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

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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.

In this episode of Medics' Money, host Cyra talks with Kai, a urology registrar who recently took a year-long career break to travel the world with his wife and dog. The discussion covers the logistics and experiences of taking a career break, including the financial aspects, such as renting out their home and maintaining car ownership, and insights into the NHS pension system. Kai shares his profound personal learnings about managing work-life balance, especially the difficulty in fully detaching from his professional responsibilities. The episode also touches on the practicalities of using a motorhome for travel, encountering different dog-friendly countries, and the planning necessities for someone in a high-stakes profession. Kai reflects on how the year off has impacted him both personally and professionally, and offers advice for others considering a similar break.

00:00 Introduction and Guest Welcome

00:22 Kai's Career Break Journey

02:30 Challenges and Learnings from the Break

05:18 Returning to Work and Practicalities

11:20 Travel Tips and Reflections

19:26 Support Systems and Final Thoughts

In this podcast episode, a urologist and multi-faceted investor, Randeep Dhariwal, joins as a guest to discuss his ventures in property investment, stocks and shares, and his new aesthetics business. The conversation dives deep into comparing property investing versus stock investing, balancing these pursuits with a medical career, and the importance of financial education for doctors. Randeep shares insights into how he chose his specialty in urology, the significance of fellowships, and offers advice on starting and managing investments. His upcoming aesthetics business and the importance of networking and continuous learning are also highlighted. This episode is valuable for medical professionals interested in expanding their financial knowledge and exploring diversified income streams.

00:00 Introduction and Guest Overview

01:39 Career Journey and Specialisation

03:01 Choosing Urology and Fellowship Insights

06:47 Personal Finance Beginnings

08:12 Property Investment Strategies

10:13 Stocks vs. Property: Pros and Cons

14:05 Financial Education for Doctors

16:30 New Business Ventures in Aesthetics

23:44 Final Thoughts and Future Plans

In this episode of the Medics' Money podcast, Cyra, a doctor and chartered accountant, hosts guests Hanlie and Andy to discuss common pension and payroll issues within the NHS. Hanlie, a full-time consultant anesthetist, shares her personal experience of encountering pension growth discrepancies and a significant annual allowance tax charge due to payroll errors. Andy, a specialist medical accountant, explains the intricacies of the NHS pension scheme, how small data errors can cause large financial consequences, and actionable steps for identifying and correcting these errors. The discussion emphasises the importance of verifying pension data, understanding annual allowance calculations, and seeking professional advice when needed. The episode aims to raise awareness about financial wellbeing among NHS staff and provide practical advice for navigating pension-related problems.

00:00 Introduction and Guest Introductions

01:45 Understanding the Annual Allowance

05:23 Hanlie's Pension Nightmare

11:03 Identifying and Correcting Errors

18:44 Advice for Doctors on Pension Issues

30:36 Conclusion and Final Thoughts

In this episode of the Medics' Money podcast, Ed, Andy, and Tommy discuss the impact of current UK tax policies on productivity, particularly focusing on fiscal drag and marginal tax rates. They highlight how tax traps are affecting both the public and medical professionals, especially those earning around the £100,000 mark. The team delves into budget speculations, including potential changes in national insurance that could impact GP partners. They also reflect on the V11 scandal involving Premier League footballers to draw parallels with how doctors can be vulnerable to poor financial advice. Key points include the dangers of high-pressure sales tactics, promises of high returns with minimal risk, and word-of-mouth referrals without proper due diligence. They emphasise the importance of financial education and the necessity of using vetted advisors. Additionally, they touch on pension issues, tax-free allowances, and the upcoming Medics' Money Live event.

00:00 Introduction and Overview

00:50 Meet the Medics Money Team

02:09 The New Middle Class Tax Revolt

03:19 Marginal Tax Trap Explained

07:49 Pre-Budget Speculation and Concerns

09:40 State Pension and Triple Lock

13:56 Trump's Investment Strategy for Newborns

18:40 National Insurance and GP Partners

23:00 Government Budget Speculation

23:33 Targeting Wealthier Classes

24:40 Marginal Tax Rates and Policy Behaviours

27:03 GP Partnerships and Business Structures

29:41 Financial Vulnerability of Footballers and Doctors

33:08 Red Flags in Financial Advice

41:59 Final Thoughts and Upcoming Events

A course for GP Partners: https://www.medicsmoney.co.uk/gp-partnership-programme/

E-mails:

Dr Dave Hindmarsh: [email protected]

For anything YouTube related and if anyone is interested in getting started on YouTube.

Dr Matthew Wickham: [email protected]

If you are a doctor looking to get into private practice by yourself and need help setting this up.

Website:

www.docsupport.co.uk

SystmOne: Auto-filling guide: https://www.docsupport.co.uk/product-page/systmone-auto-filling-user-guide

YouTube:

Doc Support: https://www.youtube.com/@DocSupportLtd

Eaglescliffe Medical Practice: https://www.youtube.com/@eaglescliffemedicalpractice

SystmOne Auto-filling guide: https://youtu.be/e4yWR98XE38

Presentation on utilisation of YouTube in practice (40 minute presentation): https://youtu.be/lJF3j5bWhZM

In this episode of the Medics' Money Podcast, Dr. Dave Hindmarsh returns to discuss his journey from a GP trainer and NHS partner to a content creator on YouTube. He rebranded his YouTube channel to 'Doc Support' and collaborates with Dr. Matthew Wickham to provide valuable medical and business content for fellow clinicians. Dave shares insights on managing GP partnerships like relationships, the efficiencies of auto-filing with System One, and using social media to improve patient care. He also delves into the business side of YouTube, leveraging niche content, and the importance of diversifying income streams. The conversation highlights the multi-faceted nature of modern medical practices and the potential of digital tools and platforms in transforming healthcare.

