Today, if I were to do it all over again, I would never do any of the tax-deferred plans. (Not even necessarily the Roth IRA.) Why? Because the government has rules on that money. In this episode, it’s just me and I’m going to discuss the path of the business owner and entrepreneur, as well as how you can maximize your efforts and profits by using the right strategies and making the right decisions with your investments.
Tune in to hear how I view business ownership, from why we get into it in the first place to how the way we run our businesses (and lives) can accelerate us on our path to freedom. I also share some of the things that I would do differently when it comes to business and finances, and the work that needs to be done when it comes to your network and your skill set in order to achieve true freedom.
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Minute Markers:
- 2:15 – Why we get into business in the first place.
- 3:42 – The ups and downs of business and my thoughts on the process of investment and business growth.
- 7:15 – Navigating the rising costs of taxes, lifestyle, and what to do with what’s left over.
- 9:17 – Retirement planning: where people often miss out and what to be careful of.
- 13:21 – The value of building your own network and skill sets.
- 16:00 – The whole point in having equity and how the financial world tends to get it wrong.
- 18:05 – What you need to be careful of and what NOT to count on.
- 19:31 – A key thing to remember when it comes to tax.
- 22:50 – What’s next after you put your business on the market.
- 24:18 – The two most critical times in your life.
Featured on the Show:
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Rich Dad’s CASHFLOW Quadrant: Rich Dad’s Guide to Financial Freedom by Robert T. Kiyosaki
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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. Schedule a Call with My Team:
If you’d like to replace your active practice income with passive investment income within 2-3 years, and you have at least 1M in available capital (can include residential/practice equity or practice sale), then schedule a call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to attend one of our upcoming member events as a guest.
2. Become a Full-Cycle Investor:
There are many self-proclaimed genius investors today who think everything they touch turns to gold. But they’re about to learn the hard way what others have gained through “expensive” experience. I’m offering a free report on how to become a full-cycle investor, who knows how to preserve and grow capital in Up and Down markets. Will you be prepared when the inevitable recession hits? Get your free report here.
3. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Click here to take the 3 minute assessment and get your scorecard.
Want to know more about David and schedule him as a speaker or podcast guest? Go to doctorphelps.com to book David now.
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