TEDxSanQuentin
Curtis "Wall Street" Carroll: How I learned to read -- and trade stocks -- in prison
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Financial literacy isn't a skill -- it's a lifestyle. Take it from Curtis "Wall Street" Carroll. As an incarcerated individual, Carroll knows the power of a dollar. While in prison, he taught himself how to read and trade stocks, and now he shares a simple, powerful message: we all need to be more savvy with our money.
Curtis "Wall Street" Carroll - Financial literacy advocate
Curtis “Wall Street” Carroll overcame poverty, illiteracy, incarceration and a lack of outside support to become a stock investor, creator and teacher of his own financial literacy philosophy. Full bio
Curtis “Wall Street” Carroll overcame poverty, illiteracy, incarceration and a lack of outside support to become a stock investor, creator and teacher of his own financial literacy philosophy. Full bio
Double-click the English transcript below to play the video.
00:12
I was 14 years old
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inside of a bowling alley,
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burglarizing an arcade game,
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and upon exiting the building
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a security guard grabbed my arm, so I ran.
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I ran down the street,
and I jumped on top of a fence.
and I jumped on top of a fence.
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And when I got to the top,
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the weight of 3,000 quarters
in my book bag
in my book bag
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pulled me back down to the ground.
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So when I came to, the security guard
was standing on top of me,
was standing on top of me,
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and he said, "Next time you little punks
steal something you can carry."
steal something you can carry."
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(Laughter)
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I was taken to juvenile hall
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and when I was released
into the custody of my mother,
into the custody of my mother,
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the first words my uncle said was,
"How'd you get caught?"
"How'd you get caught?"
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I said, "Man, the book bag was too heavy."
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He said, "Man, you weren't supposed
to take all the quarters."
to take all the quarters."
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I said, "Man, they were small.
What am I supposed to do?"
What am I supposed to do?"
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And 10 minutes later, he took me
to burglarize another arcade game.
to burglarize another arcade game.
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We needed gas money to get home.
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That was my life.
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I grew up in Oakland, California,
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with my mother and members
of my immediate family
of my immediate family
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addicted to crack cocaine.
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My environment consisted
of living with family, friends,
of living with family, friends,
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and homeless shelters.
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Oftentimes, dinner was served
in breadlines and soup kitchens.
in breadlines and soup kitchens.
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The big homie told me this:
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money rules the world
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and everything in it.
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And in these streets, money is king.
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And if you follow the money,
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it'll lead you to the bad guy
or the good guy.
or the good guy.
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Soon after, I committed my first crime,
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and it was the first time
that I was told that I had potential
that I was told that I had potential
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and felt like somebody believed in me.
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Nobody ever told me
that I could be a lawyer,
that I could be a lawyer,
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doctor or engineer.
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I mean, how was I supposed to do that?
I couldn't read, write or spell.
I couldn't read, write or spell.
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I was illiterate.
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So I always thought
crime was my way to go.
crime was my way to go.
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And then one day
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I was talking to somebody
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and he was telling me
about this robbery that we could do.
about this robbery that we could do.
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And we did it.
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The reality was that I was growing up
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in the strongest
financial nation in the world,
financial nation in the world,
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the United States of America,
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while I watched my mother
stand in line at a blood bank
stand in line at a blood bank
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to sell her blood for 40 dollars
just to try to feed her kids.
just to try to feed her kids.
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She still has the needle marks
on her arms to day to show for that.
on her arms to day to show for that.
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So I never cared about my community.
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They didn't care about my life.
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Everybody there was doing what they
were doing to take what they wanted,
were doing to take what they wanted,
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the drug dealers,
the robbers, the blood bank.
the robbers, the blood bank.
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Everybody was taking blood money.
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So I got mine by any means necessary.
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I got mine.
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Financial literacy
really did rule the world,
really did rule the world,
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and I was a child slave to it
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following the bad guy.
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At 17 years old, I was arrested
for robbery and murder
for robbery and murder
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and I soon learned that finances in prison
rule more than they did on the streets,
rule more than they did on the streets,
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so I wanted in.
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One day, I rushed to grab
the sports page of the newspaper
the sports page of the newspaper
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so my celly could read it to me,
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and I accidentally
picked up the business section.
picked up the business section.
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And this old man said,
"Hey youngster, you pick stocks?"
"Hey youngster, you pick stocks?"
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And I said, "What's that?"
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He said, "That's the place
where white folks keep all their money."
where white folks keep all their money."
