72 episodes

Medics' Money podcast helps doctors, dentists and other professionals make better financial decisions. Hosted By Dr Tommy Perkins and Dr Ed Cantelo, who is not only a doctor but also a Chartered Accountant and Tax adviser.

Medics Money podcast medicsmoney

    • Health & Fitness
    • 4.9 • 53 Ratings

Medics' Money podcast helps doctors, dentists and other professionals make better financial decisions. Hosted By Dr Tommy Perkins and Dr Ed Cantelo, who is not only a doctor but also a Chartered Accountant and Tax adviser.

    Three financial books you should read (and a free trial)

    Three financial books you should read (and a free trial)

    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/

    • 49 min
    Ep 70 Does being a doctor still make £sense for medical students?

    Ep 70 Does being a doctor still make £sense for medical students?

    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/


     

    • 25 min
    Ep 69 How the Autumn Budget Statement affects doctors

    Ep 69 How the Autumn Budget Statement affects 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/

    • 31 min
    [BONUS] An 8 step plan to improve your finances

    [BONUS] An 8 step plan to improve your finances

    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

    • 24 min
    Ep 67 Do doctors in Scotland pay more tax?

    Ep 67 Do doctors in Scotland pay more tax?

    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


     

    • 30 min
    Ep 66 The pros and cons of a limited company

    Ep 66 The pros and cons of a limited company

     


    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


     

    • 40 min

Customer Reviews

4.9 out of 5
53 Ratings

53 Ratings

medic3848583 ,

So helpful

Such a helpful podcast for medics, I recommend it to all my colleagues and medic friends. This stuff should be covered in medical school!

drjmf4 ,

Phew!

Really glad to have found this website & podcast - easy to dip into the topics that need a bit more clarification. More and more of us take locum years out around training and I wonder if an episode on being financially savvy during this time could be good? I’ve been able to make the first steps towards sort out NIC overpayments by listening to your podcast, thanks so much!

hawchey ,

👌🏽

The best podcast I’ve listened to in a long time. A must for every single doctor working in the UK!

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