Building Wealth Beyond Nursing with Tyrin Tyson - Episode 63
Today, we've got a super exciting episode for you. We're chatting with Tyron Tyson, a nurse just like me, but he's also a whiz in the finance world. Tyron has been through a lot, from facing challenges in nursing to making big moves in building his own wealth. He's here to share his secrets with us so we can all grow our money without making the same mistakes he did. Tyron's story is not just about making money; it's about changing his life path from nursing to focusing on his passion for finance. He's going to tell us all about how he manages to juggle both worlds and what's driving him to eventually say goodbye to nursing.
About our guest:
With over a decade of experience in healthcare, Tyrin has navigated the physical, mental, and emotional challenges of the profession, recognizing the risks of burnout and the limitations of a demanding schedule. Leveraging their income as a travel nurse, Tyrin delved into real estate investing, facing and overcoming numerous financial obstacles through a strong financial foundation and meticulous income management. Now, fueled by a passion for empowering others and armed with an ASAA Investment Advisors License, Tyrin is committed to guiding others towards financial independence through real estate, serving as a valuable resource in achieving financial independence and professional autonomy.
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TRANSCRIPT:
Naseema: [00:00:00] What's up? My financially intentional people. We are joined today by Tyron Tyson from the be more who is a fellow nurse. But is a finance professional, he has multiple certifications and he's going to put us up on game on just the things that he has done to build his own portfolios through adversity and successes so that, we can be on the path to build wealth.
And not have to make the same mistakes. So what's up, Tyron doing good. You're a nurse and you're like licensed financial planner. Like why the two things, like, how did those two go together? Do they go together? Like,
why'd you take that path?
Yes.
Tyrin Tyson: The [00:01:00] financial professional and being a financial planner is really my future goals and future paths. And I'm using nursing to fund that, but, I'm using that because of my experiences and, I want to say raw experience in being a nurse.
It is just not for me. I love the patient care like I love that interaction with patients. But anything outside of that patient's room is just. It's not the environment that's conducive to my growth as a person. Sacrificing right now and putting in the work, still being the best nurse I can still saying staying on top of, my competencies and things.
And that's why I really moved in a direction that I feel I can last in long term. So that's why I'm a vascular access nurse now. Cause I always love putting an IVs even since I was a CNA. So it's just something. I can come in, I can be the hero for 10 minutes and then I'm out of there. And back just on to getting that.
I feel like it's [00:02:00] just more fulfilling. People actually thank me for what I do and they smile. So that's how I got, into the financial field because just nursing has just been a whirlwind.
Naseema: And that's funny because I'm an advocate. I love nursing, but. I want to preface this by saying I've always been a nurse in Northern California, where we have break nurses. We have patient ratios. We have a very good pay. We will strike or anything if we stay overtime, or if we miss a break, we're getting paid.
You know what I'm saying? So I am very spoiled in the fact that, I've had very good working conditions as a nurse. And so I'm always the 1 to advocate. That nursing is the ultimate, like I would never retire from nursing because I can structure it in a way that fits my lifestyle. And it's actually what I love doing.
So I, don't, I'm not an advocate against nursing. I'm just not going to tell [00:03:00] you. The good things about it. I'm going to tell you the real and honest truth. But for me, the system is a problem, but it's also the environment and being a male on top of that, being a black male is it's a constant battle that I got to fight on the outside world too much.
Tyrin Tyson: Then I got to fight the system as well, but I don't want to have to also fight the people whom I'm there to help patients with. And that Hierarchy there.
Naseema: I feel like. First of all, there's not a lot of male nurses. There's definitely not a lot of black male nurses. What was your ideal of nursing that caused you to go into nursing? yeah.
Tyrin Tyson: for me. And the science, I always had a strong science foundation. My grandmother was a nurse.
She's listen, boy, you hard [00:04:00] worker, you always put a smile on somebody face and. With, becoming a nurse, you can travel the world and do whatever with always have a job. I really didn't have any other options and, my idea was that I was going to get in work my way up and be able to be in a position of power to be able to help.
