My father was one of the smartest people I have known. He was a business owner, single Dad (my mother died when I was incredibly young) and a thinker.

Wisdom, he shared, and I pass along whenever I have an opportunity….

• Credit is dangerous and was a huge mistake. It will ruin the country. He was born in 1923 and was an adult when the credit system as we know it was created. We should pay cash for everything and if you cannot afford it; save until you can. He complained to me in the 80s when he finally had to get a credit card to rent a car.
• Real Estate is an excellent investment – he owned apartment buildings throughout my childhood and college. I do not know when he started but his retirement was partially funded by mortgages held. His strategy; (1) purchase a single-family home with cash; (2) renovate using local tradesmen (putting the community to work); (3) sell to families who were discriminated against by the banks, he held the mortgage.
• If you are paying a car loan, when it is paid off open a separate bank account and continue paying the loan amount to yourself. By the time the car is ready to junk, you should have enough to purchase your next one with cash.
• Diversify – These are some of the businesses he owned throughout the years: Restaurant – Fuel Oil Home Delivery – Gas Station – Apartment Buildings – Bar & Packaged Goods – Lakefront Land in Indiana with Gravel Pit & Black Walnut Trees.
• Vote – he would not engage in political debate with anyone that could not produce a voter’s registration card.
• Buy local and support small banks and businesses. He believed in equal rights and in supporting the businesses in your community. His road to entrepreneurship was pushed along in a large part because of racism. Excellent grades in high school could not get him in the door to become what he wanted to be – an architect. His teacher told him to forget about any referrals to intern programs; so, he enlisted in the Navy.
• Do not be afraid to move – we lived in 4 homes by the time I graduated High School. He owned them all and moved to get me and my brother into a better neighborhood.

He was a single Dad with multiple businesses who still made time to sit with me and laugh at old Bill Cosby records, take us to the farm in Indiana to ride, fish and play with the animals and made sure I could go to any concert or play I wanted.

My father’s independent spirit, work ethic and commitment to staying the course are the reasons I became an entrepreneur and believe in helping small businesses succeed.