EPISODE #4 – July 6, 2020

“How can you help people become better in some way, and make their lives better in some way. So I think that’s the number one state of mind that you have to have, to be a successful entrepreneur.”

I was an excellent driver for a 4 year old

Kevin takes the wheel in the car of life. At a mature age of 4 years old, he shares how drag racing and potential disaster transitioned into an adulthood of confidence, pride and responsibility.

Transcript:

Elizabeth D’Aleo:

Welcome to Work, Life and Money Insights with Kevin Ellman. Where Kevin shares his stories of his life as the foundation for his outlook on the economy, market and current events.

Elizabeth D’Aleo:

Hi, everyone. Elizabeth D’Aleo here. I’m with Kevin Ellman. And welcome to episode number four of our podcast. We appreciate you listening and hope that you’re enjoying our stories. Kevin, how are you?

Kevin Ellman, CFP:

I’m good today. Very good, thank you.

Elizabeth D’Aleo:

I’d have to just laugh to myself, because I just said, “Our stories.” And these are not my stories. No one would have fun with my stories. So if our listeners have been following along, they may remember that the last time, we were talking about your boat, right? Your first boat and all of the speed that came along with it. But not only the speed, your art of negotiation started to be built at that time. And so one of the first things you started to leverage was to get a new car. Or a car I should say.

Kevin Ellman, CFP:

A car. Yes.

Elizabeth D’Aleo:

I shouldn’t really categorize it as new. So a car. And so why don’t you start telling us a story about how you ended up with your first car?

Kevin Ellman, CFP:

Sure. Well, first of all, my father like many other fathers, wanted to make sure that his son would be a man’s man. And could himself.

Elizabeth D’Aleo:

I can see your body language right now.

Kevin Ellman, CFP:

Right. Exactly. “He’s a man’s man, and he can handle a boat and handle a car, handle power tools. The man’s man. He can fix things.” So at the time, we had a family car, it was a Hudson. It was a big sedan. But my father also had an Austin Healey sports car. And keep in mind, this is in the 50s. So it was a convertible, British racing green with tan leather interior. But it didn’t have roll-up windows. It had just these flaps. And the flaps would supposedly keep out the wind, the rain and the cold. But real men would drive around without the flaps and without the top. And they would just suffer the elements.

Elizabeth D’Aleo:

Pouring rain.

Kevin Ellman, CFP:

Exactly. Just because we’re men. Men are men.

Elizabeth D’Aleo:

An ice storm.

Kevin Ellman, CFP:

Exactly. So he used to drive me to school in the morning, and then I guess he would head into the city to work. And obviously we’d come up to some stoplights. And of course my father being the crazy speed demon that he was, took this as an opportunity to practice his drag racing, racing start. So we come up to a light. And of course he now revs the engine, revs the engine, revs the engine. And then as soon as the light turns green, he pops the clutch. And we go.

Elizabeth D’Aleo:

Off you go.

Kevin Ellman, CFP:

Engine’s howling, the wheels are spinning, we’re flying off at … I don’t know, whatever it is. 50 miles an hour, laughing our butts off the entire time. And we did this at every light on the way to school.

Elizabeth D’Aleo:

How many lights did you have going at school?

Kevin Ellman, CFP:

A few. But it wasn’t enough to be a … I didn’t want to be a passenger, of course, for all this fun. I wanted to … I wanted to drive too.

Elizabeth D’Aleo:

Sure.

Kevin Ellman, CFP:

I’m a man’s man. And even though I’m four. So-

Elizabeth D’Aleo:

It doesn’t get manlier than that.

Kevin Ellman, CFP:

Exactly. And my father figured that every young man really should know how to handle a car, especially a hot rod sports car.

Elizabeth D’Aleo:

Sure.

Kevin Ellman, CFP:

So my father would have me sit on his lap, and he’d let me drive. And this was before seatbelts. So you can imagine if anything had gone wrong, I would have been squashed to death, impaled on the steering wheel, squashed by my father. Dead.

Elizabeth D’Aleo:

Oh my God.

Kevin Ellman, CFP:

But who knew? So this again, and this is before safety. And so people did those-

Elizabeth D’Aleo:

Sure.

