Medics Money podcast

In this episode of the Medics' Money podcast, host Cyra welcomes co-leads Sophie and Henry from the BMA's finance campaign and fourth-year medical student Miki to discuss the financial challenges faced by medical students in England. They delve into how student finance currently works, the significant drop in funding during later years of study, and the impact of these financial shortcomings on students' lives. Personal stories highlight the struggles of balancing intense academic workloads with part-time jobs and the use of food banks, among other hardships. The episode also explores potential solutions, including the continuation of full maintenance loans, increased grants, and better pre-application information. The guests share ongoing efforts to engage with government departments and proposed actions to address these critical issues. 00:00 Welcome to the Medics Money Podcast 00:28 Meet the Finance Campaign Co-Leads 01:16 Understanding the Student Finance System 03:18 The Financial Struggles of Medical Students 05:38 Personal Stories of Financial Hardship 11:00 Campaign Goals and Government Engagement 18:14 Closing Remarks and Future Actions

In this episode of the Medics' Money Podcast, Chartered Accountant and Doctor Cyra takes over for Women's Week in honour of International Women's Day. She engages in a detailed discussion with Melanie Thomas, an accountant specialising in the financial management of doctors. The conversation delves into observed behavioral and career differences between male and female NHS consultants and GPs, particularly in relation to risk-taking, investment behaviors, and work-life balance. They explore the impact of these differences on gender pay gaps and pension disparities. Additionally, the episode provides actionable advice for female doctors to gain financial literacy and confidence in managing their finances. Stay tuned for more insights throughout Women's Week on multiple platforms. 00:00 Introduction to Women's Week 00:28 Meet Melanie Thomas: Accountant for Doctors 01:05 NHS Consultants: Gender Differences in Private Practice 03:16 GPs: Gender Dynamics and Financial Roles 06:11 Investing Behaviors: Risk Appetite and Gender 08:38 Balancing Family and Career: The Hidden Workload 10:10 Empowering Women in Finance 12:10 Conclusion and Upcoming Topics

GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Journey from ONG Trainee to Influential GP Partner: Tips & Insights with Dr. Durrat In this episode, we hear from Dr. Durrat, a GP partner who shares her transformative journey from an ONG trainee to a GP partner. Durrat offers invaluable insights into improving recall systems, leveraging cloud accounting, and utilising automations and technologies to enhance GP practices. She discusses the significant impact of the Medics Money GP partnership course on her career and practice management. She also highlights the pros and cons of being a GP partner, the benefits of a supportive GP community, and provides practical tips for aspiring partners. 00:00 Introduction to Today's Podcast 02:20 Meet Dr. Durrat Bharmal 02:53 Journey to Becoming a GP Partner 04:41 Learning the Business Side of GP 08:05 Implementing Changes in Practice 11:05 Pros and Cons of Being a GP Partner 14:13 Future Plans and Final Thoughts

Delve into the financial intricacies faced by medical families, highlighting the impact of maternity leave on NHS pensions. Discover how student loans accumulate during parental leave and find out about important discounts on subscriptions. Learn about the advantages of tax-free childcare and child benefits, as well as strategies for managing childcare costs. The hosts also discuss the challenges of working less than full-time, navigating parental leave policies, and the financial responsibilities that come with it.

In this episode of the Medics' Money podcast, hosts Ed and Matthew provide a comprehensive guide on essential tax planning strategies to consider before the end of the 2024-2025 tax year on April 5, 2025. They cover six crucial topics, including claiming tax rebates for professional expenses from prior tax years, maximizing ISA allowances, understanding and mitigating marginal tax rate traps, exploring asset transfers to lower-taxed spouses, and staying aware of potential pension annual allowance issues. The episode aims to help healthcare professionals avoid missing out on valuable tax-saving opportunities and offers actionable tips to optimize financial planning. 00:00 Introduction and Overview 00:58 Meet Ed: Your Tax Guide 02:12 Claim Your Tax Rebates 06:00 Maximizing Your ISA Allowance 11:54 Understanding Marginal Tax Rates 14:57 Transferring Assets to Lower Tax Spouses 17:27 Pension Contributions and Annual Allowance 19:21 Final Thoughts and Recap 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 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.

