How I learned to read - and trade stocks - in prison | Curtis "Wall Street" Carroll | TEDxSanQuentin

Summary

The speaker recounts his troubled youth in Oakland, California, where crime and poverty were the norm. Initially illiterate, he found himself drawn into a life of crime, only to be arrested for robbery and murder at 17. His turning point came in prison, where he learned about stocks and financial literacy, leading him to educate himself and others about managing money. He emphasizes the importance of financial education, not just for inmates but for society at large, to prevent recidivism and promote a stable, productive life.

Takeaways

• 😅 The speaker humorously recounts his early life of crime, illustrating the desperate measures he took due to poverty.
• 🏠 Growing up in Oakland, California, he experienced a harsh reality marked by addiction, homelessness, and limited access to basic needs.
• 💰 He was influenced by a belief that money is paramount, leading him into a life of crime as he saw no other viable path due to his illiteracy.
• 📚 A pivotal moment occurred when he was introduced to the concept of stocks in prison, sparking a glimmer of hope for a different future.
• 🔑 Learning to read in prison was a transformative and challenging experience that unlocked new opportunities and a sense of self-worth.
• 🤝 He emphasizes the importance of financial literacy as a tool for personal transformation and a means to break the cycle of crime and poverty.
• 👨‍🏫 After teaching financial management to others, he realized the broader societal need for financial education, especially among those re-entering society from prison.
• 📊 Shocking statistics are highlighted, such as the high percentage of Americans with low savings and professional athletes going bankrupt, underscoring the prevalence of financial illiteracy.
• 🌐 He founded the FEEL program to educate on emotional and financial decision-making, aiming to equip individuals with life skills for financial stability.
• 💡 The speaker passionately advocates for financial literacy as a lifestyle, not just a skill, and calls for a societal shift in how we view and manage money.

Q & A

What was the speaker's first crime and what was the outcome?

The speaker's first crime was burglarizing an arcade game in a bowling alley. The outcome was getting caught by a security guard after the weight of the stolen quarters in his book bag pulled him down from a fence.

How did the speaker's family situation influence his early life decisions?

The speaker grew up in an environment where his mother and immediate family members were addicted to crack cocaine. This led to a life of poverty, living in shelters, and often relying on soup kitchens for food, which influenced his decision to engage in criminal activities.

What was the turning point that led the speaker to start learning about finance?

The turning point was when the speaker accidentally picked up the business section of a newspaper in prison and an old man asked him about stocks, which sparked his curiosity and led him to learn more about finance.

Why did the speaker decide to learn how to read in prison?

The speaker decided to learn how to read in prison because he realized the importance of literacy for understanding finance and stocks, which he saw as a potential way out of his criminal lifestyle.

What is the significance of the speaker's realization about financial literacy in society?

The speaker realized that financial literacy is crucial for everyone, not just professionals. He understood that managing money is a lifestyle choice that can prevent people from falling into criminal activities due to financial desperation.

What program did the speaker co-found to address financial illiteracy?

The speaker co-founded a program called Financial Empowerment Emotional Literacy, or FEEL, which aims to teach people how to separate emotional decisions from financial ones and follow four timeless rules of personal finance.

How does the speaker define financial literacy?

The speaker defines financial literacy not as a skill, but as a lifestyle. It involves proper saving, controlling the cost of living, borrowing money effectively, and diversifying finances so that money works for the individual.

What are the four timeless rules of personal finance mentioned by the speaker?

The four timeless rules of personal finance mentioned by the speaker are: proper saving, controlling the cost of living, borrowing money effectively, and diversifying finances.

Why is financial illiteracy considered a disease by the speaker?

Financial illiteracy is considered a disease by the speaker because it has crippled minorities and the lower class for generations, affecting their access to justice, social status, living conditions, transportation, and food.

How does the speaker's experience with crime and literacy relate to the broader issue of public safety?

The speaker's experience highlights the connection between financial illiteracy and crime. He suggests that financial illiteracy is a bigger danger to public safety than many other issues because it leads to a cycle of poverty and criminal behavior.

What is the speaker's message regarding the importance of financial education for incarcerated individuals?

The speaker's message is that financial education is essential for incarcerated individuals before they re-enter society. Without these life skills, full rehabilitation is not possible, and they are more likely to return to criminal behavior.

Outlines

00:00

🏡 Early Life Struggles and Crime

The speaker recounts his difficult childhood in Oakland, California, where he was surrounded by family members addicted to crack cocaine. He describes living in poverty, with experiences of homelessness and relying on soup kitchens for meals. His first crime was committed at a young age, and despite the harsh environment, he felt a sense of potential and belief when he was told he could be a 'bad guy' or a 'good guy' through the path of money. His illiteracy and the lack of positive role models led him to view crime as a viable path. A turning point came when he was arrested for robbery and murder at 17, and in prison, he discovered the world of stocks and finance, which offered him a glimmer of hope and a future.

