Investing Masterclass

Let me leave from my end. Right, okay. Just could you tell me now, Ed, if you could tell me, can you see the PowerPoint from your end? Yeah, Adam, you can see, that's good. Lovely. Right, so as long as you can see, that's what matters. But I'm going to crack on now. You. Yes. Welcome everyone. It's 1035 now and it's 10th of January 2026 is investment masterclass for medics. We tend to put on these masterclasses every now and then when we can afford the time and people have found it very useful, very valuable and that's why we continue to do them. If you are absolutely new here, I'm Dr. Ande Grim. I'm the founder of Money Wise Doctor. So I'm a former salary GP. So I was a job in GP up to December 2022, so that's three years ago. But I was doing something else by the side. Before I became a doctor, I'd been an investor for over, I would say I started at 19, so more than 20 years now. So it's my delight to be here and I put on this master classes to share my experience of investing. And over 1,500 doct and healthcare professionals have already attended these masterclasses and we've had some beautiful testimonials come out of it as well. One thing I'll find useful, basically what will be a win would be that at the end of this masterclass, you should feel less confused about investing, less fearful about investing, and feel ready to actually start taking steps towards investing. When we run our investing, sort of like scorecard, and we did our, what do you call it, Financial health quiz that has now been taken by over 1300 medics. One of the commonest things we kept hearing, one of the areas medics scored really low was on investing. 58% of doctors and healthcare professionals, including dentists and other healthcare professionals, especially doctors, found investing to be either too risky or too complex. So the result of that is that they did not start investing and then some final when they're already in their 40s, 50s. I've even had people in their 60s starting their investing journey. And those in their 20s often think, well, I'll figure that out later. But you find out that for every year you delay investing, it's one more year that basically inflation is crushing your saving and you're losing that amount of time also to allow compounding to work in your favor. So that's why investing is really important in 2026, it's not even a Matter of do I need to invest? It's now a question of will I start or will I delay another year? Why? There's a lot of changes when it comes to tax efficiencies, ISA changes. You can see the cash ISA was recently slashed, the allowance. So from 2027 the allowance has now been slashed and you will have less allowance for saving tax. Yeah. So you get that slash and there are a few other things. The inflation. I was giving an example in the last, my last conference I spoke in, I was saying that if you came to the UK 10 years ago or if you started saving 10 years ago in 2015, what your £1,000 could buy back then, you're going to need about 1308, 1380 pounds to buy now because of inflation. And you can check out these figures on bank of England website as well. So basically what your hundred pounds could buy before is no longer what you can buy. Basically the value has dropped and one way to keep ahead of that value is through investing. And for some of you it's not just about investing, it's about tax efficient investing. What do I mean? Basically you are a higher rate income earner, you're on higher rate tax because above 50, 50,000, 270 pounds, the government considers you as a higher rate in tax earner. Don't forget that this threshold we are set many years ago when that 50,000 meant much more. But now the result of it is that you are pushed into a higher tax bracket. And if you happen to be earning above 100k, for every two pounds you earn above 100k, you lose one pound to of your personal tax allowance which would usually have been tax free before. So you're effectively paying a 60% tax, especially for you if you're between 100,000 and 125,000, 140 pounds. So one of the ways you could actually combat that is contributing money into your pension. And so if you know how to invest already, then you can use your personal pension like your sip, your self invested personal pension. Because then you can put some, a bit of, a bit more money into your pension and invest it wisely. And that way you're killing two beds with one stone. Okay, if you're a bed lover, if you've got bed as pets, maybe we use something different, but you're hitting two goals, you know, with one move you're getting your tax efficiency, you're getting back your tax free allowance and at the same time you are having that ability to invest for your future. Right? Okay. So there are about 100 of us already joined. I think we've got like 450 people who signed up. We're not going to wait around for people to join. We're just going to crack on. I'm still seeing people joining now, but before we take off, I like to get a bit of temperature on the room. Those of you that came early, you told me where you were and where you're logging in from. So I want to ask you one more question. In one word, tell me when you think about investing. Tell me in the chart. When you think about investing in one word, how does it make you feel? In one word when you think about investing? Tell me in the chart. Consider some of you. Oh, okay. This is interesting. Toby said, good. Okay, excellent. Tell me in the chat. Mary said, scared. Oh, you guys are quick. I'll catch up, don't worry. Tell me. Yeah, I can see. Fair enough. I'll tell you. You're not alone. It is said confused. And Zarin said, anxious. Nico, fair enough said in minefield. And Neca said, confused. Look. Locket said confused. Products are good. Just me said, happy. I love that. Super said afraid, anxious and scary. And I said risky things. You said, excited, Lovely. And Peggy said, fear of the unknown said future safety Fate said, I'm not sure what I'm doing. Fair enough. And Yoga said, lost. And the dahyo said, why? So I can see from. From here. I feel like we're in the right room. We've got the right people in the session. Some of you have had a bit of experience and you're not so scared of investing. Deepak said, excellent. And Ratna said, better feature. And yeah, Evelyn said, investing feels risky. So you can see you're not alone. When we said, out of 1400 medics, 58%, that's almost three out of five found investing to be risky or complex. And you realize that doctors and healthcare professionals, an average doctor, healthcare professional is a fairly intelligent person. I mean, I hear people talk about what you need to get through medical school first, you need to get in. And even if you're a dentist or physiotherapist or a radiotherapist, a radiographer, to get into those trainings, even as a nurse, it's not an easy thing. So an average medic is a smart person. But imagine you feel that anxious, you feel confused about it. It's not because it's not because it's rocket science, it's just simply because no one has actually really taught you. You haven't learned. Just like in your job, imagine going to put in a chest drain or you put in even a cannula, or you're a surgeon and you're doing stuff like that, you're a gp, you have to decide, does this person, does he need to be screened for cancer or not? So basically a job in itself will feel risky and complicated for someone who's had no sort of training or exposure or experience. Especially if you don't know what to look out for, you don't know what is dangerous and what to avoid and how to reduce the risk. For instance. So up to three, more than three years ago, then, when I was looking at a salary jeep in Cornwall, there's something we call safety netting. If you're worried that someone might, okay, you've seen someone and you want to give them sort of like some guardrails to say, if any of this happens, then know that things are not going in the right direction, then this is what to do. The same thing when it comes to invest. Many of us haven't learned how to be safe and how to put in all those guardrails. And more importantly, there's a lot of junk in the media. There's a lot of someone on TikTok telling you buy this index fund, another person to tell you, buy this, you know, crypto and all that. But you don't really need all that, especially if you're a doctor or healthcare professional in your 30s, 40s or even in your 50s, a bit older. You're not at the point where you're experimenting, you're already busy, you don't need all that nonsense. So thank you for that feedback. And now just to make it a little bit, a little bit to drive the point a bit more, I'm going to ask him a question. So I was doing some quiz, so for those of you in the community on WhatsApp, I was asking some questions and some of you are giving the answers. So I'm going to ask a question now. Just, it's just a preparation quiz to get you in the right headspeed for a higher rate taxpayer. Now I want this answer in the chart as well. For a higher rate taxpayer, basically, you're earning above £50,271, so you're classed as a higher rate. That's England and Wales. What would you consider as the best option in terms of tax efficient investing? A will be your isa, B will be your personal pension and C will be to save in a regular savings account. And D will be to just buy a crypto. Okay, I'm saying isa. Isa. Isa. Someone said pension. America said, okay, good. Okay, Right. Oh, wow. Okay. Vaska said mix of ice and venture. Super said not sure. Super is very honest. None of the above. None of them. I sound patient, right? Okay. All of the above. Wow. Okay, Okay. I love you guys. I love you guys. But I'm really. I can see that majority of the answers here has been isa. Isa, ISA for emergency, then pension. Isa, isa, isa. Just a few people I can see. Someone said ISA and pension. Prince said sip. Yeah, princess. So you decide. Sip. So the truth here, basically, mathematically speaking, if you're a higher rate taxpayer, your tax is already 40%. So your pension, if you invest through your pension, that's the biggest move you can do to be tax efficient. I know some of you are surprised because I'm like, isa, make use of your isa. But if you've been through my master class before or you've been in the investment academy, you know, we kind of put tax efficiency at par with investing. Because imagine. I'll give you a typical example. Let's say AJ. Yes. Because AJ said SIP. Let's say AJ is a higher rate taxpayer. He ends 115,000 pounds and his tax is 40%. So basically his marginal rate, because, you know, from 0 pound to 12,570 pounds, AJ doesn't pay any tax. That's what we call his, you know, personal tax allowance. So from 0 pound, 12, 570, no tax. We all understand that. But then from 12, 5, 7, 1 and above, all the way to. Let's say I'm getting. I'm getting some sound. I'm getting some sound there. I don't know, I guess having a sound in your background. Let's see. No. Okay, yeah, fine. Okay. I think it was my third line getting upset. Okay, no sound. They accept you. Okay, good. That's good. So let's go back to it. So AJ is a higher rate taxpayer. He's paying 0 from 0 to 12, 5, 7 0. From 1257 to 1. From 12, 571 to 50,270, he's paying 20% and everything. From basically from 50,271 and above, he's paying 40%. Okay, that's not the end, obviously. Above 150K is 45%. And don't forget about the 100K where he falls into the 60 tax trap, which we should have time to delve into later. Now, if AJ decides to take the money he's already been paid as salary after tax money, he puts it into An ISA and invest it through an isa. That's brilliant. He's never gonna have to pay what we call capital gains tax. So even if there's an increase in the value of his investment, even if it doubles or triples, he's not gonna have to pay tax on it. Okay. If there's any dividends, he doesn't pay tax on it as well. So basically, even if capital gains tax, which is currently 24%, he doesn't have to pay that tax. However, compared to if he uses personal pension, what happens that as AJ is a higher rate taxpayer, first of all, and he's earning above 100k, he's already at risk of falling into the 60% tax trap. If he takes the same 20k and puts it into his personal pension, it reduces what we call his adjusted net income. Adjusted net income is basically what is going to be taxed, so it reduces adjusted net income. And then what happens next? He takes the same money, puts it into his personal pension and he can invest it. Now any growth on that money is also not taxed and any dividend not taxed at the moment. But that's not the end of the story. Because it's a higher rate taxpayer or because he's a taxpayer at all, the government restores 20% back to him. So if you put the same happens, you put 20k into your CP, you automatically get 25% of the money. So it's actually 25% net, but it's actually 20% gross. Don't worry about that. If you don't understand it what it just means that if you put 20k, you're going to get that's 25% of 20k. So you're going to get 5,000 on top of that 20k as a refund of tax. Okay, but then as a higher rate taxpayer, I said hold on, you've only given me 20% back, that's 20% gross. He can then claim another 20% because he pays 40% tax through his self assessment. So that is actually much more tax efficient. Now this is always a question that at the end, is he going to pay tax on the money when he draws out his pension? Before I answer that, can someone tell me in the chat at what age can you assess your personal pension? Tell me in the chat. Not your NHS pension, your personal pension. Especially if you're based in the uk. I have to remind myself that some of you have logged in from Canada. If you are from Canada, you're welcome. I've got a lot of doctors based In Canada now in my mastermind, my private mastermind, sir, they remind me, remember we're here. So I think for people in Alberta now It's probably around 6am or 5am, I'm not sure. So at what age can you get a personal pension? 55. 