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
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Ep 294: Why Doctors and Dentists are Losing Millions on Expensive Investments
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.
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Ep 293: What happens to my NHS Pension if I take a career break...?
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
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Ep 292: Urologist with side hustle(s) Property investing + Stocks investing + Asthetics
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
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Ep 291: HALLOWEEN EARLY? Pension and Payroll DISASTERS
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
The 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.
UK