05:02

📚 Overcoming Illiteracy and Empowering Incarcerated Individuals

The speaker shares his journey of learning to read and write in prison, despite the ridicule and ostracism from his peers. He emphasizes the importance of financial literacy as a means to empower not only himself but also other incarcerated individuals. He developed a curriculum to teach financial management and investment to prisoners, aiming to provide them with the tools necessary for successful reintegration into society. The speaker also highlights the startling statistics about financial illiteracy among the general population, including the high percentage of professional athletes who go bankrupt and the common financial issues that lead to marital problems. He argues that financial literacy is not just a skill but a lifestyle essential for everyone, including those in prison, to break the cycle of crime and poverty.

10:02

💼 Financial Empowerment and Social Responsibility

The speaker discusses the impact of financial illiteracy on society, particularly on minority and lower-class communities. He points out the high rates of money-related crimes among the incarcerated population and the lack of financial preparation for those re-entering society. He co-founded a program called Financial Empowerment Emotional Literacy (FEEL), which teaches individuals to separate emotional decisions from financial ones and to follow four timeless rules of personal finance: saving properly, controlling cost of living, borrowing effectively, and diversifying finances. The speaker emphasizes that everyone, not just professionals, can manage and invest money, and he calls for a shift in societal attitudes towards financial education. He concludes by encouraging the audience to embrace financial literacy as a means to improve life management and societal well-being.

Keywords

💡Illiteracy

Illiteracy refers to the inability to read and write. In the context of the video, the speaker's illiteracy initially limited his perception of opportunities and contributed to his criminal lifestyle. The script mentions, 'I couldn't read, write, or spell. I was illiterate.' Overcoming this obstacle was crucial for the speaker's personal growth and transformation.

💡Financial Literacy

Financial literacy is the knowledge and understanding of financial matters such as budgeting, saving, investing, and managing money. The video emphasizes its importance as a tool for empowerment and a means to break the cycle of poverty and crime. The speaker's journey from illiteracy to financial literacy is a central theme, as he states, 'Financial literacy really did rule the world, and I was a child slave to it, following the bad guy.'

💡Crime

Crime, in this video, is portrayed as a consequence of poverty, lack of education, and limited opportunities. The speaker's early life was marked by criminal activities, as he recounts, 'I committed my first crime, and it was the first time that I was told that I had potential.' His story illustrates the connection between crime and a lack of financial understanding.

💡Responsibility

Responsibility is the state or fact of being accountable for one's actions. The speaker acknowledges his responsibility for his past actions, recognizing that despite his environment, he made choices that led to crime. He says, 'I had to take responsibility for that, and I did.' This concept is key to his redemption and his work in educating others about financial management.

💡Community

Community refers to a group of people living in the same place or having particular characteristics in common. Initially, the speaker felt disconnected from his community, as he mentions, 'So I never saw community; I never cared about my community.' However, as the video progresses, his perspective changes, and he becomes invested in helping his community through financial education.

💡Stocks

Stocks represent shares in the ownership of a company and are a form of investment. In the script, the concept of stocks is introduced to the speaker by an older man in prison, who says, 'That's the place where white folks keep all their money.' This moment represents a turning point, sparking the speaker's interest in financial matters and leading him towards a new path.

💡Incarceration

Incarceration is the state of being confined in prison. The speaker's time in prison is a significant part of his narrative, as it is where he begins to learn about financial management and where he realizes the importance of financial literacy in shaping one's life. He says, 'At 17 years old, I was arrested for robbery and murder,' and this period ultimately leads to his transformation.

💡Empowerment

Empowerment is the process of becoming stronger and more confident, especially in controlling one's life. The speaker advocates for financial empowerment through education, stating, 'I co-founded a program that we call Financial Empowerment Emotional Literacy; we call it FEEL.' The program aims to equip individuals with the skills to make informed financial decisions, promoting self-sufficiency and independence.

💡Investment

Investment is the act of committing money or capital to a venture with the expectation of gaining a profit. In the video, the speaker's initial encounter with the concept of investment is through stocks, and later he becomes an advocate for teaching investment to others. He emphasizes the importance of understanding how to make money work for you, as he says, 'diversify your finances by allowing your money to work for you, instead of you working for it.'

💡Curriculum

A curriculum is the subjects and courses comprising an educational program. The speaker mentions building a curriculum to teach incarcerated men how to manage money, which is a key part of his mission to reform and prepare individuals for re-entry into society. He states, 'I was building a curriculum that could teach incarcerated men, how to manage money through prison employments.'

💡Rehabilitation

Rehabilitation refers to the process of restoring someone to health or normal life through training and therapy after imprisonment. The speaker argues that financial literacy is a crucial part of rehabilitation, as it provides individuals with the skills needed to avoid returning to criminal behavior. He asserts, 'You can't have full rehabilitation without these life skills.'

