Billy Sigler / Class 9: Financial Literacy

by Billy-Sigler

223. How would you gauge your level of financial literacy today?

My level of financial literacy today is between a scale of 1 threw 10 it would be about 3. I have worked very hard to bring up my level of financial knowledge. Every day I work to reach the next leval of knowledge. Somtimes it is very hard to reach that next level but I keep trying to reach it. I am at a much higher of financial knowledge then I was at the beginning of my incarceration.

224. To what extent would you suppose that financial literacy relates to your probability for success upon release?

I will be gone from society for ten years by the time I am released. I own a small house it used to be in a decent part of town but now it is in the ghetto.But it is paid off so it is a big help for me. I do not have any retirement saved I will have to start building that up for my old age that is coming fast.So everyday I work at trying to build up my financial knowledge. I will try to buy as many houses that I can afford in this buyers market.I want to acquire them far a means of cash flow for my retirement something that I can live off when I am older and can not work like I used to in my younger years. I am still far away from being that old but I will start now.

225. What opportunities exist for prisoners to improve their financial literacy?

People who want to learn about financial literacy. There are so many opportunities available. The biggest one I found was just talking to some good mentors who have a lot of knowledge. I like to talk to business owners and investors abort what to invest in.I would of never meet these guys on the outside. So I am always asking about financial knowledge. Then I read alot of books and magazines. Or you can just watch tv.

226. How would you summarize the total costs of your imprisonment?

It has cost me, my family and taxpayers a lot of money. It is a long time away and it is expensive for so many. Crazy to think about.

227. Describe ways in which in an understanding of the stock market may help you value investment opportunities.

I want to make good investment decisions and be able to discuss business matters with others. I need to be aware of how this works. I want to safe for the future and there are a lot of choices. I must understand this world of finance.

228. How would improving skills to analyze the fundamentals of a particular stock lead to becoming a better small businessman?

If I understand stocks I can better decide if it is worth investing in. A lot of guys talk about stock tips and all that but I want to be able to know if it can help me. Listening to others is not the best thing to do.

229. Describe the level of thought you are giving to your financial future.

It is always on my mind. I want to make money and invest it in the best way. I am learning a lot about the markets.

230. Describe the level of preparations you are making to prepare for retirement.

I am not saving yet but i am learning how to invest and save when I am ready. I know if I put a little away every month it will grown but it must be invested in the right way. I hope to have a great job that will let me save as well for retirement.

231. In what ways would an understanding of the U.S. tax code contribute to your preparations for release?

Important because I want to be able to pay my taxes properly and understand how taxes work on all levels.

232. What is your understanding of entrepreneurship?


To be able to take an idea and vision and make it a reality. To find a way to get it done.

233. What would you attribute as a primary reason for business failures in the United States, and why?

They do not stick to a plan or the vision, and they do not hold themselves accountable. A lot of talk, little follow through.

234. If you were going to run your life as a business, how would you describe your preparation to succeed?

Better than ever before. I work at it all day, and follow through. I am determined to succeed and of course never return to prison.

235. What resources do you have available to you now?

Little by way of working here at Taft Camp.

236. What potential markets exist for you?

The markets that exist for me,will be the automobile sales and the autoauction and the real estate market.But it will take me to make these markets exist.Threw planning and hard work.And talking to others that have run business in the markets that I am interested.I will have to see how the markets are in my area .And take it from there.

237. What level of resources do you anticipate having on the day of your release?


238. What level of earnings do you project during your first three years after your release?

I have thought about this very subject alot. I believe I will make $40,000 my first year and my secound year I will make at least $80,000 due to the fact that I will go to night school and better myself with learning a trade that will up my base pay.And then on my spare time I will be building my businesses that will only raise my yearly income.Hopefully I will be making $100,000 my third year out if things go good I should hit my goals.And ever year after that I will make a little more.

239. What level of earnings do you project during your first decade after your release?

I project my annual earnings to grow each and ever year after my release from prison.I will continue to study and learn and try to build businesses that will strive to grow and make profits therefor improving my earnings.

