The travel healthcare profession is becoming a highly sought after career path, but for what purpose… freedom, income, or flexibility? If we dive deeper into the desires of a travel healthcare professional, the question becomes why do you want freedom, income and/or flexibility. Watch our event replay or read the recap below on our webinar with Tyrin Tyson, Registered Nurse, Financial Planner, and Real Estate Investor highlighting the opportunity of maximizing your time and income to achieve financial prosperity through strategic investment, particularly in real estate.
Understanding the Power of Travel Allied & Nurse Income
Travel healthcare professionals often enjoy higher pay rates due to the demand for our specialized skills. However, with this increased income comes unique financial challenges, such as fluctuating work schedules, contract work, and the need for temporary housing. Leveraging this income effectively is crucial for long-term wealth accumulation.
By understanding the financial landscape and opportunities available, travel nurses and allied professionals can create a solid financial foundation. Below are three keys travelers can use to build this infrastructure:
- Protect: Worst case scenario (never events) like death, disability, sickness
- Having an emergency fund (Single: 3-6 months expenses/ Married: 9-12 months expenses)
- Life Insurance (Single: 7x-10x Income, Married: 20x Income, Term vs Perm)
- Disability Insurance some text
- Make sure you have full coverage, as your employer typically only covers 60% income
- stock own vs mutual own
- Health Insurance (Employer vs Individual or Unexpected Medical Bills)
- Optimize: Financial Efficiency/ Effectiveness, Debt management and tax savings
- Networth Tracking
- Income + Income & Expense Tracking
- Debt Managementsome text
- What can you pay fastest or what is costing you the most
- Tax Planning
- Grow: Increasing income, maximizing savings, strategic investment
- Short Term:some text
- Cash/Checking, Savings Account, Emergency Fund
- Mid Term:some text
- Mutual Funds/Index/ETF, Money market account
- Long Term:some text
- Perm Insurance, Real Estate
- Retirement:some text
- 401k, Roth IRA, Annuities
- Short Term:some text
Considering the financial hierarchy and life cycle can help healthcare professionals begin their path to wealth foundation, accumulation, preservation, and distribution all while navigating through various live events.
How to Balance Nursing and Real Estate
Being devoted to the process consistently without being attached to the outcome was a word of advice Tyrin offered fellow travelers looking to dip their toes into real estate. It’s going to be tough but with determination, you will eventually reach the goals you have set for yourself. The extra income, tax benefits, and wealth building opportunities far outweigh the obstacles you may encounter. Self-limiting beliefs, doubt, and the fear of taking a risk he urges, must be overcome in order to see the longevity of their new ventures.
The biggest asset you have as a healthcare professional is yourself and your ability to earn income, so planning your retirement around the lifecycle of a financial hierarchy is beneficial to maximizing your ‘working years.’ Investing in real estate can seem daunting, especially for those with demanding schedules like healthcare workers. However, with proper planning and strategy, it's entirely possible to balance a career in healthcare with real estate investment. Knowing your ‘why’ behind investing will help you make the tough decisions as well as prioritize your real estate endeavors when necessary.
Real estate offers a tangible asset that can generate passive income and appreciate in value over time, providing a stable foundation for financial growth. In life, everything is about balance so taking care of yourself, your family, and doing things that bring you joy can help you protect your greatest assets.
Real Estate Investment Strategies for Travel Healthcare Professionals
Real estate investment presents numerous strategies tailored to the unique circumstances of travel nurses and allied professionals. Firstly, understanding the property ownership phases such as acquisition, stabilization, operations, and disposition, can allow healthcare professionals to prepare and educate themselves on how to delegate tasks, compliance regulations, when to utilize tools and resources, as well as leverage community to protect their investments.
From rental properties near healthcare facilities to short-term vacation rentals in high-demand areas, there are various avenues to explore. ‘House Hacking’ is another way travelers can find ways to generate income from their homes by renting out rooms or floors to nomads or other travel healthcare professionals on contract in the area.
Additionally, crowdfunding platforms and real estate investment trusts (REITs) offer opportunities for passive investment with lower barriers to entry. There are multiple ways to invest in real estate, so having the foundational knowledge and clear goals are the most important first steps in deciding which strategy works best for you and your long term plans. By diversifying your investment portfolio and conducting thorough research, healthcare professionals can identify lucrative opportunities while mitigating risks.
Taking Control of Your Financial Future
Empowering travel nurses and allied professionals to take control of their financial future is essential for long-term success. By maximizing income through strategic investments in real estate and other avenues, individuals can build wealth and achieve financial independence. It's crucial to continually educate oneself on financial matters, seek professional advice when needed, and remain disciplined in financial habits. With dedication and perseverance, travel healthcare professionals can secure a prosperous future for themselves and their families.
The intersection of travel healthcare professionals and real estate investment offers a wealth of opportunities for financial prosperity. By understanding the unique challenges and leveraging the advantages of your profession, travel nurses and allied professionals can maximize your income and achieve long-term financial security. Through strategic investment and a commitment to financial empowerment, travelers can take control of your financial future and build a legacy of wealth for generations to come.
Other Financial Resources for Travel Healthcare Workers:
- Retirement Planning for Healthcare Professionals: Mapping Your Path to Financial Independence
- Budgeting for Time Off: Financial Tips for Contract Workers
- 8 Best Side Hustles For Nurses That Can Change Your Finances
About Tyrin Tyson
A native of Baltimore, Maryland, Tyrin Tyson is an experienced professional—registered nurse, licensed financial advisor, and real estate investor.
With 12 years of dedicated experience in healthcare, Tyrin's journey began as a facilities housekeeper, progressing through roles as a certified nursing assistant before achieving the status of a registered nurse. His clinical proficiency spans various specialties, from emergency medicine to critical care, with a specialization in vascular access.
Best known for his brand, "TheUrbanNurse," Tyrin shares his nursing perspective and experiences from a raw and authentic viewpoint. TheUrbanNurse's mission is to motivate healthcare professionals to create financial independence outside of the healthcare system.
Expanding beyond the clinical setting, Tyrin has transitioned into the role of a financial planner for healthcare professionals seeking to build wealth beyond the confines of healthcare. His passion for financial literacy and wealth development is channeled through real estate investing and entrepreneurship. Through the creation of Opulent Ascension Wealth Management, Tyrin's vision is to guide healthcare professionals in creating the financial infrastructure needed to safely create wealth through real estate.
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