How to Leverage Your Assets to Pursue Your Dreams - w/ Dr. Fabilus

[Music] welcome to tax free living guys i'm so excited to have this show today i have a very special guest with me his name is david fabi his name is dr david fabi and he's going to tell you a little bit of background about himself but part of the reason why i'm excited to bring him on to the show today is because uh dr bobby and i share the same social media uh company as a resource and we both drive fast cars and i think that we have similar mindsets when it comes to business and what we want for our lives today so without further ado i'd like to introduce you guys to dr fabi hey what's up guys uh so first carlton i just want to thank you for having me you know this is uh it's been a long time coming and uh as we were just rapping before this you know we're like dude i feel like i know you already i feel that vibe through the phone you know and that's something i think that's something special to something cool you know particularly because you know you mentioned about like the passion for cars you know so yeah we got to get you on the racetrack you know once you do it man you'll see it's it's it's like a drug um it's a good drug you know there's there's worse drugs out there um i'll be honest not cheap but you know what it's like what do we work hard for right you know so you know it looks like you know it seems like you're the person type that wants to you know live a life fulfillment live life on your terms you know and i'm not saying your terms from a greedy standpoint or a power standpoint but just like having options right i mean as opposed to kind of like just just kind of like just grinding for the sake of grinding without having you know that that that goal that vision of one financial independence where you can pursue other dreams you know because i think and i preach this all the time is that i think as human beings we're not uni-dimensional we're like multi-dimensional right so like i mean for me i don't like i don't want to be like like being an orthopedic surgeon defines me you know because there's a lot more facets to who i am right who to who david is and i just don't want to just focus on one area obviously i do focus on it and put 110 in my whole heart and soul because like that's what i expect i hold myself to high standard but every other important endeavor also i want to bring that same type of energy so um yeah yeah so uh yeah where do you want me to start you tell me should i say well to catch to catch the viewers up um guys we were talking about vehicles right before we started this podcast um to bring you guys up to speed both david and i drive porsches i drive a 718 cayman david what car do you drive is yours in 911 yeah so i got a 911 uh gt3 rs so it's the um the track focus the road car that they got so it's pretty much built for the track it's based on their race car models so it's got the big fat wing on the back i love it i call it the batmobile you know so uh it's a blast but you know the 718 caymans you know speaking about the racetrack you know those are great for the racetrack because they're mid-engine so they have a lot of balance they can handle corners very well and it's a good good place to to really learn uh racecraft and learn skills so yeah i've always been a porsche guy you know my dad had a 928 growing up and i think do you like going fast because we were just talking about speed right before this conversation and that led into entrepreneurship and that can we talk about entrepreneurship for hours but you like going fast in your car yes absolutely about the speed yeah you know i'll tell you you know the first thing that comes to mind is you know the movie ford vs ferrari you know um one of my favorite movies and it's it's a great movie just for people who who who aren't even race car fans or whatever race fans but matt damon says that being a movie is like there's there's a point when you hit like 7 000 rpms 8 000 rpms where you feel like you're flying you know and uh i think that's so true you know i think uh i guess i'd like to like to move fast it's a good paradigm for like my mentality yeah you know um i like to move fast in life you know and uh it's just something the adrenaline and uh what i love about it is that you have to be focused you know you got to stay in the present i know it's a cliche you got to keep it you got to appreciate the moment but if your mind's elsewhere if you're listening to all this background background noise in your head it can be dangerous you know so yeah i mean i love going fast um you know but we also say like any bozo can drive fast and uh fast in a straight line it's handling those corners around the racetrack getting those g-forces uh those centripetal forces that that are that are really fun so yeah you got to do it man so let's let's roll out man if you're free uh you know my car um is currently getting getting fixed it got stolen but was recovered uh thank god um yeah yeah got stolen uh last month um luckily uh it was recovered like within four hours of me discovering it was stolen at the time so yeah so i was um i was in india california at a hotel yeah i was staying at a hotel because i was gonna go uh to a racetrack in desert center um which is about an hour hour and a half away and uh i parked it in the in the parking lot the hampton inn you know and uh it was well lit it was on the back of uh i had a truck a rented truck a penske truck with an open trailer yeah which i guess is my lesson to have that car kind of out in the open on an open trailer but you know this was friday 10 p.m i get to the parking lot around 6 6 a.m and i realize it's gone you know like i couldn't believe it at first but i'm like yeah it's gone and what they did they stole the truck because that was the easy part yeah but then they