Editors note: this episode originally aired on 'What Medical School Doesn't Teach Us' in 2024.

In this episode of Medics' Money's podcast, Cyra interviews Matthew to discuss the intricacies of UK student loan plans, particularly focusing on the differences between Plan 2 and the newly introduced Plan 5. They elaborate on loan repayment mechanisms, interest rates, and repayment terms for each plan. Matthew explains the concept of a graduate tax and addresses misconceptions about paying off student loans. The episode also touches on the financial burdens faced by students, the impact of loan repayments on future financial prospects, and the importance of evaluating the necessity of taking on such debt. Listeners are encouraged to consider their personal circumstances before committing to student loans. For questions, listeners can reach out via provided email contacts.

00:00 Introduction and Welcome

00:48 Understanding Student Loan Plans

01:16 Plan 2: The Graduate Tax

03:27 Plan 5: New Changes and Implications

05:14 Comparing Plan 2 and Plan 5

06:13 The Real Cost of Student Loans

07:16 Good Debt vs. Bad Debt

08:11 The Financial Burden on Students

12:25 Conclusion and Contact Information

In this episode of the Medics Money podcast, Ed Cantelo and Andy Pow discuss the recent budget announcements made by Chancellor Rachel Reeves. They delve into the implications of tax changes for healthcare professionals, including income tax thresholds, property income tax rates, and changes to ISAs. The conversation also covers NHS spending plans, pension taxation, and the introduction of new vehicle exercise duties. Ed and Andy provide insights into how these changes may affect listeners, particularly those in the medical field.

Empowering Medical Professionals: Financial Insights with Dr. Hassan In this episode of The Medics Money Podcast, Dr. Hassan makes his debut. He's an F2 doctor in the NHS, active on social media as Dr. Hassan Finance. Dr. Hassan discusses the importance of financial literacy for healthcare professionals, sharing insights on investment strategies, the significance of transparent financial discussions, and the concept of the FIRE (Financial Independence, Retire Early) movement. He also speaks about the current financial struggles in the NHS, including the need for fair pay and the upcoming doctor strikes. Additionally, the conversation covers practical advice on managing personal finances, maximizing income, and cutting unnecessary expenses for a balanced approach to financial wellness.

00:00 Introduction to Medics Money Podcast

01:24 Special Guest: Dr. Hassan on Financial Wellbeing

03:30 Breaking Financial Taboos in Medicine

07:27 Investing: Mindset Over Stock Picking

11:13 The Power of Compounding and Long-Term Investing

15:25 Time vs. Money: The Ultimate Wealth

18:22 The FIRE Movement and NHS Pension Concerns

23:59 Opting Out of the NHS Pension: Pros and Cons

24:26 The Financial Benefits of Staying in the NHS Pension

25:44 Considering Personal Circumstances and Financial Advisors

27:17 The FIRE Movement: Tips and Strategies

28:07 Balancing Income and Expenses for Financial Independence

29:34 The Importance of Having a Financial Plan

34:43 Social Media and Financial Advice for Doctors

40:25 Upcoming Resident Doctor Strikes

44:31 Conclusion and Final Thoughts

In this episode of The Medics' Money Podcast, Tommy dives into Bitcoin with guest Dr. Fahim. Dr. Fahim, a GP and finance enthusiast, critiques the financial system, explaining the historical context and the current monetary practices that make Bitcoin valuable. They discuss Bitcoin's role as a store of value, its volatility, and its potential in a diversified investment portfolio. The conversation covers the broader economic impact of inflation, central banking, and the technological trends shaping the future of finance. This episode is a comprehensive guide for professionals looking to understand Bitcoin's place in the market and its potential impact on their financial strategies.

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00:00 Introduction to Medics Money Podcast

01:22 Guest Introduction: Dr. Fahim

02:23 Understanding Bitcoin and Economic Systems

07:56 The History and Evolution of Money

12:36 Inflation and Its Impact on Wealth

19:45 Investment Strategies and Portfolio Management

22:58 Bitcoin's Role in Modern Portfolios

32:06 Bitcoin's Dominance in the Market

32:29 Questioning Bitcoin's Valuation

34:47 Fundamental Properties of Bitcoin

35:05 Bitcoin's Role in Global Conflicts

37:02 The Value of Decentralisation

39:38 Bitcoin as a Store of Value

41:04 Bitcoin's Adoption and Volatility

46:07 Comparing Bitcoin to Traditional Investments

50:27 The Future of Bitcoin and Technology

54:57 Final Thoughts and Investment Advice

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00:00 Introduction to Medics Money Podcast

00:51 Challenges in Primary Care

01:57 Meet the Guests

03:04 What is GP Triage?