Kevin Ellman, CFP:

… kinds of things. So I didn’t realize that my father is actually steering with his knees where I couldn’t see them. And he’d let me think that I was driving. And of course he taught me how to use the horn and the turn signal, and the windshield wipers. If they had windshield wipers. I’m not even sure that they did. And I could press the buttons. And these are all what I call critical pre-kindergarten nursery lessons. So we’re driving around town, and every now and then we get pulled over by the cops. And my father would with a completely straight face, would look at the cop. And he probably knew the guy. And he looked at the cop and said, “Look, I know he’s only four. But he’s a really good driver. So you don’t have to give us a ticket.” And I don’t know what happened. Maybe he paid them off…

Elizabeth D’Aleo:

Yeah, I was going to say. There must’ve been some sort of compensation involved.

Kevin Ellman, CFP:

There was something going on that I didn’t know about.

Elizabeth D’Aleo:

Maybe a free ride in the stagecoach.

Kevin Ellman, CFP:

Exactly. So this went on for a while. Then we get stopped periodically. But it didn’t stop him from teaching me how to drive. So one day my father figured, “I really should get him his own car. After all, how’s he going to learn how to fix a car if he doesn’t have a car? So seems logical to me.”

Elizabeth D’Aleo:

Sure.

Kevin Ellman, CFP:

So this was also part of my deal with my father that I wouldn’t tell on him for letting me do all these things if he got me my own car. So one day-

Elizabeth D’Aleo:

I don’t know who is negotiating with who.

Kevin Ellman, CFP:

Exactly. I think he had more fun than I did. But so one day he’s tied a rope to the back of the car and he tows home an old 1930s jalopy. I mean, it was a complete wreck. I don’t know if they maybe paid 30 bucks for it, or just nothing. And next to our house was a big empty lot. Because at the time it was pretty thinly settled. So there’s a big empty lot. And he sets up my car in the lot next door. And he says, he figures, “Well, see if you can get it running again.” Nevermind the fact that I had no tools, no training, and I was four. When my mother would say, “Well, what on earth are you … Why does a four year old need a car?”

Kevin Ellman, CFP:

And he was like, “Well, how else is he going to learn how to fix a car if he doesn’t have a car?” So that was my father. Now the only problem was, all the other kids in the neighborhood, especially the older ones didn’t like the idea of this four year old kid having his own car. So all they did was smash it up. So they’d throw rocks through the windows. They’d knock all the lights out. They ripped up the seats. They just broke everything. And my father never forgave me. He said like, “What does is the matter with you? Can’t you even take care of your own car?” I said … I was like, “Dad, I’m four. I mean-

Elizabeth D’Aleo:

Right.

Kevin Ellman, CFP:

” … these kids are 12.”

Elizabeth D’Aleo:

10 year old-

Kevin Ellman, CFP:

“What do you want me to do?”

Elizabeth D’Aleo:

… down the street is really intimidating.

Kevin Ellman, CFP:

Exactly. So he never quite forgave me for that. But anyway, that’s the story of my first car.

Elizabeth D’Aleo:

Kevin, multiple times through the stories that you’ve shared with us, you’ve described your dad as a true entrepreneur. And many would look at you just the same. But what I’m interested in kind of hearing you describe is, how did being in the shadow or even stepping side by side with your father, through his entrepreneurships, how did that impact your series of decisions through your life as you’ve built on your career?

Kevin Ellman, CFP:

Well, yes. I’m definitely the son of an entrepreneur. My father is someone who never had a job. He started out on his own from the very, very beginning. His first business, he had eight Coca-Cola vending machines that he installed in theaters in Brooklyn. And he used to drive around in a station wagon with my mother. And they would fill up the syrup from big vats that they carried around. This was before cans of soda.

Elizabeth D’Aleo:

Sure.

Kevin Ellman, CFP:

And that was his first business. So he was always an entrepreneur. And of course, like most sons, I wanted to copy my father. My brother also copied my father and ended up in business for himself too.

Elizabeth D’Aleo:

Interesting.

Kevin Ellman, CFP:

So it’s not surprising that we ended up being entrepreneurs. And my father did a lot of things with me that I tried to do with my own children. And he always believed in me. So even though I’m three and four, and five. And, “Of course you can drive the car. Of course you should be able to do it. Of course you can use the turn signals. And of course you can use the horn.” And when he brought home this jalopy, he just assumed that, “Of course, he should be able to fix the car. And of course it’s all going to work out.”

