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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.
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Find out how much Tommy made through investing :O https://youtu.be/kBe_p4Nowzk?si=2_Xxx56Q90D0PBTH
Why Expert Stock Market Predictions Usually Fail and What to Do About It In this video, Dr. Tommy Perkins from MedicsMoney discusses why expert predictions for the stock market, including those for 2025, are often incorrect. By reviewing major financial institutions' predictions for 2024, he demonstrates the consistent inaccuracies of these forecasts and highlights the cost implications for investors relying on active fund managers. Instead, Dr. Perkins advocates for evidence-based investing through low-cost passive funds, which historically outperform actively managed funds. He also shares his personal investment strategy and invites viewers to reflect on their own approaches for 2025.
00:00 Introduction to Expert Predictions
01:34 Why Expert Predictions Matter
02:42 The Cost of Active Management
04:00 Reviewing 2024 Predictions
06:51 Evidence-Based Investing
08:32 Looking Ahead to 2025
09:10 Conclusion and Viewer Engagement
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This podcast episode is a replay of a bonus session from the Financial Wellbeing course, featuring Will Rainey, a children's author. The discussion centers on the importance of teaching children about finance, covering practical aspects like tax-efficient investments for kids and how to talk to children about money using engaging stories. Will Rainey, author of 'Grandpa's Fortune Fables,' shares his journey from the corporate financial world to creating educational stories for children. He emphasizes the power of storytelling in imparting financial wisdom to kids, explaining concepts like saving, investing, patience, and the hazards of gambling and scams. The episode also delves into effective methods for giving pocket money, teaching compound interest, and the pros and cons of giving children cash versus digital money. The session concludes with a note on upcoming sessions and resources for further learning.
00:00 Introduction to Financial Education for Children
01:59 Meet Will Rainey: Author and Financial Educator
07:01 The Concept of Financial Forests
13:49 Teaching Financial Prudence to Teenagers
18:42 Pocket Money: To Link or Not to Link with Chores?
25:03 The Importance of Cash for Kids
25:37 Transitioning to Digital Money
27:38 Educational Tools and Apps
28:49 Engaging Financial Stories for Kids
29:22 Lessons on Scams and Patience
32:33 Understanding Spending and Saving
39:30 The Power of Compound Interest
44:00 Final Thoughts and Resources
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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/
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https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
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Transform your financial future in just 8 weeks
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
Donate to Robbie's charity bit.ly/NM-Sponsor
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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!
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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
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MedicsMoney Christmas Quiz 2024: Festive Fun and Finance
Join the MedicsMoney team as they celebrate Christmas 2024 with a special festive quiz! Test your knowledge on financial topics covered throughout the year and see if you can beat the team in this fun and entertaining episode. From stock market investments to NHS pensions and even festive trivia, there's something for everyone. The video also features a guest appearance by Cyra's dog, Nemi. Happy Christmas to all our viewers!
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https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
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Want to educate yourself with expert guidance about investing?
Head over to --> www.medicsmoney.co.uk/fwb
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Ed takes us through the recent pay uplift that many doctors would have received this November.
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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
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Now the dust has settled, let's find out how the dust will affect NHS doctors with special guest star Mike Harms from Medical and General IFA.
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Join the chair of BMA GPC Katie Bramall-Stainer for a live podcast recording to members of our GP Partnership Community.
How to sort out NHS Pension on PCSE
https://youtu.be/9Q3O34IapOE?si=2Hya6deAXP4n6l0d
GP Partnership course
https://www.medicsmoney.co.uk/gp-partnership-programme/
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In this episode of the Medics Money podcast, Dr. Cyra Mackintosh, a doctor and chartered accountant, discusses with Andy Pow, a medical specialist accountant, the differences between GP partnerships, limited companies, and LLPs. They delve into the pros and cons of each structure, including liability concerns, tax implications, and how they affect the financial operations of GP practices. The episode aims to provide up-and-coming GPs with fundamental knowledge to navigate the business aspects of GP practice effectively.
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00:00 Welcome to the Medics Money Podcast00:50 Introduction to Andy Pow01:57 Understanding GP Practice Structures03:39 Pros and Cons of GP Partnerships05:14 Limited Companies in the GP Space07:03 Risks and Considerations for Limited Companies11:07 Tax Implications of Limited Companies22:57 Exploring Limited Liability Partnerships (LLPs)27:16 Final Thoughts and Advice -
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!
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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
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Tommy and Andy take you through everything you've need to know and do if you have, or haven't yet, received a brown envelope in the post...