55. Excellent, excellent. So I've seen. So I'm just reading your answers. I love, I love the, I love the engagement. You guys are the best. Boomi said, can't hear anymore. Is it just me? I can't say. Probably. Okay then you said 55. Yeah, John said 55 currently. Yep. Product said 68 is 68 is for NHS pension product. I can't say 55 learning. So yeah, majority of you are right and thank you for your contribution. So it's 55, it's going to be 57 from 2028. So let's go back to A.J. so A.J. at 55, or let's say at 57 from 2028, he decides to draw his pension. Remember he's never paid tax on the pension, so now he suddenly has to pay some tax on the money. But hang on, for those who usually say, oh, you've got to pay tax on it eventually, I asked would you rather pay tax now or pay tax in 20 years? Because for me it's like it's mathematical, it's a mathematical answer, it's a no brainer. You rather have the money delaying paying tax now because what happens, it allows more of your money to be in the market, compounding rather than 24% of it coming out or 20% of it coming out to go to taxes. Basically the government is investing some of their money with you in the future. But even at that, by the time AJ gets to 55 or 57 when he pulls his pension, if he decides to pull it at that point, because if he doesn't pull it, guess what, he doesn't pay any tax yet. He can decide I don't want to pay. Let it keep compounding, let it keep growing. And what happens then is that when he decides to pull it, 25 of the entire thing is tax free. So already he's winning. So 25 of the entire port, he can actually take it tax free. So you can see it's already a better tax play that is invested compared to someone investing in a nicer. And it's not a matter of either or. If you've read my book the Money Wise Doctor, which was a best seller on investing and retirement, you see that I didn't say you have to use only One. But if you had to use just one, if you had only one choice to make, and you're a higher rate taxpayer by making this, and if it's money you don't need, obviously tier 55 or 57, of course, your pension, your investing money, you're already in a better tax position because they're going to get 25% of it all. Remember, it's grown tax free. But that's not the end of the story. Now, whether he pays tax or not would then depend on how much is pulling out. So if AJ goes ahead now, what he, what he pulls out is now is no longer taxed as capital gains or dividends. It's basically taxed as income. So if he goes ahead and say, you know what, I'm fine, I'm just going to put out 12, 5, 70, he pays zero tax. If he says, well, I'm just going to pull out 50,000 because I need 50,000 this year, hopefully by then he's paid off his mortgage and all that, then he's going to pay only 20% tax compared to 40% he would have paid while he was still working. So that's basically why the pension places him in a stronger tax position. All right, well, thank you, all of you, for, for your attempts. I'm going to take questions along the line. This is just to get us in, get us ready, start getting us to think tax efficiently even before we dive into investing. I mean, the tax efficient bit is all part of it. Now I'm going to ask a final question and this one is a slight calculation. Okay, So a bit of a calculation here. I'm assuming that, oh, Alex can't see the presentation. Yeah. Can you help with the presentation? I think I'm just going to make you a host so I can deal with the presentation from that end, so it doesn't distract us. Okay? Yeah. Is anyone seeing the presentation? Yeah. No. Can you come off the mic and tell me if you can see the presentation or not? Okay, one slide. No? Okay, now I can see a book. Yeah, I can see the presentation. You can see. Okay, I'm making it the host now. Okay. And I'll just remain as a co host, so you manage the presentation from your end. Okay? Right. Okay. So basically from that point of view, understanding that tax efficiency is really, really important. Now, one final thing. Now, that doesn't mean ISAs are not good. Look, I use both. I use ISAs, I use pensions. If you've got NHS pension, you can actually combine all of them. So now I'll Ask you basically, I'll give you another example. Okay, I'll do the calculation for you. This time around, let's say Alex, or I'll say Deepak and I are basically investors and we're investing together. We start at the same time. Let's say we start at 40 or let's say start at 30 and then we invest £20,000 every single year. We don't miss it. £20,000. We're earning about 120k or whatever and we want to put aside. Or let's say we're ending about, let's say we are earning 100k, want to put 20% of our income into investing. So this is after tax money, 100k. And I'm investing through my ISA, my stock and shares ISA, and Deepak is investing through his general investing account. Okay. And then we've done this for 20 years. So we start at 30. By the time we're 50, we've already put 400k into the market. So 20k. 20k, 20k. So what happens is that at the end of 20, 20 year period, we've already invested 400k. Of course we don't expect to end up with 400,000 each because that would mean that we've done really poorly. But if you're going by let's say regular or if you look at historical market returns. I know we don't depend on historical market returns, but assuming that over the period of time we are compounding at 7% return, let's say we were lazy investors or not lazy, but we're like very passive investors. We're not picking stocks or doing anything special. We're just buying a broad, well diversified global index fund. It was returning 7 to 8%, which is okay. Not fantastic, but it's okay. I mean last year returned 58% of my portfolio, but let's say on The S&P 500 alone returned 25% last year. But every year is not like that. But let's say Deepak and I, we're getting 7% return. So let's say our portfolio doubles every seven years or thereabout. Okay. This is just a rough mass, not doing public mass here. But if at the end of the 20 year period we both end up with about 2.5 times what we started investing in, many people will not consider that as a fantastic return. But let's say Deepak has just been busy in his job as an NHS consultant. I was busy as a JP partner. I've just had this extra port by the side. It's not even the NHS pension for us. So we both end up with a million pounds in our port. Okay. Or just for ease of calculation, I'll say we end up with 1.4 million each in our account. Chris is not on ahead of. After 20 years of investing 20k. Now what happens that Deepak, because he was investing through a general investment account, or what we call dealing account, a mistake some of us have made in the past. He was going to end up going to say, you guys are rich. Right? He's going to end up with what we call capital gains of a million pounds and I end up with capital gains of a million pounds. We're assuming that we're investing in exactly the same thing. Okay. But now he's got to pay capital against tax. And every single year, the government allows you to have a bit of what we call capital gains allowance. That means the amount of money you can get, you can make capital gains on and not have to pay tax. And can someone tell me in the chat how much that is? So basically, if you make an investment, you get some capital gains. Okay. John is not very happy about it. This is only 3k, John. I share the same sympathies. Only 3k. Good. Excellent. Excellent. Thank you. Power said 3,000. So at the time when I first started sort of looking at the UK investment market, capital gains was about 12,500 or thereabout. It just kept dropping, they kept reducing it, it came down to 6000 and now it's only 3000. So Deepak will be allowed to take out 3000 from his gain every year. Fair enough. Until. But for the rest of the money, he has to pay massive capital gains tax. I mean, he might find himself paying about 24% of a million. I mean, less capital gains tax, which is not, it's not small. He might be paying over £200,000 in taxes, but if I've invested through an ISA, I get to pay exactly 0 pound. I can take my whole 1.4 million back home. So this makes a massive difference because a lot of people just start investing or they do some random investing. There's no clear strategy. This is why tax efficient investing is really important. So what we're going to delve into today is what I refer to as the seven steps to Tax efficient investing. We're going to look at it from a broad perspective. And also I will answer specific questions already. I don't. I think if you're already here, I'm not assuming you already know me, but I guess you've probably seen some of my work and some of you that have attended this masterclass, someone said is a true master class. And someone says the best class financial class ever is attended. I'll let you form your own opinion, but I want to take you through the seven crucial steps you need to take before you start investing. And then we'll also answer any key questions. Usually one will break. We'll take a couple of questions and then we'll crack on. All right, and if you're here for the first time, you're hearing about these seven steps, especially for medics. If you want to download the free guide, just whip out your phone and point it to the barcode on the screen or someone in my team will share the link. You can go and download it totally for free. I think about a thousand doctors so far have used the seven steps to investing. You want to create that safety before you start investing. Don't jump straight and buy random things. Okay, right. I move on to the next slide. Right. Okay. So let's look at those seven steps. This is sort of like the core things because a lot of times we're thinking about investing from the point of returns. But I think before you think about how much you're going to make, you need to follow the rules. I've been influenced a lot. When I was a 1920 year old investing, one of my biggest influences was a man called Warren Buffett from Omaha. He's considered as one of the greatest investors of all time because of his wonderful long term returns. And I've been fortunate to be a shareholder in his company and go for his annual shareholder meetings. Meeting him in Omaha, I think the last time was or it's two years now basically. So Warren Buffett, he said, before you start investing, remember the two rules. Rule one, don't lose money. Rule two, don't forget rule one. I know nobody sets out to lose money, but there are things you do that increases your risk and your chances of losing money. So we're going to deal with those things by creating safety nets already that reduces your chances of losing money. So those are the seven steps. So number one is obviously investing in yourself. Look, you're already here. If you're here this morning, it's a Saturday morning, you're not out on the beach. The weather is not too bad where I am or doing whatever you need to do on Saturdays. I know someone said, oh, I'm currently opening my clinic. Someone in Nova Scotia in Canada who's joined but. Or you might even be at work. It's Fine, or you're watching the recording. But you invest in yourself. So most times when people think about investing yourself, it doesn't always mean spending thousands and thousands of hours. I mean, last year I think I read 250 books on business investing. Eventually wrote one myself. I've read so many of them. Sorry, last year was 53, but over a long period of time I've done more than 250. But you don't necessarily need to do all that. I do because I enjoy it. I do it because it's fun for me. But you might prefer to read Harry Potter or something else. But you need to invest in yourself the same way you became a doctor you did CPDs. You can't be a better investor, make smarter financial decisions just by trial and error. You need to learn how to invest in yourself. For most of us, I suggest what I call 1, 1, 1. So think of NHS 111. So if you can, you can boost your financial IQ by reading just one book. That's the first one. One book every year, one single book and one high quality book on personal finance or investing or taxing or basically on business. One good personal finance book every year is the first one. The second one is obviously attending a workshop or a seminar. You don't need to attend a thousand of them, one per year. And the third way, the third one is following one podcast or one newsletter or you know, basically one blog. Just something that could actually. And if you are, if you're on Tick tock, okay, go for it. You just need to follow something that can give you five to ten minutes every week. Update is a bit like snack on what's happening, because there are changes that happen. For instance, for those of you that follow my newsletter, you must have heard when the budget was announced, the changes and how it affected you. For those that read my newsletter, in October 2024, you read about the capital gains tax that was going to be increased and how it looked like that was what labor was going to do. And many people have wrote me back or said the community that actually saved me thousands of pounds because I was able to take action and position myself either having to sell out my general investment account and buy through an isa. So you need to try to decide one, just follow one. And sometimes it's hard to decide which one to follow. I usually say this, try to follow. If it comes to personal finance, it could be like a thousand books. But if you're already a doctor, it makes sense obviously that you go for content that is related to you. I mean if you start reading how to invest in Mexico except you're planning to move to Mexico but if you're a doctor based in the UK or Canada, Australia or wherever and you're reading stuff that is how medics can invest, I mean that is a bit self serving, isn't it? Because I've written a bestseller now on investing. But this is what I was saying even before I wrote the book. So if you have content or blog or something like moneywise doctor.com is basically personal finance for doctors and healthcare professionals. But it doesn't have to be money wise doctor if you pick one and if you're not sure which is the best book to go for. I think I've made a list of about 12 books which I think is where to start from. There are many other ways you can Google you can ask charge of the problem with ChargeBT is basically what is what charge it does is information that is available on the web which is also generally there's obviously a thinking process. I'm not an AI expert but what charge it can't give is context. So content is everywhere. You can get content but context being able to relate it to your personal situation. It's just a little bit. Someone sent me a screenshot two years ago that they asked ChatGPT about NHS pension and investing as a doctor and ChatGPT sent them to check out Dr. Ndebisi Egwim Andy on moneywisedoctor.com I thought that was very nice and that was very flattering. But content is everywhere these days. But you need context. That's one thing that is not always available. Context from the point of view as a busy doctor healthcare professional, you're active, you've got a family, you're saving NHS pension. And how, how does the whole thing fit into your personal context versus just general content? So that's it. 1, 1, 1. How to invest in yourself. So we'll look at the second one, the second step basically. Second step in tax efficient investing. This is the point where you bring out the second slide ud. Okay, I'll crack on. So that's the financial audit. So you conduct a detailed financial audit before you even start investing. You want to organize your finances because what happens that a lot of people hear about investing, I think it's a great idea and then they do it haphazardly without knowing where their strengths, where their weaknesses are and actually without knowing where they're leaking. Because you need to plug your leaks. Like we've talked about ISAs we've talked about pensions, but there are also people who've got like, money on the table. You've not claimed tax relief on your professional expenses in the last four years and now, once it's more than four years from the current year, you are at risk of losing it. So you need to do an audit. And I will show you how to do that audit. It's quite quick. But that's not just it for. Let me give you an example. I met someone who lost over £100,000 six years ago. So he was saying