realized they couldn't get the car off the trailer because it's pretty it's almost impossible to hot wire porsche yeah you know but uh you know unfortunately they they drilled uh drilled a hole through the door to get in they punched in the ignition and they they broke my hood uh probably thinking that my uh my engine was in the hood and on top of that like all my race gear wasn't was in a big duffel bag in the trunk or in the hood and it was gone but you know what it's uh could have been worse um just glad it was recovered and uh yeah i mean there's lessons that i learned from it and honestly it's just motivate motivated me more to get back on the racetrack because the vision is for me to um it's a lofty vision but for me to to to race in the 24 hour le mans uh race so yeah really so you want to eventually do some races yeah i want to go next level man 10x oh so yeah we're going to talk about the 10x mentality that you have and wanting to go next but i want to go back to this feeling that you you said that you had when you go really fast this is weightless i feel like i i experience that feeling in driving too when i'm going fast i feel like i'm weightless and it reminds me of the feeling that i have when i'm doing other practices to put myself in a place where i'm calm and steal meditation one of the things that i regularly almost every single morning and the same feelings that i have while i'm meditating that ability where i feel like i'm somewhat in control through my breathing i feel like i have some of that control when i'm going so fast even though at any moment you can lose and that that feeling for me i crave that in my life obviously i'm not going extremely fast every single day but these toys that we have they also contribute to not only our happiness i think if you're utilizing them a certain way they can contribute to your health a bit yeah i mean i mean i never thought about it in that lens you know in that frame and i really like that you know because yeah to me i think meditation takes a lot of forms right meditation essentially is getting back to your breathing and being in the moment and yeah there's something you're absolutely right i mean i think granted like you're in a porsche so it feels like you're in control that's that's one of the values of the porsche it's like so well balanced like going like 120 miles per hour doesn't feel like 120 miles per hour it was like 80 you know um but yeah it's something it's something visceral it's something ethereal and um yeah i mean yeah i mean as a car materialistic but i'm for sure i'm sure for you and for me it's something that it's it's it's more what it symbolizes it's more what it does for our mentality rather than you know having that material thing to quote unquote show off or whatnot you know to make us feel better about ourselves you know because cars aren't going to do that bones are going to do that you know we got to feel better about ourselves from within but yeah no i like i like what that is i think it's one it's like i think it's it's it's lim it's pushing limits right yeah and knowing that you're going beyond that and you're still good that you're still like you know you're not veering off you know um things feel fine and i think it's it's it's like it's like a trust i guess you know kind of like a faith so to speak and i think uh yeah i mean uh i gotta i i gotta think about that a little more but i i like that analogy well yeah and it all rolls back to the same thing that you said you know at the end of the day a vehicle is a materialistic thing you know god forbid you could have been in the car when they were trying to take that vehicle so we're you know we we're reminded that these vehicles are materialistic things but i also look at how the vehicle has contributed to my personal business i have a lot of clients that use vehicles for tax write-offs i do as well but i also use the vehicle as a marketing mechanism i know that as a young tax accountant being only 27 years old it was hard to show entrepreneurs that were making seven and eight figures that i had a knowledge level a skill set to be able to show them how to reduce their tax bill legally but when i purchased this vehicle and i started driving it around to those same locations and then i started posting this vehicle online with that same level of information i was providing i was commanding a little bit more respect from some of these older clients that felt that it required having certain vehicles or certain levels of income to understand tax law the way i've understood it and to be able to help people and so that paradigm that i that i was able to figure out has kind of helped me i feel like i'm utilizing that vehicle in marketing how has your vehicle helped you in marketing and what is social media done for you as a surgeon yeah you know i think um you know one kind of kind of piggybacking on what you're saying it's like it's just the way the world goes around right it's like if you're talking to clients and you show up in a pinto you know that kind of like yeah i mean it is what it is you know yeah it's maybe pre-judgment but it's like the credibility naturally goes down you know so unfortunately you got to kind of play that play play to that quote-unquote game so to speak um but yeah i think from a marketing standpoint it's brilliant you know it's something unique it's something fresh you know because like i guess you know the the status quo is to have billboards to be like in magazines to be in um to be in uh in in like bus stops but here you are something that you're driving every day so it's a mobile advertisement right and when you've got a mobile advertisement it's it's gaining virality it's gaining it's getting traction literally and figuratively you know so um no i think it's smart and i know um one of my buddies