Investing Masterclass 6th May 2026 Edition

mic off for good reason. If I can see, I can tell whether you're getting confused. If I can see, I can tell whether you don't understand what I'm saying. So let's follow Suda's example and Delibe's example. Hi Suda, hi Delibe. Yeah, it also makes me feel less lonely. I mean, I've run masterclasses where you've got like 300 people and they're like 3 cameras and you're just looking at this black space and wondering, are they getting what I'm saying? Um, that's why I like smaller groups. In fact, in our mastermind workshops, we just have like small groups of 30. That way it's kind of intimate and you can actually walk through things and make sure everyone is being carried along. Um, well, I'm delighted to have you. This is, uh, 7 Steps to Tax Efficient Investing as a Doctor. If you're here and you were hoping we might talk about politics or, you know, how to get into the best relationship, you're in the wrong room. But if you're thinking we might talk about personal finance, tax efficiency, investing in a sensible way without making unnecessary mistakes, yes, for the next 90 minutes, we're going to dig our teeth into that. So can I have my slides up please? Ede. So if you're new here, I'm Dr. Andy Egwim. I don't know, you probably might have seen my content, but if you've logged in on a Wednesday evening, which I know is a precious time for you, that means you probably might have seen my content or you've come across my stuff. So I'm actually decide what I want to do with my time. So I just came in 2 days ago. I've been away in Santorini. Which is not how I live my life every single day. I don't live in Santorini every single day. I live in Devon, but I could just get up, pick up my bag and go after the masterclass. Um, of course I've got to do school runs and all that stuff, childcare. And I don't live— I don't, I don't, I don't have a Ferrari. I'm not flying a private jet. What I have is total control of my time. In fact, I've got to do an appraisal and I have to stretch to find enough medical clinical time. So for you to keep your license as a doctor, you need 20 days. A year. So GP, that's 40 sessions. Um, I started investing at 21, so that's a little bit about me, right? So I'm sure you're not here to hear about my life and all that. You're here to get some practical tips and all that. So what I'm going to do is I'm going to turn it over to you. Could you tell me in the chat where you've logged in from at the moment? Where are you based? I just want to make sure. Um, we tend to have the most people who join the sessions in the UK. We have a few people join from Canada And occasionally we've had someone— okay, we've got comrades from London, Blackpool, Manchester, Cardiff, London. Okay, brilliant. Nottingham. Wow. Liverpool. Okay, so we haven't seen anyone from Scotland. There's usually somebody from Scotland. If I don't see anyone from Scotland, then I don't have to talk about the Scottish tax table. Bristol, Mansfield. Okay, there's someone in my mastermind group who is from Scotland. He's a surgeon. He always reminds me their tax system is a little different. Okay, right, okay. So we'll just get right into it. Um, when it comes to investing, a lot of times people think about investing from the point of what should I invest in. Um, I haven't seen my slides, so I'm just going to post it from here. Don't worry, it's not death by PowerPoint, but we'll find out anytime I post, I post my own slides, there's to block out some people. So I tend to just leave all that to my team to do. But let's get it up. Yeah, so a lot of times when we think about investing, most people start thinking about things like, you know, like, what should I buy? Which stock should I buy? And I think that's the wrong way to look at it, thinking about which stock should I buy. There are a few things that are more important than that. Rather than which stock should I buy, you should be thinking about a number of things like your tax position. Okay, can I get the next slide? So we're going to be jumping into the 7 steps to tax-efficient investing, how to do it in a safe way. I've been very fortunate to have taught over 4,000 doctors and healthcare professionals in this class. And one of the big things you see is what I call a financial epidemic that seems unseen. Um, of course, 3 years ago when we started writing articles about how to avoid the 60% tax drop, there were Hundreds of thousands of high-income professionals, we already stuck in this tax trap. And you might think you need to earn like £150K to be a high-income professional, but in the eyes of the HMRC, if they look at you and you were earning above £52,000 basically, or £50,270, you were regarded as a high-income professional. So UK doctors, high, higher rate taxpayers trapped paying an effective 60% tax trap. And some of you were not even earning up to some, some of them, some of the doctors who've joined our masterclass are not earning up to $100K but falling into other tax traps like could lead to losing childcare benefits and a few other things. Um, so there's been a surge as well during the last couple of years. There's been 45% surge, rapid increase in the recent years is driven by frozen thresholds. So how this works is what we call the fiscal