by Dr David Phelps
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A
conversation I frequently have the privilege of having with our Freedom Founders members
is discussing their interests beyond their career or professional practice.
I speak out against trading time for dollars a lot. But it’s where we all start in life, focusing hard on gaining new skills and achieving a higher level of income. The problem with staying in that mode is that improvements to the level of freedom in your life are very small. The needle just doesn’t move much.
So how do we change that?
Well, one way is to always be considering what other skill sets or interests you can develop while you’re still creating your financial stability.
When I was young and just out of dental school, I was taking continuing education, as you should be when starting out in your career. But at the same time – not sequentially, not waiting – I began learning from and connecting with people who were entrepreneurial in the Real Estate space.
Dentistry to Real Estate is a really big difference, right? What’s the connection?
There really isn’t a connection, except that I’ve always been curious. So, instead of getting more degrees or a Real Estate license, I learned from other people. I got inside groups, learned from others, and started getting some traction in how to develop passive income outside of my active income.
Through those associations, I learned things I didn’t know before – because the inside of the technical world of dentistry is a pretty tight box, as it should be. But if you stay locked inside the small realm of your career choice, you’ll miss out on what’s going on around you.
I’m not saying it’s easy to split your time, but I found the speed of making changes to my next moves didn’t come through formal education, but through connections with people outside of my specific career.
Looking for and building those passions, skill sets, and other interests also gives you a sense of diversity, which can be an insurance policy against times of uncertainty in the marketplace. For example, when COVID shut down a lot of businesses and income, those with outside skill sets and ways of creating income, or financial assets in other places, weren’t locked in.
I’m doing a special webinar on Tuesday, December 29th, 7pm Central, covering this topic, which is the theme of my upcoming book “What’s Your Next?” I’ll also be covering the 2020 State of the Market, and how to position yourself for stability moving forward. You can register at www.freedomfounders.com/webclass
Hope to see you there!
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 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.
