Wealth is Not What You Do

Picture of by Dr David Phelps

by Dr David Phelps


n my newest book, Own Your Freedom: Sustainable Wealth for a Volatile World, I talk about the fact that wealth is not what we do,

 but it comes from what we own. 

What do I mean by that? Listen, we’re told in life that the best way to get ahead and to create security for our families and our future is to get an education, climb up the ladder, get a great job, maybe own a business or start a professional career path like I did in dentistry.

That's a great thing to do, and I'm not saying that's wrong. I'm just saying that it is very vulnerable.

We've seen just how vulnerable that can be. Sometimes there are outside influences, such as changes in the industry or a Black Swan event like COVID, or perhaps our own health makes us unable to continue producing our income.

So if wealth is what we own, what are the things that we should own? Real assets

A real asset could be a business. However, a business is not a real business if you have to be there producing every day. There's nothing wrong with that, and you've got to get started somewhere. But if your business requires you to be there, then your income is dependent on you.

You have to separate yourself from the income. It’s great to be productive or doing things you want to do, and I personally love to still be involved. I still have a business, but my business is such that I can do what I want, where I want, when I want, and with whom I want. That's the real key to freedom.

In addition to real businesses, another category of real assets is real estate – tangible assets that also have an inflation hedge. I believe we will have massive inflation over the coming decades, and you've got to have investments or assets that will keep up with that, so that the buying power of your dollars does not go down.

That’s what is happening right now. For people who are on fixed income, it’s a big big problem. For those who have relied on the old, conventional models of retirement planning, they will find out that those models are not going to work. You've got to change your game today.

Understanding what real assets are and how to acquire them is in my book Own Your Freedom, so pick up a copy today. The book contains principles to wealth, and that’s what will give you real security and freedom

for the rest of your life, for your family, and for your legacy.
To your freedom!

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.

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