Financial Tips for International Medical Graduates| NHS Doctors

There are 12 top financial mistakes, 12 that ILD doctors commonly make that could cost them thousands of pounds. Now the seventh one cost a colleague of mine about 15,000 pounds of hard earned money last year.

The finances oh man. My biggest financial mistake after coming to the UK has to be but at.

The end of the year I realized that most of my money has gone to the broker and I have lost my money rather than making more money.

Happened like I had a rude awakening when I had an emergency emergency and I didn't have funds to sort the emergency.

One of the biggest mistakes that I have made and seen a lot of immigrants make, irrespective of education, where you work.

For someone who has a huge appetite for risk, this was a bit of a difficult one to choose from.

Now like I mentioned earlier on a colleague of mine, my AMD doctors fell, you know, victim to his counter and lost about 15000 pounds just last day.

Foreign.

There are 12 top financial mistakes, 12 that ILD doctors commonly make that could cost them thousands of pounds. Now the seventh one cost a colleague of mine about 15,000 pounds of hard earned money last year and in this video we'll be discussing these mistakes and how to avoid them. Now this mistakes, remember, can cost thousands of pounds and significantly impact your well being. So let's jump right in. Hello everyone and welcome back to Money Wise Doctor podcast. In case you're new here, I'm Dr. Anya Green, IMG Dr. Ex Salary Editors GP. I'm founder of Moneywise Doctor.com a platform that helps doctors and healthcare professionals to avoid costly financial mistakes and make better decisions with their money. Now I've been privy due to my work of Motor Wise doctor come across thousands of doctors and dentists and healthcare professionals almost a monthly basis, many of whom are IMG doctors. Now an IMG doctor, if you aren't aware, is an international medical graduate. The doctor has trained abroad outside the UK or US or Canada or wherever you're watching from and has now moved to a different country to practice. Lesson I'm an example of an IMG doctor now. When I first arrived in the UK a few years ago, I had no idea how the financial system here worked. Despite a decade of investing abroad, I lacked the understanding of the tax and credit systems as well as concepts like ISA and their benefits. These were all foreign to me. So what did I do? I turned to my UK trained colleagues, but it soon dawned on me that they seem not to know any better. I discovered the universal truth that doctors and healthcare professionals almost everywhere receive minimal financial Education and often struggle with basic financial concepts. And this realization prompted me on a journey of learning which has led me to the point where all this learning and now shapes your money. Wife's doctor. Now enough of that. Let's jump right into the 12 dot mistakes. All right, I've got a confession to make. A small confession. It's not just me today. I've got not just one or two. I've got four colleagues who are going to share their own experience in addition as well share their own financial mistakes so that we can all learn from it. Now, if you're new to the channel and you've forgotten to hit the subscribe button, you can go straight away. Now smash the subscribe button so that I can get notified whenever I release fresh new content like this. Let's jump in.

Hi everyone, I'm Dr. Aman Sharma. I'm an international medical graduate and currently an internal medicine trainee in West Midlands. I'm also the founder of UK Dreamers where I simplify your dreams of coming to uk. The finances. Oh man. My biggest financial mistake after coming to the UK has to be no. Keep on rolling and thinking, oh, everything's all right. Last year, however, my health was not in the gr. Keep on rolling and thinking, oh, everything's all right. Last year, however, my health was not in a great state. I had to undergo a surgery, had to be on a sick for a long time and then I got the sick pay and then I had the hard realization, oh, I don't have sufficient money in my account. So that's where I think, you know, something can be done. And with Andy's advice I've started doing something about it. So definitely save some money for your emergency times. That's going to be very helpful. Take care.

Cheers.

