Recently, I’ve talked to a number of dentists, professional practice owners who were at the finish line – about to sell their practices, with buyers ready to go.
And then – bam! – the coronavirus hit them in the face and stopped everything.
Some doctors had just retired from solo practice with the money for a nice, leisurely retirement in the stock market or a 401(k). All of a sudden, the coronavirus brought their portfolios down by 20 – 30%.
I’m not your financial advisor, but I would seriously consider getting your cash out of the market. You don’t want to take another 10,000 point drop and then be left wondering what to do next.
So what do you do next?
Back in 2008, I put all of my Plan B assets into Real Estate. I wasn’t tied to only one source of income – trading time for dollars in my practice. When I needed to leave, I didn’t need to worry, because I had a Plan B – multiple streams of income and tangible assets.
That’s the way to do it. So why do most people not?
Number one, Wall Street and financial advisors don’t sell it. And it’s not a hobby you can do by yourself – it’s more of a business.
We’re in another recession (maybe depression ) now, and it takes about 18 months for the deflation and deleveraging to occur. In the coming months and probably over the next few years, Real Estate will go up for sale with deals like we haven’t seen in a decade, just as it did in the years following 2008.
You can catch that down wave and ride it back up. I was able to more than double my net worth coming out of 2008, and it’s going to happen again. It takes years to develop a network and the knowledge base to locate, negotiate, and manage those deals. I built Freedom Founders 10 years ago to create that network, that community.
This is your opportunity to make up for lost time, increase your net worth without taking undue risks, and put your cash into sustainable, predictable cash flowing assets that will rise with inflation when the economy comes back.
It’s a market cycle, and they’ll keep happening – but you only get so many chances in a lifetime to ride the cycle.
For more reading, check out the special report I just released on how to multiply your net worth (it’s free): www.freedomfounders.com/multiply-your-net-worth
To your freedom!
1. Ready to Step Away?
“How Much is Enough?” This simple question keeps hard-working professionals at the hamster wheel of active income far longer than they need to be. Watch this free training, and discover a proven model for determining how much you really need before hanging up the handpiece! www.freedomfounders.com/training
2. 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.
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 (3-5 years or less), visit www.freedomfounders.com/step-1 to apply for a guest 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 Member Advisor (Chris@freedomfounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 101 and leave a brief voicemail for Chris. Let him 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.