Victor Ellerbee/ Class 9: Financial Literacy
223. How would you gauge your level of financial literacy today?
224. To what extent would you suppose that financial literacy relates to your probability for success upon release?
To a large extent, without it your probability for success is minimized.
225. What opportunities exist for prisoners to improve their financial literacy?
Various, such as classes, newspapers and other mass market literature.
226. How would you summarize the total costs of your imprisonment?
It costs $ 30-40,000 a year to incarcerate an inmate. I can see it in a multitude of things.
227. Describe ways in which in an understanding of the stock market may help you value investment opportunities.
By measuring your risk factors in the market having an understanding of basic math all of which gives you a better perspective on your investments.
228. How would improving skills to analyze the fundamentals of a particular stock lead to becoming a better small businessman?
It would be like learning anything, start with the basics to establish a foundation then build upon that.
229. Describe the level of thought you are giving to your financial future.
It is hard to say in words, the highest priority is given to my financial security.
230. Describe the level of preparations you are making to prepare for retirement.
Haven’t physically started on it but I am currently learning new and innovative ways to reach my retirement goals.
231. In what ways would an understanding of the U.S. tax code contribute to your preparations for release?
Very marginal, just learning the basic functions of government is enough to get started in the right direction.
232. What is your understanding of entrepreneurship?
It is when you risk your limited resources on an enterprise with the hope of getting a return.
233. What would you attribute as a primary reason for business failures in the United States, and why?
Lack of preparedness, low discipline and loose focus.
234. If you were going to run your life as a business, how would you describe your preparation to succeed?
Being well informed of my business and the environment around it.
235. What resources do you have available to you now?
236. What potential markets exist for you?
237. What level of resources do you anticipate having on the day of your release?
Very minimal, not enough to make it.
238. What level of earnings do you project during your first three years after your release?
At least $40,000 per year.
239. What level of earnings do you project during your first decade after your release?
No less than $100,000 per year.
240. What action steps can you begin taking to increase your financial literacy?
Continue to read, study economics and the financial markets.
241. What relationship do academic credentials have to enhancing financial literacy?
A positive relation, it shows you’ve learned at least the basic foundation of finance and if you have a higher degree such as a graduate or MBA etc, it would show not only you have the breath and depth of business but the science of it.
242. In what ways would fluency with mathematical concepts and equations enhance your potential earning power or opportunities upon release?
243. In what ways would developing your skill with regard to reading, writing, and speaking enhance your potential earning power or opportunities upon release?
244. Describe the types of books that might broaden your financial literacy and thus help you prepare for success upon release?
7 habits of highly successful people, various text books and a wide variety of self help books.
245. What resources will you rely upon to make financial decisions in your future?
Networking, my own experience and contentions.
246. To what extent do you anticipate investment decisions having a role in your future?
Very much so because to be ready for the unexpected one must be prepared today.
247. Describe the resources you anticipate relying upon as you advance in age.
My own hard earned resources.
248. What role will these resources play in sustaining your life?
100% of my life will depend on it.
249. How will you adjust your tolerance for risk as you age?
By being in formed of the potential risks and preparing for it.
250. What influence would another problem with the criminal justice system have upon your financial stability?
A negative one, it would permanently set me back.