Investing Masterclass 25th April 2026 Edition
In this 90‑minute masterclass, Ndubuisi “Andy” Egwim walks UK‑based doctors through a comprehensive financial framework designed to move them from financial uncertainty to tax‑efficient wealth building. He begins by outlining the limited‑capacity Mastermind program, explaining how to apply (comment “MM” or scan the QR code) and who is a good fit. He then covers the foundational defensive steps: securing income protection, critical‑illness, and life‑insurance policies (preferably placed in trusts to avoid inheritance tax), and ensuring a proper will and estate plan. Next, he stresses eliminating high‑interest debt (e.g., 27 % credit‑card debt) before any investing, illustrating this with a doctor who refinanced a car loan. He introduces tax‑efficient wrappers – SIPPs, ISAs, Lifetime ISAs, SEIS/EIS, Junior ISAs, and SSAS – and explains how to maximise the £60 k annual pension allowance using carry‑forward rules. He demonstrates how limited‑company structures can further reduce tax and how to claim capital losses within four tax years. Throughout, he shares real‑world doctor testimonials, highlights common pitfalls such as off‑road investments lacking FSCS protection, and stresses the knowledge‑action gap, offering the AMASS (Automated Monthly Allocated Saving System) and a free MedScan audit to create accountability. The session concludes with a Q&A covering NHS pension interactions, cross‑border investing, and practical steps for new doctors, reinforcing that the Mastermind provides structured guidance, community support, and hands‑on tools (AI assistant, templates, workshops) to implement the strategy.
Chapters
right into it. Today is a masterclass, investing masterclass, is 7 Steps to Tax Efficient Investing. I've got a slide here which I will share, but I promise you it's not death by PowerPoint. Um, I, I like a very interactive class, so I appreciate all of you who have, have joined and you've been responding. You've got your cameras on. That's what makes it fun. That's what makes it enjoyable. That's what makes it very interesting. And I'm also able to respond to questions quicker if I can see what direction you're coming from. If everyone's camera is and I can't see you, that means sometimes I don't know if you're confused, if I'm going too far. Okay, right, okay. So I'm just going to jump right into it. Um, Shola said, I've already passed that age, I wanted 60. That's all right, you might not always hit your goal. Oh, I'm seeing my book is peeping out here. You might not hit the goal you wanted, but does that mean you should stop? You can still, you know, set a new goal. If at 60 you've gotten to that point, you feel, oh, I'm no longer able to hit my financial freedom, Yeah, you could decide to start working from where you are, but it's just that your risk is not going to be the same as someone who is 31. So that's part of what we're discussing today. Understand your risk tolerance, your capacity to bear risk, and what your goals are, your long-term horizon. Okay, I'm not going to bother with that. Okay, so I've seen some responses here. So, um, um, when I asked what are the chances, Ian said no chance. Come on. Okay, well, what I'm hoping to do today is to be able to share with you a practical approach to it. I'll share what I've done. I'm not expecting you to do exactly the same thing, but because I've worked in the NHS, I've also been fortunate to leave my salary job in the NHS, and now at that point where I am, having invested in the past 20 years, um, 22 if you count in total, um, I believe I should be able to share some frameworks that can help you. Because for most doctors, the problem is you haven't really thought about it. For many of you who said 60, 65, 55, 40, I'm very I'm proud of you. Many people have never even considered it. It's always been a matter of I'm just going to work and work and work till I drop, which is not very prosp— it's not something to look forward to. And if you join the NHS about the time I joined, if you're about the same age as myself when I joined, it meant that for the time— for the age for retirement for me is 68 years. So that's almost like another 30 years to go. Um, so that's not a lot, that's a lot of time. Um, I've, I've read some of your responses. Adam said Very confident. That is fantastic. Um, so you have a clear plan. That means, yeah, who knows, you might not even need this session. Okay. So, but if you have a clear plan, that's great. Um, then Sonia said not sure. Um, Monica said not sure. Kwabena said not so confident. Um, Rasak said not sure. Yeah, fair enough. You guys are very, um, honest about it. Ejiofor said very confident. So that's good. Um, Diana said 60, not sure. Okay, yeah, thank you for your responses. But the most important thing that you're thinking about it, this is where it all starts from, where you start thinking about it. Is this even possible? Can I look at the numbers? And that's part of— in the Investment Academy last month, we sort of like dug deep into what we call the Financial Independence Retire Early number, where people actually sit down and work out in terms of their goals and their calculations, at what point would it be possible. And you're not Taking a very optimistic approach, you're assuming that even if the market crashes and everything goes down, at what age will I be able to retire? So that's the approach, it's called the FIRE number. So what I'm going to do now is I'm going to share my screen, um, so that you'll be able to see my PowerPoint and then tell me if you've seen it. Um, yeah, it's always a pain sometimes, PowerPoint in a Zoom session. Um, could you tell me what can you see? Can you see the PowerPoint now? You did? Not yet, it's coming up. It's coming up. Okay, not yet there. Okay, I can see booting on my end. Yeah, it's just a guide. Okay, how about now? It's up. It's up now. Oh, fantastic. Okay, so we're going to look at 7 steps to tax-efficient investing because Here's the problem. Most time when people talk about investing, they look at it in isolation. If you look at investing without looking at tax efficiency, you're going to struggle a little bit, um, because you're going to miss out opportunities. These things work hand in hand. And just to explain that, I'll give you a practical example. Assume that, um, Dr. Daniel and I— Dr. Daniel Hauser and I— let's say We're both investing. We've been very diligent. He's investing £20,000 every single year. He does that through his trading account or dealing account or general investment account. It's called different names, but I do exactly the same thing. I invest £20,000 every single year, but I do it through my SIP, that Self-Invested Personal Pension, or my ISA. Let's just use Stock and Shares ISA to keep it simple, okay? Every single year, Dr. Daniel does 20K, I do 20K. Now we're assuming that we are both not sophisticated investors. We are both busy doctors. We don't have time to actually be researching stocks and we've not actually learned fundamental investing. But someone said, oh, it's a good idea to invest in a FTSE All-World or S&P 500 or whatever. And that's what we've been investing in. We set it and forget it. So we set direct debit every single month £1,667 goes out from my account into the account for my investing, my investing platform. If you do that 12 months, you're getting 20K, okay, roughly 20K. We do that for the next 20 years. This is the time I call in for your own participation. After 20 years, how much would Daniel and I had have invested after 20 years of investing? Tell me in the chat, how much would Daniel and I have invested after 20 years? Okay, let's see. Right, okay, so you're going to be reading out the comments because I can't see them now. I don't want to take down the PowerPoint. So after 20 years, let's see the answers. Did anyone get it right or 20 years, we've invested the same thing. Okay, 400K. Okay, okay, mostly 400K. Thank you. Okay, that's good. So we all know our basic maths. So 20,000 times 20,000, um, so that's 400K. 20,000 times 20 years, that's 400K. I'm just using 20K because 20,000 is the ISA allowance currently. Okay, of course there's been some changes in the ISA, there are some changes coming next year, but 20,000 is the current allowance. Now Daniel is a higher rate taxpayer. I'm a higher rate taxpayer. I'm just assuming that we didn't know that we could have used the SIP as an option to reduce our, you know, tax, basically, because Daniel being a higher rate taxpayer, if you are falling into the 60% tax trap, contributing more to your pension is one way to reduce your tax bill. But let's just assume that Daniel and I, we're just simple, we are keeping things simple, we're using the Stock and Shares ISA. In 20 years' time, let's say we started at 37, Daniel turns 57. Sorry, we started at 30, I'll say 37 roughly. That's 7 plus 20. Let's not do public math. So in 20 years' time, Daniel turns 57, I turn 57. We are the same age, we're born the same year. Why do I use 57? Because the normal minimum pension age in this country, in the UK, and if you are from Canada, you've got a different age as well. In this country, it's 55 currently. So that's at the age which you can assess your private pension, you can assess your SIP, you can assess your SASS if you've got any of those pension. But at— and from 2028, it's going to rise to 57. So let's say at 57, Daniel and I decide, you know what, we want work to become optional now. You guys gave examples of the ages at which you want to retire. Let's say for Daniel and I, it's 57, and at that point we could still decide to do a little bit here and there, maybe 1 or 2 days a week, maybe be an examiner. And then every now and then, like example, this week I went to speak to GP registrars in Cornwall. I spoke in an event, so I do that once a year, um, in Cornwall. So I traveled to there. So let's say Daniel does still does stuff like that. I still do other things like writing blogs about financial financial freedom and talking about it on podcast. But at that point, we decide to cash in our investments. Now, using a rough, you know, using— of course, past performance does not guarantee future performance. But if you look back the last 20 years, look at the performance of the FTSE All-World or S&P 500 or broad, well-diversified index funds like that. Not recommending any of them for you because I don't know your current financial situation, I don't know your goals, I don't— and I'm also not your financial advisor. But let's say we've invested in a broad, well-diversified index fund, and using past records over 20, 30 years, we are seeing like 7 to 8% returns. So if you use 8% annualized returns, so I mean average returns, remember we didn't buy one stock or two stocks or three stocks. No, we just bought a whole basket. That's what index funds and ETFs are like. We bought the whole basket. If we're returning at about 8%, now you can run the numbers and compounding. If we're returning about 8%, what we're going to end up with, each of us, let's say we end up with about a million roughly. Okay, how much tax is Daniel going to have to pay? Basically, depending on the capital gains tax rate at that point, Daniel is going to have to pay 24% in capital gains because he's a higher rate taxpayer, and currently Right from October 2024, with the Halloween budget, capital gains tax rose from 20% to 24%. Capital gains tax is basically if you make some capital gains. So if you buy something, you sell it at a higher rate, you get what we call capital gain. Then you have to pay the government some of that money. A simple way, if you dispose of an asset, let's say you bought this book, you bought it for— that's the Moneywise Doctor, my book. Let's say you bought a copy for £20 and then you went on the round and sold it for £40. Maybe you traveled and someone really wanted it. You said it for £40. Now you made capital gains of £40— £20. So the difference, okay? And that could be on a house, on stocks and shares, and all that. So if Daniel's growth— his money that he's invested has grown for the last 20 years compounded at 8%, and we're just using a rough number now, let's say it's ended up in a million. Now he's done capital gains of about 600,000. Remember, I put 20K times 20 years, he's ended up with 400K invested, but now he's, he's in around 600,000. Let's say he just continued to compound, you know, his market had done beyond average, his investment had done beyond average because the market was not too bad. And let's say he ended up with 1.4 million. So he's gotten 1 million, a cool million. I've used a million because it's easy to calculate, and these numbers Of course, when you run the compound interest calculator, you see that they are not, um, unusual if you do it consistently. Now let's say Daniel has gained £1 million in capital gains, okay? Remember, he invested £20,000 over the last 20 years, so he has invested £400K, but he's ended up now with £1.4 million because during that 20 years the money was invested, it was compounding. That means that some of the years the market went down. Some of the years it did well, but we are looking at the average. I think the FTSE Award last year, um, in the last 12 months did around 33%, okay? There has been years when it did -2%. So let's say he ended up $1.4 million. Now he's got to pay $240K in capital gains. That's the tax he has to pay, okay? Because the government has to get a share of the money. He's ended up with a million, so 24% is $240K. Of course, he's allowed what we call Annual Capital Gains Allowance, he's allowed to take up to £3,000 before he pays tax on it, but he then has to pay almost £240K in capital gains. Now for me, I pay exactly how much? Can someone tell me in the chat? Exactly, I pay zero. I don't pay anything because I've invested through an ISA. If I've done it through a pension, I still don't pay any capital gains tax. I still don't pay any dividend tax, but of course when I start to withdraw, that's the point where I'm taxed as income. And there's a way to do that tax efficiently. Okay, now I understand some of you might just been hearing this thing for the first time, but some of you have also been through my master classes. Some of you are already in my Deep Dive Investing Academy, you understand these things, or you've watched my videos, or you've learned it somehow, uh, which is great. So, but I understand that some of you have questions as well. So what we're going to do, I'm going to have breaks in between When I hand over to the moderator, Udi, I'm just going to read out the questions based on the hands that are raised or the questions. Let's just make it in an orderly fashion so that we can follow it in a, in a very careful way. So if you have a question, just feel free, raise your hands, and when we come around to it, Udi is just going to read out, um, the questions. Or what do you think, Udi? Should we just have people pop, pop their questions in the chat? That way you can just read it out. What do you think? Yeah, yeah, I'm picking up from the chat. Right, okay, so Sasha, I can see your hand is raised. Sasha, come up. So if you pop your question in the chat, what we're going to do when we have like sort of like opportunities, you can just pick them up, okay? So that way we can have a flow because some people might have questions that are the same questions that other people have asked. That way we answer them. We've just got 90 minutes. We want to make the best of it, okay? Oh, Andy, sorry, it's not a question. It's just to say that a few of us can't see the slides. Um, still on, um, page 1. And there's boxes in front of your images and it's not— oh, it's just moved on, but there's still blue boxes. Oh yeah. Okay. I've been on page— I've actually been on the first slide since. Okay, let's take this down. I've not moved from the first slide. I've been on the first slide. Let's check now. I've actually purposefully been on the first slide. How about now? Can you see the next slide? Yeah, but you need to move around the boxes. Yeah. Like the chat box. The participant list is causing a cover. Yes, still, still a couple of boxes. Yeah, the chat box and the participant list. Yeah, okay. I don't really have anywhere to move this chat box to, to be honest. Okay, right. Do you know what? Hmm. Hide names of identitators, breakout rooms. Yeah. Okay, how is it now? How about now? No, it's, it's occluding the majority of the slides. Oh no, that's not good. Okay guys, okay, what I'm gonna do, let's not worry too much about the slides and then I'm going to show them to you obviously, but then the main thing I'm going to be explaining, um, I don't want us to spend so much time battling with slides here. Um, I'm going to try again now. Okay, tell me, what can you see? Is it still blocking it out? The center one is still— yeah, I don't know why can't I see this center on my end. Yeah, okay, so where does that go? You— where do we take it off to? I don't have any button here that says close it. Yeah, the only button I have is to stop sharing, so that's not what we want. Maybe you can stop sharing and share again. So, so according to Google, it could be screen sharing artifacts or physical hardware issues with your camera. Okay. It's the boxes have disappeared once you stopped sharing the slides. Yeah. Okay. Let me just stop sharing. I will try again just one more time, and if not, then we'll just carry on with other slides, to be honest. Slices are just there to keep us in the right direction so that we don't veer off on them. Keep talking, right? Okay, let's do that again. Okay. Okay. So, chat again. Is that still the same problem? I'm not— yes, the same, the same problem. Well, guys, sorry, I'm just going to have to crack on without the slides then. I thought might be useful. So can you not see any of the slides at all, or— no, we can see these slides. It's only like the bottom part, center bottom part, we can't see. Keep these slides and just crack on. Yeah, at least we can see some of them. Don't worry, the bottom part you've got things like, what age do you want to be financially free and all that. I'll read it out Okay, but thank you for letting me know. Yeah, okay, so where were we? We're talking about Daniel and I who said we're going to end up me paying zero tax because I've invested in a stock and shares ISA. Now before we go further, why I've given that example is for us to understand about the rule of tax efficiency in terms of investing. It not just affects you in terms of your return, it affects your overall return in the future. it also affects your return right now. So, and there's something we need to see before we even start, before we go a bit deeper. There's a big financial— I call it a financial epidemic that is happening. It's a 60% tax trap. And if you think, well, I'm not earning up to $100,000 yet, it does affect people even earning less than $60K. Your adjusted net income, you might not have fallen into the 60% tax trap, but you could lose things like child benefit. So about 630,000 people— and this information has come from HMRC— 630,000 people in the UK have fallen into that 60% tax trap. And that in itself affects your take-home pay, affects your ability to invest. And what it is, is basically if you are in the UK, you get like £12,570 totally tax-free you don't have to pay any tax on that. Now, if you earn above £12,570, let's say you earn all the way to £50,270, you pay 20% on anything above £12,570. I think that bit is clear. So £12,570 and below, zero tax. Above £12,570 all the way to £50k, 270, you pay 20% tax. Scotland number is a little different, but it's quite close. Now if you go above £50,270 all the way to £150k, you pay 40% tax. That's the higher rate taxpayer. But there's just one tax band, okay, which is often not mentioned, and HMRC says nothing about it in their website. That's what we calculated as a 60% effective tax rate. Now I've written multiple articles about it, I have done like signed petitions to HMRC, um, done like videos on it. But it's basically, if you hit £100,000 in your adjusted net income, you start losing that, your tax-free allowance. So for every £2 above 100K, for every £2 above 100K, you lose £1 out of your tax-free allowance. Yeah, thank you. I think my co-host has taken off the slides, maybe he will bring it back. So for every 50K above for every £2 above £100K, you lose £1 of your tax-free allowance until you get to that point where you can't even— you don't even have any allowance at all. You lose the entire allowance. That's a 60% tax trap because you now get to the point where your effective tax rate on what you've earned above £100K is now 60%. How that affects you is basically you find yourself, you earn more, but then your tax is going up. So it feels like, oh, you've gotten this extra £10K, but your take-home is nowhere near £10K because you are now in a worse tax position. Okay, so that's basically what it's about, getting that into control. Part of it is putting some money into your pension and then managing