My idea of what a nurse was, I never been to the hospital prior to starting my journey. So I think my idea was like a superhero versus a real person. So it was a little skewed when I got in, especially with how my grandmother is. So that's how I chose the path.
Naseema: And I think, so both of us got into health care that same way, like I came from a single dad. My dad didn't have health care insurance. I had to access health care through community clinics, waiting in line. And I was like, This is horrible. Like this system needs to be fixed. I want to change access.
So I thought, I'll be a doctor that'll do that. And I went to, when I went to college, I was [00:05:00] like, Oh, that's what doctors do. I don't want to do that. Then I went into healthcare administration and I was an administrator for a big hospital organization and realized the system is. Jacked up. And that is not what I wanted to do, but I saw nurses.
I saw the nurses that I worked with and they were so happy and they did affect change because they were the ones that were actually helping the patients advocating for the patients and they love their jobs. And I was like, I'm going to be a nurse. So I, after I already had a master's in healthcare administration, went back to school to be a nurse so that I didn't want to be in management.
I didn't want to be in that nasty side of healthcare. Like I want it to actually affect patient care. And I'm able to do that just as a staff nurse. And I love what I do. But I think it's very interesting, like that we came into nursing with those same goals and how that played out is interesting, but yeah, the healthcare system is broken.
I feel like it's an obligation. Like for me, especially as a black woman in the perinatal space [00:06:00] to stay as an advocate, because there aren't a lot of people to advocate for these patients that things are happening to that could be avoided. But, like the system needs to implode and I'm sorry that that's your experience and I can understand why you experienced that.
But, I think if you came out to the bay and worked out here, you probably like.
Tyrin Tyson: No,
Naseema: Come on. Bring your wife. Bring the
Tyrin Tyson: it don't matter where you go. The grass is not greener on the other
Naseema: I'm telling you. It's a, it's, I'm
telling
Tyrin Tyson: not the system. It's a culture. So where I'm from the culture where I'm from is rarely seen. Through the cultural lens of the people that I work with and the lens that they see it through is oftentimes very negative just in America is but those biases or social biases and prejudices seep out in the environment and I'm just here [00:07:00] to help people, and I'm not here to fight that.
So I've learned through nursing that. I love to help people, which is why I moved into the finance and financial planning, but I'm the type of person where I'm an entrepreneur, I'm a hustler, and I want to build something that I have ownership of because nurses have no equity within the health care system.
So I want to build and that's the true way to build wealth is through equity and ownership. Going and becoming a financial planner, I can choose whom I want to work with and I can still help not just one person, but generations of people by, setting people up and to be in the right position financially.
Naseema: I hear you 100 percent and I don't know if rich and regular they had, they wrote a book called cashing out and it talks about how, just like you're saying it doesn't matter what we do, how far we get, like in this system, we're always going to be at a disadvantage. And don't ignore that, understand that, and it is our [00:08:00] obligation to gain financial independence so that we can cash out and then we can have our own equity, we can build our own wealth outside of these systems because these systems were not created for us and yeah, that's the only way to do it. So I get it a hundred percent.
100%, and I think like what you're doing on, your financial professional side is going to serve that purpose. So I love it. Let's talk about your path to becoming a financial professional and the things that you have experienced along the way.
Tyrin Tyson: Okay. So my path to becoming a getting in the financial field
was started in. At the right when COVID happened, I was doing my COVID contracts. I did one contract before really starting to study for my license, but I've always had a financial advisor and he was through Primerica.
I've never had any issue. I got my thing set up, but when I got that financial professional, I didn't know about the [00:09:00] fees and things of that nature. Rock with him for my first two years. Then I started to make some real money and I'm like, I got to figure out what to do with this, but also, I thought that COVID was going to get me out of nurse.
I thought COVID was going to change my life. And I'm like. Let me figure out what to do with it. I started to study real estate. Once I started to understand the real estate aspect, I really wanted to understand, all right, what are the finances that I need? What do I need to have in place?
