For each letter in the name or saying, you will need to cut a five inch wide triangle from the stiffened felt. Then, mark the center and draw lines to the corners, as illustrated in the picture below.

For the front part of the flag, use the contrasting felt and cut 3.5 inch rectangles. Again, mark the middle point and draw lines to the corners, as illustrated in the picture above.

Cut out the triangles and use fabric glue to secure the small triangle to the large one...

as seen below.

Then peel the backs off the felt letters and attach them to the triangles, making sure to keep them level.

Find the middle of your ribbon and center your middle letter flag there. Pin. Determine how far apart you would like your flags, I set them two inches apart, and pin each one on.

Then attach to the ribbon by sewing or glueing.