Highlights

A personal narrative of a young man's life of crime, beginning with a humorous yet poignant incident involving stealing quarters.

The speaker's upbringing in Oakland, California, amidst family members addicted to crack cocaine and a life of poverty.

A life lesson from the 'big homey' about the power and influence of money, and its role in leading to either good or bad paths.

The realization of potential and a sense of belief through the speaker's first crime, contrasting with the lack of positive role models.

The struggle with illiteracy and the perception that crime was the only viable path due to limited opportunities.

A turning point in the speaker's life when he was introduced to the concept of stocks, offering a glimpse of hope and a different future.

The daunting challenge of learning to read in prison and the isolation that came with it.

The transformative power of literacy, leading to self-worth, knowledge, and discipline.

The empowerment of being able to read and spell, and the joy it brought to simple interactions.

The speaker's journey towards taking responsibility for his actions and the creation of a curriculum to teach financial management in prison.

Shocking statistics about financial illiteracy in the United States, affecting both the general population and professional athletes.

The connection drawn between financial illiteracy and crime, with a majority of incarcerated individuals committing money-related offenses.

The introduction of the FEEL program, aimed at teaching emotional literacy and financial management to separated emotional decisions from financial ones.

A call to action to overcome the fear and anxiety associated with financial terminology and to focus on life management skills.

The vision of a financially literate incarcerated person becoming a contributing tax-paying citizen and the societal benefits thereof.

The final message emphasizing the importance of financial literacy as a lifestyle and the role of education in preventing crime and promoting rehabilitation.

Transcripts

Translator: Delia Cohen Reviewer: Ellen Maloney

I was 14 years old,

inside of a bowling alley,

burglarizing an arcade game,

and upon exiting the building,

a security guard grabbed my arm, so I ran.

I ran down the street, and I jumped on top of a fence.

And when I got to the top,

the weight of 3,000 quarters in my book bag

pulled me back down to the ground.

When I came to, the security guard was standing over top of me

and he said, "Next time, you little punk, steal something you can carry."

(Laughter)

I was taken to juvenile hall,

and when I was released into the custody of my mother,

the first words my uncle said was "How'd you get caught?"

I said, "Man, the book bag was too heavy."

He said, "You weren't supposed to take all the quarters."

I said, "Man, they were small. What am I supposed to do?"

Ten minutes later, he took me to burglarize another arcade game.

We needed gas money to get home.

That was my life.

I grew up in Oakland, California,

with my mother and members of my immediate family

addicted to crack cocaine.

My environment consisted of living with family, friends,

and homeless shelters.

Oftentimes, dinner was served in breadlines and soup kitchens.

The big homey told me this:

He said, "Money rules the world and everything in it.

And in these streets, money is king.

And if you follow the money,

it'll lead you to the bad guy or the good guy."

Soon after, I committed my first crime,

and it was the first time that I was told that I had potential

and felt like somebody believed in me.

Nobody ever told me that I could be a lawyer, doctor, or engineer.

I mean, how was I supposed to do that? I couldn't read, write, or spell.

I was illiterate.

So, I always thought crime was my way to go.

And then one day

I was talking to somebody,

and he was telling me about this robbery that we could do.

And we did it.

The reality was that I was growing up in the strongest financial nation

in the world, the United States of America,

while I watched my mother stand in line at a blood bank

to sell her blood for 40 dollars just to try to feed her kids.

She still has the needle marks on her arms to this day to show for that.

So I never saw community; I never cared about my community.

They didn't care about my life.

Everybody there was doing what they was doing to take what they wanted,

the drug dealers, the robbers, the blood bank.

Everybody was taking blood money, So I got mine by any means necessary.

I got mine.

Financial literacy really did rule the world,

and I was a child slave to it,

following the bad guy.

At 17 years old, I was arrested for robbery and murder,

and I soon learned that finances in prison rule more than they did on the streets,

so I wanted in.

One day, I rushed to grab the sports page of the newspaper

so my cellie could read it to me,

and I accidentally picked up the business section.

And this old man said, "Hey youngster, you pick stocks?"

And I said, "What's that?"

He said, "That's the place where white folks keep all their money."

(Laughter)

And it was the first time that I saw a glimpse of hope,

a future.

He gave me this brief description of what stocks were,

but it was just a glimpse.

I mean, how was I supposed to do it?

I couldn't read, write, or spell.

The skills that I had developed to hide my illiteracy

no longer worked in this environment.

I was trapped in a cage, prey among predators,

fighting for freedom I never had.

I was lost, tired, and I was out of options.

So, at 20 years old,

I did the hardest thing I'd ever done in my life.

I picked up a book,

and it was the most agonizing time of my life.