Naseema: Let me pause it one second So when you say you thought that covet was gonna change your life you mean because you were making so much money Doing those covert contracts that you thought that was gonna be it
Tyrin Tyson: No, because the idea of wealth and the process of building wealth. I've never seen anyone do it. Getting rich to me was like, I made during COVID, I made over 250, 000.
So the difference between getting money and actually building wealth
Naseema: you thought getting money was building wealth. Okay. Got you.
Tyrin Tyson: thought I was going to get, I was getting 18, 000 a week. I thought I was investing in [00:10:00] Toro. I was investing in vending machines. I was investing in, I had Airbnb out my basement. I'm like seven streams of income. We bought to get a million, but then I'm like, all right.
The math ain't math and, I'm putting out here and it's coming back. Not like I put out all more. So it's and then that's when I focused on real estate and financial planning, cause I'm like, I gotta figure out, I gotta know the finance side as well as the investor side of it. And. I reached out to my buddy who was my financial advisor and he got me licensed as a life insurance professional.
I said, okay. Then they wanted me to get my series seven or my series six, which is to be able to sell securities. but the first exam I had to take was my securities entrance exam. So I went about that and I'm reading and I'm like, okay, this information been out here this whole time.
Naseema: Mm.
Tyrin Tyson: Okay, so I'm understand I learned understanding the actual compound interest are how things grow and different understanding the markets and just the basics, [00:11:00]
but I'm not okay I'm only able to sell securities and then I started to understand like I would have come in under him But he was under a person and I was like, okay, how much am I getting?
And it was only like, it wasn't even 50 percent how to break that. So I'm just like, I just don't like this profit split profit share because I'm putting in the work. And I knew I was coming in with my platform and had the leverage. So I'm like. I did some more research and got to digging and I'm like, okay, they are a securities brokerage company.
They also sell life insurance and they get commissions from that. So that's why it's that constant push and sale model with them. And I was like, that's not, I don't want. Commissions. And that's what I learned what it is to be a fee only fiduciary and working as a financial planner. So I was like, okay, this is the route that I want to go back and really help people versus, Hey, come in and get life insurance and go to this mutual fund versus what do you really need?
And what do you really have [00:12:00] available? And let's try to get you to, cause I met with him one time as I might get a couple emails, but I wasn't meeting with him on a recurring basis and helping out with the. In between the years, in between the years. So that's how I found my path as a financial advisor.
Naseema: Yeah, I like that. She brought up that structure. But you have to understand that in that structure is highly driven by getting commissions. And a lot of times the way that people get commissions is by having you sign up for things
That may or may not be the best. for you. And so things are oversold that you don't really need.
And so when you think about a fiduciary, a fiduciary, someone that's supposed to have your best financial interest at heart, right? And so they're supposed to make sure they're making the best decisions for you. But oftentimes, You don't pay for this service up front, right? So, it seems like they're doing you a favor.
They're putting you into this [00:13:00] product, but they're getting very high commissions in the back end and you probably aren't going to benefit as much from that product as you would if you would have paid a little bit of money up front to get. The services that you need and so I strongly push people towards working with the only fiduciary advisors.
And now there's this whole structure of advice only advisors. I don't know if you know about Jeremy of personal finance club. He just actually opened a business called anyway, he just has just a network of advice only people. And I think. That model is starting to grow as people are feeling the backlash of paying, for these high products that they don't use that often labs when they actually need them.
And just, it's a whole bunch of issues. It's predatory towards certain people, all these kinds of things. So thank you for sharing that because from your, you got to see it from the back end and you were just like, nah, this is not like how I want to serve. And so I appreciate that take. [00:14:00] What's your trajectory now?
So how long do you think you're going to be in nursing and how are you going to fully pivot into doing financials, planning financial services?
