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 ...
Ep 254: The 60% marginal rate TAX TRAP and how to avoid it
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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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19:28
Ep 253: What habits do wealthy doctors have?
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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https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
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10:30
Ep 252: Cheaper investments = better for you?!?!
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
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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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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9:24
Ep 251: 3 Rules of Wealth for your Children!
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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Want to improve your finances fast? Then come on our course
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47:18
Ep 250: Rich Doc v Poor Doc - financial habits of wealthy doctors and how you can learn them
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/
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/
GP partner looking to improve your practice/ Then come on our course
https://www.medicsmoney.co.uk/gp-partnership-programme/
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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.