David Phelps on Why Traditional Investing Methods Are Flawed & the Biggest Investor Mistakes

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On this week’s episode, I speak with Dr David Phelps, Founder of the Freedom Founders Mastermind.

David has been a long-time mentor of mine and runs a community for dentists and practice owners who want to accelerate their financial freedom by investing in lucrative investments outside of the share market.

David has a laser-clear focus on what it takes to achieve financial freedom with safety and speed. In this interview, he shares with me three key things:

  1. His unique investing philosophy using alternative investment strategies
  2. Why the traditional model for wealth creation is flawed
  3. The biggest mistakes that he’s seeing investors make today

If you’re someone who’s currently heavily invested in the stock market or traditional property assets and not finding that you’re getting any closer to retirement, then you’re going to want to listen to this one.

Connect with David:
Website: https://www.freedomfounders.com/
LinkedIn: https://www.linkedin.com/in/dgphelps/

Show Notes:

00:00  – Intro

03:00 – David’s background

07:50 – What drives you to be a mentor?

12:39 – The flaws of traditional investing

15:21 – Is alternative property investing essential to wealth-building?

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Q: Can you tell the audience a little bit about who you are and what you do?

  • Licensed dentist but don’t practice anymore
  • Practised clinical dentistry for 20 years and then left it 15 years when his daughter had health issues
  • Was able to leave because he got involved in real estate investment during college – small scale, single-family investments
  • Great place to start, whether active or passive, for many beginner investors
  • Built a portfolio of single-family rental houses over 15 years and that gave him a platform to leave his clinical practice given he had enough cash flow so that he could spend more time with his daughter
  • There was a good void in his life, and as his daughter’s health got back on track, he was reconsidering whether he should get back into dentistry
  • Wasn’t a magnate in real estate but had enough passive cashflow that was predictable and sustainable (something he teaches in Freedom Founders)
  • You have to trade time initially, but once you can convert it into the ownership of tangible assets that create cash flow, real estate provides this
  • Friends and colleagues were asking him how he achieved it
  • Shared how he did it
  • Freedom Founders is an evolution from an organic questioning of how he did it
  • He could teach, but most people need help with implementing
  • Built a network of trusted advisors who are running real estate operations on the ground and he essentially acts as a translator and curator between bringing people with capital with the advisors who can help with it
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