requently I have the privilege of talking to a lot of our colleagues in dentistry and business,
and I enjoy those calls because we have a lot in common.
I started out just like everybody else – coming out of school, hitting the ground running, wanting to take my trade, my license, my new skill set, (it wasn't very much at the time) and hit the road to start making money and build a lifestyle. Moving out of an apartment, getting a house, maybe upgrading the car, and starting a family. These are things we are exhilarated to do.
We move down the road and we're working harder. We're getting better at what we do. We're making more money. We are “more successful”. That's what we all want to be in life. But sooner or later, you realize this treadmill of working hard… While it’s a good attribute and it’s necessary to work hard in life, working smarter is better than working harder.
We're not taught about that in life or in school. We're taught to work harder, be more efficient, and be more proficient. There has to be an end to that because it won't take you to where you want to go and to what you really want in life. And what I wanted more than anything, especially when my daughter was sick and in the hospital recovering from a life-saving transplant, was TIME.
All the money I was making in my practice and all the real estate I had stacked up at that point… I worked really hard to do both things. But what I really wanted and needed was to convert that into time. And I did, I made that decision. I took the equity I had in my practice, the equity and cash flow I already had in real estate, put it together, and continued to build that passive cash flow to give me the time off that I really wanted in life.
Now, I was relatively young at that point. A lot of people said, “David, how could you do that? How could you give up being a dentist? That's what you trained to do. That's where your skill sets are. That's where you make the most money.” But I wasn't about making money anymore. Don't get me wrong. I like to make money. I think it's good to make money. I still make money today, but I do it in a totally different way.
Really, my greatest amount of insurance comes from the assets that I acquired way back when I started in my twenties. The compound effect allowed me to do that. Now, how did I do that? I'll tell you one key thing. I focused on a specific game plan in a specific asset class that I learned a lot about outside of dentistry. Dentistry is the business – the active income. Real estate was the passive investment side. I worked hard on both. That's what I call Plan A and Plan B.
Plan B meant that the compound effect of building these assets started out very slowly, but 15 years down the road (not always doing it in the best way I could today), it gave me that freedom to say, “You know what? I don't have to keep running on the treadmill as hard or as fast.” Plan B allowed me to have the time I wanted with my daughter.
Warren Buffet does not play in all kinds of different markets. He's not in crypto or NFTs. He focuses on specific types of businesses. He is not a trader. He is an investor. He has certain criteria for his businesses. He's played the long game. People will say, “Well, he missed this or missed that.” Warren Buffet didn't care and neither should you.
The problem is, many people create too much complexity for themselves jumping after bright, shiny objects. “Oh, this is going to do it for me. Oh, I’ll just run over here and do this. I'll buy products that will [supposedly] get me to where I want to go.”
When there is no plan, there is no focus. There is no clarity. There is no end game. And that's the problem that most hardworking high-income owners have. It's what I call the curse of high income. You make a lot of money, but you don't learn how to replace it, or how to use it to create more of what you really want in life – TIME
That's what we do in Freedom Founders. It's what I did in my own life. I'm the product of the product. Meaning the process we take people through in Freedom Founders. It’s not just buying products. It's a process that enables them to take charge of their future, their financial future, which means also taking charge of their time. It’s getting off the treadmill, taking a breath, enjoying life, making memories, and not having regrets later.
It's all about your freedom. You need to focus on it. Take charge of it. Don't delay because the longer you delay, the less opportunity you'll have to make those memories.
To your freedom!
I am currently offering a webclass to discover a “Plan B” to preserve your wealth in the face of the volatility seen on Wall Street, to hedge against inflation, and recession-proof your investments. If you are a professional who is tired of riding the market roller coaster, and lacks a plan for investing in your financial future, I believe this webclass is for you. Register now and begin to take charge of your time.
P.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.