How Certain is Your Financial Plan?

We All Pay A Price For The Life We Want

Picture of by Dr David Phelps

by Dr David Phelps

I hear from many dentists and business owners every week.

Those part of the Freedom Founders community and those knocking on the door trying to learn what we do and how we help our members.

Here's what I find over and over again.

Hard Work Is Not Enough

The dentists and business owners I hear from are not lazy. Far from it. They are very hardworking. Actually, harder working than they should be.

Certainly, when you’re young you have to do whatever it takes to be successful. That's what I call the sacrifice period. It's part of everybody's life.

But we must learn how to take what we start out with in life, mainly our time and labor, and transfer it into tangible assets – where real freedom comes from. If we don’t, we will stay on the hamster wheel until we physically can not.

The first tangible asset you can have is your business. And there are models to learn how to scale that business, putting systems in place with the right people and culture so that you can take a step back. If you so desire, you could gain the ability to not be hands-on in everything. 

As a small business owner, you wear many hats which in turn wears you out. That’s where we all start. But we don’t have to stay there.

Your business must become the economic engine that allows for the acquisition of other income producing assets. That is the only path to creating more breathing room, and Freedom of time.

There Is No Magic Bullet

I’ve learned that there are different models to begin getting your time back. There is no one way. There are too many variables in each individual for there to just be a magic bullet to solve every situation. 

But figuring out what works best for each individual is what I love to do. I love to take people's puzzle pieces and with their help, re-align them until they make the picture they want.

The first major goal is to show them their inflection points. Inflection points are dramatic movements or actions that advance you to where you want to go faster. It’s an exponential progress from point A towards point B.

The biggest issue I find is people can't define their point B. They don't have a vision for it. And after so many years in the grind, they're just trying to figure out how to put out the next fire.

“Do I add more chairs? Operatories? Associates? Specialists? Do I need to move to a new location? Do I need a rental property? Real estate syndication? Move my money out of my 401k?”

So many questions.. and they are all viable questions. But they need to be more organized and aligned toward a common goal or vision. A framework or filter is needed to even begin to figure out a cognitive game plan.

Do You Have A Financial Blueprint?

In Freedom Founders we call it a blueprint. Everyone needs one but nobody has the clarity to create one on their own. They can work hard all their life but they don’t know how to map it out.

It's not their fault and it’s not yours. You've been blessed to be able to earn a much higher active income and provide for your family. But there's a price we all pay.

It could be your health. Stress. Possibly your marriage. Relationships you wish you had with your kids who are growing up right before your eyes.

These are the prices we pay. Yet we feel like that’s exactly what we have to do. That's what society teaches. And it is far from the truth.

Pressured by my daughter’s ongoing illness and number of health crises, I was forced to figure this out myself. I was uncertain but I knew I had to create a different plan. A plan that would allow me more time with my daughter.

I know that you feel that same uncertainty in your life right now. That's why you're still reading this. You have uncertainty and it’s okay for you to feel it.

But recognizing that you are uncertain is proof that you need a plan. In fact, you can say it’s a prerequisite for creating your own blueprint.

A Plan Made WITH And FOR You

You can no longer abdicate your financial responsibility. You don’t abdicate the decisions in your own practice.

So why are you abdicating your financial future to financial advisors, perhaps well-intentioned, who put it into financial products? Financial products have the most volatility of any assets I've ever seen.

The Wall Street model of the 401k might work well for a time. During this time everybody feels good and warm inside. But there is no sustainability.

The model goes up and then craters. And this always seems to happen right about the time you decide to take your foot off the pedal and sell your business or practice. You are left struggling with the next steps for your future.

You need sustainable, predictable income. Income to replace the active income you obtain from trading your time for dollars.

This will allow you to breathe and eventually say, “I have enough. I don't have to stop what I'm doing, but I can change the model. Maybe I can sell now and do something different.”

That would be a game-changer, wouldn't it? It would change the direction of your life.

Learn From Those Who Have Reached Financial Freedom

Our team put together an anthology book, Getting the Band Back Together, a year ago. You can have a free copy. Just ask for it by following the link.

Getting the Band Back Together is about members of Freedom Founders who created and are implementing their financial blueprint with our help. The results? More time to pursue their passions, to be with their family, to run their business the way they want.

The people in this book are hardworking and successful by industry and society standards. They provided for their family, but they were paying a price. And their families were paying a price as well.

All they needed was a different model. A different way of doing things from the models they've been sold to by Wall Street advisors and well-meaning CPAs. CPAs try to help them save on taxes, but in reality, they are locking up their money for longer periods of time without that money working for them.

If you want to learn how to build your financial future, sustainably, you need education and connections. You need a community with experience and resources to do it.

That's what we do in Freedom Founders. We bring you exactly what you need to customize your plan, your timeline, and your milestones.

You just have to take a step forward. If you don't, your life will stay exactly how it is. Will you and your family be content with that?

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.

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