Dr. David Phelps: Turn Chaos into Capital

Quotes & Notes:

I have the privilege, like you do, where I get to speak to a lot of our colleagues around the country every week, and I think the mindset today is that it is harder. It is harder to find that freedom, to find that way out during practice year, and to look forward to what’s after those years.
Nobody really likes to change. We would really prefer to live in an environment that is static where everything is predictable in life. But then again we have to realize that that isn’t life. We have to get to the point where we embrace change.
Every time there has been a lot of turbulence whatever it is, that’s when often times there is the most opportunity.
I don’t think that being an entrepreneur is the life for everybody.

I look at the practice as an engine, the engine that is going to drive everything else.
I do talk a lot about creating passive income streams out of real estate.
Make that practice as much as you can to be self-sustainable. This frees you up.
Create these passive income streams outside of dentistry so that you are more diversified.
This widget could be a new piece of technology which integrated into the right practice with the right infrastructure, with the marketing, with the right operations in the practice could be the right widget. But by itself, it is going to fail.
There’s really got to be some integral training for us as small business owners that learn the concepts of building a team with a culture that has the right people in the right seats of the bus, for that is what is going to drive everything.
It should be 80% you feel that joy, and maybe 20% for those, okay those things will come up.
I found that single-family real estate when invested in the correct way, I don’t think there is any better capital asset.
The joint venture model in my mind is the fast track to get involved and not have to deal with all the moving parts.