by Dr David Phelps
For many years of my life, I chased the wrong currency.
We all build wealth in our nation's currency and accumulate net worth via investments. It’s prudent, but it’s not the currency we actually want or even the currency that matters most.
For those who live for the chase of money, net worth, and equity, you’ll find it will leave you empty. Void of what we truly desire out of life.
I didn't understand until about 20 years into my career and several years into having a family.
What we all truly desire in life is more time—discretionary time—time that is not devoted to things we must do, but to things we want to do.
We all want more optionality. More choices. More freedom. But how do we get it?
Money Alone is Not Enough
Being productive in our chosen profession is good. It provides for our lifestyles while serving others. But should that be our highest priority?
Yes, it provides us with purpose. But if we let it become our primary purpose, we will exhaust our mental capacities and physically toil—to what end?
We solve problems and help others, but what of our family? We provide financial stability, but for how long? You can not work forever. And shouldn’t there be more to life than just being a dentist or serving in your chosen profession?
The mere strict focus on money, net worth, wealth, and investment returns is insufficient. They will lead you to more money. But money alone will not give you the life you want.
Money is Just a Tool
Just like a hammer, a pencil, or a computer, money is just a tool. It might be a tool that can give you access to many things, but the tool itself will not provide you happiness.
Money itself cannot give you better relationships. Guarantee better health outcomes. Or even give you more time.
It can, however, help you with all of the above IF you use it wisely.
Money can help you use the time you have left to do what you want. Improve your relationships, focus on your health and vitality, and create something that will last beyond your lifetime—a true legacy.
Scaling Time vs Wealth
I just finalized a new book, Scaling Time vs Wealth, which will be released this January. In it, I discuss the relationship between time and wealth and how each can affect the other. (You can preorder your copy for free here.)
The book is based on my own experience and wake-up call over 20 years ago when my daughter and only child had gone through some major health crises.
The epitome of these crises was a liver transplant at age 12. In that hospital room after the surgery, I realized I only had so much time in my life to spend with my daughter.
God had given her a second chance—honestly, it was more like a third chance—giving me extra opportunities to be there for her.
I asked myself how I would utilize those different opportunities. Would I continue on the same path of making money, or would I seek something different that would allow me to spend more time with my daughter?
The same question applies to us all. Will you spend all your time for money or choose to spend your most precious resource with the people you care most about?
Yes, there is some tension because we have many other responsibilities. Balancing them and discerning between your priorities is not easy.
However, learning what it takes to create the milestones to build multiple income streams without going to work every day is a significant factor in deciding where to spend your time.
This is what I love to help people with. The sooner I help people with this in life, the faster they will get to that greater optionality.
It’s not necessarily about retiring or selling one’s business or practice at an early age. It’s about running your business or performing your profession on your terms and yours alone.
Society says you can't do that. You need to work hard and sacrifice your entire life, and then maybe, when you're at Society’s suggested retirement age, you can kick back for a few years.
Their suggested retirement age also gets pushed further and further out. The average for most Americans is 62 today, and is increasing. The average for dentists is 69 and still increasing. And who's to say Social Security will be around forever?
If you’re looking to society or our government for answers or help, you will be sorely disappointed.
A Better Way – Prioritizing Your Time in 2025
I know there is a better path to the freedom you desire because I've done it myself and have helped hundreds of other doctors and their spouses do the same.
2025 will be the year you must focus on what's important to you. Not easy to do in today’s world. But if you find other people like you with the same problems and questions, you’ll be more prepared and armed to create your desired lifestyle.
I implore you to take stock of your life, of all the successes you’ve had to this point, and ask yourself:
What will I do in 2025 to make a difference in my current life and advance me to my desired future?
How will you begin scaling your time rather than just your wealth? You must have both, but how do you lift your time back up on the priority list?
My new book offers detailed suggestions and frameworks for this. You can preorder your free copy here.
It’s not just about managing your time; it’s expanding and freeing it. 2025 is the year to prioritize it.
To your freedom!
– David
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 My Team:
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 schedule a call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to attend one of our upcoming member events as a guest. www.freedomfounders.com/schedule
2. Become a Full-Cycle Investor:
There are many self-proclaimed genius investors today who think everything they touch turns to gold. But they’re about to learn the hard way what others have gained through “expensive” experience. I’m offering a free report on how to become a full-cycle investor, who knows how to preserve and grow capital in Up and Down markets. Will you be prepared when the inevitable recession hits? Get your free report here.
3. 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. Click here to take the 3 minute assessment and get your scorecard.
