3 Categories of People Seeking Financial Freedom

Where You Are Determines What You Need

Picture of by Dr David Phelps

by Dr David Phelps

All of the major transformations in my life came from placing myself in the right environment and surrounding myself with the right people.

It was the environment and relationships of dental school that brought about the first major inflection point in my life – the transformation from student to doctor.

Similarly, it was immersing myself in the right tribes/relationships that helped me gain the vision and skill sets I needed to build my “Plan B” in real estate. Relationships and environment are major catalysts for change. As a wise man once said – we are all one relationship away from transformation. Sometimes the first step in finding the right tribe is clarity and self-awareness. 

Here is what I look for when evaluating the many mentors and “tribes” which I continue to surround myself with today… 

  1. Do their goals align with my goals? Are we moving in the same direction? Alignment is important for trust and progress.
  2. Authenticity and transparency.
  3. Does this tribe foster dependence or self-advocacy? (Providing resources and education but enabling YOU to become your own advocate.)
  4. Have these people achieved what I want to achieve? Only those who have done it before will know exactly how to guide others to the same outcome.

At Freedom Founders, our goals are becoming your own financial advocate, financial freedom, creating a plan to get you to your goals, and freedom from your practice and from the things that keep you from doing what you want. Spending more time with family, achieving the dreams left behind, and creating an impact and legacy for your children and community.

There are 3 categories of investors on the path to financial Freedom who express interest in Freedom Founders. 

Category 1: My Current Plan is “On Track”

Some individuals are drawn to Freedom Founders because of our reputation. This community's authenticity and proven track record of success have piqued their interest. These individuals often reach out to our team, engaging in conversations to determine if there is relevance in joining Freedom Founders. They recognize the value of aligning themselves with a community that has a strong reputation and a history of leading their tribe to successful outcomes. 

However, people in this category may say, “Hey, I love what you're doing. You guys are really good. You have a great reputation. But I believe my current plan is on track.” Their current plan is oftentimes investing through the traditional model of a 401(k) and other retirement accounts, annuities, mutual funds, and maybe even some real estate.

I call them “adventure investments” because they can be “adventures” for people who jump into them without knowing a lot. They may feel like they are on track but, due to recent market fluctuations, they may now have a different disposition.

There is a key lesson still to be learned here. Just because your financial advisor says “it’s all good” does not mean your financial future, your retirement or your freedom is intact or will stay intact. Throwing your capital into “traditional” or commonly held investments without much knowledge of how they work for either party will not get you to financial security. There is a big difference between acquiring various investment products vs having a defined plan and clarity. 

A product – 401(k), retirement accounts, one real estate “deal of the century” – will never be as good as a proven plan that uses sustainable investment assets that provide the cash flow to make your financial goals a reality. 

Category 2: The DIY Investor

Many people find themselves unsure about their current financial plans, despite having a financial advisor and following traditional investment models such as 401(k)s and retirement accounts. These individuals are starting to question the reliability of their existing plans, especially after experiencing market changes and economic fluctuations.

Often times when they question their financial advisor, their financial advisor will say, “Well, you'll be good, probably, until 90 or 92, as long as there's not a market downturn like the Great Financial Crisis of 2008 [or like the one we'll probably see before the end of this year].”

This means as long as you maintain a reasonable lifestyle. As long as we don’t have higher inflation (They are still using an inflation number of 2% or under – an outdated number that we won’t get back to in our lifetimes). As long as taxes don’t get higher (which they always do). And as long as you don’t experience a market correction then, HOPEFULLY, you’ll make it to 92. I guess this means you’re supposed to die at 92 when the money runs out.

That is not a game plan that I want. 

People in this category have worked hard, and have been disciplined in saving money in traditional retirement accounts. But they no longer seem like a reliable “plan”. So they reach out to us after hearing that we have a better plan, a more successful method. They come to our events and trainings and realize that it’s true. But they'll say, “This is a great plan, but I think I can do this myself.”

There is an “Invoice” to be Paid for Success with Dentist Investments

They have a point. They can do it themselves. They have proven they are smart enough BUT at what cost? It took them years and decades to build their profitable business and to gain the certifications and education necessary to be successful. It’s even expected to sacrifice your time when you’re younger, but how about when you're in your 40s, 50s, approaching 60s?

Do you have the time to figure it out successfully? To fail over and over again until you get it right? With either path, there is an invoice to be paid. These are a category of people who likely never experienced the opportunity to collaborate with like-minded individuals going in the same direction.

