A moment of truth - By David Phelps, D.D.S.

A Moment of Truth.
By David Phelps, D.D.S.

This was never part of the original plan…

I had laid out my entire life in advance. “I’ve got this – the sky’s the limit.” I was blessed with good intellect and a work ethic to boot. Failure was not an option. I would have a perfect family. A perfect life. A perfect professional practice career.

Jenna, only twelve years old, was asleep, her body still trying to recover from an exhaustive six hours of surgery removing her cirrhotic and failed liver and replacing it with the gift of life – a donor's liver.

Away from my busy and stressful practice,
I had a lot of time to think at that hospital.

No cell phone access. Disconnected from the rest of the world, nothing else mattered. All of the daily “stuff” that had seemed so paramount wasn't even a blip on my radar.

All of my education, wisdom, and experience; even all of the money I could earn – none of it mattered. None of it could make a difference. I could only hope.

Hope and pray that Jenna would recover and I would get a second chance. A second chance to be a father – a real father who would be present, not absent. Not preoccupied with “stuff.”

Would there be a “someday?” A day in the future when I could spend quality time with Jenna?

Time is never on our side. It marches on. There is a limited supply for each one of us. Tomorrow is not promised to anyone. Life is a gift.

Ready to seize the gift of today? Schedule a call with my assistant Alex to learn more.

A moment of truth: I would no longer practice dentistry.

It was during Jenna's initial weeks of transplant recovery, while spending day after day at Texas Children's Hospital in Houston, that I made a critical and life-changing decision.

A moment of truth: I would no longer practice dentistry.

Creating a Plan B. While a senior in college, I began reading books about investments (I always had a knack for planning ahead). I read books about stock market investing and some about real estate investing. Comparing the two, real estate won hands down. It was a tangible asset that I could control.

Investing in the stock market made no sense to me.

During my first year of dental school at Baylor College of Dentistry in Dallas (1980), I talked my dad into being my co-venture partner in acquiring a two-story brick rental house (an estate sale) in a solid Dallas neighborhood. We followed the fundamental rule of real estate: buy the worst house in a good neighborhood.

I learned how to manage this first asset for rental income. After graduation from Baylor in 1983, we sold the house and split about $50,000.00 in capital gain profit (capital gains are taxed at a much lower rate than ordinary active income).

The epiphany for me was in realizing that I made a capital profit of $25,000.00 from this one real estate asset during the same period of time that I worked many, many hours as a waiter at night and on weekends with much less to show in net income.

Why should I work for money all of my life when I could acquire good capital assets that would work for me whether I worked or not?

I learned how to manage this first asset for rental income. After graduation from Baylor in 1983, we sold the house and split about $50,000.00 in capital gain profit.
I began to understand that if I could acquire enough assets, I wouldn’t have to work as hard… maybe not at all.

I began to understand that if I could acquire enough assets, I wouldn’t have to work as hard… maybe not at all.

By continuing to purchase and invest in real estate, I was transitioning from working for money to investing money in capital assets that would produce cash flow, and preserve and build wealth. This was my “Plan B.”

Creating a Plan B was the key to my financial freedom. It was there when I needed it or wanted it.

In 2004, with Jenna in the hospital, I decided to pull the trigger.

Hard work, sacrifice, and a disciplined approach to real estate investment provided the foundation that allowed me to give up my good, but very restrictive, career as a dentist.

It wasn't an easy decision, but I had a real reason to follow through with it.

Jenna, a published author and speaker, shares her story to inspire others.

Update on Jenna

Today, she is in college working towards an Associate's degree in occupational therapy. A published author and speaker, she’s got the world by the short hairs. Pretty good for a kid who, at age sixteen, was reading and writing at a second-grade level! She had suffered through intense chemotherapy as a very young child to fight high-risk leukemia and suffered epileptic seizures from age eight to twelve. She missed the first thirteen years of a “normal” kid’s life.

Courageous, driven, tenacious, a fighter. My girl.

Jenna, a published author and speaker, shares her story to inspire others.

