John Broman/ Class 9: Financial Literacy
by John Broman
223. How would you gauge your level of financial literacy today?
I don’t have any financial literacy. The only way I know how to make any money is though what got me into prison.
224. To what extent would you suppose that financial literacy relates to your probability for success upon release?
I would say it has a huge influence on my success. I can say that I’ll never commit a crime again, but I can also see that when I’m out there, if I’m a bum who has nothing and no prospects, easily going back to what I know.
225. What opportunities exist for prisoners to improve their financial literacy?
The opportunities that they create for themselves by talking to people who know the markets and reading different things.
226. How would you summarize the total costs of your imprisonment?
I’d say we both lost! I’m at 10 yrs. right now, roughly $300,000 the feds have paid to keep me here. My loss…is my life, time that I can never recover, NO amount of money could make up for it.
227. Describe ways in which in an understanding of the stock market may help you value investment opportunities.
It can show you what works and what doesn’t in business (basically). It can also give you insight into good and bad investments.
228. How would improving skills to analyze the fundamentals of a particular stock lead to becoming a better small businessman?
It can give you an up to date report of how well a company is and can do by the moves they make.
229. Describe the level of thought you are giving to your financial future.
I give it thought, but I’m trying to get through the month on what I get right now. Which is something that GREATLY stress me out on a daily basis
230. Describe the level of preparations you are making to prepare for retirement.
None, I’m just trying to make it through today right now.
231. In what ways would an understanding of the U.S. tax code contribute to your preparations for release?
I’m sure they’d help, but I have zero dollars right now, and honestly don’t see myself making any type of big money when I’m out to know the “in’s and out’s” of the code.
232. What is your understanding of entrepreneurship?
Of being your won boss, turning YOUR idea’s into a business.
233. What would you attribute as a primary reason for business failures in the United States, and why?
People not having the proper plan, and contingencies for failure.
234. If you were going to run your life as a business, how would you describe your preparation to succeed?
I stay centered and I’m focused on doing what’s best for ME. I make sure that no matter what I do what needs to be done so that I’m in a good mental place.
235. What resources do you have available to you now?
My family and a couple friends are really the only thing that I have right now.
236. What potential markets exist for you?
Since doing years in prison and teaching yoga and meditation to prisoners (many of whom are serving multiple life sentences) I feel I could teach to people out there who are interested in something that has helped others.
237. What level of resources do you anticipate having on the day of your release?
Man, the way it’s been going…..not to many. People drop off after the years and lately some that have been with me for years have….moved on with their lives.
238. What level of earnings do you project during your first three years after your release?
Honestly…I haven’t projected it, or really hold out hope that I’ll be firmly established in that time.
239. What level of earnings do you project during your first decade after your release?
I haven’t projected it. I’ve been basically living off of oatmeal and PB for close to 10 years now. So…any type of $ that will make it so I’m not eating that anymore is a blessing.
240. What action steps can you begin taking to increase your financial literacy?
Have someone who’s here for “white collar” crimes teach me about the market.
241. What relationship do academic credentials have to enhancing financial literacy?
I don’t think it has much to do with literacy. I know plenty of people with credentials who are as dumb as a box of rocks.
242. In what ways would fluency with mathematical concepts and equations enhance your potential earning power or opportunities upon release?
It gives you a sharper mind, which is ALWAYS a good thing to have. You’d be able to break things down on the fly which can impress potential employers.
243. In what ways would developing your skill with regard to reading, writing, and speaking enhance your potential earning power or opportunities upon release?
These skills are some that you NEED to have a lot of strength. If your communication skills are crude, then people will be slow to open doors.
244. Describe the types of books that might broaden your financial literacy and thus help you prepare for success upon release?
I’m sure there are countless numbers of books to read. I receive the USA today and that is my best and “in hand” resource to learning.
245. What resources will you rely upon to make financial decisions in your future?
I’ll rely on myself, but also on people who have experience in the markets.
246. To what extent do you anticipate investment decisions having a role in your future?
I really don’t’ have any anticipation it’ll have a role in my future. It takes money to make money, and I’m well short of having any.
247. Describe the resources you anticipate relying upon as you advance in age.
Right now, and until I get out and can start to live and earn, I have to depend on my family.
248. What role will these resources play in sustaining your life?
They help for now, and for when I 1st get home, but after that I’m on my own.
249. How will you adjust your tolerance for risk as you age?
I have NO clue.
250. What influence would another problem with the criminal justice system have upon your financial stability?
Man, if I get in trouble again I’ll be considered a “career criminal” and my life will basically be over.