What is opportunity cost?
It’s when you decide to take on one particular career, project, investment, profession, etc. It’s something you want to focus on for a while (or indefinitely.)
Whatever it is, there’s an opportunity cost – because the focus and resources spent on that one thing will inherently take away from something else.
We can’t do everything in life, so there’s always an opportunity cost involved.
We have to balance and decide to the best of our ability where to put our focus, our time, and our capital.
And doing this in a vacuum (by yourself) is not the smartest thing to do. You need to get feedback from a number of people – not just one.
Private practice is a traditional and respected profession, but there is always an opportunity cost involved.
New doctors and dentists are starting with a huge debt load today, which is a problem.
And these days, it’s difficult for the solo practitioner to get a leg up.
It’s an entirely different world compared to when I came out of dental school. If I had to do it again today, I’m not sure I would.
Different times call for different solutions, different answers, and different questions.
You have to be smart about it and get the right help and coaching – and you need to develop a Plan B.
We can’t do it all ourselves.
My Plan B was real estate. I built up my Plan B, and this allowed me to leave my practice early to spend time with my daughter during her health crisis.
That was the most important thing to me.
You have to start with intentionality, and you need to get the right help in order to do this.
I would think twice about going down the traditional path, and taking on a huge debt load.
Owning a business is different from working in it. Most real business owners don’t do both.
And they usually aren’t actually working in the business.
We don’t have the training to be both the technician and the business owner.
Trying to do both today is a huge opportunity cost.
Taking another path, like staying independent contractors or associates and building
your plan B, will really allow you to have more time.
You don’t have to follow the path of the majority because the majority is usually wrong.
Where do you get the right advice and perspective to do all of this?
You get it from a Mastermind Group, where there are all types of people who understand business, real estate, practice, marketing, etc.
I’m actually in five different ones.
And you can do it in a weekend if you get in the right group.
Freedom Founders gives people the advice they need in order to move forward with their Plan B, and we help each other answer the questions like, “Do I stay on the current path?”, “Do I build a Plan B?”, and “How do I do it?”
The right Mastermind Group can give you the feedback and guidance you need in order to mitigate risk, and weigh the costs of doing “this or that.”
Put your investment where it counts the most: in you and the people you surround yourself with.
SPECIAL OFFER: due to a high volume of interest in attending our February event, we’re reinstituting a $497 seat deposit this Friday at midnight. If you want to apply without submitting that seat deposit, you’ll need to take action now. Complete this quick survey to reserve your guest seat: https://freedomfounders.typeform.com/to/HctKsE
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. Grab the first 3 chapters of my latest book:
“From High Income To High Net Worth – For Dentists.” The Ultimate guide for anyone who desires to build sustainable lifetime passive cash flow and net worth through real estate investment without ever meeting a tenant or fixing a toilet. Visit www.freedomfounders.com/free-book-chapters and start reading.
2. Become an Insider:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, Freedom Insider is your entrance ramp onto the fast track! Visit www.freedomfounders.com/insider and click the big orange “Become An Insider” button!
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 (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Move to the Front of the Line? Fast Access Insider Group:
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 Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call 888-548-5855 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access Insider Group – we’ll set up a time to talk, find out about your goals, and see if there is a fit.