Knowing Your Numbers

by Dr David Phelps

by Dr David Phelps

S

pecificity in knowing your numbers is absolutely critical.

 On a regular basis I do Blueprint Days for our new members of Freedom Founders, and what I require of them is to bring their numbers. 

What kind of numbers? Well, business numbers of course, but also lifestyle burn rate numbers – what does it take to run their lifestyle? What are the specific numbers they have in terms of their investments? What are those investments kicking off in terms of cash flow and dividend payments? What's the pro forma on growth?

These are the things that people need to know to have clarity to know where they want to go and how they want to get there. Without a roadmap that's based on metrics that are known and specific, there's no way it's going to ever happen. 

Time and time again, people do not know their numbers. They throw numbers at the wall. They have no idea. They're basically just checking their bank account every month and seeing if there's enough in there to pay the mortgage and the car payments and the vacations and whatever else there is. And if there's money there, well, they survived another month, right? That’s all they’ve done.

Do you want to reach freedom in your life, where you have not only financial freedom but time freedom? Everybody else is going to wait until “someday”, maybe in their sixties or even seventies. No one ever knows, right? Financial advisors can't even tell them when they can stop. If you want to get there way before then, and start enjoying time in your life, you've got to have specificity of your numbers

If you haven't done that, then no way is it going to happen. You don't know where you're going and how to turn the dials to get there. I see it over and over again. Financial advisors can't even help their people; they use fancy algorithms and software to try to project exactly when the money's going to run out for people, but folks, they have no clue.

You've got to take charge of your financial future, just like you did when you were going to school and getting your education, degrees, technical skill sets, and abilities; just like you still do with taking CE to be the best of the best. But if you're not focusing on your financials, you're leaving your whole life on the table.

I'm telling you, I see it all the time. Don't let that happen to you. You need a blueprint. You need a map. You need someone who can guide you through the specifics of what you have and how to leverage that and make the most of what you have. Otherwise, you'll be like everybody else – not knowing when you can finally get off of the hamster wheel and actually live life.

Don't let that happen to you - it's your freedom, and you’ve got to focus on it.

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. 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. 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

4. 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.

Leave a Reply

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