it from there. You could actually invest that. So that's an unseen financial epidemic that is affecting many higher-rate taxpayers. You get to the point you're wondering, what's the point of working a bit harder? And in the last couple of years, there's been a 45% surge. There's been a rapid increase in recent years Driven by frozen threshold and rising wages. So more and more people are getting into the 60% tax trap. And why is that? Yes, there has been some increase in wages. People are earning above $100K, but don't forget, these thresholds were set like more than a decade ago, a long time ago. And what your $100K can buy now was not what a $100K could buy 10 years ago, 11 years ago. I'll give a practical example that 10 years ago, okay, about the time, just, um, is about 10 years and a few months ago when I came to the UK, what £100 could buy back then, you now need £140 if you go by Bank of England inflation rate calculator. So that means that these thresholds were set when it looked like if you earn £100K, you earn quite a bit of money. But now it got to that point where, well, if you cross that threshold, you're still affected. It hasn't been changed. That even goes down. If you go down to someone earning £60,000 in adjusted net income, if you get child benefit, you are considered suddenly to be a high-income family. If one of you gets above £60,000 adjusted net income, then you get that high-income child benefit charge. You have to pay back some of the child benefit. And if you hit £80,000, by the time you get to £80,000, you have to pay back 100% of it. That's stepping down from £100K. Now if you go up all the way to £260K, if your adjusted net income is above £260K, you also almost get— I'll call it like a punishment— you start losing what we call your pension allowance. So everyone is allowed up to, um, £60,000 per annum in terms of pension allowance. That's money you can put into your pension. Totally tax-free. However, if you cross £260K in adjusted net income, you start losing that pension allowance, and it could go down all the way to £10,000, right? So it seems like in the UK tax system, it's not just the bands we know, but there are also basically some tax traps and cliff edges that you have to watch out for. So it's really important to be aware of these things. Thank you so much. I think you, my co-host, who is more tech savvy than me, has taken over and given us a better presentation. Can we see it now? Is that much better? Can you just give me a thumbs up, or rather give you the thumbs up if you can see it better? I should stay away from— yeah, thank you guys. Thank you, Sasha. Yeah, and thank you. I should stay away from doing PowerPoints and stuff. Maybe just do in-person presentations or video recordings, because anytime I do a PowerPoint, something like this happens. It never happens in the workshops when we are doing like deep dives and investing. Okay. Thank you very much. Now I want you to tell me in the chat, okay, you've already told me that at what age you want to be financially free. Um, I know you already said that is a number. I don't know if that has changed since we started, the age at which you want to retire. We're going to do this again. Again, if that has changed, can you tell me in the chat the new age where you think you'll be able to retire? Now basically you told me what age you were hoping to retire. Now tell me What age do you think realistically that you could retire? And I don't mean go and sit on the beach. I mean when work is optional. Okay. Nim said 60. Dara said 68. Um, Sasha said 70. Kwabena said 55. Sohima said, I want to be 45. Great. Samuel said 65. Sonia 67. Ian 68. Again, this is an improvement, Ian. You've gone up from I don't think ever to an actual age. So I love that. That's practical because now we are looking at real numbers because you look at the math. Joyce says 62. Um, I have says when I don't have to pay my mortgage. Fair enough, it's an important calculation. Manu says 67. Great, fantastic. And I can see Dr. Wulabi says 50, Abel 62. Um, these are all great. Grace says 65. Now how do you actually get to that point? Let's get the next slide. Okay, how do you get to actually get to that point? If you do it only by saving, can I get you there? I don't think there's a chance to get there. Now, what has stopped you so far from doing it? Because having now talked to thousands of doctors since I started running these free masterclasses, over 4,200 medics have attended these masterclasses, and we run like almost two dozens of them. 4,200. For today's session, over 600 registered already, and 261 of you have already joined here so far. Okay, I've also been privileged to train hundreds of doctors practically hands-on and actually managing their finances, financial well-being, looking at tax efficiency, investing, practical support. And even inside the Moneywise Doctor Mastermind, my private coaching group, we've got about 100 doctors now. Usually do like 30 per cohort, and then we usually find the most common problem that stops you It's not because you're not intelligent, you're bright. If you weren't bright, you would have been able to get into medical school or dental school. And if you somehow, like, um, even if you're not a doctor— we've got like a banker in our mastermind, the wife is a doctor, so he's been like, wow, I studied banking and finance, I didn't even know all this, okay? But even if you somehow felt like you didn't understand numbers, if you knew that things were possible as a doctor Medics are learning machines. You could actually learn what could work for you. For instance, I'm trying to work out, I'm trying to be more active, but I'm not going to join CrossFit just yet. No, I go for a walk, but that's what is working for me. Every day I do like 1-2 hours of walk. That is what is working for me, okay, at that point. So you find something that will work for you if you know that it was even possible. If you felt there was no point, then you're not even going to do anything about it. But if you know, oh, this is possible, then you can create your own financial goals, your own strategy, how to start approaching it. Now, this is the real problem here. Lots of us as doctors, unfortunately, have buried our heads in the sand. We think the problem will go away. I've had people who said, since I was like in my 20s, 30s, I realized I didn't know anything about finances. And I thought, well, you know what? I'm sure things will get sorted out. Now, 30s, 40s, 50s, and things haven't gotten sorted out. And suddenly you're thinking, well, I don't want to do this job forever. I want to at some point have that option. Medicine starts getting more interesting if you get the option of being able to work or not work. And the last one year, 1% of my income came from medical practice. I'm required to do at least 20 days a year to be able to keep my license. That's 40 sessions. If you want to interpret it, it could be like maybe half, half day a week. So most times I'm not able to work to do any clinical practice for months, and sometimes I'm able to cluster some. Yeah, but it's an option. And when you start working that way, it becomes a joy. Now if you are 60 and you're just starting, you might not be able to get there by 62, but at least you can make a plan. If you're already 65, you might not be able to— you might already have retired, but you want to expand your retirement income. You want to be able to have different types of retirement rather than where just depending on the NHS pension. And if you're 31, okay, you're in a different position. So everyone has got different goals, but these are the real challenges that we notice when we've done like this, our financial health score, the MedScan. The commonest things, one is avoidance. I don't have a brown envelope here, I was going to show you, but a doctor, Dr. Rita, is a fantastic lady, GP partner, currently in my mastermind, very quick learner. She said that for the past 20 years— look, I've got one here, a brown envelope. So any brown envelope she gets, she throws it under her bed. She doesn't look at it, she just throws it under a box or somewhere and doesn't— so that she doesn't have to bother with it. And that was the issue for so many years. And then when we met, she said, in her words, I've been looking for you for the last 20 years. I'm like, whoa, whoa, 20 years ago I wasn't even a doctor, you know. But she wasn't looking for me in particular, Andy. She was looking for someone who could explain things clearly without jargon, without trying to charge, um, 1%, 2%, 3% per annum, hidden fees and all that. But basically, a lot of people are there now, they are the avoiders. I'll call them the avoiders. When they get a brown envelope, they throw it under. When they think about investing, they just put it aside. She said to me whenever she got her pension statement, she didn't bother doing it. Is a trap because one thing we're doing there is like the same thing we tell our patients. Don't ignore checking your blood pressure. Don't ignore monitoring what you're eating. Don't ignore going to the doctor. Don't ignore that mole because it might turn out to be something serious. It doesn't mean that every single day of your life you should become like some sort of financial hypochondriac checking your budget every single day. That's a boring way to live. I don't even have a budget and I've written a bestseller in personal finance. I don't even have a budget, so I'm going to tell you what I do instead. But you want to have a sort of approach rather than avoiding. It might be that, okay, when this letter comes, I'm going to drop it here and I'm going to dedicate 30 minutes every year or 1 hour to look at my taxes. So when you avoid, the problem is that you are having unquantified compounding anxiety. It's just right there in the background. You are thinking about it, you're worried about it. Each time you get another letter, you're worried, you're wondering if anything has gone wrong, if things are getting worse, and then you end up with fines and missed allowances. For instance, I had, um, a lovely gynecology consultant who was trained in the UK, born in the UK, 15 years as a doctor, um, never claimed tax relief on her professional expenses. Thought, I don't know, she was avoiding it, or she just couldn't be bothered, or she didn't know about it. Yeah, she didn't know about it, okay. As at the time she had this one-to-one session with me, she was still a registrar about to finish her training, only for her to discover that she's lost about £2,500 per tax year for 15 years that she could have claimed in tax relief. So that's— we're looking at £37,500. So that's why sometimes as doctors you're working and you're feeling like your money is leaking away, sometimes not just leaking from tax relief and professional expenses, It might be that instead of using your pension to invest, you're using your ISA. Or it might be that you're using the ISA, but you're using it as cash rather than investing. Or maybe you are investing rather than paying off debt, especially debt that is quite draining if you've got like 25-27% interest rate. So avoidance is a bit of a problem. I want you to look at this when we go through these 3 major issues, and you, you, at the end, I'm going to ask you where do you think you are? And then we can come up with goals and ideas of how to— strategies on how to deal with this. Okay, that's number 1. Case 2, because I want to use practical cases, is Dr. Obi. Dr. Obi is a consultant in the NHS, okay, a surgeon. He held about £100,000 in an unsheltered savings account. Okay, £100,000. What did he do? He said, well, I don't know how to invest and I don't want to you know, she avoided— basically was avoiding learning how to invest because he felt, oh, it's too complicated, I'm really busy, there's updates, basically. But at the same time, doctors, you're doing CPDs, but the whole year has passed and you've not done even one thing to improve your financial IQ. Um, again, that's not to blame you, that's just because the system overwhelms you. And throughout medical school, no one even told you this was something to even pay any attention to. In fact, if you asked about your payslip or salary in some places, depending on where you train, People are like, why are you so interested in money? I've had doctors who were underpaid for years only to find out after attending the masterclass, they went back and checked, they saw their code and all that kind of stuff. In fact, one pediatric consultant shared how she was receiving a salary for her job as a consultant for years. I say she was a consultant for about 5 years and didn't think there was any problem with it until she had her colleague, another consultant, that they finished about the same time. Complaining about his pay. He was complaining that he was underpaid. And then when they compared notes, she realized that this person that was underpaid, even his underpaid salary was more than what she thought was her 100% salary. And when she went to dig into it and ask questions, she found out that she was being paid about 65% of her pay. and this was an honest mistake from the pay services. So they had to sort of like do a catch-up for her, and she ended up with quite a bit of money. So basically, understanding and taking charge of your finances is really important. But this case number 2 was Dr. Obi. She was just saving money, didn't learn anything about investing, didn't learn anything about tax efficiency. She met me— sorry, he met me in a conference. He was quite happy with how much he had saved. And I congratulated him and he said, well, at this point he wants to start learning how to invest. Basically, he was 59 years old, okay? And I said, it's never too late to start, but at this point you have to think about your goals, your risk tolerance, your capacity. How long do you want to invest? When you think about investing, the big question is, when do you want this money back? When must you have it back? It turned out that he's been saving every year and he had accumulated— because a highly respected consultant— accumulated about $120,000. £2,000 in savings. Not too bad considering the fact that a good number of adults in the UK— I think the last time I looked, about 75%— did not have up to £1,000 in savings. He saved up to £100K. Now he wants to invest. I asked him, why haven't they invested at all in the past 20 years or so, or 30 years you've been working? Said, one, he was just afraid. Two, he was overwhelmed. Three, he didn't know what to do. Four, he had been scammed before. He lost like £20K in an illegitimate investment that wasn't even verified and it turned out to be a scam. Okay, so this made him to just keep saving and keep saving. And he had stories of people who had invested, his friends who bought one stock that was popular and then they turned out to lose quite a bit of money from it. Okay, so what did he do? He just saved and accumulated. Now the problem was that he was paying about £2,250 in tax on his savings interest without even knowing about it. Because every single year his savings generated a good interest, roughly about £5,000 or thereabouts, a little below, which sounded good. But because he's a higher rate taxpayer— uh, so I think he was an additional rate taxpayer, he wasn't a higher rate taxpayer because he was earning above £150k. He had private practice work and all that stuff, and he had some consulting work for some health tech, none of which was structured in a tax-efficient way, either through a limited company or either putting some of the money in his pension. He just had all this money in his savings account and it was generating decent interest, about £5,000 roughly. But because he's an additional rate taxpayer, he has no pension and no personal savings allowance. Your personal savings allowance, your PSA, is the amount you are allowed to take tax-free in terms of interest, is actually £0 for an additional rate taxpayer. It's £500 if you're a higher rate taxpayer and is £1,000 if you're a basic rate taxpayer. So he had no, you know, PSA, so he had to pay tax on all the interest generated. And the nasty bit is that in the past HMRC waited for you to declare it and settle it, and then it was a year ago or 2 years ago they had some extra powers to then go directly to take the money because banks now have to report to them the interest you generate. So HMRC can just change your tax code so that they can take a little bit more of the money. That way they don't need to wait for you or your permission, and that's why sometimes your tax code is being messed up all the way around. So assuming he has started investing, or even if he has saved the money in a tax-efficient account like an ISA account, cash ISA, then that would have meant that he didn't have to pay any tax. Now that doesn't mean that, okay, you want to save $100K or $200K if you don't really need it. Obviously, if you don't need this money for the long term, you should be thinking about how do I compound it, how do I grow it in a tax-efficient way. Okay, now the third example I was going to give was Dr. MM Is More. So for, for a free— for lots of free YouTube advice, build like about $100,000. So he, he said it in the master class himself. GP in one of our masterclasses, built about £100,000 in capital gains. So he did quite well within a period of 4 to 5 years, but it was in the wrong account. He was using a general investment account or a dealing account or a trading account. These are all different names. So it was in the wrong wrapper. That was a wrong wrapper trap. So he's going— if he sells now, he's going to pay £24,000 or close to that in capital gains tax. A bill he never saw coming. I mean, he may be able to take up to £3,000 in capital gains allowance. So capital gains allowance, that's the amount you're allowed to take every tax year before you have to pay tax on your capital gains. That means if you bought a house for £200k, let's say 10 years ago, and now you sell it for £300k, you've generated capital gains of £100k. You have to pay 24% of that in taxes. That's £24,000, right? 