by Dr David Phelps
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I
’ve got a bit of a warning today, and I’m going to keep this apolitical. Over the past several years (and even decades), we’ve been watching our country move more towards socialism and collectivism.
If you’re reading this, you probably agree with me that this is not a good thing.
Moving forward, it’s going to create a lot of problems for both our country and our heirs.
The thought leaders, economists, and forward-thinking visionaries who I read and spend time with, are saying that without a doubt, we have a 5-year window – at best – to get our houses in order, so that we can remain as free as possible. It’s going to become more and more difficult for the entrepreneurial spirit and free-market capitalism (that has been the bedrock of our country) to thrive.
We’re loading our grandkids up with massive debt they will never be able to repay. The trillions of dollars we’ve printed and injected into our monetary system, especially since the coronavirus pandemic, will inevitably raise taxes, and can only have negative effects for our future.
It means that asserting your drive and ambition to climb above, which has always been the American dream, will only become harder. We’ve got about 5 years to get our houses in order. What you’ve got to do today – and what we do at Freedom Founders – is drill down to what your Freedom Number is.
Your Freedom Number is how much monthly passive income you need to live the life you want to live (and it doesn’t have to remain static.) When you’re free, no one can regulate you or tell you what to do. As long as you have to work for active income, especially in a regulated field like health care, you’ll always be under someone’s thumb – and that’s not a good feeling.
To become free, you need capital assets or real businesses, so that you’re able to schedule your life the way you want and spend time with the people you want to – when, where, and how you want to.
It doesn’t mean you stop working, being significant, or adding value. You just get to do it on your terms.
Again, final warning: 5 years at best. It could be just a few years. Get clear on your freedom number and how you’re going to get there. Don’t assume you can just roll with the model of working into your sixties or seventies. That model is gone – it’s broken.
If you want a different life, you need to be resourceful, not following the path of the majority – and you need to teach your children to do the same.
I know this is a little somber, but it’s a necessary wake up call. We’re holding a live virtual event in just a couple weeks focused on this 5 year window – so if this topic resonates with you, I suggest you learn more and save your seat here.
I know this is a little somber, but it's a necessary wake up call.
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 Me:
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 click the link to jump on a quick call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to schedule a call with me directly. 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.
