Medics Money podcast

Christmas two part special episode counting don't the top 10 episodes of all time AND a Christmas present for every listener.    Join 30,000 doctors and download our ebook here https://www.medicsmoney.co.uk/ebook/  

Want to stay up to date with the latest financial information for doctors? Join 30,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/  

Apply to join our GP course here   https://www.medicsmoney.co.uk/gp-partnership-programme   Want to stay up to date with the latest financial information for doctors? Join 30,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/   19/20 AA scheme details  https://www.england.nhs.uk/pensions/

Audible free trial here https://www.amazon.co.uk/hz/audible/mlp?ie=UTF8&actionCode=AMN30DFT1Bk06604291990WX&tag=medicsmoney-21   Read a summary of the books and claim your free Audible trial here   https://www.medicsmoney.co.uk/recommended-reading-for-doctors/

Want to stay up to date with the latest financial information for doctors? Join 30,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/  

Want to stay up to date with the latest financial information for doctors? Join 30,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/

Bonus episode  Our podcast just passed 140,000 downloads and is regularly in the top 10 medical podcasts in the UK. Thanks to listners like you who have told your colleagues about us, together we are helping empower doctors to make better financial decisions and giving doctors the financial education that no one teaches us. Download the ebook here  https://www.medicsmoney.co.uk/ebook/ There is NO WAY we could have done this without your support. To say thank you to all of you who've subscribed and told your colleagues about the podcast, we've recorded a bonus episode to help you make better financial decisions. We hope it will give you a simple formula to improve your finances.  Tip 1 – Calculate your net worth    Net worth is a useful metric to track your progress and in calculating it you will consider your current financial position. Remember,    £Net worth = £Total assets – £Total liabilities    If your net worth is a negative number, don’t panic. Both of us started with a significant negative net worth. Now you have calculated your net worth, think about how you can increase your assets and decrease your liabilities.    Tip 2 - Pay the right amount of tax    One way to decrease your total liabilities is to pay the correct amount of tax. This can be as simple as keeping an eye on your tax code and claiming tax rebates and as complex as starting a Ltd company for your private practice and investing in a Venture Capital Trust. As we’ve seen, doing nothing about tax will likely result in a significant overpayment of tax. You should also perform the basic annual checks on your NHS Pension to avoid incurring punitive tax charges.   Tip 3 - Protect your assets    As soon as possible, insure yourself against disaster. You need an emergency fund and unless you could afford to maintain your current lifestyle if you got sick and couldn’t work, you also need insurance. Protecting your assets can be as simple as buying life insurance and income protection and as complex as creating a will and trust for your assets should you die. Avoid the salespeople masquerading as advisers and use Medics’ Money to find an Independent Financial Adviser specialising in doctors to get the right policy for the right price.    Tip 4 - Spend less than you earn     Hopefully by now you understand why spending less than you earn is so vital. But you need to actually sit down and analyse your spending and set a budget. Don’t spend £139,000 on lunch at the hospital - it’s really not worth it. More details in the ebook https://www.medicsmoney.co.uk/ebook/   Tip 5 - Repay Bad debt    Bad debt is hindering your ability to build wealth and needs to be paid down as quickly as possible. You should not be investing before paying down bad debt. In contrast, good debt, if used correctly can significantly enhance your wealth.     Tip 6 - Invest for the future    In many ways by training as a doctor, dentist or other professional you’ve already made a great investment in your future. But unless you want to earn very penny of your wealth at the coalface of your chosen profession, you need to invest. Stop trading your time for money and make your money work for you. The earlier you start, the more you can benefit from compound interest. Investing is not hard and good investing is low maintenance, low cost and boring.   Tip 7 - Get the right advice for the right price    Given the way some elements of the financial advice industry operate, its right that you are wary about finding an adviser to help you. But unless your financial affairs are very simple, its likely at some stage of your career, you will benefit from the right advice for the right price. Armed with the knowledge you can interview and select the right advice for the right price, just as our proprietary algorithm does for thousands of doctors on Medics’ Money.     Tip 8 - Stay up to date    In the same way you keep your medical knowledge and skills up to date, the same is true for your financial knowledge and skills. Subscribe to our podcast and we will keep you up to date with all the latest financial news.    

Today we answer the following questions from podcast listeners working in Scotland: Do you really pay more tax in Scotland?  I have an NHS Pension and have moved from England to Scotland. Are there any implications of this?  What is the impact of electing for scheme to pay and does it differ from Scheme pays in England?  What should I do in relation to the McCloud/Sargeant Judgement?  What do you think concerns GP’s most just now  I am a newly qualified locum, what do I need to be aware of ?  As a newly qualified GP with a mortgage, student loan and high outgoings, is it still beneficial for me to join the pension scheme given that I am hearing of horrific tax liabilities in relation to pensions?  Should I set up a Limited company for my earnings?  Want to stay up to date with the latest financial information for doctors? Join 28,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney  

  Want to stay up to date with the latest financial information for doctors? Join 28,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney  

Links for todays episode Fionas Podcast https://podcasts.apple.com/gb/podcast/the-healthtech-vc/id1533197764   Crista Galli Ventures   www.cristagalli.com    Want to stay up to date with the latest financial information for doctors? Join 28,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter  https://twitter.com/medicsmoney Like us on Facebook https://www.facebook.com/medicsmoney