How Doctors Can Avoid Costly Financial Mistakes

I'm Dr. Andy Egwim, founder of MoneyWiseDoctor.com I know you probably have been getting our emails and reading our articles on the websites on different financial platforms and also social media platforms. Well, we've heard again and again from our readers and people who have been on our platform, several thousands of doctors visiting every week that they would prefer to get some information via YouTube or via podcast, you know, or the visual stuff. I've decided to give it a try. Obviously. We've launched moneywisedoctor.com podcast on YouTube channels, so go over and subscribe. Hope to be able to continue to offer you beautiful financial insights that could help you make the smart and wise financial decisions to make sure that you're not being ripped off by financial advisors who are just basically salespeople dressed up as financial advisors. I haven't got anything against financial advisors. I mean, I think financial advisors are great. But we often find that when it comes to doctors and healthcare professionals, there are certain financial advisors that seem to be targeting doctors and healthcare professionals specifically. And when we did a deep dive, some of them gave different reasons. Doctors have a steady income, but that wasn't the one that worried us most. One of it was that doctors tend to be quite trusting. Doctors and nurses tend to be quite trusting. Obviously, if you your line of work. In our line of work, we tend to be very trustworthy, trusting people. So we often sometimes transfer this trust to people who have promised to help us with our finances and sometimes they've given us advice that is not even what the paper is written on. Unfortunately, in the financial industry, they're not required to have the same level of ethical, you know, standards as the medical professionals. So why I'm saying there are good ones and of course they're regulated, but you want to make sure that whoever you're getting advice from is not just giving you advice that's only going to benefit them, but it's also going to work in your favor. So I've put moneywisedoctor.com together initially because I've had a lot of friends calling to ask questions about finances that it was taking a lot of time to answer several calls daily. And at some point I thought, I'm just going to put it out as a blog. So when people call me and say, I want to learn about ISAs, I want to learn about investments, I want to learn about how to get the best month date, I want to learn about what to do with my NHS pension, or they come around to say, I want to know a bit more about life insurance and income protection or how to structure, you know, my business income. Like you're making money from your healthcare business and you're thinking about how to invest in real estate. So rather than spending hours talking on the phone and explaining what I've done in the past or what colleagues I know when who also have managed to achieve a level of financial freedom have done, I tend to now say go and read the website. But now I realized that, well, some people do like to listen to videos and listen to podcasts, just like me. I do like, I do like to listen to podcasts and videos. So what? That's why we've put this together. I hope you enjoy it. I hope you get good information. Our mission is simple@moneywisedoctor.com Want to help medics, doctors, healthcare professionals to make wise financial decisions that is going to impact them positively going forward in the future. And want you to be able to make that with confidence, without fear that you might end up being, you know, in a financial difficulty maybe further down the line. So our goal is to help to also point out those pitfalls and also highlight opportunities and medics could actually use to make sure that they are on very firm financial footing and then work out what they need to make sure that they are comfortable in retirement. Head over to moneywisedoctor.com you can subscribe to the newsletter. It's free Weekly. Everything on moneywiseletter.com is basically free. You can subscribe to a weekly newsletter delivered to your inbox. Just think of it as a financial snacks you just get every week to tell you what's happening in the housing market, what opportunities out there for doctors. Are there things you need to avoid or are there opportunities you can take advantage of? Last couple of weeks we talked about the changes in the isa. So there are some, there are some announced changes that we think that likely in the next. I think that will be November statement by the Chancellor of Exchequer in the uk. There's going to be some changes in the isa. So these are the things that will get into the nitty gritty. We have our Q and A sessions where people ask questions and then we'll share it there. Yeah. So I can't see any reason why not to take advantage of this huge opportunity to make sure that you take charge of your finances and make sure that you're in control and you're doing the right thing for you and your family. Right. So Obviously we're on YouTube now, so you can click subscribe or not, but if you want to make sure that you continue to get our updates. Click, subscribe and, you know, press on the bell, not the bell button. That will let you know when we release new videos, when you aim to release a couple of them, one or two every week. And let's see how that goes. And thank you for stopping by and for listening to me drone on and on about finances. All right, then. Bye. Bye.