this to me. It's currently my mastermind. Lovely guy is a consultant in the NHS and he said, I lost this money because I joined this platform. There was some sort of crypto nonsense going on there and I had some friends and colleagues and thought, well, you know, taking advice from friends and colleagues who have no experience in investing. And he lost this money. Now that is very sad. But now the biggest sad bit of it is that by the time he was mentioning this in the community, so this was a private community chat, it was already more than five years. So there's a rule with hmrc, if you've lost money, we call it if you've lost, just like there's capital gains, if you've lost money in investing, you didn't recover your capital. You can claim that loss against any future gains to infinity, but you've got to register it within four years of the losing the money. So four years of losing that money had passed. But he didn't know because why? You don't know what you don't know. And he said, when I was reading your book, I realized I could have done something about it, but by then it was a bit late. And guess what? Why is my book. I'd already written about it in the blog, I've talked about it in Masterclass, I've talked about it even in our investment academy, our four weekend deep dive on investing. But because he didn't know at that point, he lost the opportunity to claim any future capital gains against that loss indefinitely. So this is why you need to do a financial audit. And one way you can do that is what we call the med scan. So the med scan is something I created. It's a bit like your new score. It's like your early warning score. It allows you to sort of like go through your finances. It's a three minute squeeze. It's nothing complicated. You answer a bunch of questions. It's a scorecard and it tells you where you are with your finances. So if you go to moneywisedoctor.com forward/medscan. So M E D S C A N and I'm sure someone will share that in the community also in the chat. Okay, thank you Edie for sharing that. So the Metcalf, you can actually use that to have a quick three minutes check. Okay, so let's go to number three out of the seven things to do before you start investing. So number three is obviously focusing on your emergency fund. I'll give a practical example. I had this couple in our mastermind. So lovely guys, when I say mastermind, that's my small group, like 30, 30 people financial coaching we do for six months for people who are doing like deep dive, wanting to master things like investing, tax efficiency, financial protection, especially those who are looking to become financial people working towards their financial independence and financial freedom. And they don't want to wait till 68 basically or they want to just take charge of their finances. So there's these two. So one of them was a surgeon and the other one was a jp. So this couple, within a couple of this, this happened last year. So within a period of two to three months their car had a problem. They needed to fix. Their car, One of their cars in the family, they've got two children, their boiler blew up, they had to fix it. If you ever had to fix your boiler, you know what that cost, especially if it's beyond the warranty period. And a relative, so basically they are from Nigeria originally. So a relative needed private health care, critically ill and they had to support them within that same period. If you remember what happened last year, April in the financial market, which created a very big buying opportunity for some of us. Sadly, the US got into trade wars and the stock market plummeted. So at this same period of time, they found themselves suddenly in a financial squeeze. Now they had options, they could sell their shares to get the money. They could borrow some money with credit card or bank loan or whatever which is. They didn't want to do that. Or the third option which helped them, they fell down, they fell back to the emergency fund. So the emergency fund is basically three to six months worth of your living which they've already set aside before investing. And I've heard people say, oh yeah, if you've got that money, why not invest it? I'm thinking because you don't understand. I've lived through three different stock market crashes. And during stock market crashes you realize that people don't just act based on mathematical and intelligence and all that. There's a lot of emotions there's fear, there's greed, there's confusion and there's complexities. So because they've already been through the academy, they understood like a master class, they've been through the master class just like you. They understood that three to six months of living expenses saved aside, that is what they were able to fall back on to get them through the period. I mean, they could do some extra locum and all that, but it was really difficult with childcare and all that. So your emergency fund is three to six months worth of your living expense, which you've saved and kept aside even as sort of a bit of a foundation. And it's not just for investing. Even if you are an investor having an emergency fund, what it does is that, that it gives you that sort of distance, it gives you a bit of gap between any cry, any issue coming out becomes a full blown crisis. If you need to change your tire suddenly, it's not like, oh God, why am I going to get the money to do that? Or if for some reason you aren't able to work for a couple of months, let's say you're looking, it shouldn't be like, oh, this is really difficult, what am I gonna do? You shouldn't put into a state of anxiety because what most people forget is that financial well being is also related to general well being. So establishing that robust emergency fund is really important. And some people ask, where do you keep the emergency fund? It takes us back to tax efficiency. I would say cash isa. If you're based in the uk, if you're based in the Canada, obviously there's tfsa, Tax free Savings account, which could either be for you saving or investing. But a cash ISA could be somewhere to keep an emergency fund. Why? Because there's no tax on it. If you keep your emergency fund in a regular savings account and it yields interest, the interest could be taxable, the interest could be taxable. And basically depending on whether a higher rate taxpayer or not. And this is the point where I'm going to stop or pause and ask you a question because it's got to be back and forth. Now, if you're a higher rate taxpayer, how much is your psa? Tell me in the chart and I've said PSA for a purpose, don't worry, I'll tell you what it is. And if you already know, tell me in the chat, if you're a higher rate taxpayer, how much is your psa? 500. Okay, obviously the people answering, they know the, they know what PSA means. So and for most doctors and healthcare professionals. I'm not talking about your prostate specific antigen. Okay. That's the psa. I don't know what my presentation is doing and why is on this slide. Okay, thank you. So your PSA is depending on what level of taxpayer you are. If you're a basic rate taxpayer, you are allowed to get interest on your saving up to a certain amount. So if you are a busy rate taxpayer, you can get up to a thousand pounds in interest before you have to pay tax on it. And these days HMRC doesn't even wait for you to declare it in your self assessment. They can already assess it. I think from last year, April, they made some rules, they can just go and directly change your tax code and collect the tax on your savings. This is just savings sitting in the bank. And with cash ISAs, the VAT, the, the amount you can save being reduced. That means some people are now being forced to save more in their regular savings account. So if a basic rate taxpayer, your psa, your personal savings allowance is up to a thousand pounds. If you're a higher rate taxpayer, it's 500 pounds. And if you're an additional rate taxpayer, unfortunately zero pound. Okay, now this is why I'd rather save my emergency fund in a cash isa. And for some people, well if your emergency fund, you can't save it all in a cash isa, you might want to use your regular savings account. But be aware of that psa. If you're married or you're in a partnership, it could be that the person with the less with the person with a higher psa. Let's say a basic rate taxpayer might be the one to have more of the savings. That way it gives you a bit of a headroom to get that savings interest. Headroom, that word was popular last October. Okay, so that's emergence fund. The other places you can save your emergence. Obviously some people will prefer some people do things like premium bonds because in premium bonds there's no chance of losing your capital theoretically. So you could actually save in premium bonds. I don't see it as a real investment. It's basically like a lottery where you, you could put up to 25 pounds minimum or 50k maximum and you could win prizes. It's basically a government run lottery. That's the way I look at it, as a premium bond. I haven't used premium bonds myself. Someone said that the drawback of premium bonds is basically you are not guaranteed anything. You can get your money back, but you're not guaranteed anything. So there's NS and I premium bonds, basically. But you're not guaranteed anything. If you at least save your money in a savings account, you are guaranteed the savings interest. But both savings premium bonds and even government bonds, they are all at risk of inflation. Inflation tends to beat all of them at the end of the day. But the stock market kind of keeps you ahead of inflation. Right? So I think we understand the need for the emergency funds. The financial cushion acts as a safeguard, preventing the need for premature selling of investment during unforeseen crisis. Okay, let's look at number four, really very important as well, the fourth step to investing. So, number four, we'll be looking at basically your financial protection, okay? Your financial defense strategies. Some of us have ignored this bit. It's things like your. You're looking at things like your, you know, life insurance, income protection, critical illness and all that. So the financial protection is really quite crucial. I've given a lot of practical examples in my podcast and also master classes. One was Dr. Ruth Machin, a consultant radiologist, lovely lady who woke up on Christmas morning on December 2022. Sorry, December 2020. So that's about more than five years ago now with severe eye pain. Remember her job, radiologist? She's been a senior NHS radiology consultant who's worked in Canada, different countries and had fellowships abroad. Unfortunately for her, Dr. Ruth didn't realize, but that was the end of her career as a radiologist. That was the beginning of the end of her career as a radiologist. So she said to me at that point she'd been to A and E and everything, and during that period she just couldn't get back to work, work fully. So imagine she was the main income earner in the family and that was gone, unfortunately. Well, she had some emergency funds, which is brilliant, but how long does that last? It's three to six months and then it runs out. Oh, she's NHS staff, so there's a bit of NHS pension. Especially for those of you who are not clear about the NHS pension, I've got a video coming out this Sunday on my YouTube channel. Before you leave the NHS pension, if you're even thinking about it, you need to watch that video. Okay? So she said, NHS pension provides you, for you, it provides you some ill health benefits. So because she's been in the NHS so long, she had six months paid and that was it. So what happens now? There's the mortgage to pay, there's the chance of losing their house and all that stuff. So what was her saving grace is that she had her income protection. Income protection is basically an insurance that she can't. She's been contributing money to since she was in her 20s and she thought of actually canceling it. All this while she kept wondering, why would I ever need more than six months? Of course we don't know what we don't know. But because she had that income protection, it had to kick in. They started paying her. So usually they'll pay you about maybe 50 to 60% of your usual take home pay, which for most people usually covers it because at that point you're not sort of like having to commute or pay tax on it and all that. So that income protection money kicked in and that was what covered her until last year when she was retired from the NHS due to ill health. Now I've got other examples as well of doctors who didn't do. They didn't have the income protection in place or life insurance. They basically didn't have a financial defensive strategy. Why? It's not because they were stupid, but they didn't know. You just don't know what you don't know. I'll give you an example. For instance, I had this GP who was a local GP and he would usually do out of hours and work in GP surgery and on a Saturday like this he was playing sport and damaged his knee. And it seemed like a minor thing, but it turned out that he tore a ligament. I mean, I've got some orthopedic surgeons here, but he just couldn't work for months and then because he didn't have any of those sort of like he didn't have the NHS cover for even six months or whatever. He also didn't have income protection and of course you can't get income protection when you need it. It because of that he squandered his emergency fund, which he had to. But it was also a difficult time for him and his family. He's good now, he's back to work. But that was needless. Okay. For some people it could lead to big issues like if you're unable to pay your mortgage or other expenses come up. So income protection is important. I see people insure their microwave, they ensure like every little gadget in their kitchen, but they're not insuring the important things like your life income protection and the rest of it. I've given a bit of other examples. This one is a little bit painful. Painful to say it's getting to three years now. There's a friend of mine, a colleague, so we're about the same age, died at 36 years then in London just went to bed. He was a surgeon, surgical resident, went to bed, didn't wake up and he was single. But he had a lot of dependence, family members who was supporting and obviously if he had life insurance that could help friends come together, put some money together, about 35, 36,000 pounds. It only was just a bit to support the funeral and many other things. But after a few months it runs out because there are four other people who are depending on that income. But imagine if he had like life insurance policy of about £500,000, it might be costing him £30amonth. And that actually is a financial defensive strategy. If you're a doctor, healthcare professional, obviously you know about mdu, mdd, us, mps, you've obviously got defense for your practice and your car insurance, you've got to get it or the government is going to, you know, you can't really drive without car insurance, can you? At the police will be knocking on your door. House insurance, most people even lend you money for mortgage if you don't have that. But look at other critical tips like