®
A Life Lesson Series
—
Praxis® – a unique program designed to fill the void — |
Overview
“Money
comes from Mom and Dad; I bank where they bank
so
checks are covered should funds run low.”
“When I want a car, I ask Mom first, and it appears in the driveway,
with
keys, the right model and, of course, the right color.”
“Credit is established by Dad’s signature, and ‘saving’
is the
unused
portion of the limit on my credit card.”
Sound familiar? You are
not alone. Young adults are poorly prepared to deal with their financial
futures. According to recent studies, only 28 percent of parents
feel they have taught sound money habits to their kids; and among seniors
graduating in 2003, 75 percent do not understand basic investment principles.
Praxis® is the Latin term for “practice.” This program is a series of intimate and
interactive workshops for young adults working together as a team, guided
by a professional coach. This two-year experience involves six,
two-day retreats (accommodating school/vacation schedules) as well as
continued contact throughout the year. A formal curriculum, reading
materials and exercises, and practical experience through projects and
site visits, create a truly unique, dynamic and exciting program.
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Membership
Workshop participants are young
adults, ages 18–30 (exceptions may be made under certain circumstances).
Each Praxis® team consists of a maximum of 12 members, and one professional
coach.
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Program
Detail
Praxis® educates, trains and
mentors young adults in a wide range of practical financial skills.
Each team meets over a 24-month period, during which an experienced IFF
Advisors Coach facilitates the program, hosts each retreat, and guides
and mentors each participant. Lessons are conducted in group meetings
and personal consultations, as well as over the Internet and by telephone.
Teams have three mandatory retreats scheduled throughout each of
the two years to accommodate school, work and family vacations.
Each retreat is divided between practical experiences and training in
Life Skills and Financial Skills.
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Objectives
There are two program objectives.
The first objective is to prepare, guide, counsel, and mentor participants
in a variety of critical life skills, including:
The second objective is to
educate, train, and mentor participants in a wide range of practical financial
skills, including:
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Life
Skills
Communication
Effective communication also
requires thoughtful listening. Participants will be exposed to different
learning styles, to assure that each is familiar with how people hear,
understand, and process information.
Leadership
Leadership can be exercised
in a variety of ways, and not all leaders are aggressive or assertive.
By offering a variety of ways to lead their peers, our participants
will begin to understand and develop their own levels of leadership.
Consensus Building
As in any company, decision
making is often a function of collaboration, persuasion, and consensus
building. Some participants may have been raised in very strong, domineering
families, where consensus building was not experienced. This new environment
is important to demonstrate team building.
Negotiating
Another quality of a mature
adult is the ability to negotiate for a desired result. Our exercises
teach and practice this skill.
Problem Resolution
There will be problems, as
with any group relationship. There are undoubtedly problems that have
or will arise in the home, at work, and within the social group. Recognizing
and resolving problems in a mutually satisfactory way is a sign of maturity
and an element of personal success.
Team Building
This requires a stake in the
success of the group. It will include both financial success, and personal
growth. While the development of the individual is important, the emotional
and economic health of the group must not be ignored.
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Financial
Skills
Credit
- When to Dial Credit 911
Understanding credit vs. debit,
credit choices, credit reports, and bankruptcy rules and limitations.
Each participant may apply for a debit card and a credit card
depending on their current situation and level of proficiency.
Each learns to compare choices, costs and benefits and how to obtain
copies of his or her own credit report.
Banking
- Extra Checks Doesn't Mean There Is Cash in the Account
Learning why you need a banking
relationship–how to create one and how to lose it, compare banking
institutions and benefits, write checks and balance their checkbook.
Each participant may open a checking account, as appropriate,
and learns to balance monthly statements.
Risk
Management - Costs of Carrying–and Not Carrying–Insurance
Understanding insurance and
liability (auto, home, health and life) and cost/benefit comparisons.
Participants analyze an automobile insurance policy and compare two
different company proposals for two different types of cars: a practical
vehicle versus the participants' dream car.
Investments
- Preserving or Building Wealth Is More Rewarding than “Spending–down”
One’s Future Inheritance
Understanding asset classes
(stocks, bonds, real estate and cash), diversification, risks and returns
and investment fees. Each participant funds, and the team invests together,
liquid assets in individual securities and mutual funds. The investment
return belongs proportionately to each participant, but only the funds
necessary to pay taxes are distributed prior to the end of the program.
Budgeting
and Purchasing - Parents are Not ATM's
Learning how to make and live
within a budget and purchasing major assets considering factors such
as timing, comparison shopping and financing. Each team prices and compares
a major asset, such as a car, or possibly a member’s actual proposed
purchase.
Marital
Property Issues - Financial Survival in Marriage
Understanding property rights
and responsibilities of a single person vs. a married couple, as well
as issues of divorce, support and alimony. Marriage is on the horizon
for many of these young adults. It will be a smoother transition if
the couple is prepared for the economic issues.
Inheritance
- Will it Help or Hurt?
Understanding responsibilities
of wealth and shared ownership, as well as tax rules. Know what to expect
when wealth is held in trust; responsibilities as a trustee or co-trustee.
Income
Taxes - It’s Not What
You Earn, It’s What You Keep
Gaining knowledge of basic
income tax rules and tax returns, capital gains vs. ordinary income,
tax-free income vs. tax-deferred income and retirement plans.
Business
Structures
The investment club is structured
as a limited liability company. As part of the experience, the
participants will become members of the company, select officers, and
allocate responsibilities. IFF Advisors is a non-member manager
of the company, which enables it to manage the activities without sharing
in the earnings or equity.
Entrepreneurship
- Gaining the Knowledge and Confidence to Turn
Ideas into Profits
Many of the participants in
the program are interested in establishing their own businesses, now
or sometime in the future. A critical step in this process is
the development, design, and drafting of a long range and practical
business plan. The participants will be trained in this process
and will be asked to prepare such a plan, either for a realistic enterprise
or a fictitious one.
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Fees
and Expenses
The cost of the two-year Praxis® is based on several factors, unique to each participant, to ensure the
best value. Direct expenses such as meeting costs and travel, as
well as the purchase of any asset or contribution to the investment club,
will be additional. Fees are non-refundable, but a member may defer
participation and re-enroll in another Team, if circumstances, approved
by the guardian(s), warrant. To speak with a partner regarding fees,
please contact us.
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Coaches
and Instructors
Our Coaches are all members
of IFF Advisors who have 20–30 years experience in the fields of
finance, law and psychology. We call on independent business owners
and professionals in various disciplines to provide specialized instruction
and guidance. We are teachers and mentors, and we have our own adult children
who have lived with and through our philosophy… and survived to
tell about it!
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Commitment
to You
Praxis® is a sales–free,
learning–intense, fun and energetic program. It will engage
your young adults, allow them to meet and learn with their peers, and
give them hands-on practical life skills. There are no hidden expenses,
fees, sales or expectations. Our goal is to help educate productive, competent
and confident young adults.
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Further
Information and Enrollment
Teams form throughout the year
and participation is limited. We attempt to assemble teams in geographically
convenient areas (although many of these participants may be attending
school in other states). For further information, contact us by phone
at 866.833.1112 or contact us.
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Teams Forming Now... 