Medics Money podcast

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 Unveiling the Secret 60% Tax Rate and 7 Ways to Avoid It for High-Income Earners in the UK This podcast reveals the hidden 60% effective income tax rate affecting those earning between £100,000 and £125,140 in England and Wales. Co-founder of Medics' Money, Dr. Ed Cantelo, a chartered accountant and tax advisor, explains the complexities behind this marginal tax rate, originated from a government measure in 2010 to reduce the national debt. The discussion covers its significant impact on healthcare professionals and others close to the £100,000 income threshold. Dr. Cantelo outlines seven strategies to avoid the tax trap including maximizing employment expenses, utilizing gift aid donations, contributing to private pensions, leveraging the NHS pension scheme, planning around child benefit, equalizing income with a partner, and ultimately, considering whether to work less. The detailed insights aim to help high-income earners minimize their tax liabilities legally while maintaining financial stability. 00:00 Introduction to the Secret 60% Tax Rate 01:01 Understanding the Marginal Tax Rate 04:35 Impact on Healthcare Professionals 06:14 Seven Strategies to Avoid the Tax Trap 06:31 Strategy 1: Maximizing Employment Expenses 07:44 Strategy 2: Utilizing Gift Aid Donations 09:30 Strategy 3: Contributing to Private Pensions 11:48 Strategy 4: Leveraging the NHS Pension Scheme 12:31 Strategy 5: Planning Around Child Benefit 14:20 Strategy 6: Equalizing Income with Your Partner 15:53 Strategy 7: Working Less to Avoid Extra Tax 18:06 Conclusion and Summary

7 Habits of Financially Successful Doctors In this Medics' Money podcast, the focus is on improving financial habits for doctors, whether they are struggling or already successful. The video emphasizes the significance of habits in achieving financial success, highlighting the first two out of seven key habits: 1) Wealthy doctors buy assets, not liabilities, and 2) Wealthy doctors spend less than they earn. Viewers are encouraged to understand the difference between assets and liabilities, and to focus on maintaining a higher savings rate by reducing expenses and making smarter financial decisions.  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

Delve into the inaccuracies of expert stock market predictions and their impact on investors. Learn why low-cost passive funds often outperform actively managed ones. Personal investment strategies are revealed, alongside a critical analysis of financial institutions' forecasts. The discussion emphasizes the value of evidence-based investing and encourages listeners to rethink their approach for future opportunities.

Join Will Rainey, a children's author and financial educator behind 'Grandpa's Fortune Fables,' as he dives into the art of teaching kids about money through engaging storytelling. He emphasizes the significance of financial literacy and shares practical tips, from managing pocket money to understanding compound interest. Rainey discusses the pros and cons of cash versus digital money, teaching children about patience and the risks of scams. Discover how these storytelling techniques can empower the next generation's financial journey!

Dr Trapped vs Dr Wealthy. Which do you feel most aligned to? If Dr Trapped, what can you do about it?? https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ 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

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.