24% of £100K, that's £24,000. Okay, so if you invested over a long period of time, you accumulated up to a million in capital gains tax. 24% of— in capital gains, 24% of a million is £240K. Even if you did just about £100K, it's still quite a bit of money. The £24K are paying in taxes. Guess what? If I don't have to pay it, guess what else it could do? It could be reinvested and compounding and allowing me to grow faster. I could enjoy it. I could spend quite a bit of money, and you know, I could spend some of myself. I hear the average retirement sort of like budget, how much people need to live on retirement. Some of the studies have been looked at, it puts it that most people, if they've got up to £41,000, they have a comfortable retirement. If it's, if it's somewhere between £17,000 to £31,000, it's not that great. I mean, it's good, it's a decent retirement for many people, but at £40,000 to £45,000, you're required to have basically assuming you're not paying your mortgage at that point, you don't have any dependents and all that. So if you have that in addition to your NHS pension, now you've got all that pensions as well, that means if you could end up with £60-65K, that's quite a bit. Why I say that is to tell you the value of that £24K or £240K you have to pay in capital gains tax, that could actually be the difference between retiring a bit earlier or a bit later. Okay. Fantastic. We'll share the recordings. Lots of people asking about recording. We share the records in the community, so we'll share the link to the recording, and at some point I suspect to make it to YouTube Live. Yeah, but because we've got the Investment Academy coming, there's a lot of our focus at the moment, right? So these are some of the areas where doctors struggle in terms of what is contributing to, you know, the financial avoidance that causes some of the problems. Now I'm going to go back. In your own— if you look at all these scenarios, I'm sure you're thinking about where you are in the picture. Where would you say— do you fall into any of the classes? Would you say at number 1, 2, or 3? If you tell me in the chat, just say 1, 2, or 3. And if you don't fall into any of the classes, just write 4. So 1, 2, or 3. Are you like the avoidance trap? You're saving but you're afraid of investing because you don't know where you are. Okay, so Dara says 1, Monique says 4, West Sam is 1 and 3. Fair enough. Rajiv says 4. Wanda says 4. Yeah. Okay. So quite a bit of 4s and 2s on here. This is really good. Look guys, I appreciate your feedback. The responses help me to make sure we're tailoring it in a way that is useful for you and it makes it fun. And Sonia say ignorance and fear trap. Okay. That's good. Right. Okay. So I can see that broadly these are the common issues that doctors have to deal with. Now I'm get— before you depose the next slide, I'm going to ask you to do one thing. That I always do in my masterclasses. We've done it quite a few times. I'm going to tell you, when you think of tax-efficient investing, what comes to your mind, um, in one word, when you think about tax-efficient investing? Because to deal with these things, what you need is basically a clear education, a clear understanding of the tax system and how you can invest. For those in the UK, you know about your ISAs, your SIPPs, your SEIS, how you can combine them Okay, and then for those in Canada, you have your TFSA, your Tax-Free Savings Account, which allows up to $7,000 per tax year. Not as great as the ISA, but it's roughly about £3,500. And you also have your other pension there as well. So if you think about investing, how do you feel? Some people talk about SIP and ISA, but how does that make you feel if you think about investing? How does that make you feel? Does that make you feel okay? Sonia is very honest. I think Sonia, I've been to a few of our masterclasses. Always a joy to have you. I don't know, this might be my last free masterclass, but let's make the most of it because there's been some— my team, I now have a team, basically they, they, they think I'm just like, yeah, unprepared, scared, very honest. Okay. Scared. Okay. Terrified. Dara says terrified. Joyce says worried presently. Fair enough. Um, Sasha said delayed joy. I like it. Delayed gratification. Nema said unsure. Okay, Albert said uncertain. Kwabena says lots of uncertainty and fear of the unknown. That's great. Monica said eager to learn. And these are all normal. These are just things that you feel. I'll give you a practical example why you might feel that way, but you just show me the next slide. Let's see what others have said. Other doctors who have attended the masterclass. Okay, so you see you're not alone. In fact, you, you don't seem— yeah, nothing out of my— I'm sure the stock market seems rigged. Okay, yeah, lots of people feel that way. I've been investing in the masterclass, in the stock market for the last 21 years. If you don't know the rules of the game, if you don't know how to analyze investments, of course it's going to look rigged. If you go and play a game, let's say you're going to play a game, you don't even understand the rules of the game, You don't even understand how things work. Most people, majority of people who invest in the stock market have never thought about their financial goals, their strategy. What is their investment strategy? Are they going to be passive or active? If they are passive, are they going to be buying broad, well-diversified index fund? How far should they diversify? Should they just buy S&P 500, which is very concentrated in one company, or FTSE 100, which is very concentrated, even a smaller market Or should they buy a FTSE All-World, which is like a global market but is only buying mid, medium, and sort of large, large-cap companies? Or should they just buy, um, maybe like, um, short, you know, should they buy like, um, basically like, um, sector, sector indexes, which is passive? Okay, now they've not thought about if they are active. Have they learned how to analyze companies? Have they in the whole 4 weeks, in our 4-week investing academy Week 1 alone is sort of like working out your financial goals, understanding how the market works and all that. And Week 2 is index fund, because all indexes are not equal. What type of index would work for you depending on your goals? Do you need to combine them with bonds? What is your financial goals going forward depending on you in particular? And Week 3, we are diving into things like analyzing companies. You're looking at company books in case you're looking at, um, cash flow. Statement, you know, your income statement, balance sheet. Now, many people who have invested or who have been investing, they haven't actually really done any of this. They sort of have taken it as a bit of, um, oh, it's a gamble, let me try my luck, maybe things will get better. What happens in that case, that they are not intentional, they are not able to invest as much as they, they could if they would. You wouldn't suddenly, like for instance me, going to use up my £60,000 my pension allowance, and I last year, let's say I just took £60,000 from my limited company, goes into my SIP, and I invested in the market. You wouldn't do that if you were not sure, if you felt uncertain. And again, you're not— man, you're not alone. Pain, heart sink, fear, loss, overwhelm, mistakes, confusion, too much anxiety— these are things that other doctors like he have said. And why? Because the lack of education, the lack that coaching, the lack of handholding, the lack of support. You have no one to ask. If you watch a YouTube video, you might ask some questions in the comments, but is that enough? Sometimes you might need to do some back and forth. You might need to be in a community where you get the support of other people who are on the same direction. You know, I said I enjoy the Moneywise Doctor community, and also my mastermind is really good because every day we're talking about how to get to that financial independence. Everyone is working out their goals. Sometimes it's someone's talk when they're trying to set up their account and they do a screenshot and they share it, and then they get feedback. And sometimes someone just sort of like getting a letter from HMRC, but that's all we talk about there. There's no one talking about them politics or, you know, except it's affecting the economy and interest rates and all that. So basically, as a doctor, it's not your fault. No one has actually taught you about all this. No one has actually given you that framework We've gone through medical school, we've learned so much. I think like an average doctor or dentist has written 20 exams, if not more, and still writing. So, but the real cost of not knowing, of not being in charge of your finances, is not just losing money. Of course, doctors are already losing money. Most of you here, I'm sure you already know this, that you're losing money one way or the other, either through tax leakages or, or missing out on compounding or inflation. But we already know that. But the real cost is not just the losing money, it's not the financial bit, is that— is the doctor afraid to invest? You're afraid to invest, you're letting your savings erode in a current account or even a savings account. Basically, the values drop in this inflation. Um, but that also means that you might need to work a little bit more. So that's a GP working extra shift, like this is a weekend, most people can't attend, they have to do what they have to do. I mean, if you're on duty, that's fine, that's great. But some people have to take up that locum. They might not have the time to take a break even if they need a break. I mean, if you have to work, you have to work. But sometimes you think, well, I need a break now, but you can't because you're thinking of— you're not sure of the future. Now, this is all that comes from having no control over your financial future, having no understanding. You're not sure, will the NHS pension age go up? If it goes up, do I want to do this till I get to that pension age? Age. So you're working an extra shift, but you end up taking home less because there's no tax efficiency or financial structure in place. It's like the consultant going, you know, doing everything right but feeling financially behind. So these are things that happen. So I'm just trying to say that to validate, obviously, that your feelings are not in the wrong place. Okay, now I don't know, I, I think we're way beyond this. You might show the next slide. But what I've been doing for the last 3 years since I started Moneywise Doctor, so after I left my salary GP job, I had quite a bit of time on my hands and it was very weird trying to call your friends to say, let's go to the beach. And of course everyone is at work. I grew restless, played with AI projects and all sorts of stuff. But February, that— so I lasted just 2 or 3 months. February, I started a simple blog called Moneywise called moneywisedoctor.com, sharing my insights around these things. Already, I already had a lot of colleagues, doctors, who would usually ask me questions around finances. So if you went to medical school with me, you might have known back in medical school I was already an investor, and I would teach my consultants how to invest. So basically, I started that blog, and of course, that's what grew to what we do now— financial education for doctors, financial coaching for doctors. Um, of course, we also work with, um, people in the financial industry Ndubuisi 'Andy,' um, who, in case you needed like financial products or accountancy and all that kind of stuff. But our whole thing is that you should be in charge of your finances yourself. Of course, that's from that blog and from my writings and seminars. That's where, um, this book The Moneywise Doctor came from. And I wrote this book last year, and then when it came out December 5th, thanks to people like you who went out and bought it, about 600 copies sold. While I was still writing it before it was published. So I had to sit down for 2 months, do nothing else, just finish the book. Okay, so it was bestseller on investing, personal finance, and all that. So obviously I'm a former NHS GP, so I understand a little bit about the medical world. Um, yeah, I hope they still allow me to keep the license, but I need to do at least 20 days in terms of, um, clinical work. Um, actually, Financial Independence, that's what helped me to leave medicine. In December 2022. Okay. And like I told you, 10,000 doctors every week, I write to them. My weekly email is on moneywisedoctor.com/subscribe. Okay. Why I said that is just to give you an idea of the perspective I have around these things. And I've been fortunate to speak in multiple conferences, Royal College of Emergency Medicine, Mansa, Royal College of GPs, and multiple other events. Okay. So let's just jump that to the next slide. I say that because it's easy for people to jump to YouTube or Instagram. Could we have the next slide, please? So people could join the YouTube or Instagram and kind of like make random claims. Like you can see, I'm not inside a private jet. I'm not flying a Ferrari. All I have is like, I have like absolute control of my time. That means that at the end of this masterclass, I'll go and throw a few things into my bag and I'll head over to Preston to attend a birthday. Ceremony for, um, yeah, a relative, and then the next day I'm off to Santorini. That's not my daily life. I probably spend like a week in Santorini and then I'm back to do school run and stuff like that. But I just have absolute control. That means I can decide. Cornwall GP VTS asked me, oh, can you give us a talk over Zoom? I said, you know what, I'll come in person. Yeah, because I can come in person. Well, it gives me an opportunity to go and see my tenants who I haven't seen in Cornwall for over a year. But again, it's just having absolute control. Yours might be like you want to write a poem, or you want to do more medical teaching, or you want to spend more time with your family, or you want to change the direction of your practice. But having that financial, you know, um, efficiency, or having that financial flexibility, having those financial options is really important. I say that so you realize that I'm just saying theoretical things. I've actually had the practical experience, made the mistakes, invested through 3 stock market crashes, so the most recent one being COVID pandemic. Okay, I really think that we're beyond this point. If you are still here at this point and no one has left up to this point, you already know that this masterclass is for you. If you feel like you're paying more tax than you should, if you've been meaning to sort out your finances for years but you haven't found the time or a clear path, or you want to invest tax efficiently but you don't know where to start or whether what you're doing is the best, if it's optimal. And in some cases, you want financial independence, but you want it on your own terms. You're not looking to retire, but you want to be able to say, look, I want to be able to step down or cut down what I do in the next 5 to 10 years. I want to still be able to work, but I want some investment so I have like passive income or something to fall back to, and I want to do it all in a tax-efficient So if you've said, I'll sort this out this year, if you said it more than twice, you said it for the last 10 years, now you're wasting something really important. Compounding works with a raw material called time. T-I-M-E. That's the most precious element. It's not on the periodic table. Don't check. So T-I-M-E, that's what compounding works for. Every single year that passes, I say I'm going to do this and you don't get to do it. Okay. That's what compounding— you're losing time. Okay, my, my team always reminds me that I tend to forget to mention that I've written a book. I've mentioned it a few times now, so they know. Of course, if you wanted to get a copy of it, if you whip out your phone and then, you know, you pointed it to the barcode, you can go to our website moneywise.com/book. You can get a copy of the book from there. Okay, so, um, and if you're getting it from the website, obviously you get like a few bonuses like tax relief checklist and the rest of that. Um, but you can also get it on Amazon, so it's available on Amazon, whatever works for you. Um, yeah, the book is usually like— we've gotten fantastic feedback. If you've read some of the feedback, you know. Okay, let's jump to the next slide then. In the book, I summarize the things I'm teaching now. Chapter 1 deals with basically setting the stage and what you need to do with your finances. Chapter 2 goes into, you know, automating your finances in a way that is actually more useful for you and it doesn't become a source of daily stress. Chapter 3, we go into things like obviously financial protection, having it in place, some of what we are going to discuss here. And then if you get a little bit deeper, I can go into Chapter 4, we talk about crushing debt. Chapter 5, I call it clamping the tax bleed. So I address the ABCDE of tax efficiency. So approach tax from a systematic point of view, not just every single time you get an envelope, that would be when you worry about tax. No, have an approach to check at the end of the tax year. You can— I can do ABCDE is a tax x-ray, check I've not missed anything. Oh, that's great. Okay. And of course, Chapter 6 talks about investing, tax-efficient investing. And then there's the rest of chapters. Chapter 7, financial freedom. Chapter 8 is like deep dive into pensions and pension options, how to combine ISAC, pension, and the rest of them. And of course, Chapter 9 makes you think about what alternative investment— because lots of people tell you, oh, you could have invested this money in gold or real estate and commodities and this and that, or giving it to me to do buy-to-let. Well, in Chapter 9, I look at different investment options and what I call the REST framework. So that's my framework for investing. R-E-S-T. R is risk, So I don't want investments to be a source of stress to me. R is the risk versus return because there are two sides of a coin. E is the effort I have to make. If I'm going to invest in the stock market, I don't have to think about it. I don't have to visit the place. I don't have to check if the tenants have planted cannabis on the roof. I don't have to have to evict anybody. It's not like I'm going to have to stay up all night to check the prices going up and down. Okay, so that's RES, R-E-S, is obviously the stress involved, and T is the timing, time of getting my money back, how quickly. So I cover all that in The Moneywise Doctor. And of course, Chapter 10 was my best chapter to write, is on strategic giving. Okay, so that's a little bit of the background, but let's look at approach now. We have understood the problem, we have agreed that there's an issue here. Lots of doctors have spent several spent years learning about medicine but nothing about investing. What is a practical approach you could take to actually start? Let's say you're just starting, or you've started and realized like, oh, you started but you're not sure you're doing things in the right way. I've broken it down into 3 different phases. So it's 7 steps, I call this. So it's 7 Steps to Tax Efficient Investing, but those 7 steps are in 3 phases, okay? Now Phase 1 is the diagnosis and foundation. We already know that bit. That's where you start. So under Phase 1 is Step 1. Step 1 is basically increasing your financial IQ. Invest in knowledge, grow your financial IQ. The more you learn about something, the better it is. Like some of you from the slide earlier on, and from what you said, you said you were terrified about investing, maybe anxious, you're worried about it. And I'll ask you a question. Let's say you are a GP. What do you think will happen if we got like an F1 to run your clinic, or a medical student to see your complex patients? It's going to be a car crash. Or let's say a surgeon, let's say we just get like a random, you know, brand new F1 doctor and ask them to operate, run your cases. They run your case, it's going to make headlines. Why? They have not been trained, they have no education in that area. You've spent years learning that So it does make sense that for doctors, unfortunately, the financial industry also targets doctors because they know that doctors are busy, have no time, are very trusting. Because obviously, doctor-doctor communication— if a doctor refers a patient for me, I know they have no reason to, you know, hide facts or lie. The same if I'm talking to a nurse or someone else, a radiographer, a pharmacist, exist. But that's not always the case in the financial sector. And I'm not saying everybody from the financial sector is bad, but we've seen a lot of nonsense happen. We've seen like people who are basically just commission salespeople, financial salespeople, packaging themselves as advisors. Um, unfortunately, I'm going to say this, a lot of restricted financial salespeople, and they will never tell you they are restricted. You have to ask Are you independent or are you restricted? Um, once you ask that question, say, uh, what do you mean by that? No, are you independent? Are you restricted? So a lot of restricted financial salespeople, they've got access to products in their own company. That's all. If they've stopped outside the market, outside their own, you know, they've got like 20 to 30 or maybe 40 things that they think if you buy from them, if you buy that financial product then they're going to make quite a good commission. I have no financial product to sell you, by the way. You can't buy an investment from me even if you tried, and no, you can't send me money to invest for you. So I just wanted to give— just to clarify that. Now, for an independent financial advisor, either a specialist, so they have access to the whole market, and at the same time they can also understand issues around the NHS and things like that. Not every doctor needs that. In 21 years of investing, I've not hired the services of a financial advisor. And everyone who has passed through the Mastermind, they find out, look, I'm a doctor, I could do like anatomy, biochemistry, physiology, I can do this. Of course, maybe when I'm 50 or 55, I might want the financial advisor to run things back and forth with them, or 60. And that might be like, let's look at my trust, let's look at what we can do for this, my little one, and all that. But in terms of investing tax efficiency, if you already know the rules of the game, that also helps you even when you want to get an advisor to know which ones are the right ones, which ones will help you. Because money is just as important after your health. The next thing is getting your money right, because that can limit your options and your ability. So that's what step 1 is— investing in your knowledge, increasing your IQ. How do you increase your financial IQ? I call it the 1-1-1 approach. That's why I call it in my book. And before I wrote the book, I've been teaching the 1-1-1 approach. So, you know, NHS 111 clinical pathways, just like that. Number 1, I'll say, is read one book, one simple book. It could be The Moneywise Doctor, it could be Rich Dad Poor Dad, The Richest Man in Babylon, whatever. Imagine if you are reading one book every single year to improve your financial IQ while you do all your CPDs. Just do one single book every year. If you've done that for the last 10 years, you'll probably be giving the seminar now. Or maybe moderating for me. So that improves your financial IQ. If you've done it for 10 years, you've done 10 books. You don't even have to do more than one. I mean, last year I did like 60, but I'm reading like multiple things and I, I enjoy reading. And when I'm going on walks— but if you did one, that could improve your financial IQ. Number 2 is not that difficult. It's follow like a