The collaborative leverage of a group – their experience, their wisdom, the resources – are vital guardrails preventing major missteps and folding time where you would’ve spent it on trial and error. Unfortunately, this category of people will go back out into the world and “try it themselves” and end up, years later, still frustrated that things haven't worked out the way they wanted them to. 

Category 3: Seeking Collaboration and Community

A significant number of individuals, often couples, gravitate towards Freedom Founders because they are dissatisfied with their current financial strategies. They are tired of relying solely on trial and error, chasing bright shiny objects and never finding a solid plan that illuminates step by step how to get to financial freedom. 

Their financial advisor can't give them certainty. They sell a depletion model and who would want that when you've worked hard all your life to amass that nest egg?

You don't want to kill the golden goose. You want the golden goose to keep producing eggs (increasingly bigger eggs over time) indefinitely. In contrast, the traditional model is to start chopping the golden goose, and hopefully, there's enough goose left past age 92.

These individuals recognize the value and importance of collaborating with like-minded individuals within a supportive tribe. They understand that experience has a cost no matter which way you do it. And while there is a cost to enter our community, it saves you time. It buys back your time so that you are more in control of it.

These individuals are drawn to Freedom Founders' culture of sharing, collaborating, and leveraging the collective wisdom and experience of the community. They see the social proof and appreciate the opportunity to gain insight and guidance from fellow members.

Those are the three categories. If you see yourself in one of these categories, realize that we're happy to talk to anybody who has an interest. We’ll assess with you where you fit best and provide clarity. We may give you direction if you're in category one or two, to help you move the needle towards where you want to go.

We’re all about freedom and options sooner rather than later, and we’ll try to provide them wherever you are.

For those in category three, we're happy to invite you to one of our events and show you how relevant we are in your life. You can schedule your discovery call here.

For those still digging and researching, I want to provide some more details on the benefits of joining the right community, the one that will get you to your financial freedom.

The Cost of Gaining Experience with Dentist Investments

Earlier in life, it is expected to invest time in learning, education, and building a business or practice. However, as individuals enter their 40s, 50s, and 60s, the value of time becomes paramount. Rather than sacrificing valuable time and enduring potential setbacks through trial and error, individuals in this stage of life can benefit immensely from the collective knowledge and support available within the Freedom Founders community.

The Power of Buying Back Time

One aspect that resonates deeply with so many of the doctors I speak with is the concept of buying back time. As experienced entrepreneurs and investors, community members understand the importance of investing their hard-earned capital in avenues that allow them to reclaim precious time. 

Whether it is delegating household/recurring tasks to assistants or focusing on more significant endeavors, investing in time-saving resources elevates their productivity and enables them to work on what truly matters. By adopting this mindset, individuals can enjoy a better quality of life while actively pursuing their financial goals.

A Path to Freedom and Options

Our community stands as a beacon of hope for entrepreneurs and investors seeking financial freedom and willing to make the changes necessary to achieve it. 

We have a great reputation, but it is our collaboration and dedication to helping individuals navigate the complexities of intentional investing with a customized and proven blueprint that makes Freedom Founders a life-changing opportunity. 

Whether you are in search of certainty, guidance, or a supportive community, don’t underestimate the power of immersing yourself in the right environment and surrounding yourself with the right people to create the transformation you are seeking. There is always a price to be paid – in my experience, the investment is commensurate with the transformation. 

If this resonates with you, I invite you to schedule your discovery call with my team. They can help you gain clarity and help chart the next steps on your path to Freedom.

To schedule your discovery call, click here.

To your freedom!

– David


P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :


1. Schedule a Call with My Team:

If you’d like to replace your active practice income with passive investment income within 2-3 years, and you have at least $1M in available capital (can include residential/practice equity or practice sale), then schedule a call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to attend one of our upcoming member events as a guest. www.freedomfounders.com/schedule

2. Become a Full-Cycle Investor:

There are many self-proclaimed genius investors today who think everything they touch turns to gold. But they’re about to learn the hard way what others have gained through “expensive” experience. I’m offering a free report on how to become a full-cycle investor, who knows how to preserve and grow capital in Up and Down markets. Will you be prepared when the inevitable recession hits? Get your free report here.

3. Get Your Free Retirement Scorecard:

Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Click here to take the 3 minute assessment and get your scorecard.

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