Bye. Foreign. My name is Dr. Suman Paul and I am a ST7 respiratory trainee in Merseyside region of England. I also run a YouTube channel with my name, Suman Paul. My greatest financial mistake was when I became a doctor and earned my first salary. The first thing I did was to invest my money by buying individual shares. I had no idea about the fundamental and technical analysis of a company. I had no idea why I'm buying the shares. Someone told me that buy this share, you'll make a lot of money. And I just went and bought it. It took me almost one year to realize after doing this kind of buying and selling and making some profit. But at the end of the year I realized that most of my money has gone to the broker and I have lost my Money rather than making more money. Since then I stopped trading and buying individual shares. This is a very important lesson that if you don't know where you are investing your money, how to invest your money and learn about the businesses fundamental and technical analysis, then it's best to avoid buying individual shares. Hope you have a great financial future. All the best.

Hi, what's up guys? My name is Dr. Ronaldi or Dr. Ron for short and I am a business analyst in the UK and IMG at the same time. So in terms of top financial mistakes, I guess mine would be I usually pay others first before paying myself, which actually goes against the rules of saving. And it happened like I had a rude awakening when I had an emergency and I didn't have funds to sort the emergency. But I've learned my lesson and now I've learned to pay myself first, then sort bills and other things later because I realized the importance of having your own, you know, sort of financial or emergency fund somewhere in case of emergencies, which can come up anytime. So that's what I would say. Pay yourself first, save some money for your emergency funds and you won't be caught napping. Thank you, cheers and bye.

Hi guys.

One of the biggest mistakes that I have made and seen a lot of immigrants make, irrespective of education, where you work is actually not contributing to their workplace pension. I am all for building wealth and what the data actually shows us is that pension is one of the highest sources of wealth at retirement. Personally, I didn't contribute to pension in the first year of working in the UK and I think that's the biggest mistake that I've made in building wealth. I hope this helps you. Thank you. Don't be like me. Don't leave money on the table.

I joined an auction not knowing what an auction entailed and unlike myself, I kept on upping my bid until I was declared as the winning bid for a house that I had not inspected nor even bothered to read up the details as to what the auctioning process would be. So eventually I was announced the winner. I had to make payments I couldn't pull out. I couldn't really backtrack at that point. And when I went to the house, I had huge renovations to make. I could have saved more money if I done my own homework.

