How Doctors Can Quickly Check Their Financial Risk Profile

Are you at risk of financial sepsis? As a doctor or healthcare professional, you're probably already well trained in how to recognize if a patient is acutely unwell. Yes, of course. That's part of the training. You know, from blood pressure, from the pulse, from the temperature, from other numbers on how the patient looks, if they are well. Or how about your finances? A lot of times we haven't been trained on how to recognize when we might be headed for financial trouble. A lot of times when we find out it's already too late. What are the numbers? How can you tell if you're financially unwell? I'll share with you in this video a simple three minute squeeze that we developed that you can actually use to figure out if you're at risk of being financially unwell. Welcome to moneywisedoctor.com I'm Dr. Ande Grim. On moneywisedoctor.com which we founded last year, we share financial insights for doctors and healthcare professionals to make sure that they are taking charge of their finances and make sure that they are maximizing their financial setting to make sure that they reduce the chances of them becoming financially unwell or being in financial trouble. Unfortunately, due to our medical training, even though it's rigorous, there's very limited information on how to do our taxes or how to make sure that we're not paying more taxes than we need to, how to maximize our investments while reducing our risk, how to make sure that we're having the right insurance, things like mortgage and everything, finances. And that's what we do at moneywisedoctor. Com want to give doctors and healthcare professional a fighting chance. Today we're going to be doing something different. Last year we developed a tool which has now been used by about 100 healthcare professionals including doctors, nurses and pharmacists. Physiotherapists. And that tool is simple is money wise doctor quiz that is used for checking your financial health. Consider it like a financial news call. Maybe we should just call it a few score. So financial L1A score and what this tool does that in three minutes you can actually go through a phone quiz that will shine the light on areas where you might be struggling, areas where you're not aware, areas where you might be at risk of becoming financially unwell. And that's what this quiz can do. So today I'm going to take you through step by step on how you can use this quiz. It's actually available on our website on moneywisedoctor.com if you went to the homepage, if you're Using a desktop, you can go straight and land on the quiz. If you're using a mobile, you can still assess it or you can go directly to the quiz website. The Moneywise Dr. Quiz.scoreapp.com so I'm going to show you now my mobile how you can do it quickly with your mobile phone. And this quiz also gives you recommendations on how you can improve those areas. Stay with me. So if you scroll up, you see it's monoise Doctor, how financially healthy are you? Take the quiz. So take a three minutes quiz to get your financial health check score with a tailored action plan. That's pretty good. So you don't just do the quiz, but you also get a tailored action plan. So it's very useful. So what I'm going to do, the first thing I'm going to do, scroll through, make sure you're on the right page. You'll be scored based on the following areas you're earning. So understanding if you are maximizing your earning potential, your savings, are you saving properly? Are you saving the right amount of money you're investing? Okay. And then we're also going to look at things like security. All right, so we're going to carry on. Now I'll scroll up to where it says take the quiz. So if you click on that, first of all, it's going to require your name. So let's say NDBC and then my last name Iguim and then pop in your email so that I can send you the results once you're done with the quiz and recommendations and then put in your phone number which. Yeah, so basically. So click on the start button and go straight to the first question. So the first question is very interesting here. It says, do you save money regularly? I'll say yes. So if you looked at our short video on amass, how to save money painlessly and regularly about setting up a direct debit and setting an amount, you see that, yes, saving money regularly is something I would think you can do even as a doctor, even at the moment with the junior doctor strike and so many things going on about junior doctor strip here. Right. So are you worried that you won't have enough money to retire on comfortably at 65? Yeah, this is something quite common. A lot of doctors worry that even after they've worked such a long career, some doctors start working from when they are in their early 20s and then they are working into their late 60s. Some doctors still worry that they might not have enough. I'm going to say no for now, but obviously you Answer based on your own. You know what you feel about it. Now the next question. Do you actively seek additional income streams or side hustles related to your professions? So do you do locums? Do you have any other side hustles that earn you income? I'll say yes. Then the next question you ask. Have you got savings set aside that will get you through difficult a difficult three months? So this is what we refer to as the emergency fund is something that we do talk about quite a bit on moneywisedoctor.com making sure that you have enough to cover your your life expenses. If it does happen that for whatever reason you become unwell or something happens, you need to take a break. Just having an emergency fund. So I'll say yes here. And then the next question says, do you review your expenses each quarter and look for waste? I'm gonna be honest, that's not something I do on a quarterly basis. So I'll say no. Right. So let's jump to the next question. Do you consider yourself to be organized when it comes to managing your finances are fairly. I'm not the most organized