critical illness which covers you for things like cancer, stroke or heart attack, income protection, life insurance, you need to be considering those as well. Right. So there are three more of the seven steps. I'm just going to run through those three and I'll take some questions. Okay, so, so the fifth one is obviously eliminating high interest debt. This is clear, it's just basic math. It's hard. Imagine paying 27% on interest on a credit card and at the same time you invest in and hoping to get 15% return. Let's say you've given someone 20,000 or 30,000 and saying, oh, I'm into constructing houses and I'm going to be giving you 15% return, which would be brilliant, right? Because you can't get that with bonds, obviously you're taking more risk. You can't get that with bonds and you can't get that with. Obviously if you were just getting an average market return, you're not sure of that. But if you already have a 27% credit card debt, the best return you can do is to pay off that debt. That's basically what you can do. So before you even start thinking about investing, you want to eliminate those high interest debt. I think chapter four of Money Wise Doctor dealt with debt and the different approaches to crushing debt. Really important. If you got it, you can refer back to the book. Okay, look at number six. So the number six step is obviously beyond eliminating debt. You want to Invest through tax efficient accounts. Now I'm not going to stress this because at the beginning of the session we've already talked a lot about investment. And then the seventh step is to get professional help. Not everyone needs to go pay. I think I've seen doctors paying 3% of their funds per year to a professional financial advisor. And the advisor over the last 10, 15 years a wealth manager has performed worse than someone just buying a broad, well diversified index fund. Even if it was my late grandmother didn't know anything about the stock market, wasn't doing anything about it. If you're just setting up direct debit and you are buying a broad world diversified index fund, you would have performed much better than this. Especially restricted financial advice advisors who have to sell you a product. Basically the job is sales people. I'm not saying it's bad, I mean they are obviously advisors who are what they are waiting gold. But it's the other way. Medicine. Medicine basically I assume trust. We kind of like if I'm dealing with, if I'm speaking to a radiologist and I send some information, they assume that the information I've sent is correct and also is truthful. The financial sector, the other way around, you trust but you verify, you verify every single thing. Unfortunately the same high standards that doctors and healthcare professionals have of ethics is a little bit different in the financial sector and unfortunately they've used it to catch out a lot of medics. I've seen people who said well I didn't realize I was paying that much. Well they said it was free upfront but you were paying for the rest of your life. So before you signed anything, if you're going to seek professional guidance, make sure I read it properly. You can read the fine print and these days you could actually have legal chat GPT give you some, have a rid of this. What do you think about this contract and all that? Yeah, so you can seek professional guidance when it comes to things like taxes, investing and all that. A financial coach can help you, financial advisor can help you. I've been a DIY investor, do it yourself investor for about 20 years and I've been fine. We've had really good records. In fact I was able to leave my salary job because I've been investing for that long. So not everyone really needs to go pay somebody a massive amount of money. But sometimes you need that guidance, you need that direction to help you avoid costly mistakes. If you're not sure what you're doing, anything, look, this might cost me like 30, 40k if I get it wrong. Over the course of my investing, if it's going to cost you a flat fee, maybe you show what you're paying, it's okay. Okay, that makes sense. I'll pay 2, 5 or 2,000 or 4,000, whatever. Or someone might say they're going to charge you 1% per year. Now that 1% looks small, but over a long period of time, you have to realize that our 1% could amount to 50, 60K over 20, 30 years of investing. Why? Because is money being drawn out of your investment capital? They're not being invest, they're not. You're not investing and it's reducing your compounding. But at the end of the day, you're better off with some guidance rather than none. So consider consulting a specialist financial advisor or specialist financial coach that specializes with doctors, healthcare professionals. However, exercise caution. Make sure you read up a little bit. If you're already educated, you're less likely to have someone pull the wool of your eyes. We've got a lot of free fantastic help online in terms of we've got like almost 900 videos now on personal finance for doctors that are all free. We've got like guides. We have the community as well, where people ask questions and all that. Of course we've got the Investing Academy, but it's not even open to everyone. Usually take like 30 people. So these are steps you can take before you start investing to make sure that you're keeping safe. Now at this point, before we jump into the next slide, I'm just going to take some questions, but before we do that, I'll tell you about the Investing Academy. Currently we've got like seven slots left in it. We don't make too much noise about it because those who already know about it, they kind of sign up. So it's a four week investment course. It's a deep dive where we unpack all this. We go in depth. We've had like three runs of that since we started and people have come out of that course knowing absolutely nothing about investing. I wouldn't call it the cost per se. It's more like a cohort, like a workshop cohort because we do the live classes and then we go online and do actual the whole stuff. And people cannot see like the practical roadblocks because wanting to go to YouTube and then, oh, you can buy index funds and do these and you can buy individual stocks and you can analyze companies. But it's another thing to actually practicalize it. Content is everywhere, but context is different. So most people say, well I don't want to go it alone and make costly mistakes. So I want to work to in a group or a community of 20, 30 people with a guide, someone who knows what they're doing, who's been through this route and I can ask questions and I can address any issues and also if I hit a roadblock. So it's usually a four week weekend. So it's not like four weeks daily. Usually four weekends and then followed by obviously the community. The community runs for eight weeks. So during the four weeks and then another four weeks where you can ask questions and you can come back with any issues you have and all that and get that support. The goal is that before the end of four weeks, if you start tax efficient investing without any confusion, have a clear understanding of what you need to do to invest. And I look at it like a skill. Just like I didn't learn to swim till my 30s, but now I can swim. I'm not going to go for the Olympics, but I can swim. Or you learn how to ride a bike or to drive or to set a cannon, once you've got that skill is yours for life. So that's what the Forex investing academy. So be looking at things like stocks, bonds, mutual funds, risk versus return. Sometimes you think you're getting a return but you're not considering the risk adjusted return. But one of the biggest sessions where people tell me this is one I found really helpful is week two where we do what we call asset allocation. Because it's not so much about I invested in this or that, it's what is your exposure. For instance, some people have invested, I've invested in startup companies, they are high risk and I've been the bulk of my investment stock market. But I've also had exposure to property and bitcoin and all that. But they are all located in a way that if this one goes to zero, it's not an issue. I mean I won't be happy obviously, but it's also basically it doesn't blow up my whole portfolio. So people find out week two, asset allocation, where there's a practical session, say okay, this is 100k, what are you going to do? How are you going to invest it basically for that period, how are you going to allocate the asset, how much of it is going to go to stocks, bonds, have you factored in your NHS pension and all that kind of stuff? Because not everyone wants to work till they are 68 or 65 or whenever for the NHS pension. Some people want to be able to have the option to stop working at 50 or 60 or even a bit earlier and then know that, okay, they are covered from the investing point. Point. So we obviously in week three, we'll go a little bit deeper for those who want to look at what I do, introduction to fundamental analysis, key financial ratios, things like analyzing companies books. So we look at things like the income statement, the balance sheet, the cash flow statement. How do I know a company is healthy? And look for some people, week one and week two is usually enough because they just want to do index for nine ETFs and that's fine. But most people want to come back for week four where we then look at portfolio building from the scratch, step by step framework assembling your portfolio, how to avoid the common beginner mistakes, you know, looking at tax planning and all that. So it's usually quite a deep dive. And then people who do that, obviously at the end you should be able to start investing and that will be the one big skill you got in 2026. For some people who are already investing but you don't know what you're doing, you're unsure, that's usually a very good place to start. So right here on the screen says there are 30 slots left, but they are no longer 30 slots because I've got this other thing called the Mastermind and everyone in the Mastermind automatically gets a slot in Investing Academy. So if you're one of those who you're thinking you're not sure you need more information about this, you've got questions or things you want to ask. Yeah, you can pull up the testimonials. So if you pull up the testimonial else. So yeah, this is some people who have been to the Mastermind or Investing Academy and their feedback they've given. I think Anthony said I've gotten more control over my finances and my investment journey. Oh, my words can't really describe how beneficial it has been. Dr. Ayo is now currently based in Canada. So it says joining Moneywise Dr. Attending mastermind has been the best financial investment I've ever made. And mind you, had already been an investor for almost 20 years before he joined this. Dr. Chi is a pediatric consultant. Investment Academy is a kickstart. Right. Okay. We've got like hundreds of testimonials. I want to take some of your questions. So I'm not going to be able to share all the hundred testimonials, but if you've got any, you're not sure if this is for you or not, or you Think, well, this is for me. I want to take charge of my finances. I want to start tax efficient investment. I've got a sip. I don't even know what to do with it. I've got an isa. I'm not sure I'm using it correctly. The taxi is ending by April 5th and you just want to make sure that you've got our support or you just want to get more information? Send me a message. So someone is going to share my WhatsApp chart. You can send me a message, I'll share the offer document. There's zero pressure. The academy is going to start next weekend. So on Saturday, whether you join or not, we're going to start. You're going to be fine. But if you think it's something that you really need, you might be able to give you one of the slots. Okay. Okay. So you've got like six left. Oh, right. Okay, so I've got, I've got 15 messages jumping now. Right. Okay. So I won't be able to respond to any message at the moment until I'm done with the master class. But if you drop me a message, I don't know if you could bring up my number. If you write it in the chat, I'll bring it up on the screen for anyone who wants. But in the meantime, I'm going to stop now. I'll take some questions, then we'll take a break and we can come back and I'll answer more questions. Okay? Right. I know some of us already have questions. Some of it was already in the chat. How we're going to do, I think the best way is, since you're moderating, if you could read out the question or if you call out the name of the questions and whoever has got the question could ask it or better read the question for me to be more organized. I think it's better that way. Okay, I need to scroll down. Okay. I think you've attended to some of these questions. All right. Okay. How about, how about this? How do cash start interest. Sorry, sorry to interrupt you. How about this? So some of you, some of the questions you asked during the course of a presentation has already been answered. But if your question hasn't been answered, if you put up a, if you put up your hand or something or chat in the chat, then I could call you to ask your question. How does that work so that we don't end up answering questions I've already answered? Okay. Oh, Right. Okay, so I've got one here. Deepak said I'm 71, is it wise to start a sip as I'm 45 bracket. So technically you can contribute to pension till you're 75. So if you're 71, you definitely do need personalized financial advice. You need a bit of financial support in IT coaching to decide, because then you have to look at your assets, your liabilities, your tax tax liabilities as well. At 71, you can still contribute to the pension, but after 75, you can no more contribute to the pension. So most people don't realize that you can still continue contributing to hit 7.5. So whether it's a sleep or an answer that is best for you would depend on your risk. And usually in the writing academy, one thing we talk about is risk is not just one word. There's risk tolerance, which is basically your psychological approach to risk. Can you sleep well when you invest in the market goes down by 50 and then there's obviously like your capacity, which is basically your financial state. Have you got other savings and other things. So these are a few things to consider to decide whether to continue contributing to SIP or investing at 71. Again, when you're 71, I think, do I really want to work for another five years? So you're thinking about things like do I need to buy less risky, less volatile investment compared to actually just just buying stocks which will take life. You can go up and down, but if you're 29 or 30 or even 39 and you're thinking, I'm going to work for the next point, you might actually be placed in a better position to invest in the long term. So you might be exposing yourself more to things like the market because basically you can get better results by going for an awesome portfolio. But again, this capacity, a lot of these things are a bit more personalized. Okay, Right. Okay. So I'll take the next question. Yes. I've got nothing better to do. I read all the feedbacks. I don't spend my time reading what.