240. What action steps can you begin taking to increase your financial literacy?

The action steps that I have taken and continue to take are,studing and talking to others that are my mentors.Every day I try to learn finacial literacy,be it readind or talking to others.I think the best way is to every day try to study and learn about finacial literacy something that will only enhance your knowledge.

241. What relationship do academic credentials have to enhancing financial literacy?

Academic credentials are very important to have for enhancing finacial literacy.But just beig able to understanding basic math and reading and writing will also help greatly.A person can still enhance thee finacial literacy by just learning and studying.

242. In what ways would fluency with mathematical concepts and equations enhance your potential earning power or opportunities upon release?

A person who understands mathematical concepts and equations can greatly improve there chances for success.They will be able to spot opportunities when they present themselves,and be able to see when there are not opportunities available for them. But the more a person understands the better the chances are for success.

243. In what ways would developing your skill with regard to reading, writing, and speaking enhance your potential earning power or opportunities upon release?

In the business world,being able to think with a good sense will be to a big advantage for a person.And the better a person can talk to others is also a big advantage and a very important tool to have on your side.If a person can get along with the other people in the business world there chances for success is even greater.

244. Describe the types of books that might broaden your financial literacy and thus help you prepare for success upon release?

The types of books that I read are real estate books,that will help me to learn more about the subject that I want to pursue and to gain financial literacy in that market.I also read boos that will give me finacial knowledge on the subject of what kind of corp. or L.L.C that I will need to set up.I try to learn all I can about these markets that I will try to get into.I also read books about nlp which is how to communicate with others in the business world and how to build friendships with then.

245. What resources will you rely upon to make financial decisions in your future?

I will make finacial decisions with a leval head and a good understanding about that decision.I will evaulate it and study it and then determine if it is a good finacial decision for me.I will also weigh the risk and the rewards of my decision that I will make in my future.I know I want a good life filled with freedom and that also will help my decisions to be made correct.

246. To what extent do you anticipate investment decisions having a role in your future?

All my investment decisions that I will make will have a role in my future. When I am released I will be in my 40s I have to build my empire and start saving for my retirement,while I am still able to work and get around.That is why I chose the realestate when I am older I will have a monthly income coming in to help support my self.

I also will be building a auto sales and I have been looking into a bail bonds business.I will use all my knowledge and my financial literacy that I have learned ti my advantage.

247. Describe the resources you anticipate relying upon as you advance in age.

I will live off my full time jobat first to support myself and to pay all my bills.The spare time businessesI will keep reinvesting back into the businesses.I will take a few risk in the begining.But I have very limited funds so I will have to be very careful with my decisions that I make.But my main goal is to build up my monthly income.

248. What role will these resources play in sustaining your life?

The investments that I make early upon my release will be my plans for the years ahead.I want to be able to work but also want to enjoy my life and be able to be semi retired at 60. That is why I will make my own opportunities in life.Everthing that I do will be in my plan for my future.

249. How will you adjust your tolerance for risk as you age?

I will be in my mid 40sat this time in my life.But I expect that my first couple of years will be just getting started and will slow for me. I figure after two years out I will be moving along well. I should at this time to start to make some decent money and my investments will be growing.I will not engage in the stock market at this time in my life,so my risks will be lower.After I make enough funds I will then think about the stock market.I know that the more that I compound my funds back into my investments the more they will grow.And I am a very humble guy and can live fairly low budget for the most part.In my early years from being released from prison will set me into motion with low risks and med rewards. At my middle years I will go into higher risk.

250. What influence would another problem with the criminal justice system have upon your financial stability?

If I would ever consider a life of drug dealing I would be a complete loser and would be facing a life sentence and would destroy my family again.So I will never ever engage in any crime federal or state and I will stay away from all people that are involed in any kind of crimnal activity I will have a good support network of freinds that are all drug free and hav e a good life.All I want to do is make my family proud of me and show then that after all this time I still can return back to society and be a prouctive menber once again.I will face my new life with great happiness.

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