Medics Money podcast

This video explains how doctors and dentists are unnecessarily losing money by investing in expensive, actively managed funds instead of cheaper passive investments. It highlights the lack of financial education among medical professionals and how it makes them susceptible to high fees and poor returns. By comparing the performance and fees of branded versus generic investment options, the video demonstrates the significant financial impact of these choices and emphasizes the importance of financial literacy. The video also provides resources and tools to help doctors and dentists make better investment decisions. 00:00 Introduction: Doctors and Investment Mistakes 00:27 The Cost of Expensive Investments 01:48 Performance Comparison: Branded vs. Generic Investments 02:35 Understanding Passive vs. Active Investments 03:56 The Impact of Fees on Investment Returns 04:06 Medics Money Financial Dashboard Overview 05:16 Long-term Investment Projections 08:06 The Importance of Financial Education for Doctors 08:38 Conclusion and Call to Action Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

A urology registrar shares his transformative year-long career break, traveling the world with his wife and dog. He discusses the financial logistics of renting their home and maintaining a car while abroad. Insights into managing work-life balance reveal the challenge of detaching from professional duties. Tips on traveling with a dog and visiting dog-friendly countries enrich the conversation, while the personal lessons learned highlight the balance between planning and spontaneity. Kai also reflects on returning to work and maintaining NHS pension contributions.

Mr. Randeep Dhariwal, a urologist and diversified investor currently doing a fellowship at UCLH, shares his insights on balancing medicine with property and stock investments. He discusses his journey into urology and the importance of fellowships. Randeep explores the pros and cons of property versus stock investing, emphasizing the need for financial education among doctors. He also reveals his plans for launching an aesthetics business and highlights the significance of continuous learning and networking in both medicine and business.

In a revealing conversation, Andy Powell, a specialist medical accountant with decades of experience, joins NHS consultant anaesthetist Hanlie Duplessy, who shares her shocking encounter with pension growth discrepancies. They discuss how small payroll errors can lead to significant financial consequences, including unexpected tax charges. Andy offers practical advice for verifying pension data and understanding the annual allowance. The duo emphasizes the importance of diligence and seeking professional help to navigate the complex NHS pension landscape.

Discover the hidden dangers doctors and footballers face from financial scams, exemplified by the V11 scandal. Learn how current tax policies create traps for high earners, particularly those around £100,000, affecting NHS productivity. The discussion covers speculations about budget changes and their potential consequences on GP partnerships. Emphasis is placed on the importance of financial education, using vetted advisors, and the dangers of high-pressure sales tactics that promise unrealistic returns.

Dr. Dave Hindmarsh, a GP partner and former military doctor, shares his journey from NHS to YouTube content creator. He reveals insights on managing GP partnerships effectively, drawing parallels to personal relationships. Dave also discusses financial awareness for GPs and the benefits of automating tasks with digital tools. He highlights the power of social media in enhancing patient care and how niche content on platforms like YouTube can create additional income streams, proving that a small audience can still lead to significant opportunities.

In this insightful episode, Tommy welcomes Dr. Laura Naidoo, a GP from Northern Ireland, for her podcast debut to discuss the thought-provoking book 'Die With Zero' by Bill Perkins. They explore themes like living life to the fullest, spending money on experiences over accumulating wealth, and balancing financial security with adventure, especially from the perspective of medical professionals. The conversation delves into the psychological aspects of money, generational differences in financial habits, and practical tips for maximizing enjoyment and financial health throughout life. Dr. Naidoo shares personal stories and learnings, emphasizing the importance of early financial education and the impactful approach of spending in alignment with one's values and health stages. 00:00 Introduction and Book Recommendation 00:53 Guest Introduction: Dr. Laura Naidoo 01:18 Discussing 'Die With Zero' 03:49 Key Concepts from the Book 06:14 Personal Reflections on Wealth and Experiences 15:21 Impact of Background on Financial Perspectives 18:35 Challenges for Modern Medical Students 20:16 Advice for New Graduates 20:57 Balancing Spending and Saving 21:34 Concerns About Running Out of Money 21:44 The Importance of NHS Pension 23:21 Psychology of Money 24:36 Emotional vs. Logical Financial Decisions 27:28 Taking Sabbaticals and Mini-Retirements 31:11 Traveling with Kids vs. Without Kids 34:25 Summary and Recommendations for 'Die with Zero' 36:18 Final Thoughts and Course Promotion   Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.

In this enlightening discussion, Andy Powell, a specialist medical accountant with over 30 years of experience, dives into the financial health of over 6,000 doctors. He uncovers critical insights about tax relief, emphasizing that many medical professionals are missing out on potential savings. The conversation also highlights the surprising investment behaviors among doctors, including property investments, and the importance of financial literacy. Powell advocates for personalized financial planning and the necessity of income protection insurance, stressing the need for doctors to secure their financial futures.

Steve Nichols, from Nichols Specialist Medical Accountants in London, provides expert insights specifically for medical professionals. He discusses the advantages of establishing a limited company for tax planning, emphasizing flexibility in compensation through dividends and loans. Nichols clarifies the strategic benefits of managing mortgages and navigating tax thresholds. The conversation includes tailored financial advice for physicians and the nuances of withdrawing funds tax-efficiently, all while highlighting the importance of compliance in financial planning.

In this podcast episode, Tommy and Richard Heap from Medics’ Money and Abacus dive into 31 common questions about income protection and insurance that doctors frequently ask. This detailed discussion covers what income protection is, reasons to have it, and how to select the right policy for an optimal price. They discuss crucial topics including different cover types like critical illness, own occupation, deferment periods, and the implications of different coverage. The episode also addresses the importance of independent financial advice over restricted advice, and the impact of inflation on policies. Additionally, listeners learn the relevance of reviewing policies regularly, how to adjust covers as circumstances change, and the tax implications of payouts. The duo provides valuable insights and personal anecdotes, stressing the need for tailored financial protection for medical professionals. 00:00 Introduction to Income Protection and Insurance 00:32 Meet the Expert: Richard Heap 04:09 The Importance of Income Protection 09:40 Understanding Own Occupation Cover 11:23 Wealth Protection, Creation, and Preservation 14:50 Income Protection vs. Critical Illness 16:37 Navigating Sick Pay and Deferred Periods 21:16 Choosing the Right Financial Advisor 23:51 Independent vs. Restricted Advisors 26:13 Determining the Right Amount of Protection 29:46 Understanding Variations in Payouts 30:38 Tax-Free Payouts and Life Cover 31:21 Defining Incapacity in Policies 33:50 The Importance of Deferment Periods 36:32 Mental Health and Preexisting Conditions 39:51 Review Periods and Premium Adjustments 44:18 Critical Illness Definitions and Payouts 52:46 Mortgage Protection Options 59:37 Final Thoughts and Contact Information