Having a father who is an entrepreneur leaves a big impression. My father, who was a developer in my home town of Louisville, Ky., would build 20 or 30 houses at a time, and on weekends he'd take me around to job sites. He was a true entrepreneur, and I was very proud of him every time I saw one of those houses rise.
He tried to do the right thing as far as financial planning goes. He took out a policy to pay for my college expenses, and I'm sure he thought he assembled a financial plan for his later years. But I also learned from him that being an entrepreneur is all risk and reward, and unless you have a solid plan, bad times can devastate your business. In 1973, when I was 10, I saw his business collapse after interest rates rose. The building industry imploded, and he felt that he had no control over his fate. I'll never forget watching him go through that.
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