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(Laughter)
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And it was the first time
that I saw a glimpse of hope,
that I saw a glimpse of hope,
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a future.
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He gave me this brief description
of what stocks were,
of what stocks were,
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but it was just a glimpse.
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I mean, how was I supposed to do it?
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I couldn't read, write or spell.
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The skills that I had developed
to hide my illiteracy
to hide my illiteracy
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no longer worked in this environment.
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I was trapped in a cage,
prey among predators,
prey among predators,
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fighting for freedom I never had.
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I was lost, tired,
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and I was out of options.
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So at 20 years old,
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I did the hardest thing
I'd ever done in my life.
I'd ever done in my life.
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I picked up a book,
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and it was the most agonizing
time of my life,
time of my life,
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trying to learn how to read,
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the ostracizing from my family,
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the homies.
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It was rough, man.
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It was a struggle.
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But little did I know
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I was receiving the greatest gifts
I had ever dreamed of:
I had ever dreamed of:
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self-worth,
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knowledge, discipline.
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I was so excited to be reading that I read
everything I could get my hands on:
everything I could get my hands on:
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candy wrappers, clothing logos,
street signs, everything.
street signs, everything.
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I was just reading stuff!
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(Applause)
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Just reading stuff.
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I was so excited to know how to read
and know how to spell.
and know how to spell.
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The homie came up, said,
"Man, what you eating?"
"Man, what you eating?"
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I said, "C-A-N-D-Y, candy."
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(Laughter)
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He said, "Let me get some."
I said, "N-O. No."
I said, "N-O. No."
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(Laughter)
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It was awesome.
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I mean, I can actually now
for the first time in my life read.
for the first time in my life read.
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The feeling that I got
from it was amazing.
from it was amazing.
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And then at 22, feeling myself,
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feeling confident,
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I remembered what the OG told me.
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So I picked up the business section
of the newspaper.
of the newspaper.
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I wanted to find these rich white folks.
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(Laughter)
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So I looked for that glimpse.
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As I furthered my career
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in teaching others how to
financially manage money and invest,
financially manage money and invest,
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I soon learned that I had to take
responsibility for my own actions.
responsibility for my own actions.
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True, I grew up
in a very complex environment,
in a very complex environment,
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but I chose to commit crimes,
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and I had to own up to that.
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I had to take responsibility
for that, and I did.
for that, and I did.
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I was building a curriculum
that could teach incarcerated men
that could teach incarcerated men
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how to manage money
through prison employments.
through prison employments.
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Properly managing our lifestyle
would provide transferrable tools
would provide transferrable tools
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that we can use to manage money
when we reenter society,
when we reenter society,
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like the majority of people did
who didn't commit crimes.
who didn't commit crimes.
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Then I discovered
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that according to MarketWatch,
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over 60 percent of the American population
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has under 1,000 dollars in savings.
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Sports Illustrated said that
over 60 percent of NBA players
over 60 percent of NBA players
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and NFL players go broke.
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40 percent of marital problems
derive from financial issues.
derive from financial issues.
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What the hell?
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(Laughter)
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You mean to tell me
that people worked their whole lives,
that people worked their whole lives,
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buying cars, clothes,
homes and material stuff
homes and material stuff
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but were living check to check?
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How in the world were members of society
going to help incarcerated individuals
going to help incarcerated individuals
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back into society
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if they couldn't manage they own stuff?
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We screwed.
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(Laughter)
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I needed a better plan.
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This is not going to work out too well.
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So ...
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I thought.
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I now had an obligation
to meet those on the path
to meet those on the path
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and help,
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and it was crazy because
I now cared about my community.
I now cared about my community.
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Wow, imagine that.
I cared about my community.
I cared about my community.
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Financial illiteracy is a disease
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that has crippled minorities
and the lower class in our society
and the lower class in our society
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for generations and generations,
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and we should be furious about that.
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Ask yourselves this:
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How can 50 percent
of the American population
of the American population
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be financially illiterate in a nation
driven by financial prosperity?
driven by financial prosperity?
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Our access to justice, our social status,
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living conditions, transportation and food
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are all dependent on money
that most people can't manage.
that most people can't manage.
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It's crazy!
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It's an epidemic
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and a bigger danger to public safety
than any other issue.
than any other issue.
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According to the California
Department of Corrections,
Department of Corrections,
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over 70 percent of those incarcerated
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have committed or have been charged
with money-related crimes:
with money-related crimes:
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robberies, burglaries,
fraud, larceny, distortion --
fraud, larceny, distortion --
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and the list goes on.
