Wealth is What You Own

by Dr David Phelps

by Dr David Phelps


ne of the key tenets in my new book Own Your Freedom is that

 wealth is what you own, not what you do.

We grew up in a society that's very focused on education. I am not against education, but it's about having the right kind of education. We're taught in school that we should learn a trade, then go out into a business or practice where we will be trading time for dollars. Perhaps the best return on that investment is based on one’s level of education – when your skill set requires a high level of expertise, the rate of return is a relatively higher dollar amount per hour.

However, I've learned over many, many years that even the highest income earners – brain surgeons or high level New York city attorneys – don't have any more freedom than someone that makes $80,000 per year. 

Why? Because their income and, therefore, their perceived wealth is based on what they do. There is no freedom in that.

Real wealth means you have the option to work. You can do what you want, when you want, where you want, with whom you want. Real wealth is based on assets – assets that actually produce income.

You have to set up the asset, whether by acquiring or building it – but once you do, then you have a perpetual income source. Yes, somebody has to manage it (and maybe you have a part in that management) but it can give you much more freedom. I've always loved real estate as an asset class, but a business can also be one of those assets, if it is a real business that isn’t dependent on you for generating income.

Having multiple lines in the water, multiple streams of income, is one of the keys to preserving and maintaining freedom today.

I really encourage you to get a copy of the book. The big launch is on October 12th, but you can pre-order the book now at OwnYourFreedomBook.com and enjoy numerous bonuses – including a special interview between myself and my coauthor Dan Kennedy, and two free chapters of the book to download and start reading right away.

Once you read it, I hope you’ll pass it along to other people. In our country,

preserving one's autonomy has never been more important than it is today.

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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