Have you found yourself weighing the costs associated with working to make a dream a reality?

“Go Long, Bopp!” That’s the “buy low and hold” stock slogan we’re using to describe placing our money on young race car driver Danny Bopp. (Stay tuned: Monday, May 4th you can enter win a prize package from Geezeo and Bopp). I spoke with Danny Bopp about being a professional driver and the costs of pursuing his dream.

Your first race of the season is later this week [April 19, 2009, ARCA RE/MAX Series, Rockingham Speedway, North Carolina]. How long have you wanted to be a race car driver? How did you get started?

I believe since the age of five or six. I would watch my father fabricate and set up race cars from all aspects of racing, and watch the NASCAR races with him on Sunday afternoon. My father would teach me various components of the racing industry, and how the cars performed. I consider myself blessed to learn from a very respected person in the industry.

I began driving several bicycles, dirt bikes, concession go carts and golf carts by the age of seven. Everyday after school, and almost every weekend I would be riding or driving something. It seemed everything I owned could not go fast enough. I was always in search of more challenging trails and tracks to make on the property we had.

One day I was driving my go cart around the yard (probably way too fast), and my father’s friend, Randy Stiers, watched me drive and said “that kid is going to be your next Jeff Gordan, and I want to sponsor him to race go carts.”

What are some of the costs associated with training? Who pays for this? How do you manage this money?

There are many different aspects of training with a race team. The pit crew practices three to five days a week, and a driver trains by running, working out, and keep the body fit for endurance. The full team trains by practicing, or testing, the race car at various race tracks to keep the car competitive with the others race teams. The cost to practice the car varies depending on the type of test you are performing, but there are costs to pay your employees to work on the car, fuel for the transporter, renting the race tracks, and purchasing tires for the race car.

Typically a team is financially supported by investors or corporations, and every expense is itemized and accounted for prior to a race test or race event.

Have you ever had a time when you’ve felt that the costs to pursue your dream might sideline you? What did you do?

I personally believe to pursue a dream you must give everything you have to achieve it, whether it be financial, in your relationships, or other sacrifices. I continue to pursue my dream by staying focused, keeping great business relationships, and living everyday with positive energy. I think it is much more powerful and respectful to strive, rather than to become discouraged and give up.

So true! I think a lot of people are so discouraged these days they feel like giving up. What would you advise someone who has a dream but who is fearful of the financial risks?

The power of our mind and the power within ourselves is greater than anything else. When I tell people I am a race car driver, they always say, “Aren’t you afraid you are going to get hurt?” I reply with “taking risks is something you do everyday. Whether it be changing careers, moving, or as simple as driving a car on the road.” Everyone is born with a talent and purpose, and once you know what that is, you never stop pursuing until you have reached your goals. If you want to achieve something, you do it, no excuses.

Yes, I agree. There’s a parallel with our financial lives, too. You must be willing to assume some risk in order to outpace inflation’s effects on your savings, for example. Right now a lot of people are seeing their retirement savings plummet and they are scared. On Thursday Geezeo writer Michele Steinberg will discuss why buying and holding still works. Like driving, long-term investing and savings means you have to look at the risks and determine if the risks match your tolerance levels. There is no reward without sacrifice and careful planning — and keeping a positive outlook during tough times is key.

Thanks for talking with us, Danny. Looking forward to speaking with you next Monday. Good luck in the race!

— Katie McCaskey, Geezeo.com

Further Reading

• How to Rev Your Entrepreneurship Engine (0)
• 8 At-Home Fitness Finds Under $25 (1)
• Putting a Price on the Pursuit of Your Dreams (0)
• An Actor, His Wallet, and a Cross-Country Move (4)

Tags: ARCA RE/MAX Series, Auto racing, Danny Bopp, dream, Motorsports, NASCAR, Pit stop, Race track, Rockingham Speedway, Sports

This entry was posted on Monday, April 13th, 2009 at 9:00 am and is filed under Fun Spending. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.