Closing the Wealth Gap: Breaking the Poverty Mindset with Tyrone French

Making good money but still feel like you're going nowhere fast? Tyrone French knows exactly why—because he lived it.In this episode, Dr. Joaquin Wallace is joined by Tyrone French, founder of Tyrone French and Associates with over 34 years of experience as a personal finance coach. As an Accredited Financial Counselor and host of the Closing the Wealth Gap podcast, Tyrone has dedicated his career to empowering the 95% who feel left behind by traditional financial conversations."Each person is wired differently on how they think about money based on their past. We have to understand that past first in order to move forward," Tyrone explains. But understanding your past is just the beginning. The real transformation happens when you shift from a poverty mindset to an abundance mindset.Tyrone doesn't hold back: traditional financial literacy has failed because advisors keep "regurgitating the same tired notions" without teaching people how to actually apply the knowledge. This conversation explores what happens when you combine financial education with real-world application and mindset transformation.In this episode, you'll discover:Why Tyrone went from buying $3 shoes at Boys Market to working at McDonald's at 16—and what that taught him about financial independenceThe moment Tyrone realized he had no leverage at McDonnell Douglas—and how that awakening changed his entire financial trajectoryWhy looking wealthy (clothes, cars, jewelry) kept him broke in his twenties—and how he broke that cycle before it was too lateThe foundation every financial house needs that most people completely misunderstandWhy 80% of financially struggling people actually have the discretionary income to change their lives—they just don't know the processThe "shirtsleeves to shirtsleeves in three generations" cycle and exactly how to break itThe poverty mindset that must be ripped out and replaced—and how to recognize it in yourselfTyrone is emphatic about the importance of Dr. Wallace's book—not just for consumers, but for financial professionals too. "People think advisors are just naturally smart," he explains. "But there's a book out there that anybody can read." He calls "Generational Wealth Begins with Generational Knowledge" the book he would have written himself and insists every financial advisor who's serious about their profession needs to read it.This conversation goes beyond budgets and investment accounts. It's about understanding your financial genetic code, healing from past trauma, and making the decision to pay yourself first—even when that decision feels agonizing.Connect with Tyrone French: https://www.tyronefrench.com Toll-free: (877) 296-5192 Download the Tyrone French App: https://www.tyronefrenchapp.com Book: "Closing the Wealth Gap" LinkedIn: https://www.linkedin.com/in/tyronefrench/ Facebook: https://www.facebook.com/tyrone.french1 Subscribe to The New Wealth Wave Podcast for more conversations that challenge traditional financial advice and help you understand the psychology behind building lasting wealth.Dr. Wallace's Amazon bestseller "Generational Wealth Begins with Generational Knowledge" provides the blueprint for understanding your financial genetic code and creating generational prosperity. Tyrone calls it "the book I would have written myself" and says it's essential reading for both consumers and financial professionals. Available on Amazon: https://amzn.to/4lsZfw8Dr. Wallace's Website: https://www.drjwallace.com