Use code 'FIGSUK' at wearfigs.com for 15% your order.

In this episode of the Medics' Money podcast, Dr. Tony Goldstone, a radiologist and pensions expert, and Andy Pow, a medical specialist accountant, join the discussion to delve into the complexities of NHS pensions. They cover topics such as the transition from traditional pensions to defined benefit schemes, the impact of the tapered annual allowance, and major changes following the McCloud Remedy. The guests highlight the administrative challenges and mismanagement issues faced by many doctors and emphasize the importance of staying informed about pension entitlements. They also offer practical advice for doctors on navigating their pension schemes effectively.

00:00 Welcome and Introductions

01:17 Tony's Journey from Radiologist to Pension Expert

01:47 Understanding the Pension Crisis

03:22 The Brown Envelope Shock

04:51 Developing Pension Tools and Political Advocacy

11:17 Taxation and Pension Growth Explained

15:52 The Impact of Tapered Annual Allowance

19:31 Recent Changes and Future Challenges

28:46 The Importance of Staying in the NHS Pension Scheme

30:14 Private vs NHS Pensions: A Comparison

31:18 Understanding the Career Average Scheme

31:53 Current Issues with NHS Pensions

32:12 The McCloud Remedy Explained

39:20 Challenges in Pension Administration

53:08 Advice for Doctors on Managing Pensions

56:58 Final Thoughts and Resources

In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings.

00:00 Introduction and Guest Introduction

00:22 Emma's Journey into Money Blogging

04:03 Mindset and Habits for Financial Success

05:30 Saving Strategies and Tools

08:25 Favourite Budgeting Tools and Techniques

11:40 Money Saving Apps and Cashback Tips 1

9:00 Diversifying Income Streams

24:02 Building a Website for Income

27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts

In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate.

takeaways

Chapters

00:00

Introduction to Resident Doctors' Financial Concerns

01:05

Student Loan Forgiveness vs. Pay Restoration

07:00

Pension Swapping: A Controversial Proposal

11:40

Generational Perspectives on Strikes

16:52

Economic Crime and Transparency Bill

26:25

The Debate on Cash ISAs and Investment Education

Contact Dennis here: https://www.medicsmoney.co.uk/accountant/yellowtail-financial-planning/

In this episode of the Medics' Money Podcast, Dennis Hall from the Century Plan Podcast and Yellowtail Financial Planning joins the show to discuss financial planning for retirement beyond pensions. Dennis shares his journey from the Royal Marines to founding Yellowtail Financial Planning, emphasising the importance of developing a comprehensive financial plan. The discussion covers common financial mistakes, the necessity of having a clear retirement agenda, and how financial habits can significantly impact long-term financial independence. Dennis also talks about the psychological aspects of financial planning, and how understanding one's personal objectives can lead to better financial decisions. The episode aims to provide listeners, specifically medical professionals, with insights and actionable steps to secure a financially independent future.

00:00 Introduction to Retirement Planning

00:45 Meet Dennis Hall: Financial Expert

01:24 The Evolution of Financial Planning

02:26 Pensions and Retirement Strategies

06:04 Financial Mistakes and Missed Opportunities

09:17 The Importance of Personal Financial Goals

11:52 Frameworks for Retirement Planning

18:47 The Emotional Side of Financial Planning

24:16 Advice for Younger Professionals

26:58 The Importance of Active Financial Planning

27:35 The Cost of Inaction and High Fees

29:16 The Rush of Last-Minute Investments

29:42 Tailored Financial Advice for Medics

30:16 The Pitfalls of Uncoordinated Portfolios

30:55 The Simplicity of Effective Investing

31:20 The Influence of Online Financial Advice

31:39 The Dangers of Unregulated Investments

32:33 Procrastination in Financial Planning

35:11 Addressing Financial Blind Spots

37:53 Unexpected Life Events and Financial Planning

38:46 Over-Insuring in the Medical Profession

40:23 Engaging with Your Finances

44:01 The Value of Long-Term Planning

46:37 Final Thoughts and Contact Information

Resources to help:

https://youtu.be/9Q3O34IapOE?si=2vMbNifmaACFaRgj

https://youtu.be/AngBbipPGCM?si=bFUPyJgLXM3YySqZ

Reforming the NHS Pension System: A Manifesto for Change

In this episode, the hosts discuss the current issues plaguing the NHS pension system, particularly for General Practitioners (GPs). They detail the problems with missing contributions, incorrect paperwork, and bureaucracy that have caused many to lose faith in the scheme. The discussion is joined by Andy Powell, an independent medical accountant and NHS pensions expert. Together, they propose a manifesto outlining several reforms, including producing forms earlier, abolishing the GP Solo system, automating data entry, regular updates between departments, and simplifying the annualization process. They also touch upon the necessity for a one-off investment to streamline the system. Additionally, they provide resources and courses for GPs to better navigate the current pension system.

00:00 Introduction to the GP Pension Crisis

00:21 Presenting the Manifesto for Change

00:52 Meet the Expert: Andy Pow

01:08 Current State of GP Pension Records

01:43 The Annual Return Process

02:12 Challenges with PCSE and Systemic Issues

03:09 Complexity of Pension Forms

05:19 Proposed Solutions: Early Form Availability

05:39 Abolishing GP Solo

06:43 Automating the Pension System

08:33 Regular Updates Between PCSE and NHSBSA

09:48 The Issue of Annualization

12:50 Investing in System Improvements

15:03 Resources to Navigate the System

16:34 Final Thoughts and Additional Suggestions

17:34 Conclusion and Call to Action

Navigating Maternity, Paternity, and Shared Parental Leave for Medics In this episode of the Medics' Money podcast, Cyra and Matthew delve into the complexities of family financial planning specific to healthcare professionals. They discuss various types of leave available for working parents in the medical field, including maternity, paternity, and shared parental leave. Cyra, a doctor and chartered accountant, offers an in-depth explanation of entitlements, occupational versus statutory leave, and the nuances of shared parental leave. The episode is a guide for medics to understand their rights and plan financially for family life. Topics include risk assessments, rights to pay rises, and annual leave accrual during parental leave.

