Financial literacy is vital to the success of incarcerated people returning to society. Dr. Joaquin Wallace, a licensed financial advisor, has provided assistance via in-depth workshops for San Quentin’s Project LA/The Bay T.R.U.S.T reentry program. Dr. Wallace sits downs with SQNews:
SQN: Please tell us a little bit about your background as a Financial Advisor.
JW: I have been a licensed Financial Advisor for Prudential since 2017, and I have been in the financial planning and advising space since 2014, starting with Penn Mutual as a licensed insurance agent.
SQN: Why is financial literacy necessary for incarcerated people reentering society?
JW: First and foremost, it’s essential that financial literacy is identified as a required knowledge base, that everyone must have a fundamental understanding of the compulsory components, i.e., increasing credit scores, reducing debt, increasing savings. Yet, there are many other components of financial literacy, including but not limited to budgeting and understanding the role of financial institutions prompting one to become banked versus unbanked.
SQN: What were some of the topics you touched on in the workshops?
JW: We discussed during our workshops — for the most part, for those who find themselves incarcerated, I would suspect that many of their decisions had a direct correlation to the inability to meet their innate needs, such as food, water, shelter and safety, e.g., Maslow’s Five Hierarchies, which was introduced and discussed during the workshops. With that said, when the opportunity to re-enter becomes available, financial literacy coupled with navigating through Maslow’s Five Hierarchies of needs can profoundly affect their ability to negotiate the many challenges connected with re-entering into society.
SQN: H ow d o y ou s ee fi nancial literacy in the scheme of criminal justice reform?
JW: Financial literacy should be a curriculum facilitated and taught within correctional facilities. Without the proper knowledge, you are creating a perpetual cycle that continues to permeate inside the low- to moderate-income communities, which are statistically dominated by members of the Black and Brown communities. Therefore, the inability to understand the fundamental components of financial literacy continues to be a focal point for those identified above.
SQN: What do you mean by that?
JW: Consider that our first introduction to financial litintrinsic environment, which ultimately shaped you and your beliefs; consider this your money script and ideas, which are unconscious attitudes regarding money, often a result of the emotional attachments you have experienced during your childhood. For that reason, your money script and ideas have impacted your decision-making and education in financial literacy.
SQN: From where do most people learn their financial management?
JW: In this case, your parents, siblings, grandparents or self-proclaimed community financial aficionados and your guardians responsible for your welfare took on the obligation as your personalized money manager. Therefore, your financial education has been generational-willed and passed to you unbeknownst, creating a perpetual cycle. For that reason, formal training while instructing from a Servant Leadership perspective can be beneficial, sustainable and long-lasting.
SQN: What do you say to people who don’t think incarcerated people should have your program?
JW: Those who consider that educating and providing financial literacy is not an essential antidote to eliminating poverty and economic exclusion are a part of the ongoing issues that continue to permeate, which linger and exacerbate, thereby increasing crime and entry into correctional institutions.
Eliminating financial literacy is a fragment of a more significant societal problem that targets the Black and Brown communities to work towards eradicating poverty and creating financial inclusion.
SQN: What did you take away from your workshops working with Project LA/The Bay?
JW: Before participating in the workshops, I didn’t know what to expect. I have never been incarcerated and never had any inclination to go to San Quentin. However, I was encouraged by the level of engagement from those who attended, as their excitement suggested that the message delivered was well received. I felt that if I could impact one person, I would be successful in meeting each where they are currently with the hopes that they can retrieve the messages discussed when they re-enter society.
SQN: What message do you want the incarcerated to take from understanding the power of financial literacy?
JW: Continue to learn and educate, and each one teaches one. Deliver the message and look to stay on track to reach financial well-being.
SQN: Any future goals you are working on?
JW: Currently, I am working on a book, podcast and several other projects promoting my financial model that will allow individuals to successfully identify, educate and develop tangible and realistic expectations and solutions to meet individuals’ financial well-being.
SQN: Do you have any added words of inspiration you want the readers to know or remember?
JW: The more you know, the better positioned you will be. Continue to read and educate yourself and remember your C-D-C when you re-enter. You have a Choice, and your Decision has a Consequence.