Navigating Entrepreneurship as a Doctor: Insights from Elle Todd   In this episode, originally aired on 'What Medical School Doesn't Teach Us,' Cyra interviews Elle Todd, a part-time A&E doctor and full-time entrepreneur, about her journey in starting her own business. Elle shares valuable advice for doctors considering a shift to entrepreneurship, emphasizing the importance of passion, resilience, and comprehensive market research. She outlines key steps in the process, including developing a business plan, incorporating a company, and practical tips on website development and legal requirements. Elle also highlights the significance of balancing a job while initiating a business to manage financial risks and sustain motivation. The episode is packed with actionable insights, making it a must-listen for aspiring entrepreneur-doctors. 00:00 Introduction: Transitioning from Medicine to Business 00:59 Meet the Hosts and Guest 01:36 Elle's Journey to Entrepreneurship 03:18 Finding the Right Business Idea 05:53 Essential Elements for Starting a Business 08:27 Market Research and Initial Steps 10:46 Financial Considerations and Business Models 22:22 Legal Requirements and Incorporation 26:25 Setting Up a Business Bank Account 27:25 Creating a Comprehensive Business Plan 28:57 Managing Multiple Businesses and Accounts 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 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. 29:27 Handling Accounting and Outsourcing 31:36 Legal Documents and Policies 34:15 Building and Managing Your Website 42:03 Lessons from a Failed Business Idea 47:22 Balancing a Job and a Side Hustle 48:49 Final Thoughts and Social Media Plugs

Navigating Financial Family Planning for Doctors In this episode of the Medics' Money Podcast, the hosts delve deep into the complexities of financial family planning specifically tailored for doctors. Matthew is joined by Cyra, a doctor and chartered accountant, they explore various leave entitlements and financial planning considerations during family planning stages. The discussion includes comprehensive details about occupational maternity leave, statutory maternity pay, maternity allowance, paternity leave, and shared parental leave. Cyra offers insights into practical steps and various scenarios to maximize financial benefits, aiming to make this overwhelming subject more manageable. The episode is accompanied by a downloadable PDF guide to assist listeners further. 00:00 Introduction to Financial Family Planning 02:17 Understanding Occupational Rights During Pregnancy 07:10 Navigating Maternity Leave 15:07 Statutory Maternity Pay and Leave 23:26 Paternity and New Parent Support Leave 26:34 Adoption Leave Explained 28:14 Shared Parental Leave: A Comprehensive Guide 36:47 Conclusion and Next Steps 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 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.

Medics Money MDT: Hot Takes on Financial Stories and Tax Debates In this special episode of the Medics Money podcast, the hosts introduce a new format where the Medics Money private group chat goes public. Featuring Dr. Cyra Asher, Andy Pow, and COO Matthew Hodder, the team dives into controversial financial topics and current events. They explore why a £100,000 salary isn't sufficient anymore, debate the potential abolition of cash ISAs, and discuss the implications of higher Vanguard fees. The episode also touches on the ongoing challenges in the UK stock market and the possible review of Lifetime ISAs, while providing a mix of expert insights and light-hearted banter. 00:00 Introducing the MDT: A New Podcast Style 01:09 Meet the MedicsMoney MDT Team 02:53 The Financial Struggles of a £100k Salary 03:32 Breaking Down the Numbers: Why £100k Isn't Enough 10:11 The Impact of Fiscal Drag and Inflation 17:47 Potential Abolition of Cash ISAs 28:17 AstraZeneca and UK Government Grants 28:31 Investment Portfolios and UK Market Challenges 30:31 Incentivizing Investment in British Companies 31:26 UK Stock Market Performance and Pension Fund Management 37:00 Vanguard Fee Increases and Investment Platforms 45:44 Lifetime ISA Review and Future Prospects 50:01 Final Thoughts and Wrap-Up 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 Disclaimer: The information provided in this video 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.

Paul Barker, a chartered financial planner and medical specialist with over ten years of experience, shares valuable insights tailored for medical professionals. He unpacks the essential role of financial planners, emphasizing their unique qualifications. The discussion dives into common misconceptions doctors have about financial advice and the emotional aspects of financial decisions. Barker outlines a systematic seven-step planning process and highlights the importance of adaptability in financial strategies amidst recent budget changes.

The podcast dives into the financial intricacies of GP practices, debating the pros and cons of adopting a limited company for services. It uncovers crucial tax implications and legal hurdles that come with this option. The conversation shifts to managing adjusted net income, particularly for GP partners looking to stay under the £100,000 threshold. Key strategies for understanding pension contributions and tax relief are shared, along with insights into recent pension law changes. Practical tips and expert advice enhance financial literacy for medical professionals.