Tyrin Tyson: So I look at it like a triangle of my escape plan. But so using my nursing to fund my financial planning practice and at some point, like I've Taking the brakes off of investing in real estate so that I can invest more into my business, but at some point to build my business up to be able to use those profits to then invest back into my real estate portfolio.
Right now I really plan on being a nurse. If I'm being realistic with myself, I give myself. Another five years, and I said, I've did 11 or 12 years and still keeping, keeping my toe in the door and I need my toe, my, my big toe nail in the door. keeping it in the door, maybe picking up a shift here and there.
Because like I said, I still love placing IVs. I still love help
, saving, these patients from these nurses who just [00:15:00] killing people with a needle. But that's neither here nor there. And really five years to be able to have enough. Of revenue from my financial planning practice my goal clientele wise is to have 100 clients on board at some point.
And this is a 10 year timeframe I'm giving myself, but to have enough revenue to where it replaces my nursing income, I can start to. Put 100 percent of my time into my practice as far as, because I could have gone through a fidelity. I could have gone through a what are these other companies, Edward Jones and become an advisor like that, but I wouldn't have had the freedom of being able to market and get beyond social media.
So I don't have the same constraints, but I have way more responsibility in building my process from the
ground up, marketing, everything dealing with compliance. Being able to use that. Go 100 percent at that build up again, continue to scale up and then just passively put everything back [00:16:00] into my real estate holdings because as I've been in real estate over the last three years, I've grown a network within real estate and I'm a small time landlord right now.
And I've got my experiences with that. It's not for the faint of heart, but knowing The same amount of work you're going to put into making 100, 000 is the same amount of work you're going to put into making a million dollars. It's just what's the return that you want? And
sometimes it's, it's more risk, but, really what was your tolerance for?
I really want to get into more things. I have some equity in an apartment complex here in Baltimore. So really get into those the real estate development side of things and investing into big projects like that.
Naseema: I know you're a strong advocate of people getting into real estate. So it sounds like you do a little bit of syndication
Tyrin Tyson: the one right now is a small, you could say it's a syndication, but more it's with more sophisticated investors. Because, [00:17:00] I have my my series 65, I'm a accredited
investors.
But so because I'm able to be an accredited investor, I'm able to come in more on a limited partnership side. And because it's a friend of mine who I built a relationship in, I don't have, the minimums aren't as high as your normal syndications.
And then I have more just more access to what's really going on and understanding. So
Naseema: Yeah let's break down a little bit a credit to be an accredited investor. You need a million dollars in assets or something like that. Isn't there, there's 6 requirements and I can't think of them off the top of my head because
Tyrin Tyson: so I know licensing is one having a
million, million in million in net worth, and it can
include your primary residence. You have to make, I can't remember the number. I don't know
Naseema: Like 250 or something like
that.
Tyrin Tyson: two 50 a year. And if it's your, you and your spouse, it has to be more than that. So it's a couple, it's a couple of them.
I know once I got in cause the other ways for me to [00:18:00] have gotten in were it's going to take some while to build up that net worth. And also as a nurse is not too many people making that much.
Naseema: California there is
Tyrin Tyson: okay. All right. Listen, I'm telling you, I'm telling you, people have tried, people have tried. It's going to be hard to break. It's going to be hard to break me
Naseema: I'm telling you it's okay. It's okay.
I'm gonna get you over
here. I'm a
Tyrin Tyson: The food is not that good over there.
Naseema: You tripping?
Tyrin Tyson: Housing is the real estate market over there. There's a mass exodus away from California.
You think I want to go over there for
Naseema: It's all good. We
Tyrin Tyson: rich people leaving.
Naseema: we will talk I'll put you up on game.
Tyrin Tyson: Okay. I'm, I'm, I'm, I'm, I'm down to listen. I'm down to have my,
Naseema: It's all good. I'm not mad. I'm not mad at you thinking like that. It's all good.
Tyrin Tyson: I told you I'm trying to get out. Why you just can't let a brother escape? Keep trying to bring me back to the plantation.
