One reason I got into criminal activity was because I had no money. I knew I needed to get a job, yet being a high school dropout, in boys homes, and having a criminal record as a teen, all I could find was minimum wage jobs. Boy! Did I have many lasting 2 to 3 months. However, once I got a paycheck I spent it. I thought money was to be spent. No one taught me what to do with my money. So, when rent and bills needed to be paid, I ended up stealing and writing bad checks.
One aspect of prison reform should be pre-form. I believe to reduce the prison population all children ages 12 to 18, should be taught financial independence. Starting in 6th grade to 12th grade, they need to learn about budgeting, compound interest, stocks, index funds, 401ks, interest rates, credit cards, real estate, student loans, the 72 rule, and more.
Did you know that there are 7 things rich people buy to grow their wealth exponentially? These secret purchases rich people make continuously grow their wealth. First, they buy other people’s expertise. The average person claims to know a lot, but a rich person knows little. Second, rich people have others do their taxes. The average person does it themselves. Third, individual stocks, these can make an excellent buy for those who’s aim is to be rich. Fourth, real estate, invest in real estate. Fifth, index funds. A type of mutual fund or exchanged traded fund. Sixth, books! People who make a lot of money tend to read a lot of books. They acquire knowledge. Children hate reading, but this hate is holding people back. However, the rich don’t have this hatred. Like my tablet states after I purchase a song, game, or movie, yet the rich understand this, “The more you learn, the more you earn.” Seventh, buy other people’s time. So, not only should they teach this in schools, but in prisons also. Prison reform could be having access to financial institutions, and at minimum get a compound interest account, so no incarcerated person is released homeless.
Why am I blogging about money? Because on August 26, 2024, the Federal Communication Commission (FCC) reduced cost of phone and video calls made by people held in prisons and jails nationwide. Congress passed Senate Bill 1541 giving the FCC authority to regulate phone calls and video services in prisons and jails, and to ensure fair cost for incarcerated people. Thus, making prison phone calls $0.06 a minute and video calls 0.16 a minute, and ending kickback schemes to prison and jail officials. Because of this bipartisan Martha Wright-Reed Just and Reasonable Communications Act, prisons and jails will be losing $385 Million annually. It’s my experience that they are going to make up their losses in other ways either by raising commissary prices, or getting kickbacks from our tablet sales, or charging more money to our families and friends to put money in our inmate trust account. To put money in an incarcerated person’s trust account or media account they can use JPay.com or accesscorrections.com. All a person or family member needs is their name and prison number. Yet, these companies charge money to put money in an incarcerated person’s trust account and media account. Plus, the Department of Corrections charges 1% of any money (even from a prisoner’s job) going into an incarcerated person’s account.
Do you know how old I was when I learned about budgeting and saving for an emergency by my surrogate family? 59!
I was 63, when I learned about money management via my tablet. So, teach your kids, please.
Respectfully Submitted,
James Carlson, #073536

Contact Info: Mr. James R. Carlson #073536 Central Arizona Correctional Facility PO Box 9600 - PMB #173 Florence, AZ 85132 Email: https://www.securustech.net Click the link above, then search for James Carlson in the state of Arizona. The facility on Securus is listed as AZ DOC Inmate Services

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