weekly update, like a weekly podcast or email or newsletter or blog or TikToker, LinkedIn just follow one financial stuff. The importance of that is to give you updates and insights and get the context of what's happening around you. You don't have to follow the daily news. I don't listen to the news, it drives me mad. There's always somebody in a WhatsApp group somewhere who shares whatever is supposed to be the, the hottest news. But if you have like a voice of reason, a sound person in your area, either personal finance for doctors or personal finance in general, if you see Personal Finance for Doctors, be better because it relates to you. If you get that weekly, what it would do for you— I'll give you a practical example. The tax year just ended. I think it was about 2 weeks ago, on the 5th, or the tax year ended. Now, if you had that reminder, you can do something about it. Again, with the ending of the tax year, some changes happened. For instance, your dividend tax rate went up. So if you getting your dividend from an ISA or a SIP, you now had to pay a higher dividend tax. So now for a higher rate taxpayer, it went from 40% to 42%. For a basic rate taxpayer, it went from 20% to 22%. Now getting those updates can help you to make some changes in time before it's late. I think in 2024, 2 years ago, when I heard about it's likely the Labour government might increase the capital gains tax, I had investments outside an ISA And I announced in my newsletter, which I write every week on Sundays— so if you don't get it, it's on moneywisedoctor.com/subscribe— so I wrote on that newsletter why I'm selling all my shares. And some people say, well, I read that newsletter and for the first time I realized, oh, I actually had capital gains tax. So what I did, I sold those shares and bought them back in inside an ISA and took the capital gains with the allowance for the tax year. Okay, so having a weekly way of keeping up to date, whether it's a podcast or newsletter, that's one way to okay, 1, 1, 1. We've done 1, 1, and then the final one is attending a workshop or seminar or conference or something every single year. Last weekend I was in Middlesbrough, I spoke in a financial seminar. Later in May, I'm also flying out to Newcastle to speak in an IMG conference. So it could even be online. So 1 event, 1 book, 1 weekly update, that in itself can actually help you to improve your financial IQ, and it's harder for you to be fooled It's rather for someone to give you random advice. I've had doctors paying thousands in pounds in fees for years without knowing because they were told it's free financial advice, but they will only charge you 1% or 2%. Now, as your fund is growing, it's compounding, those fees come out before any investment is made, and it doesn't guarantee you that you're going to do better than the market. So what they usually find is that they look into their investment account being managed by a wealth manager. They find that they are doing worse than the average market index. That if they had just bought a passive index, they might have done better. Why? Because the wealth manager, financial advisor, has also just bought an average market index. So when you were going to invest, they asked you, are you cautious or, you know, moderate risk, or, you know, basically adventurous? And you said cautious because you're a doctor, you're sensible. And they interpreted that as, okay, we're going to put 40% of your money in bonds. Bonds and then 60% in the stock market. Now, if you know anything about bonds, bonds are supposed to be safe, but they're not for growth. That means that you have 20 years to retire, but basically your money is sort of sitting in bonds and yielding you 4%, rather than, for instance, a passive index last year yielded 33%. That means it's harder for you to compound and get to your financial goals. So that's why it's really important for you to do that 1-1-1. Step 1, invest invest in knowledge, invest in your understanding, financial education. I want you to congratulate yourself now. You've already done one of the ones by being able to show up here on a Saturday, 10:30. So if you could give yourself an applause, if you can find the applause emoji somewhere, uh, being able to do that, that's it. That means you're already doing one of the ones. Okay, good, excellent. I can see some people. That's good, Dara. Yeah, because you could have been doing anything else. It's quite lovely, sunny out there. So that's it. So we've already dealt with investing in your financial IQ. I'm just going to look at the next slide. So the next slide, basically number 2, after you've done that part of building the foundation is to conduct a personal financial audit. Now don't be scared, this takes 3 minutes. You can do it. We call it MedScan. I've designed a financial health score for doctors. You can check your personal financial audit. Thank you, Albert. That means that you can, as a doctor, if you head over to moneywise.com/medscan, and this will work for dentists, nurses as well. In fact, if you live in the UK, you can use the med scan. If you live in a place like Canada, it will still work for you, but the tax system is slightly different. Okay, so you need to do a financial audit before you start investing. Why people end up starting to invest and they lose money, then they stay out of investing, then they come back again when the market is very active, and that way they just keep bleeding. And before you know it, 10 years has passed. They've never really had a structured approach. So number 2, if you're going to have a structured approach to tax-efficient investing, is to do a financial audit. You want to sit down— this might take you half an hour— map your salary, you know, map your locum private income. Or you can just jump on MedScan, it will take you 3 minutes. You look at them as, what's my long-term goals? For instance, before you start thinking about investing, of course, if you have money you need for next year, or you have— you need it next month to travel on holidays, or you need it to pay your child's school fees next year, or you need it to pay for your ILR or a house deposit within a year, that's not money you want to invest in the stock market, right? That's not it. But how about money you don't need for the next 10 years? Like, I see something where people have a Junior ISA in cash and their child is 1 year old, they're not going to need the money for another 17 years. So rather than exposing the market, exposing the money in the market to get risk-adjusted returns, it's just sitting there in cash for the next 15 years. So what's happening is that it's not just the money that you should have increased to pass on to your child, you're also sort of like, you don't have the opportunity to teach them the right way to manage finances, which is even much more valuable than the you are, let's say, 39, and you're not going to be able to access your Lifetime ISA for the next 21 years, and you've already bought your first house. How— why is it in cash? I mean, I don't understand. You're not going to be able to get it anyway for the next 20 years. Why are you not exposing it to Gary's adjusted returns? You've already answered my question when I asked you what's holding you back. Lots of you said anxiety, fear, lack of education, ignorance. And yeah, that's You probably haven't even thought about this. My Lifetime ISA, rather than being in cash, could have been in a Lifetime ISA stock and shares. My Lifetime ISA is in stock and shares because I've already bought my first house over like almost 10 years ago. So my Lifetime ISA is in stock and shares. The same approach— you need to sit down, identify where you are, what— how much have you got, how much do you need to save, are you able to take advantage of your ISA allowance? Okay, maybe you don't have enough money to do that. That. But maybe you can maximize your Lifetime ISA, especially if you have the account or you are less than 40. Do you need to open a Lifetime ISA which allows you to get up to £1,000 per tax year from the government just for buying your first house or for retirement at 60? Of course, the house has to be less than £450K. So you want to identify your tax position. Are you blindly sitting in the 60% tax trap without even knowing about audit. You want to check how many of you have even logged into your HMRC login. Find out, sometimes you log in and see, I've lost my entire personal tax allowance. Some of you find that out for the first time after attending our tax hack or masterclass. You go and check it for the first time. It's really important. So that is what that financial audit is. I've had doctors who did their financial audit. I think, um, a doctor, um, Dr. Setemi, who is in my financial coaching program, the cardiothoracic surgeon. Um, he was— he got a letter from HMRC that told him that he owed a large sum. I think it was about £8,000. I can't remember the exact amount, but when he did his financial audit, he attended our tax hack, which we did as part of the mastermind. He found out that he had to file things properly. By the time he claimed his tax relief and filed everything, HMRC actually was owing him £1,300. I've had this experience They sent me a cheque of £1,100 back then, and nowadays they'll say something like, oh, it's been your tax account, you can apply to future taxes, or you can withdraw it. I always want to withdraw it. I want my money to be paid to me. But why Dr. Setemi was able to find out was because he did an audit. I've had Dr. Ndubuisi 'Ndubuisi' who was a GP who had gone tax several years without claiming tax relief, claimed once and thought you could only claim once. Claim tax relief, got about £9,500. This is just from doing a personal audit. And for some people, you just do an audit and realize, oh, I'm saving quite a bit of money here and I'm paying a lot in terms of, you know, taxes on savings. I have enough for my emergency fund, I need to now invest. That's point where you are. And for some of you, is your pension allowance. You're not using your full pension allowance. You could, you could afford to use it, but you're not using it. Audit. For some of you, it's finding out your pension statement. You need to conduct that personal financial audit. And one big area many people miss with this is financial protection. They haven't got a life insurance, income protection. That means that if something were to go wrong suddenly, one, the family is left with nothing, struggling. Maybe there's NHS debt and service benefit, 2 times your salary, but would that be enough to pay off the mortgage, to take you to your goals, to make sure that your family is fine. And for some other people, it's basically income protection insurance. If you suddenly couldn't work, um, if you've worked for the NHS for up to 5 years, it can give you up to 6 months of full pay and then 6 months of half pay. But what happens after that? I've had doctors who— I gave an example in my podcast— Dr. Ruth Mashin, who was on my podcast, radiology consultant, developed severe eye pain, couldn't work again. As a radiologist. And, uh, yeah, that was the end of her career. She said to me, after the NHS pay, having income protection is what saved her finances, so she didn't have to sell her house. And in your case, you don't have to sell your investment. So conduct a personal financial audit. So number 3, obviously, after you've conducted your personal financial audit, you then want to go into building— you want to build the emergency fund. The emergency fund, just think of your emergency trolley in your clinic or in your ward. You don't have to have it it. You may not need it for a whole year, but when you need it, you want it to be there. So it's held by the average— I mean, most doctors have no emergency fund. Some people say they are saving for the rainy day. What does that even mean? You know, sometimes you save and save and save and save, but if you have a savings goals, if you save your emergency fund, then you get to the point where you can invest. I also have the other side where people are investing, they have no savings. So what is basically your emergency fund? It's 3 to 6 months worth of your living expenses is held liquid in cash or in a way you can access it within 24 to 72 hours. Okay, it could be in your Cash ISA so that you don't have to pay tax on it. It could be in your regular savings. If you're a basic rate taxpayer, you still have up to £1,000 PSA, but I'd rather hold my emergency fund in my Cash ISA. Um, of course, if it's a couple and one person is a basic rate taxpayer, you might want to use the basic rate taxpayer's account if you guys run a joint accountability financial system at home, or you can use up your ISA. I don't like to put in cash in my ISA because I want to do stock and shares ISA. I want to use the whole £20K, but of course that's because I built up an emergency fund already, okay? But your emergency fund is only for emergencies. It's not for, oh, I just, you know, someone just asked for randomly. Basically, it's for— I'll give you practical examples. I had this couple in my mastermind Um, one was a surgeon in training, I think it was ST6, one was a GP. In the same month, the same month, April 2025, the stock market was collapsing because of course stock market goes up and down because of some trade deal issues, sorry, from the US and China. So the same month their boiler broke down, in the same month their car had issues, and in the same month they had a family member abroad who needed help for private healthcare. Here. They needed cash. They didn't have free cash apart from the emergency fund. There are two options. One, they could either go in debt, use their credit card, or borrow more money from the bank or whatever, or they could actually sell some of their investments. But the third option, which was fantastic, was that they fell back to the emergency fund that covered for that period. So the emergency fund is not just financial. It stops you from having to sell your investment at the wrong period. That's why I say to people, just build that before you start investing. But it also allows you to sleep a little bit better at night. I think so. One of the reasons when I left my salary GP job, and I've never had a job since then, getting to 4 years, because I had an emergency fund. I knew that I didn't have to sell my house or sell my buy-to-let or, or sell my investment in stocks or whatever like that. Okay, I don't buy any more buy-to-lets, but those were the early days. Um, so having that emergency fund is really, really important. Okay, if you need to take a break of like 6 months or more I think I can do this. That emergency fund is what you fall back on. So I believe that having an emergency fund, 3 to 6 months worth of your living expense, is really important before you even start talking about investing. Now, just to check if you understand my concept of emergency fund, let's say Dr. Patience, her monthly expenses— I'm not talking about monthly salary, her monthly expenses— I'm talking about things like her mortgage or rent, or if she has car payments and whatever she needs to spend, grocery and whatever else. If her monthly expenses is £2,500 and she wants 3 months worth of emergency fund, tell me in the chat, how much does she need to save to get her 3 months worth of emergency fund? Basically, she has like a job, she hasn't, you know, NHS pension and all that. She just wants 3 months to start with. Of course, if you're a locum or you don't have NHS pension, or you are an entrepreneur, you're starting a business, I always think 6 months to 12 months is best. But let's start with there. Okay, George says 7.5K. Okay, yeah, Dr. Delanke says 7.5. Hmm, so you get the concept. And I said you can either save it in a cash ISA if you want it to be tax-free, or you can save it— and some people use premium bonds. I've had people in the mastermind who use premium bonds. I don't use it. A premium bond is not really like an investment bond type of stuff, it's more like halfway draw. The maximum you can put in there is like £25— and sorry, the minimum is £25, the maximum is £50,000. You can win up to £1 million, or you might win nothing, uh, basically. But it's also tax-free. That's where some people choose to hold the emergency fund. It's guaranteed by the UK government, basically. Okay, so the purpose of the emergency fund is to cushion you— is it— the cushion gives you permission to stay invested in the market during deep I've seen that during stock market crashes have been some of the best times for me. During COVID crash, it's not the best time for the health sector, for the world and everything. Of course, I was also working as a doctor during COVID but it provided me with the opportunity to buy high-quality investment at a discount because everyone was selling, the world was coming to an end. And I thought in my mind, if the world comes to an end, I'm not gonna need this money, my savings anyway, so I'm going to invest it in high-quality companies. So if the world doesn't come to an end Guess what I'll end up with? High-quality companies that have recovered. And for those of you in the Mastermind community or even in the Moneywise Doctor community, I've shared some of my investment returns and some of you are like, wow, how did you manage to get 57% or 60%? It's because when the markets were bad, I always buy. And I'm not just buying randomly, I'm buying high-quality companies. In your case, as a passive investor, if you are doing what we call dollar cost averaging or pound cost averaging, your £1,000 or £1,600 that you're investing every month ends up buying more for you because now the market is at a discount. And if it's a bullish market when everyone is on steroids and everyone is saying, oh, the market is going high, and if you are doing the same £1,600, it still buys you something, but it doesn't buy you as much. But it gives you a psychological balance so that you don't have to keep thinking, how much should I invest? What should I do? Do? Which stock should I buy? Okay, so I just say that to say having an emergency fund means that you have sort of some space between you and then crisis. Not everything turns to a crisis. Like yesterday, I thought, well, I'm almost doing my MOT. My MOT is due in the next 5 days, but I'm not going to be around. I'm going to be in Greece and I need to drive back when I come back. Okay, and when I come, come back into the country, and let me just get the MOT get it done. And when I got there, oh yeah, your tire, the two at the back, it needs to be changed. And, um, that was for my other car, my Mercedes. I thought, oh, okay. I didn't— obviously I have to fall back to my emergency fund. But not everything should become a crisis. Of course I have to pay for that, get the two back tires done. Um, so, but for some people, if anything goes off plan, if there's a delay in getting your salary, if for instance something goes wrong, your boiler spoils, you're suddenly in a crisis, it affects your psychological it, it affects everything. It leads to stress, leads to burnout. No, your emergency fund is supposed to help to reduce that. Of course, having financial education and tax efficiency helps, but having that money liquid, not invested, not in crypto— don't give it to your cousin who is trying to do some random fancy business online, and definitely don't give it to that friend who wants to invest it in property. No, your emergency fund is supposed to be liquid and accessible. Okay, right, so let's go on. So we've done the first 3 steps, are the key steps. We can then zoom through the remaining steps, which I the steps of safety before you start investing. Number 4, deploy a financial defensive strategy. I've already mentioned this. Think about your investing as your estate. How do you defend it? Before you start investing, you don't want to have to sell suddenly. I hope you can still hear me. So, um, income protection— basically the NHS pays you up to 6 months of full pay and there, you know, 12, uh, 6 months of half pay. Thank you, Sean. Um, but 1 in 4 doctors would be off work for 3+ months before retirement. So I don't know, has anyone here had to go off work for several months? Because I've had people in the Moneywise Doctor community— I've had someone share with me, a GP, a local GP, he had a disastrous— not disastrous, but he had a knee injury that was really bad, couldn't walk while playing he didn't have income protection. Yeah, thank you, Dr. Abiola. Yeah, thank you for sharing. Yeah, sorry, do you, do you mind sharing in the chat how long you were off work? So most doctors feel invincible, and I don't blame you. I also feel the same way, like it couldn't happen to me. And I haven't had to be off work due to ill health for 6 months, but this doctor was off work for 6 months had no pay, no sick pay, nothing. He liquidated his emergency fund. Now he said to me, thank you, from your podcast I learned about emergency fund, so I had an emergency fund, but I didn't have income protection, so I wasn't getting any payments. Yeah, okay, 2 months. Oh, Dr. Seun went broke, 2 months. You see, these are life experiences. And Dr. Seun, Dr. Abiola, thank you so much for your generosity, because that's how we learn. We learn from other people's examples as well. And Dr. Jaganathan said 8 weeks. 