Uncategorized

Do You have a Business or a Job?

Most of you have worked hard for many years to get your degree, open your practice, and start making money to improve your lifestyle.

But here’s the problem: for most professional practice owners (health care, dentistry, veterinary medicine, optometry, podiatry, chiropractic, etc.) and small business owners, the business itself is really a job.

 

 

It’s often a good job and pays well. But as the owner, taking on so much risk and liability… does it pay what you deserve?

Real business owners aren’t actively involved in day-to-day operations, or responsible for producing the product or services of their business. But in school, we’re taught the opposite – to focus all of our constructs and energy on our expertise and how we serve our clientele, our patients.

Providing a great service does bring great satisfaction. But there’s no real freedom when you’re obligated to always share your labor and time for those dollars. Yes, you may build up some value in your business that you could someday harvest by selling it (that’s part of the nest egg many count on when they’re ready to retire from active work), but the markets and interest rates change all the time, and there’s no way to know what they’re going to be when you retire.

I’m not putting down what we all went to school to do. But I look at it as more of a stepping stone. Why do you feel like you have to be stuck in a rut, doing the same thing day in and day out for 30, 35, 40 years? It’s what society and our industry tell us to do, but I think it’s a terrible construct.

Continuing to invest in yourself is a good thing – but where is the ability to leverage outside and create real cash flow, whether we’re working or not?

You can do it in multiple businesses (which is not easy) or Real Estate, like I did. Real Estate provided me with the income streams, outside wealth, and equity that I could leave my practice 15 years ago when my daughter was very sick. Real Estate gave me the freedom of choice – one of the 5 freedoms in life.

The big one everyone talks about and wants is financial freedom. Everybody wants enough assets or capital or money that would allow them to not have to work. The next freedom is time. We give up so much of our time and labor to get the ball rolling – sometimes 30-40 years. We should be transferring that time and sacrifice early in life, getting capital assets or Real Estate to produce the income we need without us doing the work.

The next one is relationship freedom, the people (besides your nuclear family) that you spend time with.  Do you have the freedom to choose your staff, associates, and business partners – or do you feel stuck with whoever you have? Do you have the freedom to choose your patients and clients? Or do you feel like you have to have a “come one, come all” attitude to “make the buck” and pay your overhead? Relationship freedom is huge, but you can’t have it until you have financial freedom. And you can’t have that until you have time freedom.

Next, is health freedom, which people often put off, thinking “someday, after I get all this stuff done and money stacked up, I’ll get healthy again.” For most, someday never comes, and they’ve been spinning on this hamster wheel all their lives in worn out, broken bodies.

The final freedom, which few get to, is freedom of purpose. Until you get through the other freedoms, you don’t really know what your purpose in life is.

I didn’t know what mine was until I broke through and gained that final freedom after I sold my practice. When you’re in the trenches, doing the same thing, you don’t really know what kind of impact you want to leave for your family, community, industry, or future generations.

I promise you’ve got a bigger purpose beyond what you’re doing right now. So reconsider where you’re putting your time and focus.

You’ve got to make changes in how you think, drop your limiting beliefs, and change your environment – what you take in, read, listen to, and the people around you. You need mentors, coaches, mastermind groups – people that challenge your thinking in the right ways.

Don’t try to go it alone. You need someone to challenge and keep you accountable.

Stop procrastinating! To change how you act and behave, you’ve got to change your environment – and that will change your life.

Don’t quit. No excuses. Don’t give up.

To your freedom!

David

 

P.S. I’m holding a 2 day workshop on March 27-28 for dentists who want to beat the average retirement timeline. Reserve your seat now: www.freedomfounders.com/workshop, and use promo code ACTION to take $300 until Nov 1!

 

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. 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. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.

2. Attend A Workshop:

If you’re committed to Freedom, but still building a practice, paying down school debt,  or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!

3. Apply To Visit The Mastermind:

If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.

4. Want to Work Directly with Me?

If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.

Leave a Reply

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