Naseema: it is not, I just want, [00:19:00] I, I just know that there are death and paths and that you could be happy. You can come out here, do your geo arbitrage, get your money and just accelerate that, that wealth building, either even faster, I'm just giving you another little row, but it's all good.
But real estate, like you really feel like you can empower people to build wealth through real estate. What does that look like for the clients that you're serving?
Tyrin Tyson: So I work with aspiring real estate investors. Now, I say that very, very, when I say aspiring, people who are actually educating themselves. On on real estate who are currently saving and building capital for a down payment, actually understanding what investment strategy they want to take.
I help them make sure they have the foundation before getting into real estate, understanding all the uncertainties and risks that could happen along the way, but also working with established investors who have an active portfolio and really trying to help them scale their portfolio. As [00:20:00] efficiently as possible, but my ultimate goal for everyone is to diversify that positive cash flow back into the market so that we can increase our return on our initial investment and so that, we can start to generate some income for early retirement.
So that's what I'm about, a lot of people want to get into real estate, but if you're willing to do the work, do the research and put in the time, it's not as hard as you think, but it has to be something that you know, you have really have to have a why for, because you'll run into some obstacles and some bumps in the road that can really make or break you financially.
And if not being prepared. Mentally and financially, then you gotta be a strong person to make it through that by yourself. I feel and that was my experience over the last two years as I really shot myself in the foot in buying two multifamily properties at the same time and thinking that, it was just going to be just by the book.
And that's when [00:21:00] I said, no, sir, hold on. We're going to show you something. You want to build wealth? Yeah. And we're going break you down and build you back up.
Naseema: Biggest takeaways from buying those properties? Try
Tyrin Tyson: My investment strategy. So initially, like I told you, I felt like I was under a time crunch with COVID. I didn't know how much, how long I was going to be making that much money. And like I said, my idea of building wealth and building a real estate portfolio was much more dramatic.
Or unrealistic my expectations versus reality. So I would say being more patient, capital hat cash is King and having that available to them, be able to leverage and get yourself in. And then once you're in being able to financially afford any, pitfalls that may happen. That's what it's really all about.
And then building wealth takes time. It's a long process. Having 1 rental property isn't going to [00:22:00] retire you having 2 isn't going to retire you. So it's really building that portfolio and then going through the entire life cycle of property ownership process. So it's not just doesn't just stop at acquisition.
Once you acquire the property now, you got to stabilize it. You got to get it renovated.
You got to get it renovated and you got to get tenants in there. And then that's when you get to normal operations and, being able to actually build some equity in it through your rents that you're getting from your tenants, and then also being able to build some.
Extra income from that. That's what I would say. My takeaways are because I got in thinking I'm get the property, they say, get in with no money down, get in with little money, buy one real estate property and you'll make 1, 200.
A month from one apartment.
It's like it's a lot of other numbers that go into that. And really, you're looking at if you're making 200 and positive cash flow, trying to double that. So 200 per door and then building that up to a point where you [00:23:00] have a good amount of positive net positive cash flow after all expenses are paid and cash reserves are allocated.
Naseema: Yeah, and I know that you created your platform so that you can help people avoid those pitfalls that you've gone through.
You really about putting that game out there because like I said, we have you on the each one teach 1 as long as you're willing to come to the table with. The ability to put in the work, then you can help people get to where they need to be financially. Real estate is not my thing.
Tyrin Tyson: That's not the only way out. yeah,
Naseema: But, but to show people what's possible. But you can offer a ray of services, but you also have that experience of having to grind that out, go through that, learn those lessons so that other people don't make those same mistakes. And so you out here go ahead.
Tyrin Tyson: and I just want to say something before we even start to thinking about investing and other things [00:24:00] outside of ourselves, we have not mentioned something about insurance earlier, but, some people don't really And that's what also goes into my services, but some people don't even have enough insurance coverage for themselves right now.
And in the life they have, some people don't have a large enough emergency savings for if something happens. So that's what I really want to focus on building that foundation because. If you not maxing out
Naseema: 401k or
Tyrin Tyson: out your Roth IRA or having a emergency fund. And if you don't have enough insurance for yourself, you don't have that.