People.

Have to say. Why is there tax on pension withdrawals but not on ISA accounts when both are investments? Okay. Yeah. So nf your pension withdrawals, remember the money you put in your pension, you've not paid any tax on it.

Thank you.

And if you've paid any tax on it, is refunded. So your NHS pension. Thank you, doctor. Before your tax. Thank you, Gideon. Thank you. And if you put money in your seat, that's money that's ready. Thank you. You get a refund of the taxes paid on it. You open a company director. I can't read all the messages. That means you can put money in the seat before tax. So basically the pension hasn't been attacked. So that's why in the future, if you've been to the master class, you can see the difference. Okay. In the future you can see, okay, the pension hasn't been passed at all. The ISA has been taxed already. ISA is with manual tax money. So that's why. Okay. Right. I'm not going to be able to read all the questions here, so I'll be able to take three more questions and then we can finalize the session or unless you've got more questions, we'll take a break and come back. So right now if you want to jump in and read your questions, please. I write a weekly newsletter that is read by thousands of Ratna is not available. I think I'll jump to the next question. 20 editions and people find it really useful mainly for avoiding costly mistakes. Learning how to.

My question is.

I don't see much.

Options other than BUAG SMB 500 because if I try to invest in us.

There will be lots of charges or.

Other charges and actually if I buy.

A stock in lower price, ended up.

Paying more price.

I'm not sure about options.

I could join investment.

Oh wow. That's a very good question. Thank you for bringing that up. Guys, may I ask what platform you're using to invest because sounds like you're paying a lot of fees.

Okay. It is a interactive investor.

All right. Okay. Well I don't use Interactive investor, but I know there are multiple platforms that offer you 0% transaction fees and there are multiple platforms that I mean we don't promote any particular platform but multiple platform in the community we talk about these different platforms. Obviously one of them is Investing Geno F no is a free investment account but they're. They're relatively new as well. So there's Vanguard and the rest of them which are fees. So Siva, you may need to do a bit of look around and if you're in the community we chat about all these things can bring it up. The community is free to join. Obviously not the investing academy community is only for those in the investing academy but they're the general money wise doctor community. So yes, you talked about Vuh. Vuh is just basically Vanguard SMP accumulation because some people mix it up with the other type of S P. So this is Vanguard S P accumulation. It's not a bad diversification. But remember, you're limited to the US that means you'll be missing out companies Like Taiwan Semiconductors, which is a massive chip maker. You'll be missing out companies in India and China and Japan and the rest. So, so S&P 500 still has the top company that you get in a global fund because the company, they are like massive. Like you get Apple and you've got like Tesla and the rest of them. So you're diversifying. Rather than trying to buy one company, you're buying 500. But also you're limited by country. So nothing against S&P 500, obviously not personal financial advice because I don't know what your goals are, your risk or your personal stuff are. But yes, VU Agent, it's good diversification, but it has its limitation. And if you're paying that much in fees, you might need to compare different platforms. Look, fees are important, tax are important. Before you even start thinking about how much you're going to get in returns, bringing down those fees, especially if you're a passive investor, is something that is really important to do. I hope that was helpful.

Siva, sorry to interrupt. Actually I was telling VUAG is the only one through Interact. I mean investing isa, I find it, you know, less charge if I try to invest because you know, I investing isa, you can buy stocks only in pounds, you can't buy dollars and then buy U.S. stocks.

I think it's possible. Basically my need to look at other platforms. One thing we do in a week two of the investment academy, one thing we do is that we look at different index funds and you look at what we call tr, that's total expense ratio. Look at what they charge. I can tell you now off the top of my head, for instance, that spxl, which is a global xpxl, which is. Yeah, I think SPX sells an index fund. You could get a charge as low as 0.03% the SPXL. So that in itself is a global. No, SPSL is not a global index fund. That's an S&P 500 fund. But I think it's available on multiple platforms. But InvestEngine also has SPXL. So you can see it already gives you an option. There can't be one option. There are multiple options, but you don't know what you're looking for. One, you're looking at one is it accumulating? So you don't want one that is paying out money because you are compounding for the long term. If that's your goal, looking at the total expense ratio, how high it is and then you're looking at the risk associated with the Fund platforms. So I think you can definitely look at other platforms and look at other options as well. If you're confused about it, if you're already in the community, what's up? Me, I think.

This is the first time I'm here.

Okay. How did you, how did you find the master class then?

Yeah, yeah. So I, I was interested, so I just joined and I already started some, you know, exploration. That's why I thought Investing Isa, the VUAG is straightforward. I found because you can buy the stocks in pounds and I wanted to invest in some other stocks as well. That's why I thought, okay, I may invest in some of the companies in us but you can only buy in dollars. But you know, like trading accounts, you can't change your pounds into dollars before you buy the stocks. In investing Isa, that's where the charges are more. When I try to buy, for example Meta, I actually bought for 583 per share, but it cost me 593. After all these exchanges, I think you're.

Paying too much in fees. I think basically. So before you even talk about what am I investing in, you need to look at the platform fees. What am I paying? The tax efficiency. You already start winning before you have even taken any market. Obviously if you want to join the community, But if you're not able to get, send me a WhatsApp group, be able to get you to the community. Yeah. And what I'll say, it's not about what you buy. Like I said, just one option. There are multiple investments, like some people in the investment academy, which is like an American, but then they've also got an index fund. And I've had people in the investment academy who want exposure to something like semiconductors. So they go for a semiconductor index fund. What you need to know is he accumulating what are the fees, what are the risk? And these are all part of it. I mean we could spend the next 24 hours delving into the nitty beauty of index fund, but I'm sure many of you didn't plan for that. And that's part of why I've got the Academy. It's a deep dive workshop and it's practical and you're seeing the difference.

I just went with Warren Buffett's advice to his wife.

I'm a big fan of Warren Buffett. You see that? You see me in Berkshire Hathaway and all that. Yeah. But thank you for that question. I'll take the next question. Look, if you need to take a break at this point, Obviously there's lots of questions here. If you need to step out, don't worry, this is going to be recorded. Unfortunately, we're not usually able to share it immediately because Investment Academy just started next weekend and we'll have to kind of like, you know, it's really quite intense. I mean, if you are not able to attend the Investment Academy as well, because we've got people from logging in from Canada and it's a different time for them. What we usually do that is all totally recorded. I can assess it at any time it's recorded and it's put in our Mastermind vault. So for those already in the full mastermind, which is six months financial coaching, you get one on one with me, you can assess it. And those in the Investment Academy, you can also assess it during the time you're in the version Academy. Obviously, Investing Academy is not one to one sessions with me and you don't. It's not the same as the invest. It's not the same as the mastermind, so it's all recorded. Okay. Right, I'm going to take the next question. Someone said. Oh, Ratna. Is Ratna back now? If Ratna is not yet back, I'll jump to Tunji. Yeah, Tunji. Tunji. Yeah. Hello. Tinji said, my employer, SIP doesn't get the 20% top up. Yep. Because you haven't paid any tax on it, so you get 20 or 25 net top up if you've already paid tax on it. So your sip, your personal sip, is money you've already paid tax on. But if you're using a limited company, remember you haven't paid tax yet, you can actually move that money into your sip. And when I talk about SIP and pension, remember the maximum you can put into a pension annually, the allowance is £60,000. And that includes whether you put money in your NHS pension or you've got like money contributed by your employer, including the government relief, you might not cross the 60, 000 pounds. Or you might get some nasty penalties from HMRC. They call it charges. Right, okay, so I'll take the next question. Evelyn. Hi, Evelyn. I think I'm the one. How do I rename seeing UE on my name? All right, well, that's. I'm sure it's sorted out now. Adaka said, can we get the link to register for the Mastermind class? Yeah, Darko. Yep. Send me a message so you can show them. All right. Okay, Evelyn, go for it. Did you have a question or.

Yes, I was. You said something about NHS video on YouTube.

That is with the outcome. And thank you so much, every one of you that have ordered it. Almost a thousand copies. So old. Right.

Okay, so I also have a D question. Thank you. Okay, so for this sip, in your last class that I attended, you, you mentioned about investing in SIP and the maximum you could invest each year is 4,000 so that you can get the government of the government's payments or phones.

No, I think I make. I think you're mixing up SIP and Liza Lifetime is Lysa.

Yes, Liza is what I'm talking about.

Yeah. Oh, really?

Okay. Yes, it's Liza is what I'm talking about. So for that Lisa thing. Yeah. Please ignore my other comments, my other questions, because I actually referring to Lisa. So for the Lisa stuff. Yeah, yeah, yeah. If can we invest today and we still get before the financial year ends, which is April 5, can we invest today and we still get that. That's 4,000, that's 1,000. And government funds.