8 weeks really long time. It's 2 months, no income. And then Angie, Angie, Angie is quite bright. And so Angie is currently in my mastermind, my financial coaching. Um, she was off work for 6 months. Okay. And then Nana said, I'm on my 3rd month of work, fully unexpected illness. I'm really sorry to hear that, Nana. Um, I hope you, you have some NHS pay or something coming in, or you have some, some sort of income. If you've got income protection, obviously they have to pay you. You. They have to pay a portion of your income to sustain you during that period, which is usually enough for most people because at that point you're not paying a salary— sorry, you're not paying taxes. You're just fine. You might not be commuting as well. And Dr. Alfred, 4 months. So guys, this is not something far away, and I think maybe in the next month we should look a little bit more into financial protection to make sure that you're covered. Because what happens is that you end up liquidating your salary Some people go into debt, some people end up going to sell their investments, some people have their savings, they clear it up, some people go into debt. But you want to build a financial castle around your investments even while you're investing. So I ask for people not to try to do all these steps all at once. Do one, then do the next one, do one, then do the next one. And some of you are already beyond step 1 to 3, you already have step 4, and some of you I'm going to talk to you in step 6. Because you're already ready to start investing. And of course, these are really important. Um, someone said here, um, Sean said, thank you for this session, highly informative. Thank you guys, I appreciate all the comments. Lest I forget, okay, if you're here till the end, or somewhere, if I remember, I'm going to tell you about an opportunity if you want to work closer with me. Look, this is a free masterclass, you're not obliged to do anything, but every very few times in a year I opened my mastermind, which is my one-to-one financial coaching and group financial coaching. Basically, you get the opportunity to be with 30 other people, doctors who are working towards building a strong financial foundation. We look at every single thing here bit by bit. It lasts for 6 months, but you don't have to show up every day for 6 months. You just have access to the community for 6 months. You have a couple of one-to-one sessions with me. You can attend our 4-weekend investing academy, which suddenly takes you from having zero idea about investing to learning how to invest confidently for the rest of your life. Basically, you get that skill and learn how to do it tax efficiently. We also do things about tax efficiency, limited companies, and all that. Basically just having another like 29 buddies that are working towards the same financial goal. And we've got a community which I show up in daily Answer questions, people get stuck, they do a screenshot and they share it in there. So that's the mastermind. So if it's something, lest I forget, if it's something you think might be for you, I don't think it's for everybody. And last time I had 592 applicants, I was able to take 30. Last time I had 592 on the waiting list. I think the applicants were fewer. I was able to take 30. So that is like the maximum number we do take. If that's something for you, what you could do is to comment MM. MM, so we don't forget, because I do get carried away. I will have a Q&A at the end as well. If you comment MM in the chat, someone from my team will send you the link, um, so that you could, um, oh, I haven't finished. I'm seeing so many MM. I'm not sure we can keep up. I've just got one person from my team. Anyway, just comment MM. Someone from my team will send you the link to the application form. If it's a good fit, then you'll hear further from me. We can chat a little bit more. If I don't feel it's a good fit, fit, you could still hear from us. Might share some more information because for some people it might mean that you just need to go and watch some of my free content and that's fine for you. But if it's a good fit, especially if you are like a senior doctor or some— yeah, locum, or you've got alternative sources of income, or you're worried that you're overpaying taxes, or you want to invest but you want to start it this year before the end of summer, you want to become a tax-efficient investor but you don't have time to go through a thousand videos on YouTube. You just want a structured approach, so the mastermind could be for you. It's all recorded, obviously. And then I've had this lovely doctor, Dr. NK, pass through the mastermind, never attended one live class, but somehow managed to be one of the best people in the class because she watches the video, then comes to the community and peppers everybody with questions around SEIF, ISA, annual allowance, pension, NHS pension, I'm investing in this index fund, what does TER mean? Okay, so if you comment MM, yeah, I just said it now so I don't forget it because sometimes people have questions around these things. I've had people shoot me an email even this morning. I've had like 5 or 6 emails from people who said, I want to work closer with you one-to-one, or do you offer like a more in-depth class? I can't take everyone who is interested obviously because it's limited. I would like to take 3,000 people obviously, but I can't do one-to-one for 3,000 people, and that's why I do this masterclass. Classes. Over 4,000 doctors so far have attended these master classes, right? So think about income protection, life and critical illness cover, cancer, stroke. I shared in my community disastrous news, which was, um, it was very heartbreaking. A chap, gentleman I worked with for years, and you know, when I first started working as GP, he was one of those nice people, but I hadn't seen him for almost a year. Remember I've been away for like almost a year. I was writing the Moneywise Doctor, doing several other things, and I came and I asked for him. He was working in, you know, he was working in Devon, and they said he died 2 weeks ago. He had a massive stroke and never recovered, and then he died. So, so sadly, this kind of things remind us that nobody's planning to die. You're going to live to 1,000 years, okay, great, but we are human beings at the end of the day. You want to be thinking, what would happen to my family? And even if someone doesn't die but they had a stroke and, and they recovered, you might not want to go back to work straight away. It might not be exactly the same work. And recently I talked about my colleague in Cornwall who was diagnosed with cancer, had 6 months off work, of course had to be paid the NHS pay, but after 6 months wasn't ready to get back to work. So 6 months half pay was not enough. She was the main breadwinner. So having that income protection and critical illness in place, I mean, was what, you know, she was able to manage throughout that period. So these are not the same things. Income protection is just monthly income you get paid. Critical illness is a lump sum of money. If you ask me, I prefer income protection. You can have both, but insurance at the end of the day is money you hope is wasted, so you don't want to pay too much money. On insurance. Okay, I think someone in my community, um, someone in my team has shared the link to the mastermind in case you want to click on it to apply. But I still think if you can get to everyone, you just message everyone who has asked for it. I know it might take a bit of time anyway. Yeah, but if you want that, I think it's moneywisedoctor.com/mastermind, or you can put app.moneywisedoctor.com/mastermind. Fine. So again, think about your estate. Do you know what's happening? If you've got a life insurance, every single time it gets my goat that a doctor has a life insurance but the advisor was too lazy to put it in a trust. Or in some cases, they've mentioned it to you in writing but you didn't know what it was, you didn't ask about it. You're thinking it's only the Grossvenors, the Ambanis that have things in trust. No, if you've got like 500K, million, even 100K, 20K, whatever in your life insurance, the government is considering it as part of your estate. So they are thinking, well, if Dr. Rasak passes on, he lives a good long, long time, passes on, and his family gets this life insurance, the government wants 40% of it as inheritance tax. But if it's outside your estate, the government gets nothing. Basically because it's outside the estate. There's no tax on it because it's in a trust. Putting it in a trust puts it outside the estate, meaning your family can get the entire 100% of it. So if it's 500K in life insurance coverage, your family gets the entire thing. Okay, why this is important— I'm stressing on this because I've given you guys examples of, um, in the past. If you have attended my masterclass, a nice childhood friend of mine who died, um, a few couple of years ago in London, it was Ndubuisi 'Andy' Egwim. Yeah, we grew up in Nigeria together. We all went to medical school. We dreamt of going to medical school, went to medical school. Excellent guy, brilliant guy, surgeon, finished with multiple distinctions. 36 years, didn't wake up, and that was it. And had a lot of dependents. Of course, we did what we could do as friends. We put money together, you know, and maybe had like 36K or 40K for the family. Not a lot of money. I mean, it's a lot of money, but by the time you think about multiple dependents, after a few months, the money is all gone. If he had a life insurance policy of 500K in a trust, the family could get the entire 500K. If he didn't have it, then there might have been an inheritance tax. But in most cases, most people don't even have any life insurance. And I know you love your family, just that you never thought about it. You've never thought, what if I'm not here? What's going to happen? Would Junior be able to still go to Eton and the grammar school and be able to go to Cambridge or Harvard, or even be able to start start his company, or at least make sure that the mortgage suddenly doesn't become a burden that is paid off. So if it's in a trust, then it doesn't even go through probate. So probate is HMRC trying to work out if you owe them tax. That means rather than being delayed for months with probate, your family gets the money. Now we're talking about investing, but this is— these are the areas I see people make huge mistakes even before they start investing. So have you got a will? Have you thought about it? All right, so I'm just going to jump into the next slide, obviously. Ndubuisi, um, because these are all the defensive strategies. You are building the foundation. Um, the next thing we'll be looking at is after you've done all that, you've built up to that point, the next thing is move up a little bit into clearing high-interest debt. Um, like I usually say, it doesn't make any sense having a 27% credit card debt and then trying to invest to get 15%, um, or get an average market returns of 8%. um, it sounds exciting, but it's not mathematically sensible, and long term it doesn't compound in your favor. Um, so I've had people come in our community or in a one-to-one session and said, oh, someone has met me with this great investment idea, usually an investment idea that you worry that, okay, they might lose money eventually. Um, or you have someone coming to the masterclass say, um, I want to invest in this and I'm going to get like a wonderful 15% return. I'm like, but at the same time they have a credit card debt of 27% for a larger sum. No, no investment beats that 27% credit card interest that you are sure of. I'm not talking about paying off your credit card at the end of each month, I'm talking about long term. It might even be a car loan of 12% or something. So think about it that way. If it's a mortgage interest rate of 3%, 4%, okay, that's fine, because you know that if you invested, you might do actually better. Than that. Okay, we had a doctor, so Mr. Ola John, he's a lovely surgeon, shared his experience of refinancing his car. Basically, after our mastermind session, went and refinanced his car and found out that, oh, the interest he was paying was so high from his PCP or whatever deal. Just by refinancing it through his bank, his bank gave him a better rate. So from 14.9%, he was paying 5.8%, and that put £3,500 immediately back into his pocket is because he did step 2, he audited his finances. So you can audit your finances, you don't need to be in the mastermind to audit your finances. You can do moneywise.com/medscan, audit your finances, or just sit down with a piece of paper, go to your bank app, and identify where these areas are. The bottom line is that step 5, you want to eliminate high-interest debt before you start investing. Why? If the stock market goes down down, you will not be under pressure to sell. Because what kills many people's investing compounding returns long term is selling at the wrong time. If you're under pressure, you sell when the market is down, you lose out, right? The step 6 is what some of you have also been waiting for. If you've already done all that, the next is utilizing tax-efficient wrappers. We've already talked so much about it. I mentioned it at the beginning. In the UK, can someone tell me in the chat, give me 3 examples of tax-efficient investing wrappers? Just think of 3. There are already 2 on the scene. Okay, I've mentioned SIP, there's ISA, there's Stock and Shares ISA, the tax-efficient investment wrapper. Okay. Lifetime ISA Stock and Shares, the tax-efficient investment wrapper. Okay, now I've invested in startup companies, so rather than going with naked risk, I did it through SEIS, you know, SEIS, Small Enterprise Investment Scheme. So you're allowed to invest through there as well into startups, and the government will kind of like cover you up to 50% um, of what you invest. So whatever I invest there, I can get like 50% of whatever I invest in terms of tax relief. And even if there's a loss there, the government covers about 50% of it. So that's a tax-efficient wrapper. EIS also is there, and Junior ISA, okay, can be as well. I usually say check whether it's Junior ISA stock and shares or Junior ISA cash. Of course, depending, you might want it in cash because you want money. So SIP, Self-Invested Personal Pension. There's SSAS, which is also Small Self-Administered Schemes. So it helps to avoid the 60% tax trap by reducing your adjusted net income, um, with 40% tax relief for a higher rate taxpayer. Um, then obviously ISAs, we've talked a little bit about them. There's the Cash ISA, which is for saving. Your Stock and Shares ISA, which is for investing. Your Lifetime ISA, which is for either buying your first or for retirement. And I always— I've made a video last 2 weeks on my YouTube channel comparing someone investing in stock and shares ISA and someone investing in SIP. One of them does much better if they're a higher rate taxpayer. If you want to know, you can go and watch the videos on my YouTube channel. But basically, lots of people start with GIA, the General Investment Account, and I already given you examples, life examples of people who did that, accumulated a lot of capital gains, and they now had to pay capital gains tax. You are fully exposed. I only use a GIA when I've used up all my SIP. You remember your SIP, you have to also account for NHS pension, okay? You have to account for your NHS pension, being that NHS pension is part of your £60K annual pension allowance. So it's only what is left after that that you can invest into a personal pension. Pension. For me, having no employer and having no NHS pension, that means I could just take £60K from my limited company and put in my SIP. Okay, if you don't have a limited company, you could still do the same, but the whole point is that your annual pension allowance is £60K, so you don't want to exceed that £60K so you don't get a nasty penalty from HMRC. But it's also a strategy to reduce your taxes because any money you put in your— in your pension is not taxed. If you put in £20K into your SIP, automatically you get 25% on top of it back. That's 25% net of the gross. So if you put in £20K, you're getting about £5,000 on top of the SIP, and then you can claim the other £5,000 through self-assessment. Okay, it's just that when you start drawing your pension in the future, you are allowed to take 25% of the pot totally tax-free. Free, no tax. Then the remaining 75% is only taxed based on what you draw. That means if you draw $12,570, you pay zero tax. If you draw up to $50K, $270K, you pay 20%, and so on and so forth. So it's treated as income. The government sort of like ignores the capital gains. It almost feels like the government is contributing to your investment fund because the tax you should have paid on that money, you didn't pay it, and you got tax relief on it till you get to that point where you draw it. Of course, it's a bit of a deep dive going into— this is part of what we cover in the mastermind, how people could actually draw money from that pension for 10 years even after they retire without paying a dime in taxes. That's another 10 years of compounding, allowing compounding to happen over time. Okay, right, so this is utilize tax-efficient wrappers, is really important. After the next slide, obviously I'm going to take some questions. I know some of you have some questions, so you do probably um, and take us through the questions. Do we have any videos or examples of EIS? I haven't done a video on EIS. I've invested in SCIS with— into companies. The problem with those investments are they are off-road. I call them off-road investments. They are not covered by FSCS. So I've had some doctors lose— like, two doctors told me, the ones that said, I wish I met in my 50s, or sorry, I wish I met you 20 years ago. I said to these doctors, this is exactly what people say in their 40s. I wish I knew this in my 30s. I've had two doctors who've lost over £100K in random investments that were not covered. And I have this lovely doctor who's a surgeon share how she lost £40K as well. But the most painful one I remember is a doctor who lost £50,000 in an investment, a legitimate investment, made mistakes. But lost the opportunity to claim tax relief on it. So what they didn't realize, that if you lose money in an investment within 4 tax years, if you report it to HMRC— again, this is what we'll cover in the mastermind in the tax hack bit— if you report that loss within 4 years of losing it, you can claim back. You know, you don't get the money, HMRC won't pay you back the money, but any capital gains you make in the future, you can claim it against that loss. Loss. That means you've lost 100K and then you make your 150K, you can claim that 100K. It wipes away the sins— not sins per se, but it sort of like takes care of that 100K capital gains. And then you can then pay capital gains on the 50%, if at all you're paying capital gains. So you need to do within 4 tax years. Again, you don't know what you don't know. We don't know what we don't know. So how would you know and do it? Sometimes By the time I was talking this with this, um, chap, it was 2025. This happened in 2020. He's missed the window narrowly to have claimed that tax relief. Okay, so yes, there are lots of videos on the YouTube channel, hundreds of videos, but where do you start from? I mean, you could go there and just start from— I've done a full financial education course. I call it the Financial Wellbeing Course for Doctors. If you just land on the YouTube channel, it's available there. But sometimes people don't want to watch hours and hours on YouTube. They want structured guidance, handholding, and most importantly, accountability. You want a place where you said you are going to open your ISA account before the end of the tax year. Have you done that? Where are you? Where are you stuck? Where do you need help from? That's what the Mastermind is for. That's what we do in the Mastermind, okay? And it's not just learning stuff, it's also applying it and it increases your chances of getting to your point of direction. Because the main reason why— I'll give an example— why you can't drive fast, where you can't drive with certainty, you're going round and round in circles. You don't know where you're going, or there's a fog, a fog of financial, you know, lack of financial education blocking your way. So what I'll say, if you drop MM in the chat, someone will share with you. I think some of you already done that. I think one might, might exceed our capacity in terms of we take 30 people. So, but if you drop MM, there's nothing to pay at this point. Obviously there's a fee for the Mastermind if we think it's a good