Dr. Jim Dahle, blogger and owner of White Coat Investor, recently said that orchestrating your future wealth is like having a second job.
Since it’s difficult to keep up with that “second job,” run your business, and still take care of your family, the traditional markets say to turn your money over to Wall Street. Put it in a 401(k), IRAs, money markets, or the hands of a financial advisor.
Jim’s partially right – there is a responsibility that goes along with taking care of your future finances. Don’t throw your hands up and say “I’ll just go with whatever the market gives me.” That’s a plan that’s asking for failure, and it doesn’t work out for the vast majority of people. The next market reset is probably around the corner, and it’s going to show up big time with the badly broken 401(k) model just starting to play out with the baby boomers.
So what do you do about it? Well, you don’t have to take on a second job. And you don’t have to follow the traditional methods of investing. Learn how to create strategic alliances with other people. I’m not a big fan of business partnerships, but synergy and collaboration are important. That’s the way I invest in Real Estate today. It takes away the volatility and risk and gives me control.
Control and responsibility don’t have to be a second job if you have the right people.
If I try to do it all myself, control it myself, and learn it myself – I hit a ceiling every time. My life spins out of control and I end up with no free time. Having a business and building wealth should be about gaining more free time – not more jobs, tasks, and responsibilities.
So, to anyone else thinking about this: if you figure out how to find the right people, you can up your game without stealing your time. I did it by becoming part of the right mastermind groups – where I’ve learned about Real Estate without having to do it all myself. That’s what we do in Freedom Founders. We collaborate with investment providers who I cherry-pick, people who I want to invest with. When you find the right people and the right structures, you can multiply who you are through the efforts of others. And then, you’ve got the world in your hands.
Focus on yourself first and then you can up your game and be more impactful to others. That’s what it’s about in the short and long run. Building your wealth is your responsibility, but it doesn’t have to be a second job.
To your freedom!
David
P.S. I’m holding a 2 day workshop on March 27-28 for dentists who want to beat the average retirement timeline. Reserve your seat now: www.freedomfounders.com/workshop.
P.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. 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.
2. Attend A Workshop:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!
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 Work Directly with Me?
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 (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.
