Press
Press Featuring Dr. David Phelps
ThriveGlobal.com: How to Turn a Crisis Into a Life Changing Community
We’re often blindsided just when everything seems perfect. Dr. David Phelps learned that lesson the hard way when his daughter suddenly faced a life-threatening health crisis. But instead of letting that derail him, he turned it into an opportunity for himself and for thousands of others. On the surface, he had a perfect life.
Good Day Orange County: Dr. David Phelps Helps Others Gain Financial Freedom through Freedom Founders
While he possessed an entrepreneurial spirit as a kid, David Phelps followed his father’s example into medicine as a dentist. But when his daughter developed serious health issues, it made him realize he wanted more time to spend with her than his dental practice would allow…
Fox 13: What to Expect When The Foreclosure Moratorium Expires
Fox 13’s Sorboni Banerjee interviewed Dr David Phelps about the expiration of foreclosure moratorium and the potential impact on the housing market.
Articles Written by Dr. David Phelps
Dental Economics: It’s Time to Break The Dental Retirement Rules
When you trade your time for money, this is “transactional” or active income. It’s what the educational system teaches us. This creates workers who produce the goods and services, others purchase, and this division of labor is a highly efficient model.
Read the full article HERE
Newsmax Finance: Private Equity Disrupting the Dental Industry
As private equity firms, like BlackRock, search for new markets to extract profits in a slow and uncertain economy, their recent entry into the dental industry is causing radical changes. More specifically, small dental practices run by individual owner/operators are being gobbled up by PE firms like a frantic game of Hungry, Hungry Hippos.
Newsmax Finance: Everything You ‘Know’ About IRA’s & 401(k)’s Is a Lie
Saving for retirement is a crucial part of financial planning, and the earlier you start, the better. Unfortunately, a lot of people are putting themselves into a precarious situation by depending solely on Social Security. This is not a wise strategy, because unless modified by 2028, the current system can only pay out 80% of benefits starting in 2035.
Dentistry Today: The Practice Transition Conundrum
In today’s landscape, however, professionals of all ages and career stages are considering offers from DSOs and private equity firms, enticed by the promise of substantial multiples and high valuations. This phenomenon was non-existent in the 80s and 90s, representing a significant shift in the dental field. What underlies all of this? Has money truly become so easily accessible without any attached conditions? What economic factors have contributed to this new reality, and can it be maintained over time?
Read The Full Article HERE
Dental Economics: Can You Really Make More While Working With Less?
You work hard to have a productive dental team that provides outstanding service in a cost-effective, sustainable, and environmentally friendly way. These goals are important, but the key driver for business success, in both good and bad economics, is profitability.
NewsMax Finance: Financial Literacy is the Only Way to Save America
A shocking 43% of Americans are not financially literate, but I think they are, according to research by the Milken Institute.
While this may seem to be an individual problem, the truth is that it actually causes significant problems all the way up to the national level because the effects of poor financial decisions ripple out far beyond the person who first made them.
NewsMax Finance: Economy is Worse Than Anyone Admits
Most Americans wants many of the same things – a decent income, freedom to have options, and time to spend with family. And most Americans don’t have time or the financial background to sit through mounds of financial data. Instead, they rely on main stream, media, social media, or bright, shiny investment products to make decisions that will have a major impact on their financial future.
Dental Economics: Do you need a financial transformation for your retirement planning?
High-income professionals are blessed with the ability to “make” a good income by trading time in specialized skills for money. But keeping and making that money work is hard for you as you did, for it is not a skill set most have. In fact, most small business owners abdicate their investment capital to wall Street third-party administrator to performance history is as volatile as the financial markets themselves.
Inman: Why Financial Literacy Education is the Key to Generational Wealth
As young people become more financially, literate will see our families, businesses, communities, and the nation, as a whole, become stronger and more resilient.
REI Club: 4 Types of Real Estate Investors and How to Work Best With Them
In an up-market, you’ll often find a lot more “investors,” but may will be newbies, DIYers, and gamblers. Money seeks investment yields, and real estate is highly sought after when it’s up.