person, but I have systems in place like apps and stuff that I use. So yes. Are you using the government incentives to minimize tax to minimize tax efficiency? So this is looking at things like ISAs and to make sure that you're not overpaying cash. ISA, lifetime ISA stock and shares. ISA. Of course, we've talked about this on the videos on moneywisedoctor.com I'll say yes. Okay, so next question. Do you sometimes impose buy wine shopping and let her regret it? I think a lot of us will say yes to this one. I mean, it depends on whether you are strictly disciplined. But when it comes to some products, we find out you impulse buy and then you regret it. I'm going to say yes this one. Okay, next question. Do you constantly develop your professional skills? Yes, I'll say yes, I'd develop my professional skills. Obviously, you answer for yourself as well. When you're in training, obviously you have to develop your professional skills or you're not going to cct. But when you become a locum doctor, then you have to make extra efforts to make sure that you're able to develop those skills. So I'll say yes. All right. Do you have a monthly budget? Yes. Are you a bit shy when it comes to asking for what you're worth? Again, this is a very important one. A lot of times we as doctors, healthcare professionals in general, we tend to be a bit shy in asking for what we are worth. I think it's right now with the strike and everything going on, junior doctors are becoming obviously taking up a stand to ask for what they are really worth. But most times an average doctor doesn't want it to look like they are doing things for money. But the truth of the matter is that a lot of times we are shy for asking what we are worth. So I'm going to say yes. Obviously we've run over three minutes now because I'm explaining in between, but you can run the whole quiz in less than three minutes. Okay. Have you lost track of some of your investments? Nope. Do you feel worried about your financial position relative to your age? I'm going to say no. Do you have income protection insurance? So this is really quite important. I've done a whole video on this. Income protection insurance? I'll say yes. Do you invest in rental property? I'll say yes. Do you worry that investing is too risky or complex? I'll say no. Do you keep your records, your financial records filed away in a well organized way? Not really. I mean, I use some tools like apps and all that and I track all of them. But I'm going to say no. I'm not the most organized person in terms of keeping records. Right. And this question asks, have you had a decent income rise in the last two years? I think you already know the answer to that, especially if you're a junior doctor. I'll say no. And then one more question. Are you debt free, excluding a mortgage, if you haven't got student loans or credit cards debt, or if you have paid off your loans or if you paid off your credit card and car payments? I'm fortunate to be in that position. So I'll say yes. And then ask, do you have a life insurance? And will something very important again if done a video on moneywise doctor.com YouTube channel about why life insurance is really important and why it's not a waste of money. You can check that out here. I'll say yes. I do. Are you frustrated that you're not earning as much as you think you could be? I'll say yes. Yeah, I think that could be. That could be said for many of us now. Do you regularly invest into stocks, bonds, funds and alternatives? Yes. Have you seen a financial planner or wealth advisor in the last two years? It depends. I don't know if you can ask if you can look at a tax planner as part of it. Yeah, I think I could count that as a yes. But obviously we do have an opinion about financial advisors on moneywisedoctor.com yeah, I'll say yes for this one. And that's it. I've gotten to the end of my test and it says thank you for taking the Financial Health quiz for Money Wise doctor. And the results have been emailed to me to my email and it suggested some areas. So you can see I got wow. So I got a score of 71%. Maybe because I helped in developing the quiz. Who knows? I know some of the answers but I said based on my circumstances. So you can use the to and sincerely use it to answer based on your circumstance. It can help you diagnose areas for improvement. As you can see in my own now, it refers to security 83% earnings 40% so I have some work to do in that area. I'm saving 60%. Not too bad. I mean it's not excellent, but it's not too bad. An investment has got a hundred percent. Yeah. In real life, actually this is an area of strength for me. So, so they've scored the tool has called me in these various areas, 40% on earnings and it's made some recommendations on things I could do to improve in those areas. So you can see when you go through it's going to personalize your own recommendations. And of course if you want to learn more, you can scroll down here and click on the subscribe button to take you to moneywisedoctor.com where you can subscribe for weekly newsletter. What this means is that you're going to get a letter rather than email. I wish people still wrote letters that much these days. Except you get a letter from hmroc the notorious Brown Letter. But yeah, we do send a weekly email with financial updates, insights, recommendation, interesting things when there are changes in interest rates or if you think there are opportunities that doctors could get and make use of. So we send out weekly. So head over to moneywisedoctor.com subscribe and don't hesitate to go and take the quiz. The quiz is on moneywise Dr. Quiz.coapp.com well, thank you for doing the quiz with me. Feel free to add some comments. Ask me any questions you want to ask me in the comments and we'll do our best to answer it. If you enjoyed this video and you like to watch other videos, click over to this side and you can see our videos on life insurance or click on this side to check video series on the lifetime ISAs. All right then, cheers. Bye bye.