i don't know if you know dan falkerson um he's uh yeah yeah yeah who doesn't know dan but like i mean yeah he's you know he's something that you know he's he had that idea he's got this fleet of cars you know that he parks every you know in certain hot spot locations in san diego which is advertising on it and i think it's just it's brilliant it's brilliant business you know it's it's it's it's brilliant from a marketing standpoint it's brilliant from a tax standpoint yeah because yeah i mean it's it's a business tool that you're using and then for me yes i write off mine you know um and also what i use when i put on the racetrack i put my advertising on it so you know a lot of people that you know that that i'm racing with are older in the demographic that um of course a lot of younger but you know i've gained a lot of uh you know uh i've had a lot of people come to my office because of that advertising right same yeah yeah i do some of the same things that you do as you put your decals or logos on the vehicle i do as well i put my instagram uh handle on my porsche and i will never forget a year ago i pulled up to a stop a stop sign and i had this guy kind of staring at me and i could tell that he was looking for something i was like are you looking inside my car for something very adamant about staring at me staring at my vehicle um 10 minutes later i get a notification on my phone hey saw that your attack strategist i'm in need of a bookkeeper can we schedule a call yeah i just think that it's so funny how you can earn business literally just by having a decal on your car and then more so with the porsche yeah parking it in the right places right if you're going to the gym valet in the front parking garage be noticed right yeah yeah and you know command attention and attention leads to more business and i think that's something that's very monumental in my industry is you know sometimes you know the most well-known tax accountant may not be well known but the person demands the most attention is viewed as the well-known tax account yeah yeah absolutely absolutely you know it's like and it doesn't take much right right you just put one little sticker you know and uh yeah i mean how how has it helped me from advertising standpoint you know too it's like also kind of going back to what we were talking about before you know um for me the car is it's it's way beyond a material thing we've mentioned that but kind of what it symbolizes in terms of the hard work that i put in you know this was my dream car like 20 years ago 30 years ago and here i am you know so that it symbolizes all the hard work dedication that i put in you know and then on top of that me and that car we've been through a lot you know we've been through crashes we've been through flat tires blown tires now we've been through a lot of cars being stolen but we're still here you know we're still gonna race so um you know and that's what i love and also i've used it i've leveraged it with social media you know because a lot of my patients you know they they support my racing career you know they were like you know they know the car that i drive so it kind of kind of kind of gives it pop it gives it flash you know and um yeah and like fortunately you know and this you know this is not my mo it doesn't come off as as me being flashy or me being pretentious you know because you know they kind of a lot of them know who i am at a court my core being and that's that's just me being authentic so um yeah you know it's it's it's worked on a lot of levels it's worked on a lot of levels when did your racing career begin or when did compassion start so you know when i was growing up i never like i'd see people like so much in the car so much into watching um sports like racing sports formula one nascar all that stuff indycar and i didn't get it you know i think a lot of people just a certain level like cars like the look of the cars but i wasn't in it deep like that like head deep like a lot of people i'm like i don't get it yeah and then um you know i had a nissan 350z at that point but then i got i got i got then i got my first porsche i'm like now i get it you know i get it you know i'm sure you felt the same way you're like just the way it handles the way the way it drives i'm like oh this is awesome and then i was in vegas one time with one of my buddies and uh he's like bro you know like fabby we got to go to the racetrack and uh you know test out some cars i'm like yeah for sure you know so um so we went to this place called exotics in las vegas and they have this full inventory of exotic cars like lambos ferraris porsches and i got into some and got on a race track i'm like oh this is this is so dope you know so ever since then it was like it was like i just went for it so i started off at the porsche experience center you know i went there like three times in like two months and uh you know that's when i just started feeding the beast and initially i was scared to put my own car on the racetrack but finally i did and ever since then it's just been like you know what the passion there is so strong like i can't stop thinking about it you know um when you can't stop thinking about it when you're obsessed about something you know you can't you can't disrespect that right you know one of my favorite one of my favorite concepts like don't get buried with your dreams you know so this is a dream that that i discovered two years ago and um you know i'm gonna go for it we'll see what happens you know but i believe i think you got to be delusional uh will smith says you got to be delusional to achieve lofty goals yes and like a lot of the game changers in the world changers were thought of as delusional thought it was crazy but they believed and look what they were able to accomplish so um yeah so uh you know so this