ROCKWALL, Texas, Feb. 8, 2021 /PRNewswire/ — Medical professionals who have had their financial futures upended by Covid-19 need a new financial model to ensure a healthy retirement, said Dr. David Phelps, DDS, CEO of Freedom Founders, a community of practice professionals who are creating cash flow and wealth through alternative investments.
“The virus exposed many weaknesses of our government, our businesses, and our reliance on income or cash-flow from our work which has traditionally been trading time for dollars,” said Dr. David Phelps, who has provided real estate training and education for hundreds of dentist real estate investors for over a decade. “Not only that, but the average dentist retirement plan is also based on an outdated model. The average 401(k) for dentists will not create the financial freedom that most professionals desire.”
Doctors who have only one revenue stream will need to adopt a new model for a retirement plan or to reduce their time at the practice. The dentist retirement average has continued to rise in recent years.
“As long as you show up every day, you generate income. You stop, it stops. That’s risky. Too many practitioners earn a high income but have very little net worth. They are like hamsters on a wheel, running as fast as they can just to keep up,” he said. “Income is not wealth. If the amount of money you earn is limited by the number of hours you work, you will never be wealthy.”
What sets you free are capital assets, such as alternative real estate investments that produce income independent of your labor. You move from working harder to working smarter by acquiring and increasing the value of those capital assets, he said.
“Ever since I built my Plan B through real estate investments, I’ve been teaching others how to do the same—in up and down markets. Whether you are investing in real estate syndications, real estate funds, turnkey properties, or private equity or debt investing, substantial benefits exist with real estate investments not available through other financial products,” he said.
“The high net worth members of Freedom Founders — my Mastermind community — are focused on creating liquidity in their most valuable asset class: time. Their Plan B income gives them freedom to be with their family, to follow their passions, and to build their legacy,” he said. “Whether they are dental retirees or still active in their practice, their wealth is working for them so that they don’t have to if they don’t choose to.”
A fundamental thesis for the group is that the Plan B for the practice professionals is not tied to the Wall Street guessing game. They don’t talk about day trading, beating stock indexes, avoiding taxes or achieving the highest possible return on their investments. They have moved beyond those options.
What they seek is:
- Preservation of capital
- Recurring annuity/passive cash-flow indexed to inflation
- The ability to pass on to their heirs their monetary wealth as well the ability to create wealth even in a highly volatile environment
“Change is inevitable. You can embrace it or, modify your investment strategy around it, and reap the benefits from the opportunities that present themselves. Or you can fear it, refuse to adapt, miss out on the opportunities that come your way, watch your profits shrink, and your wealth stagnate or decline,” he said.
Dentists, orthodontists and other professional who want to reach their financial goals faster can schedule a complimentary discovery call with Freedom Founders, by going to FreedomFounders.com and clicking on “schedule your discovery call” in the upper right-hand corner.
About Dr. David Phelps, D.D.S.
A former practicing dentist, today David Phelps is a nationally recognized speaker on creating freedom, building real businesses and investing in real estate. He authors a monthly newsletter, “Path to Freedom” and hosts “The Dentist Freedom Blueprint” podcast. He is also the founder and CEO of The Freedom Founders Elite Mastermind Community, which provides the pathway to freedom for many professional practice owners.
Contact
Lindsey Cope
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