​Business Overview

FamilyMint’s mission is helping kids develop key money management habits that will last them a lifetime. It was developed out of a need the founders Jeff Eusebio and Bob Masterson had within their own families. Piggy banks weren’t driving the right behaviors, because the only time the kids opened them up was to spend the money inside. As their children were getting older Jeff and Bob saw a need to find a better way for their children to manage their money and develop great financial habits.

This gave birth to an idea that became FamilyMint in May of 2009. The vision behind FamilyMint is to empower children with the ability to manage and control their future financial well-being. Jeff and Bob developed the FamilyMint Method™ around Aristotle’s principle of “What we need to learn, we learn by doing.”  

Key Milestones

• January 2010: Initial beta version of the software released free to users.
• July 2010: Premium version launched with additional parent/child enhancements. FamilyMint Premium is $24.99 per year, and FamilyMint still maintains a Free version.
• December 2010: Mobile version is launched and is included with Premium. 
• January 2011: Co-branded Sponsor version is launched. FamilyMint begins co-branding the application with Financial Institutions, Financial Planners and Non-profits.
• November 2012: FamilyMint develops and publishes its Money Management Certification Program for grades 5 and up. In order to make the learning experience more accessible to all kids, FamilyMint has produced a workbook that guides kids through a step-by-step program for learning money management. The Premium version of the software is included with the program, but is not required.
  

Workbook sample pages and online application video tour -->

The Story

​The Problem

​Here’s the challenge regarding financial literacy: it takes time and consistent practice in order to transform information into behavior, and behavior into habit.  Because decisions and habits about money are formed primarily outside of the academic setting, it is outside the academic setting where the behavior must be modified. Permanent change requires forming new habits…habits of thinking differently, of planning differently, of reacting differently, and of behaving differently. Psychological research shows that it takes at least 2 months to form a new habit. 

​

Two dads with a vision to help kids appreciate money

FamilyMint was started by two entrepreneurial Michigan dads, who had a desire to tackle that very problem within their own families. The best friends developed FamilyMint.com, an interactive, online tool that naturally helps modify the behavior where and when the behavior naturally occurs…in the home.

With Eusebio’s extensive background in information technology and business and Masterson’s in product development and marketing, the necessary start-up skills were in place and FamilyMint was born. FamilyMint was a family affair from the very beginning as the kids from both families played a key role in the decision-making process and served as FamilyMint’s initial sounding board and first testers and focus groups. Being mega parents (five kids for Eusebio; nine for Masterson), FamilyMint’s demographic mix was taken care of.

The goal was to develop an intuitive tool that starts forming the right financial behaviors within kids in an interactive, fun and simple way, while emphasizing the importance of saving, budgeting, and setting and achieving goals. What’s different about FamilyMint is that the child is in the driver’s seat organizing their money, establishing goals and working to achieve them.  Parents are the bankers and approve or deny transactions. Plus they can automate allowance, which is a huge relief to many, and also motivate kids to save by paying interest and by matching goals.

Growing and evolving

In January of 2010, FamilyMint launched a beta version of the application, which was free to users, in order to get feedback and prove out the product. In July of 2010 FamilyMint launched the Premium version for an annual fee of $24.99, which contained numerous enhancements based on user feedback. FamilyMint continued to provide a Free version of the application to make it accessible to anyone. Additional enhancements including a mobile optimized version launched in late 2010.

Soon after launching FamilyMint.com in early 2010, it was approached by Genisys Credit Union in Auburn Hills, MI about offering the program to their members. In August of 2010 Genisys Credit Union took kids’ financial literacy to a new level by partnering with FamilyMint. As a pilot partner, Genisys helped FamilyMint refine the program for use in financial institutions, and in early 2011 FamilyMint officially launched its co-branded partner version. FamilyMint has since partnered with many financial institutions, financial planners and non-profits that co-brand the application and offer the Premium version of FamilyMint to their customers.

In November of 2012 FamilyMint launched its Money Management Certification Program™. To truly make the FamilyMint Method™ accessible to all kids, whether they have internet or not, FamilyMint needed to go low-tech. The result was a step-by-step 2 month program targeting kids in grades 5 and up.  It was created, compiled and tested by a team of children’s money management experts and educators. A 60 page workbook provides foundational instruction and exercises, and the activities can be accomplished either in the workbook or online using the FamilyMint Premium application…which is included with the program.

Through this new program, FamilyMint has combined the best of the real world and virtual experiences to change kids thinking and behavior around money.

Award winning

​In the past 3 years FamilyMint has won multiple consumer and industry awards including the Mom’s Choice Award, the Parent’s Choice award, and the prestigious Excellence in Financial Literacy Education (EIFLE) award. The Institute for Financial Literacy name FamilyMint “Education Program of the Year” for Children, Planning & Money Management.  FamilyMint most recently won the National Financial Educators Council’s Best Practices in Kids Financial Education Award. 