Trying to learn how to read,

the ostracizing from my family,

the homeys.

It was rough, man.

It was a struggle.

But little did I know

I was receiving the greatest gifts I'd ever dreamed of:

self-worth, knowledge, discipline.

I was so excited to be reading that I read everything I could get my hands on:

candy wrappers, clothing logos, street signs, everything.

I was just reading stuff.

(Applause)

Just reading stuff.

I was so excited to know how to read and know how to spell.

The homey came up, said, "Man, what you eating?"

I said, "C-A-N-D-Y, candy."

(Laughter)

He said, "Let me get some." I said, "N-O. No."

(Laughter)

It was awesome.

I mean, I can actually now, for the first time in my life, read.

The feeling that I got from it was amazing.

And then at 22, feeling myself,

feeling confident,

I remembered what the OG told me.

So, I picked up the business section of the newspaper.

I wanted to find these rich white folks.

(Laughter)

So, I looked for that glimpse.

As I furthered my career

in teaching others how to financially manage money and invest,

I soon learned that I had to take responsibility for my own actions.

True, I grew up in a very complex environment,

but I chose to commit crimes,

and I had to own up to that.

I had to take responsibility for that, and I did.

I was building a curriculum that could teach incarcerated men

how to manage money through prison employments.

Properly managing our lifestyle would provide transferable tools

that we could use to manage money when we re-enter society,

like the majority of people did who didn't commit crimes.

Then I discovered

that according to MarketWatch,

over 60% of the American population has under 1,000 dollars in savings.

Sports Illustrated said

that over 60% of NBA players and NFL players go broke;

40% of marital problems derive from financial issues.

What the hell?

(Laughter)

You mean to tell me that people work their whole lives

buying cars, clothes, homes,

and material stuff but were living check to check?

How in the world were members of society going to help incarcerated individuals

back into society if they couldn't manage their own stuff?

We screwed!

(Laughter)

I needed a better plan.

This is not going to work out too well.

So...

I thought.

I now had an obligation to meet those on the path,

and help.

And it was crazy because I now cared about my community.

Wow, imagine that. I cared about my community.

Financial illiteracy is a disease

that has crippled minorities and the lower class in our society

for generations and generations,

and we should be furious about that.

Ask yourselves this:

How can 50% of the American population

be financially illiterate in a nation driven by financial prosperity?

Our access to justice, our social status,

living conditions, transportation, and food

are all dependent on money that most people can't manage.

It's crazy!

It's an epidemic,

and a bigger danger to public safety than any other issue.

According to the California Department of Corrections,

over 70% of those incarcerated

have committed or have been charged with money-related crimes:

robberies, burglaries, fraud, larceny, extortion,

and the list goes on.

Check this out:

A typical incarcerated person will enter the California prison system

with no financial education,

earn 30 cents an hour,

over 800 dollars a year,

with no real expenses,

and save no money.

Upon his parole, he will be given 200 dollars gate money and told,

"Hey, good luck. Stay out of trouble. Don't come back to prison."

With no meaningful preparation or long-term financial plan,

what does he do?

At 60, get a good job?

Or go back to the very criminal behavior that led him to prison in the first place?

You taxpayers, you choose.

Well, his education already chose for him, probably.

So how do we cure this disease?

I co-founded a program that we call Financial Empowerment Emotional Literacy;

we call it FEEL,

and it teaches how do you separate your emotional decisions

from your financial decisions,

and the four timeless rules to personal finance:

the proper way to save,

control your cost of living,

borrow money effectively,

and diversify your finances by allowing your money to work for you

instead of you working for it.

Incarcerated people need these life skills before we re-enter society.

You can't have full rehabilitation without these life skills.

This idea that only professionals can invest and manage money

is absolutely ridiculous,

and whoever told you that is lying.

(Applause) (Cheers)

A professional is a person who knows his craft better than most.

And nobody knows how much money you need, have, or want better than you,

which means you are the professional.

Financial literacy is not a skill, ladies and gentlemen.

It's a lifestyle.

Financial stability is a byproduct of a proper lifestyle.

A financially sound incarcerated person can become a tax-paying citizen.

And a financially sound, tax-paying citizen can remain one.

This allows us to create a bridge between those people who we influence:

family, friends, and those young people

who still believe that crime and money are related.

So, let's lose the fear and anxiety for all the big financial words

and all that other nonsense that you've been out there hearing.

And let's get to the heart of what's been crippling our society

from taking care of your responsibility to be better life managers.

And let's provide a simple and easy-to-use curriculum

that gets to the heart, the heart

of what financial empowerment and emotional literacy really is.

Now if you're sitting out here in the audience and you said,

"Oh yeah, that ain't me, and I don't buy it,"

then come take my class,

so I can show you how much money it costs you every time you get emotional.

Thank you guys, thank you.

(Applause) (Cheers)