Andy Egwim explains why high-earning doctors feel financially stuck. Once adjusted net income hits £100,000, the UK tax authority takes 60 pence of every extra pound earned. He shows where money leaks and three quick actions to fix it.
If you're a doctor earning well but feeling financially behind, overwhelmed with a nagging feeling that you're overpaying taxes, working hard every year but somehow not pulling ahead, you're sensing that your money isn't working as hard as you are, then this video is for you. Now I'm going to take you through the same financial health check I take doctors through in my private MoneyWise Doctor sessions, and by the end you'll be able to see clearly where your money is leaking, where the cracks are, and where you're exposed. And you see which 3 things that if you quick will change the most and put you back in control of your finances. Now I'm going to name one of them straight away, one of the big ones, because it's the one that costs the most for most doctors and it hides the best. It's not the only one, but that's where we'll start. If you earn above £100,000 in adjusted net income, there's a band where the taxman takes £60 of every extra £100 you make. 60%. Now most doctors I have spoken to standing in that band had no idea they were in it. You just feel like you are working harder, but the harder you work, the less it's worth. And you are right, but not for the reasons you think. Now, that's just one leak. There are several of them, and almost none of them are about how much you earn. It's not about earning more. It's about taking care of what you already make.
