The Equipment you'll need are: 5 sheets of multicolor paper; paper clips; exacto knife or scissors; cutting mat; and a stapler.
Here is the How-to: 1) Using an exacto knife cut out 2 strips of paper in each color, 1/2 inch wide.
2) For each paper color make the group of (2) strips of varying sizes. For example leave one group of strips the size of the paper. Then pick another group of strips and cut 1/2 inch from the bottom. Then choose another group of strips and cut a total of 1 inch from the bottom &c... I found it helpful to use the paper clips to clip each group of two together while working on another group of two.
3) Stack the strips together, starting with the longest group of strips to the shortest. Each side of your full grouping, like above will be an exact mirror on the opposite side (meaning put the longest group of two strips face to face. Then over that, put the second longest group of two strips face to face on top of the longest group of strips and so on....).
4) Staple the top of the full grouping together, like shown above.
5) Turn the full group of strips on it's side and start forming hearts using the first outer grouping of color. This will be the shortest group of strips. As you create more hearts you'll use longer and longer strips until the outermost layer is the longest color group of strips you had in your pile. I also found it helpful while doing this to use a paper clip to hold the hearts together as I was creating each layer.
6) Staple the ends again (where your paper clip was) and cut away what any excess.
There you have it!!! Hang the hearts anywhere you want. Or you can make a bunch of them & give them as a little "heart bouquet" (although I'd would not cut off all the ends if you plan to do this). Or just keep them for yourself!!!