Quick financial literacy facts

• 18 to 24 year olds are the fastest growing age group in the U.S. filing for bankruptcy[1]
• Only 5% of adults learned money management in elementary or high school[2]
• Three-quarters of high school seniors failed a 2008 financial literacy test given by Jump$tart Coalition…only 5% earned better than a “C”
• Only 5 percent of people ages 18-21 are confident they will achieve their financial goals[3]
• Nearly 72% of the parents surveyed acknowledged that they are their children’s primary source of personal finance education[4]
• 44% admit to needing more guidance on how to best teach their children the skills necessary to become financially responsible and successful adults[4]
• Teens who learned about goal-setting were more likely to save for something, then purchase it[5]
• Teens who learned to track spending were more likely to have developed a budget[5]

[1] Jump$tart Coalition survey

[2] Visa 2007 back-to-school survey

[3] Wells Fargo survey

[4] Hartford Financial Services Group survey

[5] Boys & Girls Clubs and Charles Schwab Foundation 2008 study

Products & Services

Money Management Certification Program

This 2 month program combines the best of real world and virtual experiences for families.  A 60-page workbook provides foundational instruction and exercises.  Activities may either be completed in the workbook or online in the FamilyMint Premium application... which is INCLUDED with the purchase.

The program is designed for kids’ grades 5 and up and retails for $29.99. Bulk pricing is available, and can include co-branding of the workbook.

Did you know that an astounding 97% of the population does not take the time to set goals?  Goals are self-fulfilling, create energy, and can lead to extraordinary lives, yet only 3% of us take the time to think about them and write them down.  Creating SMART goals is one of the great new habits children form through this program.

FamilyMint Online Money Management Application

The online application is designed to be intuitive and provide simple interfaces for parents and kids both young and old. FamilyMint provides kids with an interactive, fun and simple way to manage all of their money and goals. It puts the child into the driver’s seat, while allowing the parents to help guide their children’s spending and saving decisions.

The Premium version is $24.99 per year and a Free version is available as well with fewer features.

The application offers:

• Transactions: Makes it simple for children and parents to see exactly where the money is going.
• Goals: Kids can set up as many goals as they choose with guidance on how to achieve them.
• Mobile access: Any mobile phone with an internet browser will be able to access FamilyMint Mobile.
• Unlimited users: Set up any number of kids and personalize for each.
• Save & Secure: Use SSL encryption to keep data secure.
• Allowance automation: Just set it and forget it. No more missed payments.
• Automated interest: Parents can set up interest payments that really motivate savings over spending.
• Matching deposits: Parents can set up automatic matching deposits for select goals.

​The Money Snippet

The Money Snippet is a four page full color quarterly newsletter that provides bite sized money tips for parents and kids. It is provided to partnering organizations and is published under the partner’s own branding. It provides fun and engaging financial literacy content for busy parents raising money-smart kids.  An activity page geared just for kids is included.

Co-Founder Bios

Jeff Eusebio

Jeff was born and raised in Michigan and currently resides in Rochester Hills, MI. with his wife and 5 children ages 7 through 18, who were the inspiration of FamilyMint. Jeff has over 19 years of information technology, sales, and leadership experience with Procter & Gamble, Dow Chemical and a start-up developed in 2006 with Bob Masterson. Jeff holds an MBA from the University of Cincinnati and a B.S. in Engineering from the University of Michigan. 

​

​

Bob Masterson

Bob was born in Denver, CO and currently resides in Rochester Hills, MI with his wife and 9 children (8 boys and 1 girl) ages 2 through 18. Bob has over 20 years of product design and marketing experience ranging from two start-ups of his own to Fortune 500 companies including Boeing and Chrysler.  Bob holds an MBA from Lawrence Technology University and a BS in Industrial Design from Arizona State University. Bob was recently nominated as a Great Lakes Innovation and Technology Report leader and innovator.

Selected News

• ‘DiSciTech’ Award Winners Prove Innovation Thrives in Michigan – Corp! Magazine
• “FamilyMint wins NFEC Award for Financial Education” – The EdTech Times
• “Turning Gifts Into Financial Literacy” – Murray Feldman on Fox2 Detroit interviews Bob Masterson on how to turn holiday gift giving into a lesson in financial literacy
• “FamilyMint Offers Advice on Raising Money-Smart Children” - Murray Feldman on Fox2 Detroit interviews Bob Masterson on how parents can raise money smart kids
• “Educational tool to help parents teach kids how to manage money"– by Susan Tompor of The Detroit Free Press
• “FamilyMint Awarded Prestigious Excellence In Financial Literacy Education (“EIFLE”) Award” – PRWEB

Logo and Icon