I
have the distinct privilege of being able to talk to many doctors who are in different phases of their career on their journey towards Freedom.
However, I have discovered that very few of them have actually been able to accumulate any substantial net worth.
Even doctors who have been working for 20-40 years with good practices and really solid annual incomes, at the end of the day when they're ready to sell or transition out, they still have that fear of: do I have enough?
And it's sad to know that millions of dollars have passed through their hands. These are hardworking, very competent professionals – but the plan they had (or the plan they didn't have) certainly didn't work out. The reason is, they’re usually using the traditional model: Save what you can, sock it into a 401k, put it all in Wall Street products, and everything is supposed to work out.
At the end of the day, what I find is that many people who are in their 60’s and 70’s can barely scrape together a million dollars, maybe 2 million at best. That's barely going to get people by today, especially with inflation picking up steam. If you’re thinking about transitioning out of your practice and into your next, you'll probably need closer to three to five million dollars.
It's doable to make a smaller amount work, but not if you use the traditional accumulation model – save as much money as possible and then gradually deplete it until you die – which just doesn’t get people there. I’ve seen it over and over again.
So what do you do today? You've got to get your money working for you as hard as you worked for the money. You've got to hit the inflection points, which means you've got to take the extra capital (after paying overhead) out of your practice and get that money working.
Quit abdicating responsibility to Wall Street, because that's only going to get you what the majority ends up with – not much leftover, scraping by and hoping to have enough to live a lifestyle in “retirement” that’s anything close to what they had when they were actively working. It's difficult for many, and for others I can't even let them into Freedom Founders because it’s too late.
You have to get your money working for you, and that’s where most people miss the boat. Capital assets like Real Estate have made (and continue to make) a big difference for me and those who have followed our blueprint in Freedom Founders – highly curated alternative investment deal flow, engineered to build net worth and to generate predictable, sustainable cash flow.
That passive cash flow is what allows you to continue to live your lifestyle, with freedom – regardless of whether you choose to keep working or not.
When your passive income completely supports your lifestyle, your options are wide open.
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. 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. 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. 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
4. 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.
