Should you Participate in the CARES Stimulus Package?


Picture of by Dr David Phelps

by Dr David Phelps


fter some investigation, I’ve decided not to participate in the coronavirus CARES Act.

 That doesn’t mean you shouldn’t apply for these loans, and it’s not a case of moral high ground. I just want to give you something to think about for the future.

If you’re a dentist or any type of small business owner with high overhead, you have to do things now to stop the bleeding. I totally get that. This is not something that you created, or anybody else created. This is a pandemic with a government mandated shutdown.

For many of you, it was a brick wall to the face – operating a business with overhead and responsibilities to your patients and family, and then having the world turn upside down overnight.

However, when it comes to government money, there are always strings attached. Proceed with your eyes wide open.

I'm not telling you to not get the loans. I'm not exactly in your position, although at 63 years old, I do have some gray hairs and experience. 

At Freedom Founders, we’ve been predicting another reset or recession for the last two / two-and-a-half years. I’ve positioned myself to make it through times like this over many years – it didn’t happen overnight.

And it’s not because I’m so smart. I built a Plan B back when I was in my first year of dental school – even then, I knew depending on trading time for dollars wouldn’t give me total security in life.

So I did both. I worked hard, revved up my practice, took CE and started building a mini-empire of single-family rentals. I also learned to be the bank. In 15 years I paid off a lot of the loans on my single-family rentals and had enough passive cash flow to replace my active income.

I used my Plan B when I decided to leave my practice due to my daughter having leukemia, epileptic seizures, and needing a liver transplant by age twelve. I wasn’t going to continue being shackled to a professional practice that didn’t give me the freedom to spend my time where I wanted. So I pulled the ripcord, took my Plan B, and left.

If I’d gone by the traditional model of financial planning accumulation I couldn’t have left. That model has failed so many.

To have the freedom you desire, you can’t follow the majority. You’ve got to decide to take the contrary path even though everyone else tells you the path is over here. Don’t follow other people’s agendas or let them force theirs on you. Have your own plan and stick to it.

Don’t go solo and try to do it all yourself. You’re smart, hardworking, and will persevere, but that only gets linear results. You’ve got to be with a tribe, a mastermind, a community, a peer group that will give you sustenance, brainpower, and the creative ideation you need to go against the grain.

Plan B is necessary, even more now than ever. Don’t get sucked into following the majority.

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!

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 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 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 (, 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.

One thought on “Should you Participate in the CARES Stimulus Package?

Leave a Reply

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