this year i really kind of just took it 10x level you know i'm like my goal is to do 100 100 track days um last year and i did so uh this year next level is to get in a competition get a get a real porsche race car and then we'll keep going from there keep growing keep progressing so yeah man and i love that you said that you had this itch in your inside yourself that said i have to do this yeah i feel like there's so many people that have that itch but rather than just feeding it they find ways to not feed it yeah they are looking for every single excuse not to move forward with something yeah and it's so sad because we are so reminded every single day that life is something that should not be taken for granted covet 19 god forbid you know it it impacted so many lives there's so many families that have lost family members yeah but there's still children who have lost family members who have watched their parents and grandparents pass away that are still doubting themselves and not going after what they want in their lives knowing that they're only given 90 85 90 years of life yeah and it hurts watching that and so as thought leaders in this world what are some of the things that you're doing to try to inspire business owners or try to inspire people to go after what they truly want in life and how have you been able to share that in your own world yeah so i'll you know i'll go back to you know social media so there's like three pillars to what my what i use social media for or what i focus on one pillar is you know my racing career um another pillar is my orthopedic practice and the final pillar but it encompasses all is motivation so anything i post whether it's cars whether it's racing whether it's orthopedics related anything has a motivational kind of um caption to it you know so um you know that's what i'm doing you know so that's part of what i'm doing and i think a big demographic that i work on are younger healthcare providers you know because there's a lot of self-doubt there there's a lot of challenges there's a lot of kind of people get in their face saying don't go into medicine because the money's not there it's too challenging so it all comes back to fear right and um yeah there's a lot of fear and like it can be a lot of excuses um but i think it all starts with that motivation something's got to give you a spark to go for it right and everybody's got their different stories you know because you know people have kind of grown up in impoverished areas or like didn't have the opportunities available to them but you know what i also preach is that like 197 they say 97 of all knowledge is on the internet you know so it's there yeah it's at your fingertips it's simple just it's very simple but it's it's often hard meaning it's hard to take that initiative and do it yeah but i think um yeah i mean i think you know one it's like we're only like you said you know it got me chills when you said you're only here for 85 90 years you know as i've gotten older you know i don't like wasted time you know like i only have a limited amount of time on this world and i want my gravestone to say like here's a man who gave life and everyone else's everything so that's what like motivates me you know i want to leave a legacy so that other in that i'm helping other people live a legacy you know so doctor i just want to do it again what's that the gravestone or the last one yeah so i want my i want my gravestone to say here's a man or here's a human being that gave life and gave everyone his everything um and then also i want to leave a legacy in terms of helping others leave their own legacy you know so that's that's that's that's what i'm about yeah yeah yeah divine and it is truly part of the reason that we are here which is to help others and in return that helping of others helps ourselves and that is the true true gift of life it's just being truly grateful and and spreading gratitude and it's yeah no i mean i think you know if you really if you think about it we have we have billions and billions of cells like in our body right and those cells interact and you do the math you know um you know and all those permutations it's infinite so i think there's infinite potential within all of us it's just how do you how do you unleash that how do you harness that you know it's it's hard work right i mean you've worked hard there's no shortcuts and i think a good place to start is just you know what pick up a book see where it goes you know one of the first books that i read is think and grow rich by napoleon hill yeah and that helped me believe that it's possible help me believe um and help give me the formula how to how to get there yeah and um help motivate me you know so a lot of people that i mentor that i talk to i'm like this is the the book to start with and it's not about making money it's about living a rich lifestyle but of course i mean who's going to sit here and say you know i don't want to be financially free i don't want to have financial you know free uh comfortability you know financial stability um if someone tells you that they're they're probably not entirely honest you know so i mean it it's real you know so it's all about finding that individual and finding what their story is and how you can find a way to help them find that spark so yeah i love hearing that so you talked about you know finding that spark and staying consistent and for you that's led to you becoming a business owner so tell me a little bit about what got you into becoming a business owner i mean most of them i've dealt with are typically at normal hospitals like kaiser permanente you started your own practice so when did that happen and what challenges did you face getting that off the ground yeah so um now i'm in my 11th year of practice and i joined a private group so it was already