Medics Money podcast

On this week's Medics' Money podcast, host Cyra (a chartered accountant and doctor) interviews BMA UK Resident Doctor's Committee leaders Shiv (deputy chair, psychiatry ST3) and Arjun (education and training co–deputy chair, BMA director) about ongoing resident doctor strikes. They say negotiations after December strikes were initially constructive but collapsed when the government shifted a proposed pay investment from two years to three, reduced it, and labeled it a “best and final offer,” then refused to negotiate while strikes were called. They criticise the Prime Minister’s removal of 1,000 training posts, warning it worsens workforce shortages, creates bottlenecks, and harms patients. They discuss job insecurity, doctor substitution, training capacity concerns, and NHS mismanagement and waste, arguing a credible pay offer and clear plans for training posts and progression are needed to end strikes.
00:00 Training Posts Cut Fallout
01:04 Podcast Intro and Guests
02:16 Why Resident Doctors Strike
05:17 Talks Breakdown and Pay
08:23 Jobs Bottlenecks and Trust
12:59 NHS Decline and Waste
16:22 Doctor Substitution Risks
23:25 Ending Strikes and Deal Terms
26:37 Strike Timing and Consultants
30:41 Costs and Devaluation Claims
32:40 Tiered Care and Culture
34:25 Personal Stories and Closing
Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/
Want to find out more about our other courses?
www.medicsmoney.co.uk/courses
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.

This is a replay of episode 267 to promote the next Financial Wellbeing course starting soon! Head here for more details:
https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
In this episode of the Medics' Money podcast, hosts welcome Dr. Kate Rothwell, a haematology consultant, who shares her experiences from the Medics' Money Financial Wellbeing course. The discussion covers practical financial tips, including dealing with misallocated back pay and tax traps, and the significance of knowing when and how income should be taxed. Dr. Rothwell recounts battling payroll issues and the importance of proactively managing one's finances, especially regarding pensions and investment strategies. The episode emphasizes the value of collective knowledge and persistence in handling financial matters, highlighting stories of errors corrected and financial knowledge gained. Listeners are encouraged to openly discuss and manage their finances to make informed decisions, leveraging resources like Medics' Money to navigate their financial journeys effectively.
00:00 Introduction and Overview
00:16 Back Pay Issues and Tax Traps
00:40 Pensions Taxation Explained
00:46 Investing Mindset and Tips
00:53 Impact of Financial Wellbeing
01:58 Guest Introduction: Dr. Kate Rothwell
02:46 Personal Financial Journey
05:25 Navigating Tax Challenges
18:00 Persistence with HMRC
23:42 Investing and Financial Planning
28:05 The Importance of Financial Knowledge
42:02 Conclusion and Final Thoughts

Get in touch with Talbots Law: https://medicsmoney.co.uk/medical-solicitor/
This week's episode discusses divorce from a legal perspective with Karen and Rita from Talbots Law, outlining what to expect, why legal advice can help, and what people can do themselves under no-fault divorce. They explain timing (about six months for the divorce, often 9–12+ months for contested finances/children), ways to avoid court (negotiation, mediation, collaborative law), and court safeguards where there is domestic abuse. They cover how courts approach children and finances (needs and Section 25 factors), note child maintenance is usually handled by the Child Maintenance Service, and emphasize NHS pensions as major assets often needing a jointly instructed neutral actuary report, with pension sharing or offsetting options. They also mention disclosure of private practice income, updating wills, risks if someone dies before finalisation, avoiding new asset purchases before a clean break, and the value of communication.
Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/
Want to find out more about our other courses?
www.medicsmoney.co.uk/courses
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.

The BMA join us today to discuss the looming disaster and negotiations with the government for General Practice. Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/ Want to find out more about our other courses? http://www.medicsmoney.co.uk/courses Follow us on Instagram https://www.instagram.com/medicsmoney/ Follow us on Twitter https://x.com/medicsmoney **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.

Over 6,000 doctors competed our state of medics money survey into doctors finances and only 29% of you had a will. So today we’re going to show you how to get a will using the same solicitors that we use and the links to do this online or phone Trusts, estate planning, downsizing.
Contact Talbots Law: 01384 447774
https://medicsmoney.co.uk/will-writing-service-for-medical-professionals/
PocketSmith is proud to sponsor this episode of Medics Money. If you want clarity and confidence in managing your money, plus 50% off your first two months of PocketSmith, head to: https://www.pocketsmith.com/medics-money/
Want the latest financial tips for doctors and exclusive invites? Join 71,000 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/
Want to find out more about our other courses?
www.medicsmoney.co.uk/courses
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.