Right, Good question. Obviously the master class, sometimes we end up doing three hours because I'm trying to go into all the details, but this is one detail we haven't covered and Evelyn has brought it up, so let's deal with it. So the isa, obviously, you know, you can put in money in your cash ISA, which you're allowed to put up to 20k now, but to be 2012k later, from 2027, you can use the stock and share that. But there's also the third one, which is the lifetime ISA, which obviously I say if you're less than 40, you want to open it as quickly as possible because after 40 years you can't open it anymore. And what Evelyn was asking from my previous videos, I've explained, and in my previous master classes, that the lifetime is that whatever amount of money you put in, as long as you don't exceed 4K, you're going to get 25% of it as a government bonus. So you could have a Lisa for saving, which is usually ideal if you are saving to buy your first house. I can have a Lisa for investing, which is usually ideal if you don't want. If you don't need to collect it till you're 60. So Lisa is if you put up to £4,000, you get that 25 contribution, a free £1,000 added by the government to your account, totally free, tax free. But you can only use it for two things. For buying your first house, but the house has to be less than 450k or for your retirement, which means you don't get it till you are 60. Now a big challenge is that after 50 years of age, the government stops contributing. So if you're just saving, it's more like you're losing. I mean, you're not losing money per se, but your money is just sitting there for 10 years. But if you already invested, that is brilliant because, well, the government has contributed and your money is still working in the market and you'll be able to access this when you turn 60. So that's one of the ways to use the ISAs and combine them properly. Now, what evening was asking is this is January today is January 10th, right, Evelyn? And you're asking if you're just gonna put 4,000 in your lifetime ISA because you didn't do it throughout the year. If you do it right now, will you still be eligible to get the £1,000 as long as you do it before April 5th? Is that what you're asking?

Yes.

The answer is yes, you can get that full £1,000 after April5. If you miss it, you've missed the whole £1,000. But if you do it before now, you'll be eligible to get the full £1,000. Does that make sense?

Yes, I get you.

Yes.

Thank you very much for that question. And relating to that question, a follow up question.

What if you're living even before you ask a third question, I'm going to ask you, how many more questions do you have? I don't mind the number.

Yes. Is this the last question?

I'm just, I'm just kidding. I don't mind if you ask me like 50 questions. As long as we've got time. Right, ask your question.

Okay, so just if you're leaving the uk, pay. Yeah. With this license, are you like you've mentioned, like you've explained at 60 is when you can actually get in touch with the money if you don't invest it in mortgage. So if you actually live in the UK, even at 60 before CC, will you still be able to get that money?

So ISA is basically for residents, UK residents, or maybe let's say you are working an embassy, UK embassy abroad. So if you leave the uk, the money is still yours. If you leave it here 60, you can get it if you want to pull it for any reason before you're 60, whether you live in the UK or you live abroad, you're going to get a penalty. I might end up with less money than you introduced than you put into the lifetime. So what most people have done, because we've got like some doctors now currently in my financial coaching program, the private mastermind, some of them are in Canada. What they've done that, they've left their ISAs where they are. If it's invested already, it's growing in the market, they're not worried about it and then they're going to access it. It basically, at 60, is not a pension, but they are looking at it as an extra pot of money that's similar to a pension that they can get. Okay. So I don't think it's affected by where you are, but the problem is that if you leave the uk, you can't add more money because you're no longer tax resident. Except you're abroad, but you're tax resident in the uk. All right, I hope that was helpful. No worries. It's good to have you, Evelyn. I think you're in the last master class and.

Yes, I know.

Yeah. As you know, I know you're in the comments as well. Feel free to ask any further questions you've got in the community, the private community is for discussing all those kind of, like, issues that come up and all that kind of things, because master classes are limited in time, even though we try to do as much and answer as many questions, but we've already spent, you know, about an hour and a half here and managed to do a few things. All right, I'll take a few more questions. You're welcome. If you. I'll take a few more questions. Who is next? Said NHS pension is a must for all doctors. Well, well, I'd like to have an NHS pension, but I don't work for the NHS anymore. It's going to more than three years now, so if I had the opportunity to contribute to the NHS pension, I'll do it in a heartbeat. It has its disadvantages, or what I'll call pros. You have no it's cons. It has its pros and cons. You have zero control over the NHS pension. Zero. Zero control. You can't say we have to invest it. It's not even an investor port. It's basically like. I don't want to call it an MLM basically, or Ponzi. It's not a Ponzi scheme. But what's happening is that you're contributing to the NHS pension and it's being used to pay those who are eligible and there's no pot of money being kept somewhere. It's basically like a promise. But the good thing is that it's guaranteed by the government, it's backed by the government. My worry about is that they could wake up and say, well, the NHS pension age is no longer 65 or 68 because the state pension age has increased, reached. So going with state pension is now 71 or 72. And also most people don't want to wait till 68 or 65 or whenever they want to decide to take their sleep at 55 or 57. So the energy expansion is brilliant, but it's got its limitations. If you have a look at my video coming out on Sunday, I think someone share my, share the link to the, the subscribe link to the YouTube channel. I think the one with the equal to one or something button, you'll be able to get that video. You get notification. I'm going to be explaining the NHS pension, the downside and the, you know, the good sides. And obviously overall, I think NHS pension is a great pension to, you know, to deal with. Okay, Right. Okay, I'll take three more questions. I think I'll take three more questions. It's already 12. So burned out. 90 minutes. I hope you've used it well. Before I take these three questions, Edie, could you share the feedback loop link for those who want to give a feedback? I really value your feedback. Okay, Yes, again, please. If you take out your phone and point it at the barcode or you can use the link in the chat as well. We've got like lots of lovely feedback. We have a whole wall of love. But yeah, we still like to hear from you honest feedback. Tell us, did you find it useful? Was the one surprising thing you learned in the master class? If you could point at that or use the feedback link, you can jump in. It'll take you a couple of minutes. But if you want to do it now, I'll just give two minutes, we do it and then I'll take more questions. Okay, what I'm gonna do, I'll hang around for another half an hour. I know it's already 90 minutes if you need to go fast, but those of you who still have questions, I'm going to hang around for another half an hour to make sure that your questions are answered. And if you weren't lucky to be one of those that joined the community yet before it got full, if you send me a message, we'll see what we could do. We've got like a special investing academy class community that's free, but for those of you who want a deep dive, basically you, you're not satisfied with just, you know, sometimes you want to get a deeper grasp of what you're doing with Investing. And no matter the number of master classes we do, sometimes there's a need for an actual workshop where you can do things, see where there are issues, see where there are roadblocks. Then I think the Investing Academy is your best bet. So I'm going to say if you send me a message. If. Why? Why did, why, Why? I said send me a message. I don't want you to. I don't want to share the link. It turns out that we are out. We haven't got an extra slot left for you. And also I need to know that we're good fit because you're going to be seeing me for four weekends. I'm going to be seeing for four weekends, yeah. So give everyone a fair chance. But the slots are kind of limited. Because it's limited. I love to have a thousand people in my Investment Academy, but it loses its power and effectiveness. Would like to keep it as effective as possible where it's interactive and there's a community and people can ask questions. So I would say send me a quick message to drop my. Either drop my number, basically, so that if you want to send me a WhatsApp message and I'm again, if you send me a message, I've seen some people have sent me another message, say I really want to join on the WhatsApp. I'm not going to be able to respond till the end of the session. Sorry. Okay, but send me a message. If you don't send me a message, you're not going to hear about the Investment Academy. Basically, we're not going to be inviting you or sending you reminders or anything like that. I mean, okay, maybe I might send an email for those of you who didn't attend or missed this master class, especially those have previously asked for the Investing Academy. But other than that. Well, if you send me a message, then I'll be able to send you the offer document and all that stuff as well. Right. Okay. Should we take some more questions? Because I know some people still have questions. So we've got Kechi. Yes. Did I jump someone? Yes, yes, please go ahead and ask your question. Oh, sorry, Kelechi, sorry, before you, I think I missed some questions here. Someone says, can you convert the junior ISA into Lisa and then get another 1k if you invest another 4k in the next tax year? No, you cannot convert the Junior ISA. You can convert the Junior ISA into an Adult ISA. Basically. So when you cross 18, you can convert the Junior ISA into An Adult ISA. You can convert into a Junior. You can go from a Junior Cash ISA to an Adult Cash ISA, you can go from a junior stock and share that ISA to an adult stock and shares isa, you cannot convert it into a lifetime isa. Okay, but good thinking. I like where your head is at. Okay, that's a schedule. We've got like 14 general.

Can I add an extra question to that? So if you.

Was that. Was that you? Was that your question?

Yes, that was my question.

What's your name, please?

It come up as U E, but I'm actually Sonia.

Oh, Sonia. Sorry. I don't know why that happened. Hi, Sonia.

So if. If you have a. In that case, if you have a. A Junior Cash isa, can you change it into a stocks and shares ISA then? Because learning. What I've been learning is there's no point leaving it in a Cash ISA if they young. So I want it to work harder. And then the only question is, do I change it to elisa? But you said I can't change it to elisa. So should I change it to stocks and shares? But can you actually do that?

I love that, Sonia. It tells me that you've been paying attention. Yeah. I usually say, if you've got like, when it comes to investing, you're thinking about two things. How much risk are you willing to take and how soon do you need this money back? So if you're going the money in two day, two years, but if you're going to buy your first house, you're saving your deposit in six months, there's no. I don't. I don't see the point taking unnecessary risk for investing. But if you don't need it, like Sonia is thinking, well, I've got a junior ISA for my kid. They might not need it for the next 10, 15 years. So you're thinking, and you're willing to take a little bit of risk to give them better returns. So Sonia is thinking, what's the point leaving it Junior Cash ISA when I can actually go from Junior Cash ISA to Junior stock and share licer? The answer is yes, but it depends on your platform. Some platforms might not provide Junior isa, so you've got to check the platform you're already on. And if they don't provide it, then you might need to switch to a platform that provides it. And one thing I've learned after having this chat with over a thousand doctors and healthcare professionals, that when you need to switch platform, the platform you're living is not usually as helpful as the platform you're going to. The platform you're going to can do all the work, it can go out and fill out the form and they will make sure that it's transferred. Some of the platforms charge you for living. So that's why if you're using a platform, you need to really redefine print before you choose a platform. Some platforms say, oh, it's fine, you can come in for free, we don't charge a fee, but there's a fee for living. The same thing. The same reason why we've had a senior GP who sends said, oh, I didn't realize my financial advice was charging me 3%. And then he's underperforming the market. And then when they tried to leave, this was a pension in this case and there was a fee for living and they assigned all that stuff when they were joining 12 years ago. Yeah. So, Sonia, your question actually makes sense and I'll think, yep, why would I want to keep my fund in a cash isa, Junior Cash isa, if my son doesn't need it for college for the next, next 15 years? But as usual, obviously this is not personalized financial advice. I don't know your personal situation, your goals and risk. I hope that was helpful.

Yes. And I think basically what the other thing you have to think about is, you then have to decide, do you want stocks and shares, isa, or do you think it's more important to give them the house deposit or prepare for pension, in which case you could then just open a separate. If you had the funds open a separate Lisa now.