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Check this out:
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a typical incarcerated person
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would enter the California prison system
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with no financial education,
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earn 30 cents an hour,
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over 800 dollars a year,
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with no real expenses and save no money.
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Upon his parole, he will be given
200 dollars gate money and told,
200 dollars gate money and told,
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"Hey, good luck, stay out of trouble.
Don't come back to prison."
Don't come back to prison."
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With no meaningful preparation
or long-term financial plan,
or long-term financial plan,
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what does he do ... ?
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At 60?
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Get a good job,
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or go back to the very criminal behavior
that led him to prison in the first place?
that led him to prison in the first place?
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You taxpayers, you choose.
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Well, his education
already chose for him, probably.
already chose for him, probably.
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So how do we cure this disease?
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I cofounded a program
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that we call Financial Empowerment
Emotional Literacy.
Emotional Literacy.
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We call it FEEL,
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and it teaches how do you separate
your emotional decisions
your emotional decisions
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from your financial decisions,
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and the four timeless rules
to personal finance:
to personal finance:
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the proper way to save,
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control your cost of living,
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borrow money effectively
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and diversify your finances
by allowing your money to work for you
by allowing your money to work for you
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instead of you working for it.
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Incarcerated people need these life skills
before we reenter society.
before we reenter society.
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You can't have full rehabilitation
without these life skills.
without these life skills.
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This idea that only professionals
can invest and manage money
can invest and manage money
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is absolutely ridiculous,
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and whoever told you that is lying.
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(Applause)
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A professional is a person
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who knows his craft better than most,
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and nobody knows how much money
you need, have or want better than you,
you need, have or want better than you,
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which means you are the professional.
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Financial literacy is not a skill,
ladies and gentlemen.
ladies and gentlemen.
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It's a lifestyle.
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Financial stability is a byproduct
of a proper lifestyle.
of a proper lifestyle.
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A financially sound incarcerated person
can become a taxpaying citizen,
can become a taxpaying citizen,
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and a financially sound
taxpaying citizen can remain one.
taxpaying citizen can remain one.
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This allows us to create a bridge
between those people who we influence:
between those people who we influence:
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family, friends and those young people
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who still believe
that crime and money are related.
that crime and money are related.
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So let's lose the fear and anxiety
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of all the big financial words
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and all that other nonsense
that you've been out there hearing.
that you've been out there hearing.
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And let's get to the heart
of what's been crippling our society
of what's been crippling our society
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from taking care of your responsibility
to be better life managers.
to be better life managers.
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And let's provide a simple
and easy to use curriculum
and easy to use curriculum
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that gets to the heart, the heart
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of what financial empowerment
and emotional literacy really is.
and emotional literacy really is.
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Now, if you're sitting out here
in the audience and you said,
in the audience and you said,
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"Oh yeah, well, that ain't me
and I don't buy it,"
and I don't buy it,"
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then come take my class --
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(Laughter)
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so I can show you how much money
it costs you every time you get emotional.
it costs you every time you get emotional.
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(Applause)
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Thank you very much. Thank you.
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(Applause)
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ABOUT THE SPEAKER
Curtis "Wall Street" Carroll - Financial literacy advocateCurtis “Wall Street” Carroll overcame poverty, illiteracy, incarceration and a lack of outside support to become a stock investor, creator and teacher of his own financial literacy philosophy.
Why you should listen
The media calls Curtis "Wall Street" Carroll the "Oracle of San Quentin" for his stock picking prowess and ability to translate financial information into simple language for his students.
Carroll grew up in Oakland, California surrounded by poverty. In 1996, at 17 years old, he committed a robbery where a man was killed. He turned himself in and ended up an illiterate teenager in prison with a 54-to-life sentence. While in prison, the stock market captured his attention, but due to his illiteracy he couldn't learn more about it. Motivating by the lure of financial gaining, he taught himself how to read at 20-21 years old, and then he started studying the stock market. Carroll's role models changed from drug dealers and sports figures to Bill Gates and Warren Buffet. He wanted others to learn this new way of making money.
When Carroll arrived at San Quentin in 2012, he met Troy Williams, who helped him start the Financial Literacy Program. Together they created the philosophy F.E.E.L (Financial Empowerment Emotional Literacy) that teaches people to recognize how their emotions affect their financial decision, and how to separate the two.
Curtis "Wall Street" Carroll | Speaker | TED.com