Julius Lige/ Class 9: Financial Literacy
by Julius Lige
223. How would you gauge your level of financial literacy today?
Clearly I have improved my level of financial literacy. The time I’ve spent in prison has given me the opportunity to focus on my financial future. I’ve educated myself on the financial markets, business plans and investments. Through financial literature I’m always in pursuit of advancing my financial knowledge.
224. To what extent would you suppose that financial literacy relates to your probability for success upon release?
I’m confident that financial literacy clearly relates to success. No matter what level of financial stability you’re seeking, you must be knowledgeable in all areas of finance.
225. What opportunities exist for prisoners to improve their financial literacy?
Prisoners have opportunities to expand on their financial knowledge by communicating with other prisoners who have a strong financial background. Also, it’s up to the individual to educate himself by reading financial material and participating in study groups.
226. How would you summarize the total costs of your imprisonment?
I would summarize the total cost of my imprisonment as a significant amount of wasted tax payers money. It has also been a major blow to my family structure. I will spend over 7 years in prison, at an estimated expense of $220,000 of tax payers’ money. Tax payers are also missing out on the taxes that would have been collected from me as a full time employee contributing to society.
227. Describe ways in which in an understanding of the stock market may help you value investment opportunities.
Understanding the stock market opens many opportunities for successful investment. Through researching stocks using technical and fundamental analysis, an individual can gain knowledge of when to get in and out of the market. It is important to obtain knowledge of the market, it can have a positive impact on your financial future.
228. How would improving skills to analyze the fundamentals of a particular stock lead to becoming a better small businessman?
By developing skills to analyze stocks, an individual can learn how companies are evaluated as far as performance, earnings’ growth and investment returns. Individuals with knowledge of the financial market can apply the basic fundamentals to a small business, increasing their chances for success.
229. Describe the level of thought you are giving to your financial future.
I’ve given an extremely high level of thought to my financial future. I’m entering the last phase of my confinement, therefore I’m either working on or discussing business plans and employment opportunities daily. I understand the importance of preparation; I will continue to use the remainder of my time to prepare myself for a successful financial future.
230. Describe the level of preparations you are making to prepare for retirement.
Preparing for retirement is included in my future financial plans. At 37, I will explore the many financial retirement options available. My wife and I plan to allocate the maximum amount of our income towards retirement. We also plan to establish a business that will continue to generate income throughout our retirement years.
231. In what ways would an understanding of the U.S. tax code contribute to your preparations for release?
Understanding the US tax code can benefit an individual in many ways. First and foremost this knowledge allows you to avoid any criminal offenses related to US taxes. Also, if you own a business, you can benefit from the many tax breaks offered to businesses.
232. What is your understanding of entrepreneurship?
My understanding of entrepreneurship is that it allows an individual to be self-sufficient, creating opportunities for unlimited success. Through education and skilled development you can learn the principles of business, and ultimately through experience you will become a skillful entrepreneur.
233. What would you attribute as a primary reason for business failures in the United States, and why?
The primary reason for business failure in the US, results from a lack of planning and execution. Business owners must have a clear plan of how they are going to operate their business. They must hire smart, efficient employees to help manage and execute daily operations.
234. If you were going to run your life as a business, how would you describe your preparation to succeed?
I prepare by being disciplined, resourceful and determined to succeed. I set fitness goals and through a clear plan I accomplish that goal. Being determined allowed me to accomplish my educational goals. By utilizing my network skills, I was able to gain knowledge of the financial markets. Through my public speaking program, I improved my communication skills. I am preparing for life as if I was preparing to run a business.
235. What resources do you have available to you now?
My available resources come directly from my support network. I will combine my skill-set with the people who are in position to assist me in executing my business aspirations. My team will consist of intelligent people led by no one other than my beautiful wife.
236. What potential markets exist for you?
Initially, I will seek employment in the fitness industry as a trainer or in the trucking industry as a local driver. Patiently, I will then strategically create an opportunity with my team to launch a residential care facility business, with aspirations of expanding to multiple locations.
237. What level of resources do you anticipate having on the day of your release?
As I prepare for release, I am in process of forming a strong support network. My team will consist of professional people who will assist me with my transition back into society. Therefore, I anticipate having a high level of resources based on my skill set.
238. What level of earnings do you project during your first three years after your release?
My initial earnings after release is projected to generate between $45,000 to $60,000 annually. Through my research of both the trucking and fitness industry, I anticipate having the opportunity to increase my earnings every year. I project to start at $45,000 annually and in three years reach above $60,000 annually.
239. What level of earnings do you project during your first decade after your release?
After the first decade of my release, I project a level of earnings that will provide my family and I a very comfortable living. Through a successful business I expect a high level of financial stability. With drive and determination, I will execute my business plan, earning an annual salary exceeding $150,000.
240. What action steps can you begin taking to increase your financial literacy?
Financial literacy is obtained through networking with individuals who have strong financial backgrounds. With the proper guidance from such individuals you can then research financial material that pertains to your financial interests. Reading business magazines, the Wall Street Journal, and other economic-related material daily, also enhances your knowledge of finances.
241. What relationship do academic credentials have to enhancing financial literacy?
Academic credentials relate to enhancing financial literacy based on skill set. It requires a certain skill set to accomplish academic credentials. The same skill set is required when an individual is seeking to enhance financial literacy.
242. In what ways would fluency with mathematical concepts and equations enhance your potential earning power or opportunities upon release?
Fluent mathematical skills will allow you to evaluate business opportunities in terms of potential profits, growth expectations and daily operations. Also, mathematical skills provide an individual employment opportunities in industries that require competent math skills.
243. In what ways would developing your skill with regard to reading, writing, and speaking enhance your potential earning power or opportunities upon release?
Reading, writing, and speaking skills can enhance opportunities to earn a good living by allowing an individual to communicate effectively on a high level. In regards to business employment, or networking, an individual must possess these skills which enhance opportunities to succeed.
244. Describe the types of books that might broaden your financial literacy and thus help you prepare for success upon release?
Books that may broaden my financial literacy are on business, written by successful businessmen. Investment and stock market books also have good fundamental information in that particular area of financial literacy. Books on economic theory provide an individual knowledge of our economic structure.
245. What resources will you rely upon to make financial decisions in your future?
My financial decisions in the future will relate to the values that I now apply to my life. I will continue to rely on resources that guide me to make value based decisions.
246. To what extent do you anticipate investment decisions having a role in your future?
I anticipate investment decisions to play a key role in my future. When I reach the level of success where I’m making educated decisions on investments, I expect to make financial decisions that will impact my future tremendously.
247. Describe the resources you anticipate relying upon as you advance in age.
As I advance in age, I anticipate relying upon resources that will generate income through business and successful investment. I expect my wife and I to combine our resources, creating financial stability throughout our retirement.
248. What role will these resources play in sustaining your life?
Through the resources created from our careers, business projects, and investments, I expect an income stream that will allow my wife and I to sustain a comfortable living throughout our retirement.
249. How will you adjust your tolerance for risk as you age?
I will adjust my risk tolerance as I get older to a more conservative approach, knowing that the majority of my financial success will come prior to my retirement years.
250. What influence would another problem with the criminal justice system have upon your financial stability?
Another problem with the criminal justice system could destroy my financial stability. I am committed to making value based decisions in every area of my life, therefore I don’t expect to have any encounters with law enforcement.