I love it, I love it, I love it, I love, I love that you're looking at all the options, right? Because there's a junior Sip, which you can invest and junior ship could have cash and stock and shares. Then there's a junior isa. The problem Junior ship is fantastic. It's the most tax efficient because the government will contribute money as well if you put in a genius. If the government will add money to your child's account pound. Okay, that's basically 25. It's 25. So it's 25. 25 net, 20 gross. What that means is that if you put in 2,880 pounds per year, which is the maximum you can put in in a genius ship, then the government will gross it up to £3,600. They can do this every year and you can then invest that entire money. So the problem with the junior ship is that they have to wait till their pension to get it, which is 55 now and it's 57 and I don't know many 57 years old or 55 year olds that would really be upset now to discover that they've got £2.3 million. And maybe they would have said I wish I had this money since but now I have it now, I don't know, I'm not 55 here but I'm sure I'm a long way away from before. But I'm sure most people would think, well maybe my affair career choices, they might decide they want to be a painter if they know that at 65, 57, they might decide they want to be the next, you know, judge handle or something. Yeah, they might not want to be a doctor, they might want to be a doctor. So yeah, most people on the most people underestimate the genius. I think it's powerful. The Junior ISA is also good because at 18 they can get access to it. But the problem is you want to make sure that your child has good financial education, can make wise decisions, good judgment because from 18, whatever you've invested in the Junior ISA, which allows up to £9,000 per taxes with no extra contribution from the government, but the proceeds from it is tax free. At 18 the Junior ISA becomes, comes into control of your lovely child and if they decided they wanted a new Ferrari or one, let's throw a massive party or maybe they might just decide to convert it into an adult ISA and continue investing or they might take out the money for a house deposit is all your choice. Now if you ask me my opinion personally, if I've got like, so I've got an 18 month old old, I wouldn't be thinking about house deposit for him now. I mean I want money to grow. Why? Because I think if you're thinking about investing a horizon of 3 to 5 years or 5 to 10 years is even better. So if he doesn't need the money for the next 10, 15 years, I'd rather have the money working actively in the market. Account 4% return investment return SMB 500 give 25. But sometimes it could be double, like, sort of like double what savings to give you if you're specialized or you have a bit of knowledge and investing, sometimes you do better, but you're also at risk of doing worse. But if you just look at average market returns of 7 to 8% that makes a massive difference over 10 years. Remember it's compounding, right? Even at that point the person has an investment portfolio, if they decide they wanted to liquidate it to buy their first home, that would not, not be the worst decision in the world. But then they've had the opportunity to grow. But chances are that. But at that time they have an investment already going on and they might want to raise money for their deposit through a different means. But then it's better to have options. Right?

Yeah. Yeah, thanks. That's great.

No worries at all. It's good some of these sessions and this is what we're doing the one to one session. So the one to one sessions are kind of like. Like every now and then I open up some one to one slots. People book it in. But those already my financial coaching program, my mastermind. They have this one to one sessions, a couple of slots where we think about things to gain clarity. Because you can see Sonia has got the knowledge obviously and has been following our podcast and stuff as the community. But sometimes you just need to bounce things back and forth to get that clarity right. I hope that was useful.

Very useful. Thank you.

No worries at all. Yeah. Before I take the next question. So yeah. Thank you. Someone from my team, I think that's UD has kindly posted a program for January and February. This is basically there are other things for those in Investing Academy. We obviously have daily calls. We are not calls. Like I jump in daily and then respond to questions usually in the evenings and loss of time by the time I come. A lot of the questions have also been answered by other people in the community. Who knows know quite a bit because I found out that some people in the investment academy they are not totally new to investing. They just weren't sure. And then there are. Those are brand new. But what was really great is that everyone is supporting each other in the community. So it's not just one person answering or asking all the questions. So but these are the programs that kind of like public facing that we might do that we would do definitely. So January 14th there's an investment master class class. It's totally free. You can come back if you. If you want. I know like we had 250 slots for this one but already had 420 people register. We can accommodate everyone who wants to come. We. We cannot do that because then it's hard to remain interactive. But if you wanted to join the Wednesday class. Yeah you're welcome to join but then from 17 to start investing deep dive. That's the academy. Usually you've got like a small group will get into a class and the promises at the beginning. Even if you were brand new and didn't know anything about index fund investing, tax efficiency or whatever diversification means at the end of the session you should know enough to start investing for the rest of your life. So that's the whole point of it. And we usually don't say that and then say, okay, it may or may not happen. We have a full guarantee that if at the end of the whole investment academy you feel like you didn't get 10 times the value of whatever you paid, you could ask for your money back and get it completely, completely and keep the class. Right. I've been fortunate so far. Most people, or I'll say 100 of people who have passed through it have actually found it really, really helpful. And those are the testimonials you've seen. I think we've got like 100 testimonials. 120 so far. Okay. Of course there's 21st February, there's a tax hack X ray challenge. It's a workshop as well to plug any tax leaks or any issues or things if you, if you feel that you overpaying taxes, you just don't know where you're licking the tax or you don't know where to go from there. So there's 21st and 25th is a tax hack X ray challenges as well. Right. Okay, so I'm going to take a few more questions. We've got 15 minutes to go. Someone says, can you provide the steps to setting up a sip? Do you have to have a limited company? Irini, I don't. What, what do you mean by steps? Do you mean step by step or. I've done a video about it is on the vault. I can't really do it now, the time left. But yeah, setting up a sleep is not that difficult. You can do it yourself but it helps to know what you're doing so that you don't choose the wrong one or make the mistake. And yeah, so the same way you set up your eyesight and set up your sip. But you want to know are you going to diy? Are you going to be investing by yourself? Are you going to invest through what we call target date fund where you think, well, I'm going to retire by 2035, so, or 2040, so I'm going to buy a SIP with that goal in mind. So there's already algorithm set up to invest with our goal in mind so that it takes less risk when you're closer to retirement, more risk when you're far away from retirement. Or number three, you might be going for a managed fund where an advisor, wealth manager manages your funds. I mean the results so far has been kind of mixed, but long term data have shown that professional money managers, 97% of them, even almost 99 some years, 97% of them have failed to beat the average market return. So even if they had invested in S and P, if someone invested in S&P 500 they would have done better. But again you have to think about your specific situation because when people throw this data around you have to realize that if someone is 64 and they are planning to stop working at at 68, they've got four years. So they can't have the same advice as someone who is 25. Why? I mean if they're buying Broadwell Diversified index fund, this sounds good. But the market crashes two years before they are going to retire. So that means a different approach is required. And that's why week four of the investment academy we do this thing called your. I don't like to call it the piece but it's piss. Your personal investment strategy, you set up, you kind of like work out your personal investment strategy. What is going to be your goals long term and how you approach it by looking at your risk. Yeah. So these are things to think about even before you start thinking about C PISA investing and all that. You need to understand risk management like diversification. And also you don't want to over diversify but you want to have enough diversification asset allocation which is part of what we're doing in week two. Practical sessions on that. Okay. And then there's a question here. Do you have to have a limited company to set up a sip? No. You can have your personal ship and you can have your employer SIP which would be. If you've got a limited company. If you've got a limited company and you're missing out on the employer ship, you're missing out on a massive opportunity for tax efficiency. If you not sure, you can check my video on the media company on Money Doctor YouTube channel or you can check out the step by step guide on the website or just send a message in the community, someone will share it with you. But if you want to absolutely nail your limited company taxes then the tax hack is probably for you because tax hack is on 21st of February and the two hour workshop where we go through with a fine tooth comb trying to find different areas not just for limited company but Isaac as the ABCDE of taxes. Okay, right, okay. Right. Okay. I'll take a couple more questions. And Akin said is there still time to discuss the tax trap 60 tax trap. Yeah, I can. What do you want to know? If you're here, what do you want to know about 60 tax trap. Tell me or what would you like me to discuss? I think I mentioned it, how to avoid it. Basically like you get promoted and you think you're getting a payroll guys but you're losing more. And then what, what should you do when you cross that 100k? Yeah, okay, that, that's a good one. Yeah. So when you hit the 60 tax trap, before we even go into that, do you understand what it is? Yes, I have a fair idea. So once you cross 100k, you lose your personal tax, allow want and then for every pound above 100k works out to some number that net you could be paying more tax. It's just a glitch in the system really. But if you don't know about it, you pay more tax and you think you're working more, but your net returns is less. Matt, I think you, you understand the basic stuff. So what it says is that everyone in the UK has what we call a personal tax allowance. And before you do anything you already have 12, 570 which you don't have to pay tax on when you earn it. That means if you end 12570 in a whole year, there's no tax on it. Which is why many company directors end to 12, 570 for self employed companies. Now I don't want to go into whether it's fair because I think by now it should be more. It should be like 20 or 25k because that 12, 517 was implemented when, a while ago when 12570 actually meant more. There's no inflation. There was inflation, but not as much as now. So inflation has not, there's no, no inflation has been factored into that 12, 570. So okay, you get 12,000 tax free, which is fine, but once you hit a hundred thousand pounds, for every two pounds above a hundred thousand, one pound is deducted from that 12, 5, 17. Okay. And so that means if you end extra 10,000. And now I'm talking about adjusted net income, that means your pension has already been deducted and all that kind of stuff. So I can, just to make sure we understand it clearly, if you earn 110k adjusted net income, how much of your personal tax allowance will you lose? Just give it a go. Isn't it? I can't calculate it, but it's gonna.

Be.

To 5,000 about. Yep, yep, it's 5,000. You got it. Right, so what I just did, divided by two. Remember what we said? For every two pounds you lose one pound. Pound. For every one pound you lose 50p but easier to remember for every two pound. So what that means I can. That if you've gone, if you, if you earn 120k adjusted net income, you lose 20k divided by 2. So you lose 10k from the personal tax allowance. Oh, it's almost all gone. So now the question will be at what point do you lose it entirely? And that will be at 125,140. So if you think about it, 25, 140 divided by two will give you 12, 5, 7 0. So you've lost entire allowance. At that point you're paying an effective tax rate of 60%. Okay. Compared to other people in the population. Now what can you do? There are 10 steps. I think someone in my team has already shared the Link. There are 10 steps you can actually take to, to avoid the 60% tax trap. But one of the was cut off a little earlier and lost all the message. I don't know what that is. So the test is. Well, the biggest steps, one of it is actually contributing money to your pension. So it could be your workplace pension, which most people have little control over. If you're in a defined benefit pension, like the NHS pension, or it could be your personal pension, like your sip. So you could decide I'm going to contribute more money because I would reduce the adjusted net income by the amount you put in something and then you can then invest that money. So if it's a SIP or if sars, which is a different type of pension as well, you can then invest that money. Or even if the NHS pension, if you did salary sacrifice, it would drop your adjusted net income by the amount you contribute. So that's one way. Of course, the other way is like charity. If you contribute to charity, if you give money to Charita and charity includes like St. John's Ambulance, red cord, Wall Street. Also if you like your, if you like attend a church or religious organization that is registered as a charity in the uk, if you give to that charity, you could actually also you can claim in your self assessment and it can reduce your adjusted net income. So these are a few other ways. There's a gift as well, but obviously gift is quite limited and you've got to do it properly. But the biggest lever you can pull is actually the pension. But for most of it's not just knowing to put money in your pension, it's also knowing how to invest it and manage it carefully. I hope that gives you a bit of an idea about it. Akin, did that help? Thank you so much. That helped. Lovely, thank you. How do you calculate adjusted net income? Go to www.nhssalarycalculator.com. it can help you to work out your take home pay and you can also see adjusted net income from there. So I built that too two years ago because lots of people were confused about calculating adjusted net income. It's an ugly website, but it's simple and straightforward. So if you go to the nhssalary calculator.com Someone will post the link as well. You can use, I think it's used by thousands of doctors. Last time I checked, saw 25,000 visits. You know, people using it. Okay, have I missed your question? And go say, okay, what's your question? And go.

