What's Your Next? Part 3

by Dr David Phelps

by Dr David Phelps

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I

n a conversation I had with one of our newer Freedom Founders members 

 – who’s a doctor in good health, working 5 days a week at his two practices –

it became clear that while he’s not unhappy, he’s tired of doing clinical dentistry and ready to evolve into another phase.

He came to Freedom Founders to start converting his assets and equity into passive cash flow – and for permission to start making the moves to get to his “Next.”

Starting out with a career or profession is fine and good, but you don’t have to stay in the trenches of that specific lane for 35 or 40 years. You need to always be evolving and upping your game by considering other options, other environments, and other things you can do. It gives you a new vision and purpose.

You can be very good at what you do, but after a while, you might feel like your ability to serve more people or in different ways is stalemated because you can’t get out of the box that your industry and society have put you in. You need to meet people who are outside of the world of your particular industry and profession. 

I actually did this with Real Estate before I even got into dentistry, and then did both together. If not for the people I met and the different vision I got from the Real Estate financial group, I might still be stuck in a rut – trading time for dollars.

I met a whole network of people, developed additional skill sets, and had opportunities that totally changed my life.

The doctor I mentioned earlier only had two practices, but his former thinking was that he needed to keep grinding and build practices to get to Freedom. But that just isn’t the case anymore. In most cases, that kind of thinking won’t get you what you’re really looking for in life – more time, purpose, and impact.

So I gave him permission to sell one of his practices, focusing on the one that lets him do the higher-end dentistry – then perhaps break that down and work a day or two per week for the next several years, if he wants to continue doing it.

And we’re taking the equity he already had in 401(k) plans, along with the sale of that practice, to get him into Real Estate. That’s going to produce rock-solid cash flow and build wealth at the same time. We took away the worry he had about needing more stuff, more business. That’s not what we need to have, though sometimes we think it is.

I’m sure ambition’s not lacking for you either. But what you need is the clarity to focus on where you want to go. Then you can start assembling the pieces of the assets and skill sets you already have, reverse engineer back to where you are today, and start evolving.

You can do it now, no matter what age you’re at. If you’d like to discuss your specific situation, just jump on a call with my team.

The question is, are you going to do it?
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 Me:

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 click the link to jump on a quick call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to schedule a call with me directly. 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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