00:00 Introduction to Financial Family Planning

00:24 Meet Cyra: Doctor and Chartered Accountant

01:55 Understanding Occupational Rights During Pregnancy

06:45 Navigating Maternity Leave

14:41 Statutory Maternity Leave and Pay

17:25 Understanding Maternity Allowance

18:00 Maternity Allowance for Self-Employed Individuals

19:42 Maximising Your Maternity Allowance

20:43 Maternity Pay for Salaried GPs

21:40 Recap of Maternity Pay Tiers

23:15 Introduction to Paternity Leave

24:25 Eligibility and Details of Paternity Leave

26:31 Adoption Leave Explained

28:10 Shared Parental Leave: An Overview

30:59 Maximising Shared Parental Leave Benefits 3

6:38 Conclusion and Next Steps

In this episode of the Medics' Money podcast, Dr. Tommy Perkins talks with Dr. Hannah Allen, the Chief Medical Officer for Heidi, about her journey from clinical practice to health tech. Dr. Allen shares her experiences with using AI in healthcare, particularly the Heidi platform, which assists doctors by automating consultation notes and referral letters, thus saving time and improving efficiency. She discusses the benefits and challenges of integrating AI in medical practice, including accuracy and data privacy concerns. The conversation also explores the future of AI in healthcare and offers practical advice for clinicians looking to transition into health tech roles. Listeners are encouraged to try Heidi for free and provide feedback to improve the platform.

00:00 Introduction to Dr. Hannah Allen's Journey

01:26 Welcome to the Medics Money Podcast

01:48 From Doctor to Chief Medical Officer

02:09 Early Career and Initial Challenges

03:44 Venturing into Health Tech

05:19 Founding Tinto: A Digital Health Startup

08:12 Joining Heidi and Initial Impressions

10:13 The Impact of AI Scribes in Healthcare

11:43 How Heidi Enhances Medical Practice

17:43 Addressing Common Concerns About AI in Healthcare

27:38 Future of AI in Healthcare

34:03 Advice for Aspiring Health Tech Professionals

39:16 Conclusion and Final Thoughts

Book a demonstration here.

In this episode of the Medics' Money Podcast, Tommy welcomes Dr. Andrew Whiteley, the founder of Lexacom, a widely-used health tech product. They discuss the origins of Lexacom, the challenges faced during its development, and the innovative features of its new version. Dr. Whiteley demonstrates Lexacom's capabilities, including streamlined email dictation, patient visit documentation via mobile, and AI-driven workflow enhancements. Ideal for GPs and hospital doctors, Lexacom aims to save time on administrative tasks and improve patient care. Watch the live demo to see Lexacom in action and learn how to integrate it into your practice.

00:00 Introduction and Guest Welcome

00:43 The Origin Story of Lexacom

03:55 Challenges and Growth of Lexacom

09:36 Innovations and New Features of Lexacom

11:58 Live Demonstration of Lexacom's Capabilities

27:07 Data Security and Privacy Measures

30:08 Conclusion and Final Thoughts

DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.

In this episode of the Medics' Money podcast, Dr. Shun Pang, co-founder of Anima Health, shares his inspirational journey from a 7-year-old immigrant from China to founding Europe's fastest-growing health tech company. He discusses his experiences in medicine, the challenges he faced, and what prompted him to transition into the tech industry. Dr. Pang elaborates on the potential impact of AI in healthcare over the next 10-15 years and highlights the importance of resilience, first-principles thinking, and a growth mindset for success. This conversation also provides valuable insights for doctors interested in transitioning to health tech.

00:00 Introduction: The Journey Begins

00:07 Founding Anima: The Seed of Conviction

00:30 Anima's Rapid Growth and Recognition

01:17 Shun Pang's Early Life and Challenges

01:54 Educational Path: From Grammar School to Cambridge

06:45 The Struggles and Failures Along the Way

09:57 The Birth of Anima: A Turning Point

15:03 Overcoming Obstacles: The Road to Success

25:36 Reflections on Resilience and Being an Underdog

28:02 The Role of Childhood Trauma in High Performance

29:07 Frameworks for Tackling Massive Challenges

29:34 First Principles Decomposition Explained

33:45 The Future of AI in Healthcare

45:51 Transitioning from Medicine to Health Tech

56:57 Advice for Aspiring Health Tech Innovators

NOTE this was recorded before the change in terminology to 'Resident Doctor' from 'Junior Doctor'.

Achieve Financial Independence with FU Money: A Doctor's Journey In this video, we explore the concept of financial independence (FI) and how FU money can serve as a stepping stone toward achieving it. The speaker, once heavily indebted as a resident doctor, shares his personal journey from debt to financial stability. He explains the concept of FU money, which is enough savings or resources to allow for short-term freedom from a main job. Using examples from his own life, including a three-month surfing trip to Hawaii and the founding of 'Medics Money,' the speaker demonstrates how strategic financial planning and disciplined saving can make even seemingly unachievable goals attainable. The video highlights key financial skills such as optimizing tax, controlling spending, and setting mini-goals, ultimately providing viewers with practical steps to start their own journey toward financial independence.

00:00 Introduction to Financial Independence

01:14 Understanding Financial Independence

02:22 The Concept of FU Money

04:55 Personal Journey to FU Money

07:38 Building Medics Money

09:13 Lessons Learned and Final Thoughts

10:57 Bonus Content: NHS Pension