established there's like six other surgeons in there and we're all orthopedic surgeons but we all have sub specialties so i focus on my subspecialty is hip and knee replacements we have two spine surgeons a foot and ankle surgeon a hand surgeon another joint replacement surgeon and a sports medicine surgeon so that was already there but the reason why i went into private practice so usually there's three buckets for uh basically three buckets for where you want your career as a doctor one is to be a hospital employee you know you mentioned that you know like the kaisers of the world all that stuff which has kind of come more and more kind of prevalent um there's being an academic so being involved in academic institution and there's finally the private practice world one i realized like i couldn't work for a boss okay because one you know i tend to be a disrupter you know i tend to like not like status quo so you know i probably get fired if i had a boss you know that's just the way i roll so i wanted to have to have freedom in that sense you know i mean then i think most people's dreams to be work for themselves right you know so there's really no one that i answer to which which i like you know um on top of that there's so much more potential you know and i went into this obviously to help people first and foremost you know that's that's my purpose yeah but of course i put in all this time all this opportunity costs that have been missed all this time investment also all this financial investment with loans and it's all about value i wanted to maximize the value of the work that i put in and the work that i will put in so the potential in terms of financial gains private practice was leaps and bounds higher than academics or being a hospital employee yeah now the flip the flip side is yeah i mean i got to put in more work to uh to build a busy practice whereas your hospital employee your academics the patients come to you you know so more risk i mean yeah i mean literally yeah i mean it's not like my clinic was full right when i started right i had to hit the ground running i had to work for that just don't come to you whereas those other practices comes to you you get a salary it's comfortable but literally for me it's like you know uh i gotta i get i gotta put in the work day by day you know because if i'm not then you know my bottom line um is affected you know it's literally a day by day month by month thing you know luckily i've put in that legwork where now it's just just kind of like something that just kind of well oiled just kind of kind of kind of organic and just feeds itself um so those were the reasons and uh you know i also like to um kind of innovate and being in the private practice world that gives me more opportunity to to innovate within that realm i also knew that i wasn't big into research you know or like um so if i was big into research i'd probably push more towards the academic realm so yeah that's the reason but you know throughout i realized i found out that i had these entrepreneurs this entrepreneurial spirit you know um and when that started did you did you graduate already um and had already obtained your doctorate degree and you went straight into private practice and yes what did the process look like for you were you obtaining a loan did you have money saved up yeah so that process so so for medical school luckily my parents you know paid for my college education at the university of michigan go blue um the football team not doing so well right now but it's all good you know i'm just focusing i'm focusing on how strong we are academically so that's why i support the colors still um so i took out loans from medical school and uh yeah i mean i'll be forthcoming you know i had like 150k in loans so um and then residency yeah you know we get we get paid so those four years of medical school and then we do five years extra training after medical school of uh kind of training with other physicians and that's residency um yeah we get we get paid but um it's pretty much like minimal wage minimum wage for the amount of hours that we put in because we're clocking at least 80 hours a week and then um and then uh after my five years i did one year of specialty training and hip and knee replacements so it was 10 years after college you know so going into private practice i had debt you know i had this loan debt so i didn't have any money saved up um there was no signing bonus that i got you know i start off with a salary until i broke even with my private practice you know and honestly i'll tell you you know when i was salaried i mean yeah i was hungry you know i was putting the time to get patients and whatnot but like once i broke even and it was basically eat what i kill meaning non-salaried kind of like whatever service i did you know that that reimbursement was coming to me you know honestly it's just true i mean that motivates you more right i mean it's just just the nature of the beast you know it's the way the world goes around and then as i've gone through that i realized because they don't teach us business school business skills in medical school or residency it's something that we kind of have to seek on our own or we learn on the fly right and i realized you know there was this inherent kind of business acumen within me and then as i've grown i turned i've learned that there's a passion behind that um it goes back to like kind of my uh my disruptor kind of rev rebel type of spirit that um yeah and and i realized there was something in there that i wanted to continue to develop so in terms of um building a business uh about three years ago or about two and a half years ago but we started the project about four years ago me and a few other surgeons in san diego we opened up our own surgery center okay so it's an outpatient surgery