Wish I Would’ve, Could’ve, Should’ve

POSTED JUNE 28, 2020

Picture of by Dr David Phelps

by Dr David Phelps


am hearing a lot of small business and professional practice owners maligning themselves right now – saying

 “I wish I would’ve, could’ve, should’ve done something to prepare for this pandemic recession.”

None of us knew a virus would set it off – but the fact is, we were overdue for a recession. 

This is not an “I told you so” post, because I’ve been there. I had times early in life where I didn’t do some of the things I should have in my business, investments, and even lifestyle.

It’s just human behavior to get complacent and begin to live beyond our means when times are relatively good. We don’t look hard at the return on our investment or time. We buy or invest in things without really thinking about it.

You can look back and beat yourself up about it, but you can’t change what’s behind you. I had to learn the same thing when I made poor choices. Usually, those were the result of trying to do it all on my own. 

We’re built to figure things out by ourselves, and we carry that drive into our higher education. But in life, business, and investing – that’s the worst way to go. You can’t be making decisions in a vacuum. Today, I’ve learned to be part of mastermind groups that keep me accountable, where I have to show up and refocus on a regular basis.

I’m not talking about my CPA and attorney. I’m talking about a peer group of real business owners. We get together and we focus on what needs to get done and force rank on those necessary things we tend to procrastinate. 

So you’re not caught in a bind the next time there’s a recession, pandemic, or even personal crisis, you need to build a lifestyle where you’re not over-living. What’s your active income if you’re investing wisely in your business? Look hard at the numbers and really understand what they mean. Do you have investments that will produce sustainable, predictable cash flow?

The markets may go down, but cash flows are based on needs. People need to live under a roof – houses, apartments, mobile homes. Designing your business model and investments around cash flow, and your life around your lifestyle, are the things that will set you free.

The best way to make it happen is to find a peer group. They’ll give you that focus and clarity so you won’t step back, and again become complacent. At Freedom Founders, we take that concept a step further and have weekly accountability calls, which have produced tremendous results.

You can’t just talk about it - you’ve got to walk it. To your freedom!

So my question to you is:

What are you going to do differently, and how?

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! www.freedomfounders.com/training

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. 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.

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 (Chris@freedomfounders.com), 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.

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