Dr. David Phelps is the Owner of Freedom Founders, a place where dental professionals can build wealth outside of Wall Street. A prior dentist himself, Dr. Phelps understands how easy it is to get caught up in the rat race of a transactional business without planning or building a retirement plan for the future. On the show, Dr. Phelps shares his thoughts on how investors and wholesalers can start building wealth outside of their transactional business!

Key Takeaways:

• There is no fast track to success.
• What advice does Dr. David have about teaching children how to fail?
• How can people generate assets while in the rat race?
• What you need is 'who' to partner with where both of you can use your strengths to succeed.
• Dr. David explains he helps bridge the capital gap with investors.
• Before you partner with someone, make sure you two are aligned in your core values.
• Dr. David shares his thoughts on how to thrive during a market downturn.
• What trends should investors look out for in the market?
• Can you stress-test your portfolio as if it was 2008?
• Remember, cash and cash flow is king!
• Clean up your debts and bad assets.
• Growth isn't always a good thing! It takes money to grow your business. Get prepared to be nibble.
• What's one piece of advice Dr. David would give to his past self?
• You need to own your own agenda.

Mentioned in This Episode:

Connect with Dr. David Phelps: Freedomfounders.com

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Tweetables:

"Every downturn is different. The unique factor this time is that we've got so much more debt loaded up across the board. Our country is double the debt."

"Have access to cash, like private capital lenders, so you don't have turn to the banks when things turn."

"Don't live your life by other people's agendas."

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