center there's a lot of risk a lot of financial investment a lot of time investment a lot of sweat equity but basically um you know it's a place where we do surgery and we are in charge of the facility so number one we have control and i'm not like this power hungry person but it's nice to have further say further input to develop your own culture as opposed to be being beholden to the hospital because the hospital plays a different game you know and uh it's just there's a lack of appreciation you know it kind of like it's kind of they're kind of using us so to speak and you know i think uh opening up this this this this surgery center was also part of i think the physician empowerment movement you know because oftentimes you know we've been taken advantage of and i think a lot of doctors make the excuse that you know i'm too busy but you can't be too busy for this you know you have a voice so this is part of that paradigm part of that concept so that's why i believed in it and yeah i mean it's taken a lot of time but it's been it's been awesome you know we've developed our own culture um and it's a culture of people loving to come to work everybody's got input everybody's opinion is valued and when that happens you know your patient care goes up exponentially you know because people want to be there and that shows you know because like it's like you say you go to i'm not saying like healthcare is a restaurant but i'm using it as an experience like an analogy like you go to you go to a store you go to a restaurant and you go there you go to a store where you can tell that employee doesn't want to be there yeah you know you're like i'm out of here you know whereas you get someone that greets you they're happy they're loving what they do you're like you know what i'm coming back you know so yeah i mean that's yeah and then i continue you know it's a lot of reading so like they elected me ceo of uh of the surgery center i'm like you know i just don't want the paper title like i got to show up you know like so i took it upon myself where i had to learn these ceo skills so i just i just hit the books i do a lot of audiobooks so i learned on developing those leadership skills because before i'd say 10 years ago if you ask me can you be a leader i'd say no it's just not in me but and honestly that like i use that was you know it's i think it's within all of us you just got to tap into it so yeah we've talked a lot about in this discussion about control taking ownership and that's what business i interviewed your brain why are you still in control yeah um you know i like to control what i can control i'm not talking about controlling people i'm talking about you know um controlling my mindset controlling my environment how i look at that environment because there's a lot of things out of our control right um and we can get all philosophical there's multiple ways to this but at the end of the day you know it's it's us that's in control of our happiness and fulfillments you know and it's also ownership okay you you i mean you gotta take responsibility um you don't make excuses you know you don't uh uh blame other things there's a lot that's in your control and what's in your control is hard work and dedication you know no one else controls that you know that's that's ultimately up to you so i think i think doctor i think that that's innate i really do i think there are certain people who are looking and striving to take on more responsibility in this world yeah i think there's people who are looking to avoid responsibility yeah yeah and i feel like naturally those people who are looking to take on more responsibility naturally gravitate to being entrepreneurs because that's where control lies control your schedule control your income and control employees around you that can make your business grow yeah the most important thing that you brought up at the beginning of this discussion was you know outside of my vehicle outside of my porsche i'm looking for financial freedom and what that comes into and i think you branching off and going into private practice and establishing your facility and taking the leap of faith and opening up this other facility is to aid what you truly want which is financial freedom which comes with control so for people who are watching this what are some things that they can do to get themselves closer to financial freedom yeah so it's like you know there's there's that there's that equation i read and this number continues to come up it's like save ten percent of your income right um i think yeah so any paycheck that you get you know put away ten percent pretend it doesn't even exist put in a savings account there's something about savings accounts that mentally that we don't want to withdraw from right so that's that's number that's number one two i think we tend to be in a consumer society right whereas the super super successful the wealthy people they invest they don't spend whereas kind of people that are not as financially stable they spend more than their invest like we like stuff and more and more people are liking stuff you know so um just kind of whittle down it's like when you spend something when you buy something be like dude this is something that i really need you know like i mean honestly i can sit here i mean there's i could buy a yacht if i wanted to you know i can buy houses if i wanted to but no i mean that's not what does it for me yeah what's important for me is to save and invest you know so because by the time i'm 50 i want that freedom to be like you know what i don't have to work i get to work there's a difference and when you have less of that pressure i think you potentially get even better and having that financial freedom will also have give me more time to invest in racing to invest in other dreams that may arise