fit, but we've got to fill out the application form first. Um, we have had lots of people say this was more than 10 times— I mean, my, my return on investment is more than 10 times. And that's our guarantee. We say if you go through the Mastermind and you don't feel it was worth 10 times what you paid after you've been there for just 6 weeks, you could ask for a full refund and still enjoy whatever guides and templates or classes you've attended. Yeah, but we've had absolutely, you know, fantastic feedback from the Mastermind. I think we'll share, um, some of the testimonials at some point, um, real people. I don't know if there's anyone here who is currently in the Mastermind, they might share their own opinion. All right, let's jump to the next slide. Okay, so basically financial education makes you a better client whether you hire an advisor or not. Um, lots of people have found out that, oh, I can actually do this. So the final step is obviously seek professional guidance, which you've touched on. Now let's get this to home. Now we've just got a few minutes to go and then I'm going to take some of your questions. I'm sure you have of questions around this. Let's look at the knowing-doing gap, because this is one of the things that hinders doctors. It's one thing to know it and another thing to apply it. Sadly, I've known people who all my life they've been planning to invest, they've been planning to save, they've been planning to do something, they plan to start a business. At least in the last 3 years since I started running these classes, there are some of you who have attended all 12. Some have been in the community, but you haven't done much, you haven't taken any step. So having the information is not the same as doing it. In fact, if you have the information but you don't do it, you're going to have a worse result than someone who had just a bit of the information, but they did it anyway. Like, I'm a doctor, I know that I cut my calories, if I work out, if I do this and that, okay, I'm going to be in better health. But if I don't do it, the knowledge is absolutely useless for me. And guess what, guess what, in the doing, actually, when you are doing it, you tend to learn things more. Because some of you might feel all overwhelmed. Oh, I don't know where to start. What should I do? Do the first step. Wherever you are on these 7 steps, do the first step. Your first step might be, I need to improve my financial education. It might be to start reading a book. It might be to join the Investing Academy, which is part of our mastermind. It's starting on May 16th for just for those in the mastermind, obviously. So it might be that your first step is to pay off some debts. You might realize, like, I've seen some doctors in our financial coaching who have like 14 debts, but they've got like ability to clear like 10 immediately because there's 200 here, there's 100 from this credit card. There's one stupid card, you know, like, you know, shop cards. I hate those cards. Where they say, oh, you've gone to a random— I don't want to call any particular grocery shop— you can have our card and you can, you know, get bonuses or whatever. I mean, if it's just a club card, that's fine, but if it's like a credit card, lots of people accumulate annoying, draining debts there without even thinking about it. Okay, so sometimes it might be where you are might be to pay off some of those debts, and there are many approaches to pay it. In Chapter 4 of my book, I talked about the different strategies for paying off debt. Obviously, there's the accumulation basis. You can use the snowball method, you can use the avalanche method, okay? But I always stress on AMASS. You want to automate the system of paying off your debt, you want to automate the system of saving, you want to automate the system of investing. So AMASS is simply my framework, is trademarked to Moneywise Doctor, is Automated Monthly Allocated Saving System. So you're thinking of where should I start? You can start from there. You set up a direct debit. You've decided for assessment from your financial audit that you can afford to put aside ��500 or ��1,000 or whatever you do, ��250 every month. You want to automate it so that you take out willpower out of the picture. You don't have to use willpower to do it. It happens in the background. If you set it up, every single month is going out into paying your debt. And after you've paid off your debt is going out into— going into your emergency fund. After you've sorted out your emergency fund, is going out into investing. And that's how you do it without having to think about it, to have analysis paralysis. And for some people, you just need some more handholding and accountability. So these 7 steps, they are not compli— they are not complicated at all. If you think about it, nothing I've said here is rocket science. But actually implementing them while working a 40-hour week, a 60-hour week, it could be a bit challenging for some people. So knowing and doing are very different things. The gap is exactly where most doctors stay stuck for years, and the cost of delay is quite high. The problem is that it's like somebody bleeding, a GI bleed. Gradually they see that they have melena, they have blood in their stools and all that, gradually, till one day they show up with a very low Hb or PCV, and they are breathless, they are having palpitations, they are feeling dizzy. And it's not like the anemia developed overnight. The anemia developed after bleeding over a while. And that's why you suddenly see doctors in their 60s or 50s feel totally financially burnt out, financially overwhelmed. It feels like they're running on the spot. The more they do, the more they feel like they don't know what to do. I don't think it's too late. People always ask me, is it too late? I think you should start from where you are. What are you gonna do, lay down on the floor and cry? No, you didn't start investing at 19. Okay, now you're 49. Fine. You start where you are, okay? So even if it means finding out where you're leaking taxes and blocking it, start where you are. The cost of delay is high. There are tax rises in 2027. They are increasing the savings, um, tax again, so by 2%. The ISA— they are reducing the ISA allowance from £20K to £12K for savings, for cash savings. And a lot of these tax changes have happened over the last few years. Case, okay? The capital gains tax went up and all that, okay? So understanding that, even if you use a limited company, how are you optimizing it to make it— some of you don't realize you can use a limited company to invest in your pension, okay? And that's very tax efficient, right? So allowances are shrinking. Capital gains tax used to be £12,300 capital gains allowance. How much you could make before your tax used to be £12,300. £3,000. The same with dividend tax. Before you could have dividend allowance up to £3,000, now it's down to £500. So you need to be more tax efficient with your finances, especially with inflation and everything. I've had some people here from Canada and different places. At first some people thought I'm just going to run off to Canada, Australia. Then we have them from there joining our mastermind, basically because they realize that it's the principles that matter If you learn investing— I learned how to invest in Nigeria, I moved to the UK, I continued investing. I've invested in China, I've invested in America, I've invested in the UK, in different places. It's the same principles. If you learn how to be tax efficient, you then need to figure out for the country where you are. But it's really important to understand those same principles of financial management, because if you delay, the more you delay, the more the issues are compounded. So compounding could work for you or work against you. But there's just one thing you can't buy back, that's time. As this year closes, next year, and you can't just go back and start again from the beginning. Okay, right. So now while we're drawing to the end of the presentation, I'm just going to take you, um, through, uh, this example. So I've given you this example, I've already mentioned this example. I want to show you some people, uh, just a few people who have actually gone through the mastermind or masterclasses or trainings, they've actually applied these things and they're getting results. Okay, I don't know who is drawing like sort of like this on my screen. Okay, so, um, Dr. Rita, obviously brilliant GP partner, I mentioned her to you before, she said to me, any brown envelope. Dr. Rita wonders why after so many years as a doctor no one has ever provided get very clear financial education. And she said to me, um, it was a bit emotional, that she's had— she knows about doctors who have ended their life because they were just overwhelmed. And a lot of it was related to their finances. Sometimes no one has told you what to do, and you just did what you knew. You just worked harder, maybe save some money, pushing it around from, you know, savings account to savings account. And you see envelopes, you avoid it, and H&M just finds you. You don't even So she said previously any brown envelope she saw, she didn't open it, whether it was pension or taxes. She just kept asking herself, she's now— why should she even join now that she's close to retirement? Why should she even start bothering learning about investing? But after attending the masterclass, she attended the 4-week investment deep dive. So it's not 4 weeks every day, like 4 weekends. Um, she became bolder, more confident. She said she opens every letter Dr. Rita, she started seeing things she hadn't seen before. She contacted her pension team, opened the SIP, and this happened just within the course of 3 weeks. Okay, I don't know if Dr. Rita is here today. Um, so she said, where have you been all these years? That's what she asked me. Where have you been all these years? Well, I've been in my little corner, just like some of you are meeting me for the first time. I don't know if you've ever, if you've ever come across Moneywise Doctor stuff, but before Moneywise Doctor, I was already sharing these things with family and friends. Okay, so that's Dr. Rita. Let's see, she opened her SIP, confidence restored. She's now at the point where she's building up her passive income so that in the next few years— I think she's aiming for 2 or 3 years from now— she can live on her passive income coming from her investment because she's already got some pension and she's investing it in that direction. Okay, rather than having it in cash. Okay. Okay, that was my cue for you to show me the next one. Okay, so 12 months from now is actually— yeah, thank you. Nisha said thank you for explaining things simply and step by step. Thank you so much, Nisha, I appreciate that. Dr. Jaganathan says loving your medical analogy. Maybe I should do more medical analogies because if it's a medical audience, you get what I'm saying. Um, John says mm. Yeah, okay, if you missed it, I said if you want to work closer with me, you wanted in-depth, or you wanted to find out more information about the mastermind, you could type MM. Someone from my team will share with you the application form. If we think you're a good fit, we could talk a little bit more. If you're not a good fit, we could point you towards some content that could help you. And you're all welcome to get my free content online as usual, but the mastermind is for those who want quick results. You want to have a clear direction, structured guidance, support over the next 6 months. So I'm asking you to imagine where you are now and think over the 6 weeks. You want to know exactly how much tax you are paying in the next 6 weeks and have a legal way, legitimate way, not dodgy offshore stuff, taking advantage of the— your pension allowance. Check, are you using your children's ISA allowance? Are you using all sorts of allowances? When you— marriage allowance. B, do you need to take some of your income through a limited company? Is it possible? Is there some work you do that is outside IR35? If you're a GP or psychiatrist, I can already think, yes, you very likely have some work you could do outside. Consultant, if you are doing like any sort of like advisory role, boardroom, medical, legal work, or even have some places you work privately that can pay out of them, a business structure. C is obviously looking at the clawbacks, like how to avoid the tax trap. And these deductions, claiming all your tax relief, mileage and everything. E is your estate and exit. So if you're planning to leave this country, you want to leave in an orderly fashion when it comes to taxes, or you're going to meet so many nasty taxes when you leave. That I never knew about. And of course, estate— thinking about your family and your estate. The government knows you have an estate. You don't know you have an estate. Who do you think has the upper hand? Obviously, if you have assets above ��325K, you've already crossed what they call the new rate band. That means that you are eligible for 40% inheritance tax. If your life insurance is already above ��500K and is not inside a trust, you've already gone past the new rate band. So you need to do some planning around that. And if you've got a house, you can get the residential new rate band as well, which is £500K. So you need to know that. So I want you to imagine the next 6 weeks you have a good grasp of this whole stuff, and you have like 6 months to understand it clearly. Your pension, ISA investment, they are running on autopilot, and you barely have to think about them. So if you structure these things efficiently You don't have to be like every day looking at your stock. I don't look at my stocks on daily basis. I've got better things to do. I've got a life. Okay, Dr. Murungandos, yeah, I've had a one-to-one session with you, lovely lady, um, NHS consultant. Said thank you, Andy, for a wonderful session, got to leave now. Of course you've got to leave, we're going to be done in a few minutes as well after I take the questions. So imagine yourself, you saved and invest £20,000 this tax year alone, and you managed to do that in a passive way, okay? You're building financial freedom at a pace that gives you real choices, not just frustration, but you have real choices and options. And that's why some of you've got ideas, you want to take a break from work. You can't do that till you set up your finances in a clear way, okay? And then most importantly, you have a network of doctors doing the same, and vetted professionals who understand medicine and your career. So these are the kind of things you could get out of the mastermind. And I will ask you, if you look at the first one, the second one, the third, fourth, and fifth one, which of them is most important to you? Is it knowing exactly how much tax you're paying and being able to reduce it legitimately? If that's the case, I want you to pop 1. 1 in the chat for me. If it's understanding your pension, ISA, and investment and being able to automate them to run on autopilot, um, in a tax-efficient way, I want you to pop 2 in the chat for me. And if it's like saving and investing up to £10,000, £20,000, £30,000, it could be just £1,000. And some people are doing £70,000, £80,000. Some people in my mastermind, they've made quite a bit of money in their limited company, so they don't want to pay a lot of it in capital gains— sorry, corporation $60,000 and they put it into their SIP, uh, you know, they put in like $60K and invest it. So if that's you, then that should be 3. If you're looking at building financial freedom at your own pace with sleep, being able to sleep well at night without having to worry about it, that's 4. You want to have a clear direction. What's your FIRE number? How much do you need to invest before you get to that point where you can actually safely step back from work? It doesn't have to be 68 years, to there. Um, and number 5, you have it. You want to have that cohort, a network of support. Someone is very— Dara says all 5. Of course, why? Who can blame you, Dara, for wanting all 5? Um, Amanda says 2 to 5. Annabelle says 2 and 4. Um, Dr. Jaganathan says, um, 5. Yeah, so that's what we offer in the Mastermind, to give you that opportunity to learn. And it's 6 Um, but it's not daily for 6 months. Of course, all the lectures, all the sessions are recorded. The Tax Hack is a workshop, so it's a live session. You walk through a checklist and the rest of that, and you can already start to watch previous sessions, right? Okay guys, thank you so much for your patience. There's still quite a few testimonials there. I won't be able to show you all the hundreds of testimonials, so if you want to see more, you can go to the testimonial link in the chat. There are like hundreds of testimonials. From doctors. I think this is from Dr. Barry Favre. Said, Favre Lebari says, this is the most brilliant exposition of index funds/ETFs and the principles of choosing relevant, well-diversified funds I have ever attended. I think Dr. Barry was in our mastermind, is still in the mastermind, attended the Investing Academy. Your delivery and patience made learning well interesting. Okay, I, I promise you guys, I don't wake up every day and start reading these testimonials, but if my wife says, why are you spending so much time on this? I and say, look at that testimonial, just like the ones I got this morning. Okay, this is invest— this investment is certainly worth it. Thank you, Moneywise Doctor. So that's Dr. Barry. Dr. Barry is quite brilliant. Actually, to be fair, he wasn't brand new to investing. He already has some experience, but he realized that he was losing quite a lot of money, making a lot of mistakes. Okay, um, yeah, so if you want to get more information about the Mastermind, if you type PM, you get the form. Someone says, how much is the masterclass? The masterclass is the one you're attending right now, it's for free. They have to pay anything for it. Can I see the testimonials again? Could you go back to the testimonials? Um, this was from Dr. Adaeze. Dr. Adaeze is a GP in Scotland, um, obviously she's a member of the British Empire. This was awarded by the Queen, so a very serious lady and a lifestyle medicine physician. She said, I highly recommend that any new doctor or arriving in the UK, schedule a session with Moneywise Doctor. It could be one of the most important steps you take to avoid financial pitfalls, and the insights you gain will provide you a strong foundation for building long-term wealth. So that's Dr. Adesa, who's a GP partner. Of course, Dr. Chingwe says, as someone who started with no background in finance, I was worried I would never understand things like tax optimization. Portfolio building. Moneywise Doctor changed that. So I just wanted to give you some of this feedback, and you can see them online as well. These are verifiable people, GMC-trained doctors, um, sorry, GMC-registered doctors. What that means is that you can find out it's not some random AI-generated characters. So Chinwe says his approach is patient, educational, and incredibly insightful. I now have a clear roadmap for my investment and all that. So I'm really sorry, I will not be able to read all of them, but I think this one from Dr. Shagun, who is based in Canada in Halifax, is good. Um, said, I found the course to be very informative, educated, and well organized. Thanks a lot, Andy, for all you do. So Dr. Shagun is a GP in UK, moved to Canada 5 years ago, is based in Halifax, owns his own practice there. So I attended that as well. Okay, so let's just jump to the next Um, if one is planning to move abroad but continue to earn income through a limited company, right? Okay, we'll come to the questions. So quantifiable clinical outcomes, these are just a few out of hundreds. I think Dr. Sharafat shared how her HMRC bill, she was going to pay about £5,800. She attended the tax hack and was able to avoid that £5,800 legitimately. There's Dr. Ache who basically was able to get like £13,000 of her tax bill. I remember Dr. Ache, basically, Dr. Ache, Dr. Nkechi Ache-Sim, basically, um, was, um, she, she's an NHS consultant in acute medicine, was receiving these brown envelopes as well, getting all the palpitations. But after the tax hack, she was able to get it sorted out because she understood exactly where she was leaking. Some people think the HMRC will tell them where to save taxes. That's not their job. Their job is to collect as much taxes as usual. Of course, Dr. Renuka Regan, the wonderful Dr. Renuka Regan, was able to go back 5 years, claim all her tax relief. You don't even need to be in the mastermind to do this one. You can go to my YouTube channel and watch the video on how to claim tax relief for your professional expenses. Thousands of doctors have used it for free. But that was where she started. Obviously she's done much more. And of course I mentioned Dr. $100. So over 100,000 doctors' thoughts, real results in terms of our newsletter. We've got like 4,000 have gone through these