When the market corrects, it will push many of those avatars out of the investment market, and only the professionals will remain the key is to identify which type of real estate investor.
Dental Economics: Happiness and the Freedom of Time
If you are like most practitioners, your retirement planning to a third-party fiduciary to invest in the Wall Street 401(k) for you. This is the traditional and easy route, but have you ever stopped to think about the cost of going with the status quo? To start, you lose control of your money and put in a lock box until age 59.5 to help keep Wall Street in business.
Read More Here
Dentistry Today: The Game of Tax Reduction – Part 1
If you currently own your own practice or are aspiring to do so, you are betting on yourself and your ability to navigate to a better future. Why accept the risk and responsibility of owning a practice today?
It comes down to being able to shape your own destiny, you want the opportunity to be in charge of your future, and have the ability to increase your income and provide security, peace of mind, and financial freedom.
The Profitable Dentist: Getting More from Less
Many dental colleagues feel pressure to measure success in a certain way – growth, production, number of practices. All of that as well and good – but is it what you really want? And what end are you working? I recently spoke to a young doctor who had aggressively expanded to a three – practice empire. Smart. Ambitious. Hard working. Yet after two years of trying to juggle the demands of being in three places at once, managing staff, and overhead, he finally had an epiphany…
Dental Econimics: Break From The Majority and Take Charge of Your Money
If you are like most practitioners, you’ve relinquished your retirement planning to a third-party fiduciary to invest in a Wall Street 401(k) for you. This is the traditional and easy route. But have you ever stopped to think about the cost of going with the status quo? To start, you lose control of your money and put in a “lockbox” until age 59.5 to help keep Wall Street in business…
The Profitable Dentist: The Dentist’s Retirement Survival Guide
For practitioners who thought they were nearing the end of their clinical career, this new reality is a major disruption, and brings with it much uncertainty.
The most pressing problem is that, for the aging practitioner, time is not on your side. Whether haunted by back and neck pain, or simply just worn down by the headaches of managing staff, insurance, and overhead, the reality of being forced to stay behind the chair due to lack of financial certainty is disheartening.
But recessions are not all bad…
Dentistry Today: The Investment Your Financial Advisor Doesn’t Discuss
In my decades of experience, I’ve witnessed many professionals receive disturbing advice from well-meaning, yet uninformed or inexperiences advisors, who were acting in their best capacity given their traditional education and background. The problem is that they only know what they know. Their one size fits all, “here’s what everybody does” approach to investing creates average results at best.
Read Full Article Here
Dentistry Today: Is Your Financial Future Stuck In The 401K Trap?
It’s time to take control of your hard-earned retirement income
Have you been sold the benefits of a 401(k) after being faced with a painful tax bill in the first few years of practice ownership?
After years of grinding it out in dental school, followed by the hard work of building/acquiring a private practice, you receive a well-deserved income. But then, you realize just how much of that income the government feels entitled to take (a topic for another day)…
Dental Economics: How to Keep Inflation from Destroying Your Future
We’ve seen disinflation and historically low-interest rates for the last 40 years. And now, the devaluation of the dollar, or inflation, is back for the first time in a generation and a half and is expected to grow. According to Forbes, “On an annual basis, CPI was up 8.3% in August over the prior 12 months, disappointing expectations for an 8% figure. While that’s an improvement from July’s annualized 8.5% gain, it remains very high.”…
TheProfitableDentist.com: How Much Is Enough?
One of the primary reasons that dentists keep their nose to the grindstone long after they are ready to be “free” from the practice, is that they don’t know how much is enough. “Do I have enough money, investments, or assets to last me the rest of my life after I stop working?”
How much is enough?
Entrepreneur.com: Everything You Know About Your 401(k) is Wrong. Here’s Why and What You Should Do About It
We all need to take control of our financial future is, but it’s not enough to just save money. It’s critical that we make the right choices based on accurate information.
Retirement savings is crucial for everyone, because relying on Social Security is not enough to sustain yourself through your twilight years, especially considering that without any changes, the current Social Security system will only be able to pay benefits at 80% in 2035 and beyond. And the sooner you start, the better off you are.