04:57 How GP Triage Works

06:37 Customization and Benefits of GP Triage

08:41 Funding and ROI for GP Triage

15:34 Addressing Digital Exclusion

19:02 Future of AI in Healthcare

25:44 Getting Started with GP Triage

Welcome to another episode of the Medics Money MDT Podcast!

Join us as our team members discuss the upcoming November 26th budget by Rachel Reeves. With a £30 billion black hole in public finances, we're speculating on potential government measures. Topics include the possibility of reintroducing the Lifetime Allowance for pensions, changes in VAT, income tax adjustments, national insurance reforms, and the future of ISAs. This episode is filled with insights from our specialists Andy Powell and Matthew, covering how these budget considerations could impact doctors and other professionals. Remember, this discussion is speculative and for informational purposes only. Stay tuned for our post-budget analysis!

00:00 Introduction and Podcast Overview

00:12 Speculation on Rachel Reeves' Upcoming Budget

00:58 Meet the Medics Money Team

02:18 Discussion on Pensions and Potential Changes

08:02 Impact of Inflation on Doctors' Pensions

09:48 Economic Implications of Inflation

13:14 VAT and Tax Policy Speculations

23:11 Tax Freeze and Allowances

25:03 National Insurance on Partnerships

31:59 Cash ISAs Speculation

39:09 Potential Tax Reforms and Speculations

41:50 Concluding Thoughts and Future Discussions

In this episode of the Medics' Money Podcast, hosts Dr. Tommy Perkins talks with Dr. Dom Pimento from Tortus AI about the revolutionary impact of AI in the healthcare system. They discuss Tortus' AI Scribe, its benefits in reducing cognitive load for clinicians, and its seamless integration with X-On's digital telephony. The episode covers the challenges of AI hallucinations, the importance of medical device regulation for AI, and the exciting potential of AI to transform healthcare practices. Real-world implementations and the future of AI in healthcare are also explored, with insights on starting AI-focused startups in the medical field.

00:00 Introduction to Medics Money Podcast

00:58 Mindset Shift and Overcoming Fear

01:13 Future of AI in Healthcare

01:23 Welcoming Dr. Dom Pimenta

02:23 Tortus AI Scribe: Basics and Integration

03:48 Real-World Impact of Tortus AI

12:00 Challenges and Rewards of Building a Startup

15:32 Encouraging Clinicians to Innovate

20:59 Implementing AI Scribe in Practice

24:13 Understanding ROI in Healthcare Technology

24:36 The Impact of AI on Healthcare Productivity

25:58 Adoption and Benefits of AI in Healthcare

27:49 Challenges and Solutions in AI Implementation

29:18 The Future of AI in Healthcare

32:02 AI's Role in Healthcare Consultations

33:51 Predictions for AI and Healthcare

37:10 Exciting Developments and Future Prospects

38:50 Addressing Challenges in AI-Driven Healthcare

45:49 Final Thoughts and Resources

In this episode, Dr. Sandip Patel, an emergency medicine consultant, shares his financial journey and lessons learned over his career. Dr. Patel discusses the importance of early financial planning, the benefits of having a pension, and the impact of good financial advice. He emphasizes the need for doctors to educate themselves about money management to ensure financial security and independence. Dr. Patel also touches upon the significance of collective bargaining in healthcare and his role as a BMA rep. Additionally, he shares personal anecdotes, including his recovery from a stroke and his passion for collecting Lego sets. This insightful conversation provides valuable financial tips and inspiration for healthcare professionals navigating their financial futures.

00:00 Introduction and Guest Welcome

00:33 Guest Background and Career Journey

02:05 Financial Beginnings and Early Decisions

03:50 Importance of Financial Advice and Pension Decisions

06:14 Challenges and Changes in the Medical Profession

14:44 The Role of the BMA and Advocacy

18:04 Personal Financial Planning and Future Goals

21:21 Lego Enthusiasm and Hobbies

25:49 Final Thoughts and Advice

This video explains how doctors and dentists are unnecessarily losing money by investing in expensive, actively managed funds instead of cheaper passive investments. It highlights the lack of financial education among medical professionals and how it makes them susceptible to high fees and poor returns. By comparing the performance and fees of branded versus generic investment options, the video demonstrates the significant financial impact of these choices and emphasizes the importance of financial literacy. The video also provides resources and tools to help doctors and dentists make better investment decisions.

00:00 Introduction: Doctors and Investment Mistakes

00:27 The Cost of Expensive Investments

01:48 Performance Comparison: Branded vs. Generic Investments

02:35 Understanding Passive vs. Active Investments

03:56 The Impact of Fees on Investment Returns

04:06 Medics Money Financial Dashboard Overview

05:16 Long-term Investment Projections

08:06 The Importance of Financial Education for Doctors

08:38 Conclusion and Call to Action

Want the latest financial tips for doctors and exclusive invites? Join 64,000 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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https://www.medicsmoney.co.uk/gp-partnership-programme/

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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.