In this episode of the Ultimate Dental Podcast, Dr. David Moffet talks with Dr. David Phelps, the founder of Freedom Founders, a community of like-minded successful professionals with a blueprint for passive investing in carefully vetted real estate deal flow.In this interview, the two Dr. Davids discuss the financial challenges faced by dentists, particularly regarding retirement planning. They explore the importance of early financial planning, the role of financial advisors, and the current state of the real estate market as an investment option.The conversation emphasizes the need for dentists to take responsibility for their financial futures and to seek guidance to navigate the complexities of financial planning and investment strategies.What you will learn:[01:20] Introduction and Background[03:18] The Financial State of Dentists[07:08] Planning for Retirement: The Importance of Early Preparation[13:29] The Role of Financial Advisors and Investment Strategies[19:28] Navigating Market Changes and Economic Conditions[25:25] Real Estate as an Investment: Current Trends and Future Outlook[31:08] The Impact of Government Policies on Financial Planning[37:32] Conclusion: Taking Responsibility for Financial FuturesTakeaways 95% of dentists can't afford to retire comfortably. Most dentists earn well but fail to save and invest wisely. Planning for retirement should start early. Financial advisors can provide valuable guidance, but not all are equally qualified. Real estate can be a good investment, but current market conditions are challenging. Economic changes impact investment strategies and financial planning. Dentists often live beyond their means, leading to financial stress. The importance of having a diversified investment portfolio. Time is a critical factor in financial planning; it cannot be regained once lost. Taking responsibility for one's financial future is essential for long-term success.Sound Bites "95% of dentists can't afford to retire." "It's a hot mess for most dentists financially." "You need to start planning 20 years ago." "You need to be planning your exit even now." "Time is something you can't buy back." "The future starts today, not tomorrow." "You have to start now to make these plans." "The time just went by so fast." "You should have been doing it 20 years ago."