McCloud explained https://www.medicsmoney.co.uk/what-does-the-mccloud-judgement-mean-for-my-nhs-pension/
Find a Medics’ Money approved accountant to help https://www.medicsmoney.co.uk/medical-accountant/
HMRC triage tool (watch YouTube before using) https://www.gov.uk/guidance/calculate-your-public-service-pension-adjustment
Mastering NHS Pension Adjustments: Expert Guidance and Essential StepsThis episode provides a comprehensive guide to navigating the complexities of NHS pension adjustments in light of the McCloud remedy. Host Tommy, along with specialist Andy Pow, delve into the background and implications of recent pension changes, offering essential tips for recalculating annual allowance tax charges and understanding eligibility for compensation. They explain the use of triage tools, the submission process for revised tax data, and the importance of meeting deadlines to avoid penalties. The discussion also highlights difficulties NHS staff face in obtaining accurate pension data, especially in Scotland, and the necessity of seeking professional financial advice. Listeners are encouraged to verify their pension records, understand tax implications, and use resources like the Medics Money website for expert guidance. Practical steps for managing pension-related disclosures and avoiding common pitfalls are provided. -
Tori from Honey Barrett Chartered Accountants takes us through limited companies for doctors today.
AI generated summary: Tori Fergusson
In this insightful episode, we dive into tax-efficient ways to extract money from a limited company and navigate HMRC compliance checks with Tori Fergusson from Honey Barrett Specialist Medical Accountants. We discuss directors' loans, employing spouses, avoiding tax investigations, and much more. Tune in to empower yourself with essential financial knowledge! Introduction & Listener Questions Welcoming Tori Fergusson Why Honey Barrett? Expert Discussion: Limited Companies Tax-Efficient Ways to Extract Money Compliance Interactions with HMRC Handling Information Notices Real-Life Case Studies Conclusion & Contact Information
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Tommy and Ed dive into a Q&A session featuring queries from doctors at the recent Royal College of Obstetrics and Gynaecology National Trainees Conference. Topics covered include investing in children's Junior ISAs, the impact of pay errors on NHS pensions, the global diversification of the S&P 500, and the complexities of National Insurance for multi-employer doctors.
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Overcoming Challenges as a GP Partner ft. Dr. Rebecca Keogh
Join Dr. Tommy Perkins, Dr. Ed Cantelo, and Dr. Rebecca Keogh on the Medics' Money Podcast as they delve into the realities and challenges of being a GP partner running a practice. Dr. Keogh shares her journey through a challenging situation when her practice manager unexpectedly left, and how she navigated the crisis with the aid of the MedicsMoney GP partnership course. She discusses the importance of community support and professional help in handling the administrative and financial aspects of running a practice. Learn from her experience and gain insights into maintaining morale, managing finances, and adapting to unexpected changes in a healthcare setting. This episode is essential for healthcare professionals seeking to improve their practice management skills.
Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/
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https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
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00:00 Introduction to the Challenges of Being a GP Partner
01:26 Meet Dr. Rebecca Keogh: Overcoming Practice Challenges
02:16 The MedicsMoney GP Partnership Course Impact
02:50 Facing Unexpected Challenges: Practice Manager Departure
04:11 Navigating Financial and HR Responsibilities
16:56 Recruitment and HR Solutions
24:05 Reflecting on the Journey and Future Outlook
27:29 Conclusion and Final Thoughts
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Predicting the 2024 Budget: Insights for Medics and ProfessionalsIn this episode of the MedicsMoney podcast, Dr. Tommy Perkins and Dr. Ed Cantelo discuss the potential changes in the upcoming budget by Labour Chancellor Rachel Reeves. They delve into the implications of a £22 billion black hole on the economy, explore possible tax adjustments, and debate the future of capital gains tax, pension tax relief, and inheritance tax. The episode also includes insights into effective financial planning for doctors, emphasizing the importance of early action on ISAs and private pensions. This podcast is aimed at helping medical professionals navigate potential financial changes and make informed decisions.
Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/
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Want to improve your finances fast? Then come on our course
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
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00:00 Introduction to the Upcoming Budget00:21 Meet the Hosts and Their Summer Adventures02:27 Discussing the Labour Government's 22 Billion Pound Black Hole04:06 Current High Tax Burden and Predictions09:36 Potential Changes in Capital Gains Tax17:40 Speculations on Pension Tax Relief24:21 Inheritance Tax and Other Speculations33:28 Final Thoughts and Financial Advice42:25 Conclusion and How to Stay Updated - Visa fler