I don't think you should be really investing in anything. You should really be taking care of house before you start to build on top of that. that's was really big to me because. And whether you invest in the stock market, whether you start a business, whether you invest in real estate, it's going to take one, whether you can get into a car accident and not be able to work anymore, then what happens, or it takes one big mistake within the business, within the market, within the property that can [00:25:00] really.
Drain everything, knock you really off your feet. And now
you're just trying to play catch up to, to keep up with cost of living.
Tyrin Tyson: That's, what's really important to me before the real estate and building wealth
Naseema: I love that it's about getting that financial foundation in place. And a lot of times it wasn't modeled for us. And so it's things that we have to learn in the back end. It's never too late to get those things in place. But what I see people doing is try to jump towards flashy investments and do all these kind of things.
What's the next Bitcoin? What's the next AMC and GameStop, when all that stuff was popping during the pandemic. And it's just hold on, brother. Did you, do you have money in a bank? Do you even have life insurance? Like all of these things, but what I know is that people that you haven't put in this.
Information out there on your platform, you've been sharing this knowledge with people super accessible. Let people know, like, how they can [00:26:00] get in contact with you, how they can follow your journey and, how you work with
Tyrin Tyson: So you can find me on Instagram and YouTube at the urban nurse. Those are my two main active platforms for my real estate investors out there. My health care landlords do have a private Facebook group. The health care landlord network where, you know,
Naseema: know,
Tyrin Tyson: Community is so important when you're on the journey of building wealth and whatever you're doing.
So having a place that landlords can come express themselves, motivate each other and grow together. That's, what I'm really focused on right now. And if you're interested in wealth management services, especially real estate planning, you can find me at opulent ascension dot com, or you. On any of my social platforms.
There's a link in the description and link in the bio where you can find more information and set up a free discovery call
Naseema: alert. And if you have any questions, you can always slide in the DM. I get a
Tyrin Tyson: listen, when you listen, I [00:27:00] get a lot of slides through the the Hey, help me. I need help getting out.
Naseema: need help.
I need help, we're here for you, but yeah, I love that. I'm probably I'm going to try to encourage you to have at least your 1 foot in the door of nursing because I still feel like it's the ultimate F. I. career. So I'm going to I'm going to stand on that. But I love what you're doing in.
Helping yourself find financial freedom and helping others find financial freedom. So I'm never going to knock that. And if you want to slide on that side, too, I think that's incredible, but I thank you so much for sharing. Your story is incredible. I think that your energy is great. You're such a positive person.
So I just encourage everybody check you out fall time, the urban nurse on the platforms. Yes.
Tyrin Tyson: you for just answering my dm. I was shooting, you know what
Naseema: You know what
Tyrin Tyson: I was just like, if she responds, she responded. She don't. But I'm just,
Naseema: just, [00:28:00]
Tyrin Tyson: I watch people and I study people from a distance, especially people who are at a place that I'm trying to get to, which that's what I look at you as.
And I was just really in awe of your platform, which you built very organically. I'm like, okay, she's herself. She's not doing it for the gram. She's, yeah. Being her and that's how I want to organically build my platform. So thank you for giving my myself an opportunity and allowing me to share my value on your platform.
Naseema: opportunity and allowing me to share my values with y'all.
Yeah, like I'm putting stuff in place so my daughters don't have to do all of that stuff so they can opt out of the BS. But that's why I do it. So I really appreciate you. I appreciate you seeing me. but yeah, I, me too sliding my dms too. I am very responsive because ultimately we're just here to help.
So I love having you [00:29:00] on. Thank you. so much. And I'm sure people will be reaching out.
Tyrin Tyson: Let's tap in with me.
Hey there I’m Naseema
My dream is for everyone to know that financial independence is attainable with a little intentionality. Learn how I can help you finally break the cycle of living paycheck to paycheck.
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