Hi, sorry, I'm, I was asking for junior, is it better to keep college funds in junior, in junior Isa they'll turn 18 and for college or is it better to allow them take student loans? Which is, which is better as in investing, you know, keeping the money together. What do you think? What are your thoughts?

Yeah, I think, yeah, thank you for that. I think it's all going to be based on your own goals, your family goals and your risk basically. Because if you invested for college funds, it depends how old is the child, Are they about to go to college in the next two years or are they going in the next 10 years? That's one factor to think about. Money invested in the market, stock market is never guaranteed. There's no returns that is ever guaranteed. Obviously if you have invested and you're thinking, I don't need this money for another 10 years. Well, when it's getting closer to 10 years, you need to be thinking, well, I need this money now in the next two years, do I need to move to a cash position or a bond or something like that, treasury, because so that's one thing to factor in. Now in terms of taking student loan, obviously student loan, you have to pay interest on it eventually is not the same as credit cards. And I'll say if I'm in a position of not having to end up with a student loan because I can afford it, I'll prefer not to have a student loan. I don't know if anyone has a student loan here. If they would have preferred not to have a student loan and to have paid for it. Now there's a big dilemma. People say, well, what if I invest in the market long term I'm getting 78% return and my student loan, I'm getting to pay about the same amount on interest, depending on what your student loan interest is I don't know what the current one is, then one would think, well, they're about the same in that instance. I still prefer to actually be loan free, basically because that gives me more financial clarity. One less thing to worry about, more options. It doesn't limit my choices. Yeah, but again, and finally it all depends on your personal goals. Your family goes. And I think it's a little bit difficult to work it out in the master class because it all depends on what you want to do. Does that help at all at least?

Yeah, yes, yes it does. But then I now, it now took me to mortgages and you know, you're still debt, you're still owing on mortgages. Do you put more of the money into your mortgage or you put the of the money to invest? What are your thoughts?

I think I should finally do this video. For three years I've been trying to do it, but I've been too busy. Should I invest more or should I pay off my mortgage? Is that what you're asking? I'll give you a framework. Okay, this is, this is, I think I've been asked this question like a thousand times. Here's how I think about it. I've got a doctor who is in Devon, who's got like a lovely house. God, I must get at 0.99. I'm like, oh, you're lucky. Q1 or even if you go your model at 2, 3%, 4, 5%. Okay. And at the same time, the investment portfolio is doing 10 to 12% compounded return passively. They're not taking massive risk. Okay. Now in my opinion, they've got like a 400k or let's say 200k mortgage. In that instance, if you're looking at it from a purely mathematical returns point of view, you, you're much better off investing than paying off the mortgage. Why? Because the mortgage is a secured loan. There's a property, hopefully you have more, what they call an equity in the property that even if you sold the property, you end up with more money after you pay off the mortgage. But this doctor decided to pay off a hundred thousand out of that mortgage, like 100k lump sum. And then them, they gave their reason, which made absolute sense to me. They said I can sleep better at night. So returns are not only your financial well being is not just about the mathematical returns, it's about sleeping better at night. I usually say you can either eat well or sleep well. I don't mind taking risk and investing in a particular company, startup company. I invest in individual Companies I've studied and I looked at their metrics, but I do my adjustment asset allocation and I sleep like a baby. But some people can't do that. That's not who they are. It doesn't make them a worse investor. It just means that that's their personality and their makeup. So this doctor, rather than putting 100k in the market to get 12% return her husband, they decided to put the money 100k into the mortgage. Why? Because that gives them worse return. But he allows her to sleep better at night because she just have has less depth hanging over her head. It also makes her feel like if she decides to stop working tomorrow, she's not going to be worrying. I'll give you another example for my point. The last time I bought a car, not long ago I said it, you know what, I'm gonna pay cash. Because then interest rates were high. I thought I wanted to buy this car. Thinking about is 40k or 50k and you're thinking 10 returns. I am I making 10 returns passively. If I just went to buy guilt or bonds like that, it won't give me 10%. So why am I going to take out 10% loan to buy a car? And I did have some cash at that point, so I paid off in cash. If I had invested the same money that same year, I got a return of 58% on my portfolio. So I would have gotten a better return. But then I don't have to worry about car payment. I don't wake up and thinking, oh, I need to get a job now because what if I can't make my car payments? So it all depends. That's why it brings me back to personal finance is personal now. It depends on your goals, it depends on your risk, it depends on your long term plans. Yeah. So these are the things to consider because if you had a lump of money and you think I have this really low market and I'm planning to live here for the next 25 years, you might think, well, I'd rather invest rather than paying off my mortgage. There's a middle ground which I've done in the past, which is I'll pay the maximum allowed, you know, without paying out. Sometimes some lenders will allow you to pay 10%. If you want to strike the middle ground. Yeah, lots of perspectives. Depends on your risk. Does that help on your long term plans? Yeah, it helps. These are the things to consider. Okay, so it's 1229 now. I'm just going to take one final question and I'll Jump out if you could. If you could bring our middle ground sort of like which is. I'll pay the maximum amount the Forest Academy then I'll take one final question. Let's enjoy the rest of the weather is looking lovely out there. What's your name please? Hi. Hi sir. Nice. Every single class. I thought this would be the class nobody want every single class. Someone asked me that and as a fair question, I understand why people ask that because I think well, this is already experienced. I'll tell you why I haven't done it. I don't plan to do the next couple of years. I might change my mind in the future. I don't know why but currently I've got freedom and flexibility in terms of. I don't have to mean I usually am honest about this. I don't fly a private jet, I haven't got a Ferrari out there, I like my cars. But I've got every single class. Freedom from decid to do the school run. I don't have wake up. Mine isn't someone's money and I can take risk with my own money and I'm happy with the risk I take. Fund management is great but here are the truth About Fund Management. 1 I don't feel good about the way it's been done. People charging a fee but underperforming the market. I like the way people like Warren Buffett did it where he has a Buffett partnership. I like the way people like who I met two years ago as well legendary investor. What they do is that they charge you nothing if they are performing at the level of the market. They only start charging a fee when they perform above market. That means that for you they get access to these days they work for free and so you can actually get really good returns. But my idea about the whole thing is that once empowered healthcare professionals to learn enough to really manage stuff on their own. They can decide to go in simple path. And that is part of why we do the investment Academy Mastermind. Because then even if Mastermind, which is one of our transformational programs you did for six months. But there are always going to be going to be the 1% of people who need a fund manager. Then in that case, yes, you can go with a financial advisor or a wealth manager. But you need to check this criteria quickly check before we approve any investment advisor or financial advice on our platform want them to be one. You need to have lots of experience dealing with doctor healthcare professional so they understand the nuances. They start NHS pension, define benefit the entire understand all those issues around their retirement and all that stuff. Two, we want them to have already had a lot of public reviews like people who have worked with them. Positive obviously. And three, obviously they've got to have the necessary qualification. That sounds like a given. So these are some of the things I'll check if you really want the SP manager. Yeah. So isra, sorry, I. That might not have been the response, but we're doing a lot of things in the background. I'm working on an AI tool we're already testing with people in the Mastermind. You can wake up at 2am and chat with me to help me with my AI tool. It's not on the WhatsApp or anywhere just for the Mastermind. So all those things, I feel they can help you as a doctoral healthcare professional to become more confident in your finances and even along the line. I don't want to deal with all this. I need a small money that you already know what to watch out for to avoid the chances that you end up just paying someone a fortune of your financial future to do absolutely nothing. I hope that was helpful.

Thank you.

All right, thank you guys. Really appreciate you all. I think I'm about to jump out now. My third will come for me. I hope you find it helpful. And if you wanted to join Mastermind, which is my six month program where you get a one to one session, access to access to the workshops, all recorded and all that, send me a message. And if you just wanted to join the Forex Investing Academy, you're not, you're not too interested in things like the rest of it. Just want to learn how to invest. Then send me a message as well. Yeah. And thank you. I can see the message is flying. Thank you you for the session. I really appreciate as well. I promise all the feedback I read. All of you. Yes. I don't spend my time reading what people I don't know on YouTube or Instagram have to say. But if someone has taken out their time to come to my master class or in my community, then I value their feedback. Yeah. Mimi says thank you. Thank you Mr. You goodness. Thank you goodness. Thank you for being here.

Thank you.

Thank you, thank you, thank you, thank you, thank you. That was very helpful. Thank you Andy. And said thank you Gideon. Thank you to Millie. Thank you Veronica. Thank you Zarin. Thank you so much. Says this as an extra ministry. I'm glad to hear that. D says thank you. Yes. I'm sorry I can't read all the mystic. I appreciate, appreciate it. Thank you so much. If you read this stuff and you found it useful. You've been through the massacre, you're just watching on the video. If you not moneywise. Doctor.com subscribe or join. That will give you access to our weekly newsletter. Got to check that name. But if you go to money wise do and go to forward slash subscribe, that will give you access to my weekly newsletter. So every Sunday so there will be one tomorrow, I write a weekly newsletter that is read by thousands of doctors. Now I've been writing for almost three years now. People find me they've sent over 120 editions and people find it really useful, mainly for abortion, avoiding costly mistakes, learning how to save money the right way, invest the right way, avoid overpaying taxes. So if you go to moneywidedoctor.com subscribe, you get it totally for free. I just say check your spam. If it is your spam, drag it into your inbox. And of course, if you are in the community as well, I share updates regularly and all that. Yeah, so go ahead and subscribe. And if you were thinking I'm not sure about the Investment Academy, you don't have to join, but you just have questions around it and send me a message, you might be able to get one of the slots I left. All right guys, have a lovely Saturday and until next time, lovely to meet again, all the best. Bye. Subscribe, you get it for free. And of course, if you're anything, I share updates regularly and all that. Yeah, so go ahead and subscribe. And if you were thinking I'm not sure about Investing Academy, you don't have to join, but you just have questions around it and send me a message, you might be able to get one of the slots that I left. Alright guys, have a lovely Saturday and until next time, lovely to meet again. All the best. 5 and subscribe. You get it for free. Check your spam, if your spam drag.

It to.

Share updates regularly and all that. Yeah, so go ahead and subscribe. And if you think I'm not sure about Investing Academy, if you don't have to join but you just have questions around it, send me a message, my dear, to get one of the slots. All right guys, have a lovely Saturday and until next time, lovely to meet again. All the best. Next time with lovely time again, all the best. Bye. Subscribe, Instagram, subscribe.