masterclasses, the live masterclasses. I would take like 30 per batch for the actual full mastermind, the 6-month mastermind, right? Okay, so I think, um, that's basically it. There's a couple of slides I don't, I don't think— basically, I think we've answered them. We've covered quite a bit of it. It. Um, what I'm going to say, if you need to leave now, you don't want to wait to get your questions yet, um, you could still pop them either in the community or on the YouTube channel. But for those of you, let's say you want immediate sort of like check to see where your financial health is, you can just go and do the MedScan. MedScan is 3 minutes, totally for free. Whip out your phone, and then you can point it— if you point your phone to the barcode there, it will take you to moneywise.com/medscan, and then you can scan it and then check your financial health, basically. Um, yeah, Obichukwu says mm, so you can send the link to the application from there. I'm really sorry if you don't hear anything from me for the next week about the mastermind. Is because I'm away on holiday. I just wanted to mention it. Don't get anxious that you didn't get into the first 30. Obviously, once we hit that, we are not able to take much more because we want to keep it as effective. There's a lot of handholding, there's a lot of work in depth. So that's why we keep it at that. Not that we don't want to take 100 people, okay? So if you don't hear from me, but I might send you a message to ask where you are, okay? But for those who want ongoing support in terms of your finances, you want to get ongoing like the 6 months so that you want to transform your financial knowledge, your education, and learn about the, um, your finances, tax, and investing and all that. Become confident. It's a life skill really that you can actually pass on to your family. I gave you the example with swimming. I didn't know how to swim till I was about 36, and I was always ashamed. I avoided holiday that involves swimming, and I moved to Cornwall because I thought I'll learn how to surf. I was even able to bodyboard until I decided, you know what, I'm going to learn how to swim. I had a private instructor, I arranged for childcare, I went with the wife, and we're paying him about £40 per hour or so, and took us through swimming lessons in Cornwall— sorry, this was in Devon, uh, for weeks. At some point he said to me, I don't think everyone is meant to float. He asked me, oh, you go to gym, you probably have quite a bit of muscles. Oh my God, this was like years ago when I was still very like lifting iron and doing all older. Um, but I can swim now. Of course I'm not going to compete in the Olympics, let's not be silly here, but at least I can swim to save my life. I can have fun in the pool, I can go on fun holidays I want, and maybe I might even go back and pick up surfing, learning basically. So if you need to address it, just take out time. Don't say, oh, I never understand finances. You never really tried, okay? Maybe you've tried, but you've not had the right education or clarity or step by step. Okay, yeah, so I do one-to-one sessions as a one-off, but I do them mostly inside the Investing Academy because a one-on-one session is useful when you already know what you're doing or you just have no idea, you want some clarity. There are some financial clarity sessions, um, if you email support@moneywisedoctor.com, that could be arranged. But the mastermind, what we do is that you look at your financial, like, Full audit of your taxes, pension, investments in week 1. And then you look at the Investment Academy, which starts on May 16th. 4 weeks of live deep dive strategy sessions. Of course, there's the Tax Hack Workshops, which are the favorite, because then we unpack the whole UK tax system and literally with a checklist work out where you can save thousands of pounds, tens of thousands of pounds. It's practical sessions on legally reducing And the mastermind also gives you access to the digital vault because even after the classes, you want to look at the AI tools, the spreadsheet, the checklist. The AI tools are not ChatGPT or Gemini or Claude. They are trained on my frameworks. They are trained on my book. They are trained on the classes I've delivered and you can actually ask them questions basically. So the AI tool is not me. It's not perfect. It's trained in my work. So you might see like Dr. Andy there, but of course it'll show up as an AI. So that's something you get to assess in the mastermind as well. Because let's face it, sometimes you have a question to ask, you feel a little bit embarrassed. You don't want to ask it in a group. You feel like, will people really understand? Or they'll think I don't know anything. What you don't realize is that other people in the group don't know the question too, until they don't know the answer till you ask it. But you could actually use the Moneywise Doctor Brain, which is the AI tool that has been actually trained on my framework. Works. So the private community, yeah, 1,000 people. The main community, and then there's the investing group, has almost 700 people. Sometimes you want a small group where you can ask questions, you know everyone there, you get a feedback, and then you can ask multiple questions, send in screenshots when you're— when you're stuck. We've had people come to say, my accountant said I cannot buy a car with my limited company, and then here 4 or 5 people said, nope, I've actually done that. I've done it through my limited company. I didn't have to pay tax on it. I hear other people say, oh, HMRC has sent me this kind of bill. I'm a consultant working in the hospital. You can see other people who are exactly in the same situation has passed through that. I have done something about it. Of course, you get 6 months of support, accountability structure that in a way forces your hand to implement. Not force per se, but actually is a way to make sure that you're not just sitting around around and not doing anything, right? The next slide is just the one you should whip out your phone for, particularly if you want to, um, apply for the Mastermind, if you want to be considered for it. So you can scan that, or you could use the link that, um, um, Ud has shared. Um, this is for— I'm sure there are lots of people who weren't able to attend, so they might not get the link, um, that Ud shared. moneywisely.com/mastermind. Mastermind. So if you're watching, you could just take out your phone and scan the barcode. It will take you to the form. If you don't see the form, just comment on where you're watching it and you can get the link as well. It's not for everybody. We've had to reject quite a few people in the last Mastermind application simply because we didn't think it was for them. If you are UK or Australian-based or Canadian-based doctor, doctor, much more if you're a UK-based physician or you are planning to move from UK. I've moved from UK, I plan to move back. Yeah, this could work for you. You're a doctor, dentist, we've had like pharmacists, we've had a physiotherapist, and we had a radiographer. Yes, this could work for you, but you must be ready to commit at least 2 to 3 hours per month, not per week, at least at the beginning, because you're going to have a one-to-one session with me that takes at least an You can pick whatever time you like. I've had like one-to-one sessions with people by 11 PM. I've had one-to-one sessions with people by, um, 6 AM, 6 PM. I've had some by 1 PM. Basically, you get access to my calendar. I can pick what suits you. I'm super flexible, by the way. Okay, so if you're a UK doctor or UK-based physician or UK-based healthcare worker or you've moved from the UK or moving from the UK, um, you want implementation over information, you want context because content is everywhere. Everyone can pump out content with AI these days, but you want real life context from people who've actually gone on the journey, then this could be for you. Now, do not apply if you want regulated advice. Basically, you want someone to give your money or they sell you financial products. Basically, if you want regulated products, regulated financial advice, what that means is that you don't have to learn how to invest. You can just say, okay, this wealth manager, my financial advisor, I'm going to transfer this money on a monthly or daily basis, invest it on my behalf, and charge me a fee, whether it's 1% or 2%, is okay. So if you want that, don't apply for this. That's not what this is. This is about you taking charge of your finances yourself, learning how to implement it, and then how to make the best of it. Even if you decide decide to hire an advisor in the future— I have advisors for insurance and mortgage and all that— if you decide you want an advisor, at least you know exactly what you're getting. If you're hiring an accountant, you know, sometimes we've had people go back. Some people after the mastermind, they've gone to fire their accountants. We've had a lot of doctors— we didn't ask them to do that— but after the first class, they realized, wow, why hasn't my accountant been claiming use of home as office? Why hasn't my accountant told me that I could do something about this? Why hasn't my advisor told me I could put my insurance in a trust? Why didn't anyone tell me that if I put money in my SIP, I was going to get 40% back from the government and to help me to avoid the 60% tax trap? Each time they went back, they were told, yeah, that's a good idea. And one doctor really sort of like got really upset, said, why haven't you told me for the last 5 to 7 years? Okay, so basically Basically, if you want regulated advice or a get-rich-quick scheme, um, someone has applied for the mastermind and they wanted to be able to double their money every month and do some random stuff, and they wanted to be trading and doing crypto, and they were ready to sign up. And I said, hey man, this is not what we do here. We're looking at long-term compounding, we're looking at practical approach. I mean, most of us are doctors here, and almost every one of and when you're in your 30s or 40s or 50s, you no longer have time to be messing about with some random guy standing outside, you know, a building and sitting inside a Ferrari or something and claiming, oh, this is my money, I made it, I'm in Dubai right now, just buy my random crypto or course. So you want practical real-life stuff, okay? So if you also think you won't take action— and by taking action I mean you won't be able to book even one one-to-one session, show up for it, because one-to-one session is already part of the mastermind. Um, or let's say you learn how to open a SIP, or you don't think you'll be able to just fill out the form, because opening a SIP or ISA is the same like opening a bank account, is about the same basically the process. So if you don't take any action, no matter what I show you, you're not going to get results. And that's why we want that accountability. We have that group we have a one-to-one session where there's some accountability. The process is quite simple. You fill out a 5-minute application form, which you would have gotten by now, either from scanning the barcode or from going to moneywisedoctor.com/mastermind. Um, so with my team, we review the file, review the applications, and then there'll be a direct outreach if we feel that, okay, it's a good fit. We might need to clarify some more things from you. And you might also have some questions you need to clarify from us. But of course, if you don't fill the form, we won't contact you. You won't hear about the mastermind. Okay, that would be it. And you can go on doing whatever you are doing if it was working already, or maybe watch some free content. And, but one thing you can't afford to do is to do nothing, because time is one asset you cannot earn back. Okay, right. Okay, so that's the end of my presentation. I'm just going to ask you, if you don't mind, if you could give me a feedback feedback. If you found this useful, um, if you could give me a feedback. Again, you can use the link in the chat to give me a feedback. Um, I'm sorry, I think we've gone above 1 and a half, um, we're gonna be on 90 minutes, and these things usually happen in the mastermind. Um, sorry, this is usually happening in the masterclasses because we're trying to deliver like a full course that people would usually charge hundreds of pounds for. They're trying to deliver it as much as possible within a compressed time. So I've never been able to manage it within 90 minutes. I do try, uh, but I think we've gone over, um, 90 minutes now. So, but I'm going to stay back and take your questions before I hit the road for my trip. I'm going to take your questions. I'll be able to take some of your questions before I go. Um, if you whip out your phone and point it there, you can scan and head over to give me a feedback. But in the meantime, I'm going to take some questions now. um, whether it's about the mastermind or generally about the, um, the course I've taught so far. Okay. Oh, someone says they completed— you mentioned mastermind for March. That means my team has not updated it because the last cohort joined in March. So this next cohort is May-June, uh, cohort. Don't worry, you haven't missed it. If you go ahead and still fill out the form anyway, it's May-June cohort. I think, um, someone from my team will update that. Sasha said, thank you, Andy, it was very good, informative. Thank you so much, Sasha, for highlighting to me that the PowerPoint was giving some trouble. Yeah, I appreciate that. Um, Sasha said it was very informative, clear, and gave the good kind of stress, stress that triggers action. Well, I hope I didn't give you too much stress. Sometimes we just need to be woken up, and this is when it's just like your doctor telling you, if you don't stop exercising, you're going to have a heart attack. Or stroke, and then suddenly you realize, you know what, maybe I could do some work. I could do 30 minutes work to start with. I can start eating clean. So thank you so much, Sasha. Right, of course, feel free to give me a feedback with that link, or you could go to the senior link. Um, this course is giving too premium to the free vibes. Thank you, Kwabena. I'm glad, um, you found this course to be valuable. Um, what, um, we've done over the years is want to take what people teach for free free. Sorry, what people charge hundreds of pounds for, they might call it a financial well-being course. We'll put it out there for free because I believe the content should be free. So if you go to my YouTube channel, you can watch a full course for free that is a bit deeper, um, but implementation is different. Obviously, if you have to have a one-to-one session, you'll be in a workshop with me, get that support and coaching for the next 6 months, work with my team and get that support from colleagues, implementation is different. So thank you so much for Kwabena for, for, for sharing that. Yes, we know the course is valuable. How do we know? Because we get hundreds of feedback from doctors that even our free masterclasses are quite valuable. Yeah, of course, if you wanted the book, just the book to start with, you can get it on Amazon or go to moneywisedoctor.com/book. The mastermind is basically like an implementation and handholding to implement the book. That's what the mastermind is— implementing it without confusion, without wondering, how do I do this? Has anyone done that? My accountant said this doesn't work. My financial advisor— because obviously, sadly, some financial advisors are quite just interested in their commission. There are many good ones, but you have to verify all the time. Are they specialists? Do they understand medic's finances? Do they understand the tax environment you are in? Are they independent, not restricted? Okay, because a lot of medical associations push restricted advisors. I don't know if they've paid them or whatever, but you have to watch out for yourself as a doctor, sadly, because after so many years, nobody bothers to say, do you know what's happening with your taxes? Do you know what's happening with investments? You've done 5 to 6 years medical school, you've done residency, you've done all that. Maybe at this point you have to just take charge of your own finances, learn how to do that. And it doesn't have to go beyond this year. Before the end of summer, you could actually be a totally different person in terms of the financial anxiety goes away and the financial overwhelm goes away when you have a clear goal, clear direction, clear strategy. Okay, it feels a little bit like someone going to— if you went back, let's say I've had someone in the mastermind who just became a GP. If she went back just 5 years before she was a GP, she couldn't run a clinic with 32 patients. She will be anxious waking up to go to work. That anxiety has gone away or has largely been reduced because of her training. That's what happens in— within the first few weeks of the mastermind. That's what happens. Okay, right. Okay, someone said— okay, what do we have any questions? Lined up. Sorry, say that again. We have questions lined up. Why don't you read them then? Okay, so, um, I have one from Joy Jimmy. I think she's still here on the call. I can read out the question. Yeah, go ahead, that might be quick. What is the effect of your SIP on your NHS pension? Would this make you more liable to pension tax? The effects of your on NHS pension? And will this make you— yeah, I got the question. That's straightforward. So basically, you're allowed £60,000 per annum. That's your annual allowance. You can't use more than that. So before— if you already get NHS pension, before you contribute to your SIP, you want to find out how much of that £60K have you used. You get it from a document called your pension statement. Now, pension statement can take it— it can take a lot of time for you to get it. So why I advise people in the mastermind to apply for their pension statement immediately, as soon as the tax year is starting, apply for it. But you don't have to wait for it because there's also carry forward. So your allowance is £60K, but you're also allowed to use whatever allowance you have not used in the previous tax year and the last 3 previous tax years. So that means that even if you exceed this year, you could be using some of your allowance from the previous tax year. How that works, let's say you want to invest but you have like £65K. Your NHS pension growth, how much your pension has grown in the NHS, also known as pensioning input amount, which will be a factor of how much you've contributed, maybe 12.5% of your pay, how much your employer has contributed, how much that has been adjusted to inflation. So that has grown. Let's say that amount is £40K and your annual allowance is £60,000 for pension. That means you allowed another £20,000 to to put into your SIP. Now, I wouldn't put £20K into my SIP. Why? Because if I put £20K— remember, when you put £20K in your SIP, the government gives you £5,000 top-up. So that's 25%— 20% gross, 25% net. That will push you over £60K. So in my turn, I'll put in £15,000 in your SIP, and then you get that £3,000 extra. That gets you closer to £60,000. Now, let's say you spill over, or you had more money to put into your pension, okay? You had more money to put into your pension. But while you were registered 3 or 4 years ago, or 3 years ago, or 2 years ago, or a year ago, you didn't even have any idea around these things. So you hadn't used up your entire pension allowance. Let's say your pension growth was still 40K in those years. You can still use those unused allowances as long as it falls into the last 3 tax So that's how to approach it. Of course, we wouldn't be able to go into individual calculations and the nuance of it for each person in the masterclass here. Dive into and go deep into, into the master and the mastermind. And for some people, it's inside their one-to-one session that they bring and assemble their pension statement, and you do, you know, basically work out basically how much allowance they have. And for some other people, they bring in their pension statement and they run it through the private group and get that feedback. Back. But understanding that your annual allowance is £60K, exceeding it will give you a nasty bill from the HMRC. You don't want to exceed that £60K except you are using your carry forward, which is basically unused pension allowance from previous taxes. So you see where time is money. If by April 6th has passed— April 5th— you didn't use up those allowances, you've missed 2022-2023 tax year because it's now outside that tax this. The same with ISA. If by April 6th, new April 6th comes, you've not used up your ISA allowance, the whole ISA allowance is gone. Again, another practical example is Lifetime ISA. I've had doctors who said, oh, I've been saving for my house for 7 years. I never realized I should have saved at least some of that in a Lifetime ISA. I've missed out £7,000 in money I should have gotten. And it's funny, every single year someone sends me a message say I've just turned 40. Can I still open the Lifetime ISA? Mm-mm. Life does not start at 40. Lifetime ISA does not start at 40 as well. So basically having a system to tie all that together is not something you can do from random videos and random classes. That's why I've developed actually a practical and structured approach to it. Okay. Can I take the next question? I hope that was helpful. If you call out the name of the person who's, who's asked the question, that way I could check with them if they they are happy with the response. Okay, next. Okay, it was George, right? Okay, right. Okay, some other questions were around the same thing, so I'm just going to the next by Aleto Amakian. He asked two questions. If you are planning to move abroad but continue to earn income from telehealth company LLC running in the UK, can you continue to invest in the UK financial products like ISAs and SIPPs? 