Kevin Ellman, CFP:

So I just believed in myself from the very earliest age. And when I said, “Do I want to go into business for myself?” Of course he was very supportive. And I just assumed that I could do it. I assumed I’d be successful. So some of that though, it’s always nature and nurture. If he treated another person like that, would they have turned out to be an entrepreneur It’s hard to know.

Elizabeth D’Aleo:

We never will.

Kevin Ellman, CFP:

Yeah. And it certainly worked for me.

Elizabeth D’Aleo:

Right.

Kevin Ellman, CFP:

And it’s interestingly enough that most of my clients are entrepreneurs. And some advisors end up working with doctors and some work with executives as a specialty. My specialty has always been business owners and entrepreneurs. And to me, they’re just a different breed of cat. I understand how they operate. I understand how they think, I understand how they’re wired. And it’s a very natural fit for me. So I really thank my father for nudging me in that direction and supporting me in all those different endeavors.

Elizabeth D’Aleo:

Absolutely. And I can relate. I’ve shared brief stories with you about my father who came to America at a young age, didn’t speak a word of English, and started a family business. Nowhere near at the level in terms of the size of the business. But entrepreneur nonetheless. Right? So I think when you’re lead by example that way, you only know how to do the same. You’ve shared some stories with me offline about just you as a father and challenges you had at a young age. And how you overcame them. And how you still overcome them on a daily basis. Right?

Kevin Ellman, CFP:

Sure. Absolutely.

Elizabeth D’Aleo:

So how do you feel that right now, if you had to just kind of pick one thing from being an entrepreneur, what … Can you just think of one challenge that if you had never overcome it, you wouldn’t understand what it is to overcome and continue to build your business, so that you can further relate to your clients? And maybe it’s more than one, but just an example.

Kevin Ellman, CFP:

Well, I think the most challenging thing about being an entrepreneur is finding and creating a customer.

Elizabeth D’Aleo:

Right.

Kevin Ellman, CFP:

The perspective that helps us to think in terms of finding unmet needs, constantly being on the lookout for things that people need that they’re not satisfied with their current provider or their current solution. And thinking about how can you serve. How can you help people become better in some way, and make their lives better in some way. So I think that’s the number one state of mind that you have to have, to be a successful entrepreneur.

Elizabeth D’Aleo:

Yeah, I would agree. Well, thanks for sharing that, Kevin. As always, you really just look to find a way to tie everything back to what we’re doing on a daily basis. And it’s just very helpful, right? You entertain us, but you also provide a lot of guidance. So thank you.

Kevin Ellman, CFP:

Well, thank you. It was a lot of fun.

Elizabeth D’Aleo:

I think it’s really important for our listeners to make sure that they understand that they can find you. And while being entertained by your good stories, still get some pretty good advice during some volatile times right now. So where can our listeners find you right now?

Kevin Ellman, CFP:

Well, sure. Well, it’s always okay to have a laugh. It’s good to have a little fun once in a while before we get serious about money. But if anybody wants to talk to me about money, I can be reached at wealthpreservationsolutions.com. That’s our website. And it’s got a lot of content, a lot of articles, a lot of videos, and a lot of information about what we do and how we do it. And you can just leave your name and email, or phone number. We’ll reach out and set up a time to talk and have a conversation. So I hope you do that if you feel like doing it.

Elizabeth D’Aleo:

Absolutely. And please stay tuned. There’s information following today’s episode of where you can text us to get some information, and some free copies of publications that Kevin has put out. So thank you again. And please remember to review, rate and share this podcast. We really hope you’re enjoying the time spent with us in the stories as much as we always are. So stay happy, stay healthy, and stay wealthy. Bye.

Elizabeth D’Aleo:

Thanks for joining us today for Work, Life and Money Insights with Kevin Ellman. For your free copy of Kevin’s book, The Seven Biggest Money Mistakes People Make And How To Avoid Them, just text, “WEALTH,” to 88799. That’s, “WEALTH,” to 88799. Everyone’s circumstances are unique. And the content of this podcast should not be construed as financial, tax or legal advice. Please consult with your professional advisor or contact Kevin Ellman to learn if the complimentary personalized review or candid snapshot of your portfolio is right for you by visiting wealthpreservationsolutions.com.

Elizabeth D’Aleo:

The opinions expressed in this podcast are those of the author, and may not necessarily reflect those held by Kestra Investment Services, LLC, or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. Comments concerning the past performance are not intended to be forward looking, and should not be viewed as an indication of future results.