00:00 Reconnecting with Dr. Dave Hindmarsh

00:47 Journey from Military to GP Partnership

03:16 The Importance of Partnership Dynamics

05:42 Building a Supportive GP Community

10:07 Leveraging Social Media for Patient Engagement

14:30 Innovative Approaches in General Practice

17:41 Efficiency and Automation in GP Practices

19:21 The Power of Auto Filing in Clinical Practice

20:26 Collaborative Efforts and Teamwork

23:26 Expanding Beyond NHS Work

26:02 Monetising YouTube in a Niche Market

29:18 The Reality of Being a YouTube Content Creator

33:33 Balancing Partnership and Personal Ventures

35:23 Conclusion and Future Plans

In this insightful episode, Tommy welcomes Dr. Laura Naidoo, a GP from Northern Ireland, for her podcast debut to discuss the thought-provoking book 'Die With Zero' by Bill Perkins. They explore themes like living life to the fullest, spending money on experiences over accumulating wealth, and balancing financial security with adventure, especially from the perspective of medical professionals. The conversation delves into the psychological aspects of money, generational differences in financial habits, and practical tips for maximizing enjoyment and financial health throughout life. Dr. Naidoo shares personal stories and learnings, emphasizing the importance of early financial education and the impactful approach of spending in alignment with one's values and health stages.

00:00 Introduction and Book Recommendation

00:53 Guest Introduction: Dr. Laura Naidoo

01:18 Discussing 'Die With Zero'

03:49 Key Concepts from the Book

06:14 Personal Reflections on Wealth and Experiences

15:21 Impact of Background on Financial Perspectives

18:35 Challenges for Modern Medical Students

20:16 Advice for New Graduates

20:57 Balancing Spending and Saving

21:34 Concerns About Running Out of Money

21:44 The Importance of NHS Pension

23:21 Psychology of Money

24:36 Emotional vs. Logical Financial Decisions

27:28 Taking Sabbaticals and Mini-Retirements

31:11 Traveling with Kids vs. Without Kids

34:25 Summary and Recommendations for 'Die with Zero'

36:18 Final Thoughts and Course Promotion

Want the latest financial tips for doctors and exclusive invites? Join 64,000 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/

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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.

Want the latest financial tips for doctors and exclusive invites? Join 64,000 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

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.

Podcast Show Notes: State of Medics Money 2025

00:00 – Introduction & Overview

00:49 – Podcast Purpose & Resources

01:32 – Meet the Team

03:31 – Survey Results: Tax Relief

06:07 – Tax Awareness & Financial Literacy

10:48 – Tax-Efficient Investments

12:42 – Investing Habits

16:20 – Attitudes Toward Investing

19:44 – Property Investment

23:34 – Saving & Emergency Funds

26:19 – Budgeting

29:52 – Impulse Spending

33:36 – Insurance & Protection

39:13 – Financial Worries & Planning

41:12 – Wills & Record Keeping

44:31 – Final Thoughts & Resources

Links Mentioned:

Want the latest financial tips for doctors and exclusive invites? Join 64,000 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

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.

In this episode of the Medics' Money podcast, Steve Nichols from Nichols Specialist Medical Accountants in London joins Tommy to discuss the complexities and potential benefits of starting a limited company for tax planning. They explore various scenarios where a limited company can offer flexibility in paying less tax, distributing profits, paying off mortgages, and managing pension contributions. The discussion covers the differences between receiving a salary and dividends, the benefits of family investment companies and money box companies, and how to navigate key tax thresholds. They also touch on the considerations and processes involved in setting up a limited company and employing family members. Steve offers valuable insights into the practical aspects and legal considerations, making this a comprehensive guide for anyone considering a limited company for tax efficiency.

00:00 Introduction: Should I Start a Limited Company?

00:27 Meet the Expert: Steve Nichols

01:49 Understanding Limited Companies and Tax Planning

02:54 Flexibility of Limited Companies

3:07 Salary vs. Limited Company Payments

03:52 Tax Efficiency and Limited Companies

11:29 Different Ways to Take Funds Out

17:19 Setting Up a Limited Company

19:42 Family Investment Companies

23:46 Money Box Companies

25:09 Dividend vs. Retained Earnings: Tax Implications

26:15 Members Voluntary Liquidation and Tax Savings

26:33 Understanding Business Asset Disposal Relief

26:59 Money Box Companies: A Tax Strategy

31:12 Cliff Edges in Taxation: 100K and 200K

35:54 Avoiding Pension Tax Charges

40:31 Using Director's Loan Accounts to Pay Off Mortgages

45:22 Employing Family Members in Your Limited Company

48:43 Conclusion and Contact Information