4 weeks Investment Academy and Tax-Free Deep Dive. Okay, thank you. So, Aletta, basically separate two things. You're mixing two things. Your limited company is a totally different entity, and you are a different entity. If you move abroad, of course people could be abroad and be shareholders in a UK-based company, okay? You could move abroad and still have control over a UK-based company. Obviously, 40% of the control has to be directors based in the UK, Okay, so yes, you can continue, but what you can get— you cannot get an ISA because ISA is for UK-based residents. You cannot continue contributing into a SIPP because that SIPP is for UK-based residents. Remember, it's a tax relief you're getting there, and that's for people who already pay tax into the system. So while you can still control your ISA, you still have control over your SIPP and any investment you've made when you move abroad, um, but you won't be able to put more money into the SEP. You won't be able to put more money into the ISA. You'll still be able to run your company, obviously, if you do— done the right paperwork, but that's not something you want to be doing haphazardly. Something you need to get like structured guidance and advice to get it done properly. Okay, well, I hope that helps. Secondly, what was it? A difference between Forex Academy and Mastermind? And actually, that's actually Thank you so much. I think we've just been mentioning these things in passing. So the mastermind— think of the mastermind like a sort of like container. It contains all that stuff. So inside the mastermind, there's a Task Hack workshop. It's a deep dive, it's an X-ray into ABCDE. Where are your taxes? Where are you leaking? Let's find the bleed and clamp it and stitch it up so that you can return back thousands of pounds to yourself that you can then invest or save save or spend. Okay, that's the tax hack. It's a workshop we run inside the mastermind for people in the mastermind. The Forex Academy— Forex Investing Academy is a tax-efficient investment academy that delves into investing. Index fund, ETFs— what are the differences? FTSE or World? S&P 500, FTSE, um, FTSE 100. How do you analyze companies? Is it— what's the PE ratio? Is it overvalued? Is it valid. How do you react when the stock market is crashing? Here is my own account. This is why I invested in— this is why I invested in it. Oh, now you're about to start investing? What are the step-by-step? Do you click this button? Click that button. Open this. Basically, that's what the 4 Weeks Investment Academy is. But then it's all packed into the Mastermind, which is like a 6-month program where we run the structured work and you get that support inside that community over the next 6 months. So that you don't guess. Guesswork is— guesswork can be costly. You're not guessing, you have structured guidance and support all through. So that's the difference. Of course, it's just like someone asking, what's the difference between one-to-one session and the mastermind? The one-to-one session, we offer that inside the mastermind. Or saying, can I get access to Moneywise.ai? Is a private AI, is available for people inside the financial coaching. Yeah, so it's all part of the bundle that you get inside the mastermind. Okay, right, okay. So can I get the next question? I think I might be able to take a couple. Last question from Paul. He's asking, did you say we can claim back some funds for the last 4 years that is not tax rebates, even if the tax has drawn up your account? So Paul, what do you mean? Do you mean like, um, tax— if you're here Um, I, I don't think I understand your question because I said two things about claiming. I said one, if you've lost money in investing through trading, you have— you can actually apply for what we call capital loss. So you can claim, you can claim against any future gains as long as you register it within 4 tax years. If you register within 4 tax years you can claim it indefinitely into the future. Okay, I don't think I explained that as well as I just did. So as long as you registered it with HMRC within 4 tax years, you can claim it indefinitely into the future. So any gains you make in the future, you can claim it against those losses. Now that is different from claiming tax relief on professional expenses. If you have professional expenses— GMC, GDC, NMC, uh, different, you know, or you have your mileage, BMA, you know, different BDA, uh, those are professional expenses. Royal Colleges, the money you pay to CCT, you've had to replace your stethoscope, we've done quite a few things. Those allowances, those you can claim back, those expenses. That's the D in ABCDE of my tax efficiency, is claiming back those deductions. You want to make those deductions, you want to claim them back. So so that we eventually come to it, we answer all those questions. Um, so you can go there, ask the questions, or email us, whatever you prefer. Of course, if you want to be considered for the Mastermind, um, that is opening in May, so the applications are opening now. Over— or the official application date, I'll email that out to my entire list of 10,000 people, um, from May if there are still spots May 2nd, and the applications will run for 7 days. By May 9th, we close it because we want to sort it all out. And by May 16th, we're already starting with the Investment Academy. So just assume that, okay, if you've got like, um, the ability to apply straight away, you might as well apply straight away. We do this still every year. Someone always says, um, I wanted to apply but I didn't get the file out on time and now it is a bit late. We just have that hard number because we don't want to— want to deliver what we promise. And we think, well, until we get bigger in terms of our team size, want to just manage what we can manage. Okay, let's take one more question. Okay, this is from Dr. Chigekwu. Okay, I can read that one. I can see it. Thank you. So Dr. Chigekwu says, I'm a GPST1, less than one year in UK, with no clue about taxation, savings, or investment. Okay, this is a real long question. I don't know, Dr. Chike, I won't be able to answer all. I couldn't answer, give you like personalized, you know, advice on this, but I'll read it and I'll give you a general framework or guidance. I could point you to some more useful content I've made around it. So you said you have no clue about taxation, savings, or investments. Fair enough. Um, many doctors are that way as well. Number 1, your Club Lloyds Bank offers an Advantage ISA saver that I moved some funds into. Is that the ISA account you talked about? It could be. I have a rule, I avoid ISA accounts from banks basically because the banks basically are like offering you one product. That's what they have. Whether it's the best one in the market is hard to tell until you compare the entire market. Just for instance, Cash ISA, you might be able to get a better Cash ISA savings rate rate in a different platform from your bank. If your bank offers it and you feel more comfortable, of course you can take the one from your bank. It might not be the best rate. Again, the purpose of the Cash ISA is not to get the best rate. It might be that you want more flexibility, so you don't want to go and stick your Cash ISA in a fixed ISA because it gives you better interest and it's given a fancy name. So that's something you'd have to check, or if you're in the community, you can ask more questions around that. But, um, of course, this is the benefit of the Mastermind community, is for dealing with stuff like this, because then we can go a little bit more in depth looking into what are the options, what is the rate, are there options like could you use a different platform instead of that. Um, your next question is, I will relocate to Canada after my GP training. All right, there's already a plan to leave. Okay, is it worth investing in pension fund here, especially as NHS pension is not transferable? Transferable? Well, um, to give you a clue, we've had like doctors who are moving to Canada this year. Currently I have 3 doctors in my mastermind. The first thing they've done after attending the Investment Academy was to max out their pension, max out their ISA. They realized that where they were going to, they were not going to get those advantages. The pension they're going to use, they use up their £60,000 allowance. If you move to Canada or you stay in UK, you're not going to get access to that pension anyway to your pension age, which is 55, going up to 57 in 2028. If you live in a different country, that doesn't stop you from accessing your pension. Anyone, give me a thumbs up. Do you know anybody living in a different country drawing their pension from a different country? Maybe they're living in Spain, or they're living in Nigeria, or Ghana, or India, but they worked in UK and they can still access their pension. Okay, so while I moved to the UK, while I was a student, I was able to draw from my pension fund. Yeah, you know, Joy, you know somebody like that. Of course they couldn't give me the entire thing because they thought, well, you're less than 50. Those are the rules, thumbbick, I BTC, back then. But I could take 25% because then I was a student, I needed the money. So moving or not moving, I tend to think about this from a global perspective. I started investing as a 19-year-old in Nigeria. I still own some of those stocks. I still like look at those markets. And when I move to this— if I move to Spain, so Canada, Australia, or the rest of it— those assets I can still access. It is very different with the buy-to-let or house and all that. It becomes a bit difficult to manage. So yes, even if I was moving to Canada, or I'll still make the most of my pension allowance here. If you don't, what's the impact? You're going to pay much more in taxes because the money you put into your NHS pension pension, you get tax relief on it. That means you don't get to pay any tax on it. It goes into your pension without being taxed. So if you pull out of the NHS pension, you not only lose the 23.7% that your employer should contribute, you end up paying more tax because more of your income is now available to be taxed. You also lose things like your sick pay, what they call like, um, ill health benefits, your debt in service benefits. So if you go to my YouTube channel, I've made a of 10 things you should consider before pulling out of the NHS pension. So whether it's SIP or the NHS pension, I'll still look at it from similar points, but realize that NHS pension is defined benefit, so it has this other benefits in association as well. Okay, so he said, um, you relocate to Canada after your GP training, is it worth investing in pension fund, especially NHS pension is not transferable? Yeah, so this is really important. Even if you've moved to another country, when you reach your pension age, you can still access that pension. You don't have to be living in the UK to access your pension. Secondly, if you have a pension like a SIP, you move to a different country, you can decide to leave it in the UK or you can move it. There's something called QROPS, Qualified Registered Overseas Pension Scheme. So some people move their pension to countries like Canada, Australia, I think US. I think Dubai was about to be added as well, uh, but these are a little bit outside the scope of this, um, seminar, which has already sort of like run double the time. Yeah, these are things that require specific handholding guidance because it's something quite personal for you as well. Okay, um, I'll take this final one. So Olu said, I'm still struggling, either PSC, to sort out my pension from the last 3 years, so I can't even see my pension contributions. Um, yeah, it is there a way around this? I think you probably need to start with your practice manager to start from there first, write to PSC. This is an issue that GPs struggle with. Um, we usually say it's different in different loca— localities. Um, but PSC nationally, you can reach out to them. Again, if it's somewhere, something you find that you're struggling with, you know, struggling with is one thing, but the specific responses you're getting with is another thing. Cause that's what we do in the community. When you have the specific responses, you have the issues and someone could share, this is what I did when I had the same response. Cause you see there are other people that are getting their PSCs as as well, right? Okay, so I've got to draw this to a close now. I'm glad, um, that we're able to answer most of the questions, and we've run almost like 3 hours, but none of it was wasted. I'm delighted to see that most of you are still here. Okay, um, I've heard that people move, especially Canada, Australia, can't get their pension, but if I move to other country I can get. Is that correct? Uh, that doesn't sound correct. So if you reach your pension age, you can start drawing your pension. You might not get uplift. So if you are in an NHS pension and you move to another country, you might not get the adjustment due to inflation that you get if you're in the UK and still contributing. That's if you move the pension to a new country. But again, these are intricate things. These are things that require much more detailed discussions. Okay, someone says— Grace says, what's claiming on lost fund on crypto from HM called? It's the same approach. So if you're claiming tax relief on losses, whether it's stock market or crypto, but it's got to be a legitimate fund. Okay. Um, it's not like sort of like, um, I know this doctor who shared how she lost $40K on a platform. They stopped responding. She put in the money. Um, why it feels sad is that she had already attended 2 classes like this and decided to learn how to invest. She attended free masterclasses, watch my YouTube channel, didn't really get any structured guidance. Decided to just go ahead and act on her own. Not everyone needs any structured guidance or support, but in this particular case, this hardworking doctor put in ��40,000 into a platform that has no FSCS cover. So there's no FSCS cover if she loses her money. There's no FCA registration, but she didn't know because you don't know what you don't know. These are the kind of things that you take for granted that you should know. But that's— I've had someone recently, just last week, say I've got this investment investment I've seen is AU something something. So this lady asking this question is a doctor. She's basically— she's a GP. She saw this investment she wanted to invest in, and she asked in the Mastermind community. And my first thing was, where's the FSCS? There's no FCA. Who has invested in this platform before? Like, everyone— like, she got this feedback. She was like, I'm really glad I didn't go ahead. But this other doctor, I'm telling you, lost £40,000. She can't claim back any that because that wasn't even a trading loss in the first place. She was just scammed of her money. That's sad. HMRC will not cover that. But if you've gone into a platform, you've had your friends, you were excited, you're in a WhatsApp group or you're watching the news say, oh, buy this Tesla, buy this Nvidia, buy this crypto, buy all that, you actually buy through a legitimate registered platform and you actually lose the money through trading, you can register it with HMRC within 4 tax years. And then in the future, if you get any capital gains, you can claim it against that, right? There's so much more that I was hoping we'll be able to cover, but I think we've been able to do the job. 7 steps to take before tax efficient— 7 steps to take for tax efficient investing. If you want to get a copy of my book, if you head over to moneywise.com/book, or you get it on Amazon, whichever way. But if you want the bonuses, actually you can get it from my website, is moneywisedoctor.com/book, okay, or app.moneywisedoctor.com/book. That way you can get all the bonuses, the downloads, and get like the checklist. That's not available on Amazon, obviously. I can only provide it through the site because Amazon will not add additional downloads for you. You can go get it there. Um, yeah, someone says a non-medic business person in Nigeria would like to join Investment Coaching Bit. How can that be done? Well, I think we focus a lot particularly on doctors and healthcare professionals. We've had some bankers and business people that are sort of like, like married to doctors, and we help them. We've had like lawyers as well pass through the kitchen, as long as they realize that a good part of our focus is for doctors. Everything else around investing and tax efficient residency can actually be applied to someone else living in the UK. The investing bit applies anywhere, really. Yeah, so, but we'll have to consider every application case by case. And then you obviously have a higher chance if you're a doctor based in the UK than someone not based in the UK and not a medic. Okay, right. Okay, thank you so much. So much empowerment. Didn't even realize you spent 3 hours. Thank you, Dr. Ladi. But I'm glad you feel that I don't feel like I spent 3 hours. And let me tell you something, I haven't even packed. I haven't packed. I'm going to have to now pack now and hit the road. But yeah, I'm glad you are here. And it's so much fun for me doing this. My team has been saying, why don't we charge some money for these masterclasses? And to be fair, we can charge money for this, but I just enjoy it. Either way is joy for me, and we are fine either way. We make money that way. I'm fortunate, my dividends, my rental income, and for those who I work with directly, um, is all there. So more than happy. Um, thank you for the session. Yeah, so for someone asking about this, if you go ahead and comment MM or use the link to apply for the Mastermind, um, we wouldn't get back to anyone about the Mastermind if they have not applied. So don't worry about it if you've applied, whether you're a medic or non-medic, or if you wanted some questions around it, or you mentioned, okay, you're married to, um, this business person and you're a doctor and you wanted to apply, okay, we can have a look at that. But you've got to do the application because that's the only— we can't really deal with 10,000, you know, questions and all that around the mastermind. But for all the applications, we have a look at it. I will give everyone a fair shake, to be honest. So I send you a message, clarify a few things. Um, Grace says, remain ever blessed, I'm an investor, this is awesome. Thank you, Grace. If you're an investor I would like to chat a bit more with you, maybe have a chat about your investment strategy, what you're doing, what you learned, what you're going to change in your investment. Um, what do you invest in? Maybe come on the podcast, Grace. Email us or something. Um, Geraldine says, mm, okay, so we need to send you the link, don't we? Or you can scan it here, right here. Um, I think you did send it. Like, oh, you did— is already done. It is so week, right? It's super efficient, this guy. Okay, so that's it. Jennifer says, thank you so much, Moneywise Doctor. Thank you, Jennifer, I appreciate that. And Dr. Desuji said, thank you so much for this session. I'm glad it was useful. I am always very careful not to waste doctors' time. I think, uh, as a doctor, I realize how valuable doctors' times are. So I want to make sure that when you attend for a class, you've already paid. You've paid with your time, even if you didn't pay So I'm glad you found it useful. And Dr. Frederick, is there a way to check if our is correct? I don't know what that means. Our is correct? What does that mean, Dr. Frederick? Yeah, okay. All right, guys, I'm going to jump off here now, but I'm just going to leave the barcode for you to scan in case you need it. I think we've done almost 3 hours now, so I'm just going to jump off for the rest of you. Enjoy the rest of your weekend. Have fun. Enjoy. And then if I think the mastermind is a great fit for you, I'll get back to you. Yeah, Dara, I'm sure I'll be seeing you soon. Bye. Thank you. Thank you, Balaji.
