วีดีโอ

Scribble away! Thank you for your kind comments. I really appreciate that!

You make a great point! I use AMEX Gold Business card. I treat it like a debit card. If it is of interest, I may do a deep dive on credit cards.

😂😂😂😂

I hear you, and I understand your frustration-many medics share similar concerns. A senior doctor in my last masterclass raised an important question: "How long do I have to live after the NHS pension age to enjoy it?" Personally, I’m not in the NHS pension because I neither work a regular salaried job nor job nor have any substantive NHS role, but if I did, I’d likely stay in as a backup plan due to its unique benefits like inflation protection and survivor benefits. I accept that as my price for freedom so I have made alternate plans. While SIPPs and ISAs offer flexibility and potentially higher returns, the NHS pension does provide guarantees that can be hard to replicate. Ultimately, it’s about aligning with your goals and risk tolerance. If you’re weighing your options, check out my video on the NHS Pension here: th-cam.com/video/dUnYsS2mazM/w-d-xo.htmlsi=vKmjnULYSrsT9eGk It might help you decide!

Thank you for your comment. The standard Personal Allowance is £12,570, which is the amount of income you do not have to pay tax on. We will adjust it whenever the UK Govt increases it. Hopefully soon! 😂

@ Thank you for your response. how does the calculator account for people with a higher personal allowance than the standard

In the same way that there's additional pension contributions, can there be additional personal allowance

@@mzSte Thanks for your question and trying out NHSSalaryCalculator.com The highest Personal Allowance for the majority (if not all) medics is £12,570, same for almost everyone in the UK. It may be lower but rarely higher. Your Personal Allowance may be bigger if you claim Blind Person's Allowance. It's smaller if your income is over £100,000. The calculator automatically factors in lower personal allowance once you cross the threshold for the 60% tax trap. I hope this helps. Please let me know if you'd like further clarification

Join here: moneywisedoctor121.scoreapp.com/

Thanks for your kind comment. The maximum you can claim via tax relief on professional expenses is £2500. Of course, that should not stop you from claiming more, if you incurred more professional expenses. However, you'd need to claim expenses above £2500 via another means - self assessment/tax return. You may find this article helpful moneywisedoctor.com/self-assessment-for-doctors/ I hope that helps

Most welcome!

Thanks for listening!

Thank you for your kind words! I'm glad to hear that you find the videos inspiring. Best of luck with your finals; you've got this!

@ Thank you sir 😊

@@MONEYWISEDOCTOR How can I contact you?

That's correct! The NHS Pension is index-linked, with CPI revaluation ensuring it grows over time. While CPI may not always match the true inflation rate, it still provides a level of protection against the rising cost of living. One advantage is that it offers a predictable and secure income in retirement, which can be a cornerstone of financial stability. However, understanding its limitations is essential for comprehensive long-term financial planning.

Great question! If you’ve stopped doing private work and no longer meet the criteria for filing a self-assessment, you may not need to continue. However, it's always a good idea to check with HMRC or a tax professional to confirm, as other factors (like additional income or tax relief claims) might still make you eligible for self-assessment. I prefer to do self-assessment every single year for obvious reasons.

Yay! Thank you!

Glad to hear you found it valuable!

There are several options available, and their rates can vary significantly. While none particularly stand out as exceptional, on my last review, Moneybox seemed to offer a competitive rate for LISAs. However, their SIPP fees are notably higher compared to other providers in the market. I don’t specifically recommend any particular LISA product, but a few popular options include Moneybox and Hargreaves Lansdown. It’s worth comparing their features, fees, and services to find the best fit for your needs. Always do your research or consult a financial advisor for tailored advice.

Thanks for your comments, but repeatedly sharing your "seed phase" is not a very smart thing to do. Are you running a scam? I believe most medics who follow the sound financial education on this platform will not fall for it. Please try somewhere else. Thank you

Another person sharing their "seed phrase" here. I can assure you that the doctors who follow this channel for financial education channel have common sense and won't fall for these sort of half-baked schemes.

And yet another one! Same answer "Another person sharing their "seed phrase" here. I can assure you that the doctors who follow this channel for financial education channel have common sense and won't fall for these sort of half-baked schemes. "

Brilliant! What part did you find most insightful? Time stamp, please. Thanks for watching and commenting

I explained it here in details. th-cam.com/video/UGHbPe4ilJk/w-d-xo.htmlsi=Er2zmZaiUK-AheRo Here are 5 steps to create an emergency fund: 1. Consider using a basic savings or Cash ISA (tax-efficient) 2. Set up a direct debit or standing order to automatically send a percentage of your income to a seperate account (e.g.15-20%) 3. Save enough to cover three to six months of expenses in a seperate account. 4. Only touch the account for true emergencies. 5. Replenish the account if you draw on the funds

Thanks for your question. I sold them because I anticipated a capital gains tax rise in the budget, which did happen. Those investments were outside an ISA, so selling beforehand locked in the lower tax rate. With a stocks and shares ISA, you wouldn't have this worry, but the annual limit is £20k. Hope that clarifies!