Ep #179: Kandace Phelps – Risk Management
In this next section of this special four-part summer series edition of the Dentist Freedom Blueprint podcast, Kandace Phelps will be presenting at the Freedom Founders Mastermind. She has an impressive background in finance, business and investing and has some incredible insight to share with us regarding risk management. Kandace explains where a skeptical mindset comes in handy and how to see risk in a way that is rarely taught.
She discusses why they changed the strategy from simply teaching real estate to teaching more strategy and risk management. Kandace does a great job of separating the facts from the fiction when it comes to how real estate is understood and taught by most schools and financial advisors. She explains why this is not about black and white solutions but it is something that you can control and work with if you’re ready to challenge your thinking.
- 2:18 – Going from teaching real estate to teaching strategic risk management.
- 7:06 – Getting to know the industry and the layers you need to understand.
- 10:25 – How what’s true yesterday is not necessarily going to be true tomorrow.
- 14:07 – Why real estate is not rational.
- 18:45 – Understanding derivatives and how they fit into the big picture.
- 23:59 – Defining risk and how to focus on the most important risks.
- 28:08 – Why an inefficient market isn’t necessarily a bad market.
- 32:00 – The importance of having fungible investments.
- 35:20 – Why you should always hedge.
- 42:40 – Ways to mitigate risk.
- 45:30 – Rules to keep everyone growing and with high standards.
- 58:15 – Why community is important but risk is personal.
Featured on the Show:
- Freedom Founders Mastermind
- Eugene Fama
- Long Term Capital Management
- Salomon Brothers
- Alan Greenspan
- Dave Ramsey
- Dave Van Horn
- Napoleon Hill
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. Grab the first 3 chapters of my latest book: “From High Income To High Net Worth – For Dentists.” The Ultimate guide for anyone who desires to build cash flow and net worth through real estate investment without ever meeting a tenant or fixing a toilet. Visit www.freedomfounders.com/free-book-chapters and start reading.
2. Become An Insider: If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, Freedom Insider is your entrance ramp onto the fast track! Visit www.freedomfounders.com/insider and click the big orange “Become An Insider” button!
3. Apply To Visit The Mastermind: If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit this link to apply for a seat. www.freedomfounders.com/step-1
4. Want to Move to the Front of the Line? Fast Access Insider Group: If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call 888-548-5855 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access Insider Group – we’ll set up a time to talk, find out about your goals, and see if there is a fit.