Mistake number one, ignoring credit history. Now, this almost caught me out when I was buying my first house several years ago in the uk. I saved up the deposit, but I didn't pay much attention to my credit history. Why would I? I had not borrowed any money. I didn't even have a credit card for years or any other loan, so I thought it was fine. But when I tried to get a full contract I got rejected. Then when I went for my first mortgage I was in for a surprise. Luckily I had a mortgage advisor who stepped in and explained to me the credit rating. My credit rating wasn't strong just because my credit score was great. And he also explained to me that simple things like not being on the electoral register, opening too many accounts, and even if missing out paying on something, these are things that can affect your credit score or credit rating as an img. So watch out for these things and don't make these mistakes. Number two Neglecting Tax Optimization as Benjamin Franklin, one of the founding fathers of us, tremendously said, nothing is certain except for debt and taxes. So this is quite true for IMG doctors as well. In the uk, the tax system works in a certain way if you don't understand how to take the best advantage of it. Tax relief Opportunities Making sure you're using your ISA properly and figuring out whether a limited company might work for you. You you might end up being on the other side where you're losing out on a lot of tax relief. And this means less money in your pocket and also a lot of financial stress. So make sure you're optimizing your taxes. Mistake number three not negotiating A negotiation can be a powerful tool for IMG doctors to increase their earnings and improve their working conditions. Whether it's negotiating job offers, local rates of business expenses, taking the time to negotiate can put thousands of pounds back in your pocket. In my experience, just pushing back a little often gets me better deals, better pay, better working conditions. Now I understand that this may feel a little uncomfortable for you, but remember, you're worth your weight in gold, so don't be afraid to ask for a fair compensation. Mistake number four Overlooking benefits. Now, despite the valuable contribution that IMG doctors make to the UK healthcare system, many are ineligible for public funds. However, there are still benefits available to you as an img, either through your employer or through the government. And this could be overlooked because you're worried about not crossing the line. But remember things like maternity leave and sometimes even childcare benefits, you might be entitled to it depending on what visa you are on. So being aware of these benefits and claiming they were eligible and put several hours of pounds in your pocket. Mistake number five Inadequate insurance. Now not having the right insurance like life insurance, income protection, these are things are often overlooked by IMG doctors, of course. Again, car insurance and house house insurance because these are compulsory. But you, you're probably leaving yourself and your family vulnerable in case of unexpected, you know, things happening. So don't make this costly mistakes. Make sure you have the right insurance. Mistake number six Accumulating high interest debt now if you're falling into debt with high interest rates, you can completely spiral out of control, especially with credit cards, which I think can be the worst kind of debt. So it's crucial to manage your debt wisely. Avoid accumulating high interest debt whenever possible and always pay off your credit cards in full at the end of the month. Mistake number seven Investment scams Now like I mentioned earlier on a colleague of mine at amd, doctors fail, you know, victim to his crown and lost about £15,000 just last year. It's a stark reminder to us that not all that great tax is gold. Always make sure you do your own research, be thorough and don't be pretty to jump just because high returns are being promised. Mistake number eight Mortgage blunders Now this is quite a common one. Choosing the right mortgage advisor can make a big difference when buying property. If you use your bank advisor or a restricted mortgage advisor, they can only offer you the products they have in their panel. Many IMG doctors overlook the benefits of consulting an independent mortgage broker who has access to the whole market. So an independent mortgage broker that has access to the whole market and also understand how to work with doctors on a visa is really quite critical and can help you avoid making mistakes with your mortgage. Now if you need a free mortgage manual, check the links in the description, the free by step guide that will help you through the process. Mistake number nine Costly assumptions. Some IMG doctors assume that the government or their employers will inform them of any available benefits and tax reliefs. No, that wouldn't happen. However, this is not often the case. You must take proactive steps to educate yourself about the entitlements and claims and what is rightfully yours. And that's part of why we do the videos we do on moneywise.com and put out the newsletters every week. Mistake number 10 I think now not saving or investing early. Many IMG doctors postpone saving and investing reliable so they are NHS pension or just hoping that things will work out fine when you can really need to have a plan consistently saving. Starting early to save and invest and making a financial clear financial plan for yourself is really quite key to make sure that you have that extra bit of security retirement. And mistake number 11 now is underestimating visa fees. Now if you're an ING doctor of dentist, you already know how much visas could cost. You run into tens of thousands of pounds if you have family. So it's really quite important. If you know you're going to be paying for an ILR in the next five years or any visa, it's quite important to start early to save and budget for those things so that they don't become a source of financial stress for you. Now the final and last but not the least is mistake number 12. Neglecting well being is essential for us as IMG doctors to prioritize our health. Most IMG doctors work really hard to provide for their families here and back home, but sometimes this cost comes as a cause of our own well being. The pressures of adapting to a new country and healthcare systems can take its toll on us, but this could also lead to burnouts and mental health challenges if we're not taking care of ourselves. So make out time and a budget to take care of yourself. Whether it's a regular exercise or a walk in the woods or a city break or even a spa retreat or whatever you fancy. It doesn't have to be very expensive. But don't neglect taking care of your own well being, resting and eating properly. So there you have it, the top 12 financial mistakes that IMG doctors make and how to avoid them. Remember, your financial well being matters a lot. Taking proactive steps to educate yourself and make informed decisions, you can achieve greater financial security and peace of mind. Now, if you check the description, there are lots of links there that can give you access to material that can help you step by step guide on how to buy your first house or life insurance, or how to claim back taxes. These are all in the links in the description and please check out the channels of the IMG content creators that have collaborated with me in this video. And if you think you've got any IMG doctors or any other doctors that might feel find the content on this channel helpful, feel free to share it and check out the videos on the screen for more content. Cheers.