Defining a Proven Path to Success

You Won’t Get Anywhere Without A Plan

Picture of by Dr David Phelps

by Dr David Phelps

Thanksgiving is a time of gratitude and reflection on the blessings. We certainly are tremendously blessed and take the time to enjoy what we have with those we love.

But I also acknowledge the challenges we face in pursuit of our dreams, goals, and freedoms.

Many of us ventured into entrepreneurship driven by the desire for lifestyle, control, and freedom. However, amidst the pursuit of success, we often find ourselves grappling with stress, impacting our well-being and familial relationships.

The Entrepreneurial Struggle

Freedom is what we find is most missing in our lives. While you can work hard to drive your business or your dental practice to produce active income by working hard, being diligent, taking CE courses, and providing the best services possible… It comes with a price.

Particularly in dentistry, we often face the dilemma of balancing ambition with the toll it takes in our personal lives. Not just in terms of financial investments, but also in terms of the strain on ourselves and our families.

The Unseen Costs of Success

Success in your business, in your career comes with a price tag to your sanity, your peace of mind, your stress levels, and your health. It also bears a price on your family. I can't tell you how many doctor’s spouses confide that the doctor is a great provider, but when they come home, it’s like he just finished running a marathon.

As the drivers, we may be willing to be martyrs to do what we think is the best for our family. Yet our families suffer when we give most or all our energy to just providing. The family rarely says anything because they love us. They appreciate the hard work, but they're not getting what they signed up for.

Yes, striving for success is good. We want to carry that load for our families. Yet at the end of the day, the purpose behind why we work so hard gets lost in the day-by-day of grinding and figuring out how we can exit the hamster wheel.

Redefine Success For Yourself

You have put in the work to get to where you are. By society’s definition, you are successful. But success, as defined by societal norms, often neglects the importance of peace of mind and lower stress levels. 

But success by your own standards must be possible. I’ve seen it and have experienced it first hand. Otherwise why don't we all just go work for somebody else? You’d clock out, go home and have the evenings and weekends to yourself.

As an entrepreneur and business owner, we carry our business with us whether we are physically involved in the day-to-day business or we go home in the evenings/weekends or even on vacations.

It's always there on our shoulders. It never really goes away. So how can you obtain the freedoms you desire, the lifestyle you want for your family while not burning yourself out?

Yes, you go on vacations. You live in a nice home in a nice neighborhood. You probably have good cars and you can put your kids in good schools. But is that it? Is that what it’s all about? You have to look deeper to why you built your business. You didn’t build a business out to be controlled by it.

Create a Measurable Financial Plan

Those who come to Freedom Founders are all highly capable, and very credible in their own space. They’ve done well for themselves and their family.

But they're still missing something. A measurable plan. Frankly, none really have any plan at all let alone a measurable one. It's just a guessing game.

The traditional financial model is to save money in a 401(k) or in an IRA or play the stock market game. Those pathways alone will not get you to where you want to be, especially in the current economic environment.

I am biased about financial assets vs tangible assets. I've always been a proponent of tangible assets and that starts with your practice and business.

Your dental practice is a tangible asset. You have the most control over it, but this also means you have the responsibility to make it profitable.

You can actively do that if you choose but the inflection point that most hard-working, high-income, high-net-worth people miss is learning to take the capital from that business and invest into tangible assets that produce passive income without requiring active management.

Less control when passively investing is required because you don't want two businesses to manage. I love real estate. I’ve been doing it for over 43 years. That is how I got free when my daughter was sick in the hospital.

Tangible assets give you enough control to be successful in all market conditions while still being passive enough to enjoy your life and take the pressure off.

I want to clarify. Investing in tangible assets is not 100% passive. If you want passive, then you can abdicate all responsibilities and put your money in a 401(k) or with a financial advisor. Just keep your fingers crossed and hope your money is still there when you're in your 50s or 60s.

If you abdicate your financial responsibility to the market or an advisor, you have no certainty about the outcome. You have no certainty at all. The markets are fickle.

The depletion model is not something that I signed up for and I hope that you wouldn’t want to either, if there is a better option.

Most don’t know that there is a better option so they focus almost solely on the financial markets. And when we want to try something different, they try for a Hail Mary, jumping on board to some last minute fad just because people are talking about it. 

Only to find that it often blows up when they get in too late and they are left holding nothing of value when it crashes. Wrong model. Wrong place.

A Proven Option for Financial Freedom with Less Stress

About a year ago, my team and I put together an anthology book, Getting the Band Back Together. These are stories of real practitioners, business owners, who are part of Freedom Founders.

We have over 100 members but in this book there are 14 who have led the pack. In 36 months or less, they all achieved their freedom number, replacing their lifestyle burn rate with income from tangible assets.

Not everybody sold their practice. Some find they don't have to. When you've covered your burn rate and you want to keep working, still being purposeful, you can now change your business model to fit whatever fits your lifestyle.

That’s what these practitioners did in this book. They changed their model and now they feel like they have longevity to stay relevant and purposeful, using their talents without feeling burnt out. The stress is off.

They are now spending time with their families. They're taking longer vacations or just taking time off to be more purposeful in their life.

You don't have to wait till the “retirement age” to do this. In fact, if that's what you're thinking, you're dismissing some great opportunities.

Take A Step in the Right Direction

The main purpose in Freedom Founders is to educate, connect, and help you build a customized blueprint to your freedom number and beyond. There are no assets under management. We are not another money manager.

We want you to be educated in real estate investments and connect you with the best people you can invest with. We fold time and give you a model that has measurable milestones. That's what takes the pressure off – Measurable milestones.

The economic environment is very uncertain and volatile. It will certainly be much different than it was in the last decade. The model has changed. The question is, have you?

If you'd like to have a discussion with myself or my team members about this you can schedule a call here. We’d be glad to get to know you and help you gain some clarity about where you're trying to go and what you're trying to do.

Don't be reticent and put your future off into the mystical someday, not knowing where you’ll be. It’s time to do more than just hope and pray.

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.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *