Kiyosaki claims that most people (including dentists/physicians) are on the left or the “poor side” of the quadrant.
It’s these folks that mainly are trading time for…you guessed it…money!
Which side are you on?
For instance, if a solo practicing dentist decides to take a couple of weeks off, then he’s NOT getting paid.
Also, for the docs in a group practice that think they’re in a better place; then think again. They’re also trading their time for money.
What’s In Your Wallet?
Active income is the only money coming in when most of us get started practicing.
Now there’s nothing wrong with initially only having active income. As a matter of fact, I routinely tell young docs to focus on investing in themselves in order to grow their income so later they can invest in passive investments that can make their money work for them.
Luckily by the grace of God, I was able to reach these goals by the age of 40. This was great as I’d been spending the better part of my life accomplishing one goal after another.
The bad news was….the goals had run out. What was I to do!!
I realized that I’d reached a crucial point of my life and decided that it was time to make a new set of goals, both personally and financially.
Some of the personal goals had to do with being a better father/husband/friend and spiritual leader of my family.
I also set some new fitness goals as I wanted to be able to beat my boys in basketball as long as possible 🙂
With regards to finances, I was surprised to learn something about how Dave Ramsey’s goals were also changing at the same time as I was trying to make a list of new goals for myself.
You see, Dave has taught people how to “get out of debt” for 20+ years. But now that many of his listeners had been successful with their “WE’RE DEBT-FREE!!” screams, he’s noticed many were calling back asking, “HeyDave, it’s great that we’re debt-free, NOW WHAT?”
It seems like I’m not the only one that needs new goals!
So Dave, being the smart business guy that he is, has now pivoted and teamed up with Chris Hogan to teach these new “debt-free” folks how to become millionaires.
I also had to pivot so I sat down with a pen and paper and asked myself, “Hey self, what do you want to accomplish within the next 5-7 years.”
If you’ve never done this before, it really opens your mind to give you clarity on exactly which road you should be taking in life.
My new direction
At about this same time I read Gary Keller’s book, The One Thing. I can honestly say that after reading it, I didn’t know what my ONE THING was.
Also, I knew that there were several areas of my life that needed a “one thing” guide especially in the finance department.
I realized that yes, I was getting older as it seemed that some of my joints would hurt every morning when I got out of bed!
So I knew I wasn’t going to be able to work forever as dentistry is very physically demanding. Why do you think so many dentists have to retire due to neck and back issues?
Another area I wanted to focus on was something that you can never get back…..time. That’s right, time.
I wanted to be able to take more time off practicing to travel with my family especially before my boys moved out.
The book made me realize that I needed ONE THING, other income streams to free up my time plus help me to retire earlier if I wanted to.
Now that I had my new direction, it was time to start searching for passive income streams.
At this point of my career, the majority of our investments were in index funds. I was starting to realize just how important diversification was especially if you’re shooting for financial independence.
The same goes with my income. There was no diversification in it as there was only one source, my dental practice.
The search began and all roads led back to real estate. The wealthiest people I personally know have real estate in their portfolio so it was only natural to start there.
Sorry about being so long-winded but I thought it was important for you to realize the process that I went through that led me to wanting to learn more about real estate investing.
And then eventually to attend a Freedom Founders mastermind event with Dr. David Phelps.
Dr. Jeff Anzalone with Dr. David Phelps
You might be asking yourself, “What’s a mastermind?”
Hill stated that a mastermind is: “The coordination of knowledge and effort of two more more people who work toward a definite purpose, in the spirit of harmony.”
Occasionally we have issues or problems we want solved and many times we try to do it alone (typical dentist/periodontist). The cool thing about being in a mastermind setting is that you don’t have to go at it alone. You are able to have the group, “put their brains together” to help you in any way, shape or form.
It still fascinates me how quickly a group of people can not only solve a problem someone in the mastermind is having but how many different perspectives come out of it. Truly amazing.
The Freedom Founders mastermind session, at that time, focused on offering information to inspire dentists/physicians that want to “break free of the chains of practice” and begin setting up a blueprint to become financially independent.
I went to the meeting wanting and thinking I was going to get information about how to buy and manage single family homes and apartments.
Instead, most of the information was from some of the vendors and “trusted advisors” David works with that focused on:
Am I glad I attended it? Yes. It showed me that there were many different ways to get into real estate investing.
I thought I wanted to be an active investor but quickly realized that going the passive route while still working full time was the smarter thing for me to do.
Debt Free Dr
Freedom Founders proved to be the catalyst for me to taking a deep dive into passive real estate investing which eventually led me to start this blog teaching other dentists/physicians and high-income earners about the benefits to creating passive income.
Are you ready to take the first step in learning about what passive income can do for you?