Lack of Financial Certainty

Picture of by Dr David Phelps

by Dr David Phelps

One of the biggest motivators for dentists, doctors, and business owners (including myself earlier in my life) to keep working in their practice, and towards their dentist retirement plan, is financial uncertainty.

We just never know how much is enough.

We want to provide for our families and have a successful life. We've worked hard, therefore, we deserve it. We've earned it by putting so much time into our education and our skillset. 

We take on a lot of risk every day in our respective businesses so we should have the lifestyle we want. We should be able to have the freedom and be able to take our foot off the pedal at a much earlier age than the majority of people do.

But it doesn't seem to work out that way. The lack of certainty about how much is enough is one of the biggest problems I see in society.

Your Freedom Number – Income vs Accumulation

In having the opportunity to help hardworking professional practice owners figure out what the better pathway is to financial certainty, I realized that they don't know what their freedom number is.

Their financial advisor has never been able to give them a specific number. It's always, “Let's tax defer this money. Let's accumulate it in a 401K or defined benefit plan or a cash balance plan.” Defer taxes and save it there, fingers crossed, hoping that when you need to leave practice (like I did when my daughter was sick or because frankly, you've had enough) you can do so.

The problem is, without knowing how much that nest egg is going to actually produce in income then you never know if it’s going to be enough.

See income is everything, not just accumulation.

There is more to your dentist retirement plan than accumulation

With investing for dentists, and for everyone in general, the traditional financial plan is so outdated because it's an accumulation model where you build up so many millions of dollars, and then when you want to retire, you can chip away at that principle over the next 25 years at 4% per year.

Well, you have to have a pretty big stack to have any confidence in that accumulation number. Keep in mind that inflation is running at a 40 year high so that stack of money that people thought you could retire off of is probably not enough. And your financial advisor is probably being obtuse about the answer he's giving you.

Investing in Tangible Assets – The Alternative to Wall Street

David's dentist retirement plans - Freedom Founders 2022 Event
Dr. David Phelps speaking about his beginnings in Real Estate

Real estate is my favorite. It keeps up with inflation, but also produces a regular cash flow and income dividend that's not required for you to be there to receive it.

You invest in real estate, you have people that manage that investment for you, but it's actual tangible assets that you have a lot more control over than something in the stock market.

It's what I've done in my life. It's worked for me and it's worked for the hundreds of other dentists I’ve helped. It's a different pathway. It's going against the grain of the financial Wall Street model.

BUT, if you want to live a different life, I've found that you have to consider taking a different path. The path we take in Freedom Founders is just that. 

If you need a dentist retirement plan and…

You're that doctor or dentist who's thinking right now, “I need a better plan. I need more certainty.” I encourage you to check us out and how we’ve provided for others.

It's risk free. You can find out what we're doing at Freedom Founders and take the appropriate steps to see how freedom might pan out for you.

It's risk free. And it just might be time to gain more clarity on your path to financial freedom.

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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