507: Finding Your Path to Financial Freedom - Dr. David Phelps - a podcast by ACT Dental

from 2022-12-05T03:00

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Finding Your Path to Financial Freedom

Episode #507 with Dr. David Phelps

How do you gain more freedom in your life? It’s all about cash flow, cash flow, cash flow — and you can create it outside of Wall Street! And to help you find your path to financial freedom, Kirk Behrendt brings in Dr. David Phelps, creator and CEO of Freedom Founders, to share those alternative investment strategies. While it’s not for everyone, you can supplement and even start replacing active practice income with real estate. To learn how with Freedom Founders, listen to Episode 507 of The Best Practices Show!

Episode Resources:


Links Mentioned in This Episode:

Books by Dr. David Phelps: https://www.amazon.com/David-Phelps-DDS/e/B00RPCHD42  

Main Takeaways:

You can diversify your portfolio with real estate.

Don't invest all of your wealth into 401(k)s and stocks.  

Understand your “freedom number” and lifestyle burn rate.

Get your passive or asset-based income higher than your burn rate.

Be proactive with your finances to finally step off the financial treadmill.

Quotes:

“What I learned in life is in order to really have financial freedom, the real focus has to be on cash flow.” (16:06—16:14)

“I'm not saying investing in 401(k)s, the stock market, index funds, and mutual funds is a bad thing for people to do. But I found, in my experience — and now we’re hundreds of members of Freedom Founders — that the curation of real estate alternative investments, and particularly, the inefficiency of that market, allows for a lot more ability to navigate like we’re doing right now in the markets where we have a lot of downside risk protection. So, my philosophy, overall, is to really gain financial freedom, which is what we’re all after, at some point.” (16:17—16:51)

“How about practicing on your own terms where you can ditch some of the PPO managed care contracts you've got, or just practicing because you like to do it? You need to replace a certain amount of your active income. Maybe not all of it. So, it’s asset-based income. When you focus on the cash flow, there's also value-add inflation hedge to real estate.” (16:54—17:15)

“It’s the cash flow, it’s the cash flow, it’s the cash flow. That's where we differ from Wall Street, which is all about accumulation. You'll build up an estate, build up as big as you can. And then, when...

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