throughout the next few years so um and then i heard investing now the latter i love i'm a big investor i believe in real estate and part of the reason why our practice is successful we have a lot of people get into real estate and there's just tax codes for real estate pollsters when did your investing career started because i know you started out as a business owner but when you function you know what rather than just pardon all this money into my checking room and thinking somehow i'm gonna go out and push some of this into some investments for sure you know and then honestly this is a part of me that i'm still really working on because you know i got pretty late in the game of investing and then also before i forget this thought you know it's not it's not what you make it's what you take it's not what you take home it's what you keep right right i mean that's that cliche and i think it goes along to what you do what you do you know it's like you know helping do you know like decrease taxes you know because like hey you know we could be making a lot of money but if we're getting taxed you know out the wazoo it's like yeah we're taking home less that's all that matters right and um so yeah finding those areas where there can be tax write-offs i mean they're there for a reason it's legal you know so like why not do it you know who doesn't want to like keep the money that they earned right so back to taxes yeah money you invest money and then the next thing you're looking for is how can i keep it yes you will have to run into the tax code again so tell me doc when did the tax code become important for you what did it become important for you to upgrade your cpas when did you ever run into a tax issue where you said it's time for me to start figuring out this whole tax game yeah i think you know when i when i broke even and when i because i'm um i have an s corp um so i'm incorporated so once i had that i had to uh i had to hook up with an accountant so um because that's where taxes really you know when i started making money you know that's when taxes really come into play you know because like i said it's all about gaining value what you feel you deserve for the work that you put in you know because you know i think i mean i believe i know i provide value to people and i think that value um i gotta gotta optimize you know um and then um that is so important it's like you wanna you wanna benefit from the value you provide to people and sometimes tax benefits as well as a business owner when i started out in my career doctor i was a w-2 employee and i know you're a wage earner as well and sometimes when i was outside of the workplace i was spreading my knowledge i was assisting people but one of the things that i noticed that as i now can tell is that as a w-2 employee you are limited on the write-offs you get to take when you work for an employer when you're a paycheck that shows up every two weeks whether you're putting in max effort or not some people get to benefit from these additional efforts that you're experiencing outside of that workplace when you're out um at a dinner chatting about your work and what you do and how you can help that person but you don't get to take a deduction for that business meal traveling to go meet up with the client just to help them out and you're a emt or a nurse and you're not getting a deduction for that travel time yeah so you know taking that next step and possibly branching off to become a business owner it benefits you and it puts you in a position to become in control absolutely and it goes back to like what's what's your what's your mindset at the moment you know i think we talked about you know unfortunately comfortability complacency you know you know what not unfortunately like i mean there's people that do that and it works for them i just know that's not me that's not my dna you know complacency is not my dna you know um yeah i mean it goes back to also like control i know there's there's more out there you know and um so it's just kind of just kind of having that knowledge base and having that faith to leap forward you know that's that's because to me growth is happiness so if i'm complacent i'm not it doesn't lead to happiness you know so um whereas i'm growing and not money i'm talking about as a person you know to me that's my gateway to happiness and you know that's that's ultimately what we all strive for in life um is happiness and fulfillment and um i don't think that's talked about enough i don't think that's talked about enough yeah things that make us happy i personally don't feel that the society talks about pushing for things in your life that are actually contributing to your happiness yes yeah being here in government 19 it was very evident to me the people who i wanted to talk to the people i didn't want to talk to the things that really were of value to me versus the things that weren't of value to me yeah the uncertainty really kind of showed you what things were extremely important your family spending time with your spouse if you had one or just making sure that your finances were in order yeah yeah yeah yeah no doubt and then going back to this investment question that you had you know um during the haida coveted lockdown like in march you know i wasn't really operating you know i was doing emergency operations so like go also going back like i don't like wasted time right so i'm like okay what can i use this time wisely as opposed to just sitting around playing video games watching netflix you know like granted i do that but like i keep it to a small scale um not doing it all day i'm like okay what can how can i use this time wisely and i learn more on the stock market you know it goes back to investing and i just i had a funny i have a financial advisor and i just kind of gave them the reins