Medics Money podcast

Discover how a specialized course can revolutionize financial literacy for medical professionals. Hear a consultant's tale of navigating tax challenges and the importance of proactive financial management. Learn why teaching kids about saving and investing is crucial, along with tips on automating finances for stress-free living. Explore retirement planning strategies tied to NHS pensions. Finally, gain insights on mastering intentional financial management and the value of charitable giving to enrich your financial journey.

The Medics' Money team join forces to give their personal New Years' Resolutions as well as general tips to improve your finances. Happy New Year everyone!   Want the latest financial tips for doctors and exclusive invites? Join 56,000 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   2025 Financial New Year's Resolutions for Doctors  In this special New Year's episode of the Medics' Money Podcast, the team dives into their personal financial resolutions for the coming year. Without Ed's physical presence, but with his voice edited in, the team includes Tommy, Cyra, Andy, and Matthew. They share their goals and advice for 2025, discussing topics like handling emergency funds, contributing to ISAs, improving credit scores, reviewing direct debits, and exploring offset mortgages. The team offers practical advice for doctors on automating savings, investing smartly, and ensuring financial well-being. Tune in to get inspired and kickstart your financial goals for 2025 with expert insights from Medics' Money! 00:00 Introduction and New Year's Greetings 01:09 Cyra's Financial Resolution: Managing the Emergency Fund 01:56 Tommy's Insights on Emergency Funds and Investments 07:05 Matthew's Resolution: First-Time Home Buyer Tips 09:16 Andy's Resolution: Starting Something New 13:55 Ed's Inserted Segment: Overpaying Mortgages and Direct Debits 21:26 Tommy's Personal and Financial Resolutions 25:32 Conclusion and Looking Ahead to 2025  

Andy Powell, a key member of the Medics’ Money team, joins for a festive quiz filled with fun and financial insights. They challenge each other on holiday spending trends, exploring UK gift habits and budgeting quirks with humor. The lively banter delves into the economic impact of Christmas favorites, like mince pies, while testing trivia knowledge on pensions and investments. Listeners are invited to engage in this entertaining blend of festive spirit and essential financial education, all wrapped up with light-hearted competition.

Dive into the world of investing with essential financial tips! Discover the importance of understanding the basics before jumping in. Explore five key steps that every aspiring investor should take, including building emergency funds and managing debt. Learn how smart budgeting can set the stage for successful investing. Equip yourself with knowledge to navigate economic challenges and reduce financial risks. It's all about being prepared to confidently tackle the investment landscape!

Recent pay increases for doctors bring both opportunity and risk. Back pay can lead to unexpected tax consequences, with potential tax traps lurking if income surpasses certain thresholds. Understanding how new pay adjustments affect tax codes is crucial to avoid costly miscalculations. The financial implications also extend to pension contributions, with risks of moving into higher tiers. This conversation equips listeners with essential insights to navigate their finances more effectively.

https://www.medicsmoney.co.uk/fwb Register for live teaching https://www.medicsmoney.co.uk/live/ In this episode, the speakers discuss their previous live financial teaching sessions and announce two upcoming events where attendees can learn to fix their finances fast. They then replay the Q&A section from a recent session, addressing various questions about salary sacrifice and its impact on NHS pensions, annual allowance tax charges, student loan repayments versus investments, and more. The experts share insights on investment strategies, including the pros and cons of using ISAs and robo-advisors, as well as practical advice on managing GP pension records and making tax-efficient decisions. Detailed timestamps of the Q&A are provided to help listeners find specific information. 00:00 Introduction to Live Financial Teaching Sessions 00:30 Upcoming Live Sessions and Registration Details 00:53 Podcast Overview and Q&A Replay Announcement 02:30 Salary Sacrifice and NHS Pension Impact 04:18 Annual Allowance Tax Charge Explained 06:05 Student Loans: Pay Off or Invest? 08:56 Investment Strategies and Robo-Advisors 10:24 Pensionable Pay and Family Protection Benefits 14:51 Investment ISAs and Retirement Strategies 19:24 GP Pension Records and Fixing Gaps 23:02 Conclusion and Upcoming Webinars Want the latest financial tips for doctors and exclusive invites? Join 56,000 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

Mike Harms, an expert independent financial advisor and regular contributor, shares insights on the recent Labour budget's impact on NHS doctors. He discusses pension changes and the overall economic climate, reassuring listeners that pension structures remain largely intact despite living standard concerns. The talk highlights needing clear communication to navigate misinformation about financial decisions. Harms also emphasizes strategic planning for tax implications, urging doctors to actively manage their finances and utilize tax-efficient investment options.

Dr. Katie Bramall-Stainer, Chair of the BMA General Practice Committee, shares insights on the pressing challenges facing NHS GPs. She discusses the dire need for funding reform amidst rising costs and staffing shortages. Katie emphasizes the importance of building financial habits for medical professionals and the critical disparities in resources between general practices and large hospitals. The conversation also touches on the need for collective action and communication among GPs to secure sustainable services and improve patient care.

Join Andy Pow, a seasoned medical specialist accountant with extensive experience advising GP practices, as he teams up with Dr. Cyra Mackintosh to dissect the models of GP practices. They reveal the advantages and challenges of partnerships versus limited companies, touching on liability, tax implications, and financial operations. Listeners will find valuable insights on transitioning between structures and the importance of making informed decisions. Perfect for new GPs looking to navigate the business landscape effectively!

Tommy takes us through not what investments he owns, but 5 questions any doctor can ask before starting investing to get the right mindset secured! Want the latest financial tips for doctors and exclusive invites? Join 56,000 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