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David Phelps

David Phelps

Dr. David Phelps, DDS, is a former dentist and founder of Freedom Founders, a community teaching dentists and professionals alternative-investing and financial freedom through real estate.

Jul 10, 2026

4:19
So, um, so take us back to that moment and kind of fill in the story from there.
4:26
Yeah.
4:26
Great, Adam.
4:26
Well, you know, as you said in my bio, and I think this is true for probably all of our audience, uh, on the call today, and probably everybody who is a part of a no, no BS inner circle member, I think we all have a DNA that's, that's entrepreneurial, and probably everybody shares the same story of, of, uh, you know, earning money when they're younger to, to buy the stuff we want, the stuff that our, our, our wife's parents didn't just give us.
4:48
But if we wanted something better, like I wanted a camera, I wanted a bicycle, I wanted, you know, uh, my own black and white TV so I didn't have to share with the family, right? I wanted those things, but they weren't gonna give it to me.
4:58
So being resourceful and figuring out how to have those things was the, the entrepreneurial side of me.
5:03
A- and then I, uh, but I also went down this traditional path of, uh, you know, higher education and, uh, you know, because I was not ever the smartest one in, in the classroom, but smart enough, or I guess I sh- could say this, Adam, I could memorize and regurgitate on exams to propel me to be able to go into, uh, to the professions.

15 MINS LATER

20:01
Um, h- how did that evolve, right? H- how did you evolve from selling a practice to now running this, you know, multimillion-dollar business that, that helps business owners invest in real estate?
MikeHOST
8:20
Has your definition of success changed from being a dentist to where you are today, and the fact now that you're, you know, working with so many different kinds of business owners and entrepreneurs? And, and was there ever, like, was there ever a moment that you can kind of pinpoint that, that change?
8:36
Yeah, no, no question.
8:37
I, I, as I said, you know, earlier, you know, I was on the same path that most everybody who is in a career, uh, whether it's corporate career or, or you're in a business or a professional practice, it's, it's...
8:48
We're, we're out there to, to make something of our lives, uh, build something, be passionate about it, uh, work hard at it.
8:54
Uh, but, but the metrics that we key on are... well, certainly first is survival, right? [laughs] It's paying the bills, and then have a little extra, and then you elevate your lifestyle a little bit, uh, you provide for your family.
9:05
And then, uh, the, the society or the industry says, "Well, you know, uh, the people that are doing really well are doing this much, or this much net worth, or, or this big a number of practices or this many properties or doors." And so there's all these metrics that you go, "Wow, you know, I'm here, and these people are here, so I gotta just chase more," because, well, that's what you do.
9:23
And the moment that hit me that this chasing wasn't really providing what I really desired, which... and what I needed, was, was more time.
MikeHOST
12:57
You've defined this framework of five different types of freedoms, so I'd like you to describe that at a high level initially, David, a- and, and why guys over 50 should be thinking this way when it comes to their future.
3:26
So give us an overview of your story and what you're doing with Freedom Founders.
3:31
Yeah, I think I'll backtrack to one of the words you used in the intro, Kevin, and that's the word optional or optionality.
3:39
And I think that's a key phrase here because, and we're going to talk a little bit about retirement and leaving active income in our discussion today, but I believe optionality is the key because then you get to make choices that are not dictated by a society or financial constraints or a lot of the things that we are brought up with that are deemed to make us successful.
3:59
So speaking about optionality, I grew up in a solid middle-class family.
4:04
We didn't have any needs.
4:05
My father was actually an eye surgeon.
4:08
Worked really, really hard, but good father, good parents.

11 MINS LATER

14:48
But again, So much of what you've seen since you've started Freedom Founders and all of the things that has led you up to today, what do you see now today that maybe other dentists are not seeing or they might be missing after everything that you've seen already? Is there anything different?
5:49
So, um, so take us back to that moment and kind of fill in the story from there.
5:55
Yeah.
5:56
Great, Adam.
5:56
Well, you know, as you said in my bio, and I think this is true for probably all of our audience, uh, on the call today, and probably everybody who is a part of a No, No BS Inner Circle member, I think we all have a DNA that's, that's entrepreneurial.
6:09
And probably everybody shares the same story of, of, uh, you know, earning money when they're younger to, to buy the stuff we want, the stuff that our, our, our wife's parents didn't just give us.
6:17
us.But if we wanted something better, like I wanted a camera, I wanted a bicycle, I wanted, you know, my own black and white TV so I didn't have to share with the family, right? I wanted those things, but they weren't gonna give it to me.
6:28
So being resourceful and figuring out how to have those things was the, the entrepreneurial side of me.

15 MINS LATER

21:31
Um, h-how did that evolve, right? H-How did you evolve from selling a practice to now running this, you know, multimillion-dollar business that, that helps business owners invest in real estate?
3:26
So give us an overview of your story and what you're doing with Freedom Founders.
3:31
Yeah, I think I'll backtrack to one of the words you used in the intro, Kevin, and that's the word optional or optionality.
3:38
Yes, yes, sir.
3:39
And I think that's a key phrase here because, and we're going to talk a little bit about retirement and leaving active income in our discussion today, but I believe optionality is the key because then you get to make choices that are not dictated by a society or financial constraints or a lot of the things that we are brought up with that are deemed to make us successful.
3:59
So speaking about optionality, I grew up in a solid middle-class family.
4:04
We didn't have any needs.
4:05
My father was actually an eye surgeon.

11 MINS LATER

14:48
But again, So much of what you've seen since you've started Freedom Founders and all of the things that has led you up to today, what do you see now today that maybe other dentists are not seeing or they might be missing after everything that you've seen already? Is there anything different?
5:30
Sure
5:31
... certain dynamics, right? And, and so there's a lot of people I know, we both know, that again, I get it, "Well, just wait till rates come back down.
5:36
They're gonna come back down and then, then we can go again." And when that does not happen, the margin starts to run short, then the CEO at the top has to come back in.
5:44
I'm wondering, is it their, their C-suite people, is it they were not really doing the job? Or maybe, I'm just saying 'cause I'm, uh, kind of up, up there too, I don't do a lot of the operations, but did I, as the CEO driver, maybe I was a little bit too focused on growth, and that's kind of what my vision was, and my people were actually doing it, and maybe I have to step back in because I got to cut some, some labor costs, and I just have to get back down hands-on like I was a decade ago and re-drive a vision based on less profit, revenues are still there? Or where does I start chopping? Are people starting to cut back and, and get their model tighter again? Is that starting to happen?

13 MINS LATER

18:51
Yeah
18:51
... w- we get to, right? And we get...
18:53
That's confidential, but in the rooms we get to be in, that's where when people are vulnerable, you get to see, ah, yeah, it's not all that we thought it was or what they thought it was.
19:01
And I'm-- So I wanna just kinda, you know, this is a great conversation today, by the way.

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