but you know what at the end of the day no one cares about your bottom line except you right yeah so i had to take ownership i had to take more control and i had to feed my brain as to you know what the right thing to do and hey you know a lot of money can be made in a downturn economy so stocks were at an all-time low and i was able to buy some blue chip stocks and i was able to kind of make up what potentially i've lost in terms of surgical volume just because i put in the time and just because i was crafty and it goes back to you know warren buffett says right you want to be making money while you sleep yes you know because there's two buckets there's active income and there's passive income you know and like who doesn't want passive income right obviously there's some there's time and commitment that's got to be put into that to get that passive income but i mean it's not like we can keep you know i don't want to set limits but it's like it's not like for me when i'm 90 years old i can still be clocking like 12 hours straight in the operating room you know so um you gotta you gotta fill that bucket passive income and it's the compound effect i mean you know that like um any little thing over 10 20 years adds up it adds up yeah so um something that's got to be taken advantage of and uh you know i got until a little later i wish i would have done it sooner um but you know luckily like i was married before my ex-wife was really on top of this you know we got life and you know we got life insurance policies disability policies early on i bought a condo early on and it's just kind of casting a wide net so like real estate also um i own two properties right now and that's something that i'm going to feed my mind more in terms of real estate investing so um yeah yeah so using the money wisely because cash cash loses value it does and and and we are seeing more money being printed than i've ever seen before in my life so the dollar is going to continue to go down in value and um i know a lot of investors are looking for ways to hedge inflation turning to gold and silver and i bought silver bought silver at low price so yeah and and this level of information um that you have now it's almost a different language i feel like people who are going through life not understanding what's truly happening at a bigger scale with the economy they're going to miss out on how to take advantage of the ebbs and flows of the economy yeah information is how you can make decisions very quickly but if you don't put yourself into a place where you can obtain information quickly chances are you're just going to not be where you want to be as quickly as other people can and at the end of the day wealth is a game and there's people who play this game very well and there's people who are novice at the game and i can't be the winner any last you want to give to the viewers that are watching today doctor we've enjoyed this yeah this is awesome man this is awesome i think i just want to end like going back to how you can motivate people a lot of people kind of look at look at people and look at situations you're like oh i can never do that you know this person is a special person one of my favorite quotes is that it's not that there's extraordinary people there's ordinary people doing extraordinary things so when i heard that quote i'm like okay okay i can do it you know i can do extraordinary things you know so and you know that model has been proven proven time and time again so it's not something that's that's a pipe dream it's something that's that's reality you know so it is a reality doctor yeah i'm blessed to be in the position that i'm in because in our company we deal with a lot of wealthy high net worth individuals but when they get on the phone with me and i hear their voice and how their lack of tech knowledge just comes through the phone i realize that these people have humbled themselves to be on the phone with me trying to figure out how they can protect their wealth and you realize that these people are just everyday people trying to learn every single day on how to get better and i'm glad that we brought you on to this no doctor because you're a very transparent person being real with my audience today about who you are how you've gotten yourself to where you are and why you and i like to go fast it has been a pleasure um to my viewers here on tax-free living thank you so much for joining us today and we look forward to seeing you on the next one take care yeah and i'd love to talk to you about you know more about what you do hey you know so i know uh marco's been uh highly uh recommending you so we'll sit down we'll discuss uh we'll get on the phone what not and then uh also yeah next time i go on the racetrack i'll hit you up man and then i've become a driving instructor so you know i'll i'll get you out there get you fast we are 100 going to schedule our next video interview on the race channel yeah that's for sure old youtube content day yeah and we'll decal we'll d with d we'll decal our cars like like big time yeah yeah we should really set it up we'll do race tracks we'll get food after i'm a big foodie i'm going to take you out to get some really good food down here in orange county i think it will be a great day oh it'll be blessed we'll be blessed and it's gonna be like a mastermind group too you know we'll inspire each other real estate we'll talk ideas we'll talk ideas yeah all right my man appreciate you happy holidays my best to you and your family all right happy holidays to you doctor i appreciate your time today keep crushing keep crushing i know you are i know you are all right [Music] you

Channel: Karlton Dennis

Views: 14,413

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Id: yCep7IG3Bfs

Length: 48min 23sec (2903 seconds)

Published: Fri Jan 22 2021