaving personal finance to exist in a vacuum where no other factors other than financial gain have an impact on decision making.
Bootstraps Asset Building Education
is a comprehensive, personalized educational course that teaches individuals how to save money, build assets, and become economically self-sufficient.
It is the only program of its kind that introduces basic concepts of
behavioral economics
, incorporates basic
psychological principles of behavior change
, and allows participants to easily
personalize the course materials
to fit their individual circumstances.
Participant Takeaways
Define money, credit & asset
Assess current personal intangible assets
Understand the “Asset Building Continuum” whereby intangible assets lead to strengthening and growing tangible assets
Understand concepts of “Access,” “Environment/Community,” “Family & Friends,” “Shelter,” “Health,” “Education,” “Time,” and “Energy” as assets
Able to define their personal values system
Define wants and needs
Understand the role of...
environment/culture on financial behaviors and identify impact on themselves.
media and marketing (including neuromarketing) on financial behaviors and identify impact on themselves.
family and friends on financial behaviors and identify impact on themselves.
Understand the concepts of “cognitive dissonance” &/or “moral licensing” on decision making and identify impact on themselves
Recognize the impact of health on their personal finances and the role of personal finances on their health
Explore the effects of financial stress and its consequences
Understand the concept of time value and apply it to their expenses
Understand the concept of opportunity cost and apply it to their time and financial expenditures
Develop a broader understanding of the concept of “income” (including a basic understanding of the role of taxes)
Understand the credit industry, brief description of credit history, and its impact on the individual and society
Define and understand “debt”
Define and understand “Saving”
Define ways to improve credit reports/scores
Be familiar with the role of “habits” and “routines” as a part of our financial lives
Familiarity with “Stages of Change” theory and how to apply them
Tools for Participants
Personal goals and barriers exercise
Identify Access exercise
Receipt exercise
Dissonance Theory/Moral Licensing exercise
Expense Categorization exercise
Identifying stress exercise
Budget w/ time value
Monthly Asset Plan
Additional Resources
Services Offered
4 Week Program for Clients or Customers

Designed to educate people of low-income on how to improve financial behaviors and asset building strategies. Includes all materials, 4-2 hour sessions, 1- 30-day follow up session, ongoing access to tools and strategies on website, ongoing communication with participants, survey and data collection and reporting.
Bootstraps Asset Building Education Program
4 -Week Program for Staff and Administrators

The 4-week program for Staff and Administrators was developed to help participants with their own financial behavior management as well as provide tools for working with clients who are struggling financially. Includes all materials, 4-2 hour sessions, 1- 30-day follow up session, ongoing access to tools and strategies on website, ongoing communication with participants, survey and data collection and reporting plus access to case manager case studies and forum.
Bootstraps Asset Building Education Program
For organizations and agencies interested in a sustainable program. Organizations identify key employees to undergo facilitator training. This is a two-day intensive program. Participation in the 4-week program or day-long seminar is a pre-requisite to becoming a facilitator.
Facilitator Training
Lectures range from 1-8 hours and can be tailored to meet your organizational needs on the following topics:
Asset Building concept of economic growth for people of low-income
Dissonance Theory/Moral licensing and the impact on personal financial behaviors/health behaviors and time management
Financial Health/ Financial Stress
The impact on environment and community on personal financial behavior/health behaviors
The impact of family and friends on personal financial behaviors/health behaviors
Speaking Engagements & Seminars
The impact of marketing and neuro-marketing on personal financial behaviors/health behaviors
Change Theory – Habits, Motivation and Willpower
Resilience and Emotional Intelligence
Personal financial behavior modification
Basic Financial Literacy
Values based planning and goal setting
Nutrition
Personal activity/exercise
Holidays Under Control, Resolving Resolutions, Stop Our Slide, Family Financial Focus

These presentations are 2-hours long, focused on specific issues and are only offered seasonally.
Special Seminar Presentations

Holidays Under Control
looks at bringing the holiday season back into alignment with our own personal values.


Resolving Resolutions
takes a look at why our resolutions can be so fleeting and how we can improve.


Stop Our Slide
is focused on the disappearing middle class and how people can take steps to keep from sliding backwards.


Family Financial Focus
is aimed at parents who want to help themselves and their children with their financial habits.
Hospitals, health care providers, corporations, Government Agencies, Nonprofit Organizations, High Net Worth Advisors and other training organizations.
Consulting
Self-paced web-based learning available for licensing or live webinars.
Distance Learning Model
Personal Values exercise
Personal Behaviors exercise
Expenses Estimate exercise
Spending Journal
Prioritized expenses worksheet
Identify Community exercise
Time Value exercise
Opportunity Cost exercise
Income exercise w/ time value
Bootstraps and Head Start
What is an Asset?
Colbert Clip
Full transcript