Episoder
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Navigating Financial Family Planning for Doctors
In this episode of the Medics' Money Podcast, the hosts delve deep into the complexities of financial family planning specifically tailored for doctors. Matthew is joined by Cyra, a doctor and chartered accountant, they explore various leave entitlements and financial planning considerations during family planning stages. The discussion includes comprehensive details about occupational maternity leave, statutory maternity pay, maternity allowance, paternity leave, and shared parental leave. Cyra offers insights into practical steps and various scenarios to maximize financial benefits, aiming to make this overwhelming subject more manageable. The episode is accompanied by a downloadable PDF guide to assist listeners further.
00:00 Introduction to Financial Family Planning
02:17 Understanding Occupational Rights During Pregnancy
07:10 Navigating Maternity Leave
15:07 Statutory Maternity Pay and Leave
23:26 Paternity and New Parent Support Leave
26:34 Adoption Leave Explained
28:14 Shared Parental Leave: A Comprehensive Guide
36:47 Conclusion and Next Steps
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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.
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Medics Money MDT: Hot Takes on Financial Stories and Tax Debates In this special episode of the Medics Money podcast, the hosts introduce a new format where the Medics Money private group chat goes public.
Featuring Dr. Cyra Asher, Andy Pow, and COO Matthew Hodder, the team dives into controversial financial topics and current events. They explore why a £100,000 salary isn't sufficient anymore, debate the potential abolition of cash ISAs, and discuss the implications of higher Vanguard fees.
The episode also touches on the ongoing challenges in the UK stock market and the possible review of Lifetime ISAs, while providing a mix of expert insights and light-hearted banter.
00:00 Introducing the MDT: A New Podcast Style
01:09 Meet the MedicsMoney MDT Team
02:53 The Financial Struggles of a £100k Salary
03:32 Breaking Down the Numbers: Why £100k Isn't Enough
10:11 The Impact of Fiscal Drag and Inflation
17:47 Potential Abolition of Cash ISAs
28:17 AstraZeneca and UK Government Grants
28:31 Investment Portfolios and UK Market Challenges
30:31 Incentivizing Investment in British Companies
31:26 UK Stock Market Performance and Pension Fund Management
37:00 Vanguard Fee Increases and Investment Platforms
45:44 Lifetime ISA Review and Future Prospects
50:01 Final Thoughts and Wrap-Up
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Disclaimer:
The information provided in this video 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.
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Disclaimer:
The information provided in this video 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 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/
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Navigating Financial Complexities for GPs: Limited Companies and Adjusted Net Income
In this episode of the Medics' Money podcast, financial experts delve into two complex questions from GPs. The first question examines whether it is beneficial for a GP practice to use a limited company for certain services, discussing various tax implications, legal considerations, and regulatory challenges. The second question addresses how GP partners can manage their adjusted net income to stay below the £100,000 threshold, particularly in relation to pension contributions and the annual allowance. The discussion provides valuable insights for GPs and other doctors, emphasizing the importance of understanding financial nuances and seeking specialist advice.
00:00 Introduction and Episode Overview
01:23 Question 1: Using a Limited Company for GP Work
02:35 Tax Implications and Considerations
05:27 Legal and Regulatory Issues
07:46 Pension and Financial Planning
10:51 Conclusion of Question 1
14:48 Question 2: Adjusted Net Income and Private Pensions
16:28 Understanding Adjusted Net Income
19:14 Pension Contributions and Tax Relief
23:03 Gift Aid and Tax Planning
24:59 Practical Advice and Final Thoughts
34:23 Closing Remarks and Course Information
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Unveiling the Secret 60% Tax Rate and 7 Ways to Avoid It for High-Income Earners in the UK
This podcast reveals the hidden 60% effective income tax rate affecting those earning between £100,000 and £125,140 in England and Wales. Co-founder of Medics' Money, Dr. Ed Cantelo, a chartered accountant and tax advisor, explains the complexities behind this marginal tax rate, originated from a government measure in 2010 to reduce the national debt. The discussion covers its significant impact on healthcare professionals and others close to the £100,000 income threshold. Dr. Cantelo outlines seven strategies to avoid the tax trap including maximizing employment expenses, utilizing gift aid donations, contributing to private pensions, leveraging the NHS pension scheme, planning around child benefit, equalizing income with a partner, and ultimately, considering whether to work less. The detailed insights aim to help high-income earners minimize their tax liabilities legally while maintaining financial stability.
00:00 Introduction to the Secret 60% Tax Rate
01:01 Understanding the Marginal Tax Rate
04:35 Impact on Healthcare Professionals
06:14 Seven Strategies to Avoid the Tax Trap
06:31 Strategy 1: Maximizing Employment Expenses
07:44 Strategy 2: Utilizing Gift Aid Donations
09:30 Strategy 3: Contributing to Private Pensions
11:48 Strategy 4: Leveraging the NHS Pension Scheme
12:31 Strategy 5: Planning Around Child Benefit
14:20 Strategy 6: Equalizing Income with Your Partner
15:53 Strategy 7: Working Less to Avoid Extra Tax
18:06 Conclusion and Summary
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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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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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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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Register for live teaching
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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
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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/
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