Here’s what I learned…

Your network or connections are the most important factor in orchestrating a secure financial future. It is also the most underutilized capital asset. Who you know is essential. Creating relationships is the hardest part of making real estate a viable investment, and it's also the reason why so many novice investors fail. They try to do it all themselves. It takes time and work to establish these critical relationships. Many underestimate this crucial piece!

Want to know what I learned without all the trial-and-error? Talk with my team to get started.

Today, David Continues to be Passionate About Helping Dentists & Doctors Create Financial Freedom

Why do you do what you do?

Why Do You Do What You Do?

“David,” other dentists ask me, “why aren’t you retired?”

What they mean is, “If you did so well with real estate and dentistry, why are you still going at it?”

Fair question. It’s true that I don’t need to do… anything, really. For me, I do what I do, because it’s the most significant way I can invest my time.

I have a genuine passion for helping my colleagues break the chains from being slaves to their dental practices. I want to help them overcome their financial fears, so they can create freedom in their lives and the lives of their families. This passion demands my attention.

I love the fact that this gives me a platform and brings some of the best and brightest people in all areas of business, marketing, real estate, and finance, to Dallas three times a year.

This community is my best insurance policy. With the volatility and unknowns in our economy and industry, bringing together a Board of Advisors allows us to stand apart from the fallout and find the opportunities that chaos brings.

Being in the middle of all of the real estate opportunities within our group allows me to put deals together and help our members use various buckets of investment capital in the safest, most efficient, effective means possible.

Having the freedom to retire, and actually doing it, are worlds apart for me. I'll likely never retire in the typical sense. Remaining significant and relevant until my body and mind gives out – now that  sounds like a plan!

My community and relationships gives me the platform to do just that.

What a gift!

This community is my best insurance policy.

Real Estate Investing for Professionals
The team at Freedom Founders is committed to the success of their members. Most dentists and doctors are working hard and saving for retirement. Some are investing in the stock market or their 401(k)s, but time continues to tick by and there just isn’t enough to retire on. That’s where Freedom Founders comes in. Freedom Founders members believe in strength in numbers. Dentist retirement planning works the best when it is done together.

Freedom Founders is a group of like-minded professionals, including dentists and doctors, who come together in order to build their own dentist retirement plans and doctor retirement plans. Together, along with the training and education provided by Freedom Founders, they are able to work towards building a portfolio of passive income that gives them control over their lives.

The Power of Passive Income
Passive income is the key to financial freedom. Money is earned even when you aren’t actively working on it. David Phelps learned early on that real estate investment is an incredibly lucrative way to earn passive income. He is keen to pass his knowledge along to the members of Freedom Founders so more people can take control of their dentist retirement planning and investments for doctors.

Financial Planning Experts
Dentists and doctors are trained to trust in their knowledge and talents, but when it comes to financial planning, not all dentists and doctors have the right kind of knowledge to get it done right. They might not know anything about retirement plans for dentists or which are the best retirement plans for doctors. Freedom Founders helps to educate professionals so they can make the right kinds of investments to secure their financial freedom as fast as possible.

Strength in Numbers
The beauty of Freedom Founders is that we have strength in numbers. Investing together removes much of the risk while allowing members to share in the rewards. Retirement planning for dentists is much less intimidating when there is a wide range of experts to learn from and a group to invest alongside.

At Freedom Founders, we pool our expertise and our resources in order to make the best real estate investments possible. Together, we are able to help each other to create great dentist retirement plans.

Like-Minded Members
Many people don’t just find a great resource for financial planning for dentists when they join Freedom Founders. They also find an incredible group of like-minded individuals to share knowledge with. We learn and invest together, but we also have fun together.

If you are a practitioner and you need help with dentist retirement planning, it is time you contacted Freedom Founders.

Reach Your Financial Goals
Faster With Our Help

Are you a dentist, orthodontist or small business owner who wants to build financial freedom outside of your practice?

The Freedom Founders community can help make your life’s work and wealth work FOR you, so you can start spending your time doing what matters most.

Get started securing your financial future by scheduling a short call with my assistant Alex to learn more.