drag. What does that mean? Fiscal, F-I-S-C-A-L. Your income is rising gradually, maybe because there's been a strike and there's been an increase in your income, there's slight adjustment to your income, or just basically you've gone from being an F2 to being a registrar, you've gone from registrar to being a consultant, your income rises but the tax band is not being adjusted. Now you find yourself in a higher tax band. Don't forget that in the past when these tax bands were set, when it was said, okay, if you're a higher rate taxpayer earning £50,000, £50,270, So if you cross £50,270, you're assumed to be a higher rate taxpayer. Now, when those bands were set, what £50,000 could buy was very different from what you could buy now. So that's why it feels like, oh, there's a high income, but you still find yourself struggling, because a lot of it is like you find— it feels like you're working harder to pay more charge, you know, to pay more tax. That's why a lot of doctors and healthcare professionals struggle with With the 60% tax trap, another tax trap. So you see like doctors are working harder and taking home less every single year. I know this from my experience of talking to multiple doctors every single day in my community, the Moneywise Doctor, my mastermind from, you know, I write to 10,000 medics every single week. So a lot of it feels like you're working harder and harder and it feels like running on a treadmill. So I'm going to ask, basically it leads to a situation where you can't even see beyond the next day. A lot of people don't even think. 'Oh, I want to retire at,' you know, you just have to go with the program. For someone like me, my retirement age is 68. So if I had stayed on working as a salary GP, I had to wait to my NHS retirement age of 68. And for many of you here, you're simply here because that's not what you want to do. You want to have the option to be able to retire a bit earlier if you want to, drop a few sessions if you want to. You want to have that opportunity to be to be a tax-efficient investor so that you have the options. So I just want to check in the room to make sure we have the right set of people in the room. I think you have the right set of people in the first place. At what age do you want to be financially free? At what age do you want to retire? At what age do you want it to be that work becomes optional? You tell me in the chat. Like Kumar said, 60. Okay, I love that. I'm just going to look at the chat now. Oh, I love it. Ndubuisi said 60. Andy, Andy Allah said 55. Yeah, I'm trying to keep up. You guys Amazing. I'm seeing the answers popping. 50, 55. Yeah. Someone said 55 and then smiled. Do you not think it's possible then? Flora and Janet. Yeah. Maisie said 55. Yeah. Okay. If I could yesterday. Alice is done now. She wants to stop. Okay. Fair enough. Ahmed said 55. Okay. Fantastic. Okay. That's good. At least you're starting to think about it. Deacon has said 55 and you know, like Dr. B said, I'm done like yesterday. And Aksa said 50 to 55. Good. So if I just look at the range, it seems like we've got like a wide range. We've got people from between 50 to 60, and we have people who can work all the way to 65. I mean, if you're 60 and you're thinking, well, it's already late, well, I can tell you it is never too late. I've got two doctors in their 60s, they are GP partners, who have gone through our investing academy, and they've just started investing at 64. 65. Why? Because I think, well, I've still got a long horizon. Many people, I think, well, I'm well, I'm healthy, I could live for another 20, 25, 30, 40 years. Yeah, if you live that long, so why not? Why don't I build the retirement life I want? But if you are 30 or 40 or even in your 50s, um, the commonest thing I get is people who are in their 50s say, well, I wish I met you, attended your masterclass in my 40s, 10 years ago. Guess what people in their 40s said to me? I wish I met you, attended your masterclass 10 years ago in my 30s. And by now you can get what the few 30-year-olds— I think the youngest, we've had a 28-year-old, but majority of people are usually between their 30s and 40s. But people in their 30s, I wish I started earlier on. Well, I started investing at 19, and I also wish I started earlier on. Well, not just earlier, but having a clear direction, not just sort of like learning things by trial and error, making mistakes along the way, and then, you know, sort of figuring it out. Sometimes having a clear direction helps you to move quicker, moving in the right direction. Lovely. Okay, so jump next slide. Okay, right, you got to move with me with the slides. Okay, right. So if you put your mics off for now, okay, I'm sure we'll have time to get on the mics, but if you put your mics off for now, right. So basically what you're looking at is you, you A lot of doctors, it doesn't have to do with you not understanding. It does not because you're not bright or you're not intelligent. A lot of times it's because no one has actually really shown you where the gaps are, where the traps are, and how you can actually build the financial life that you are in charge of, where you don't feel like things are just— you're just responding to things. I mean, you get a brown envelope from HMRC and you find yourself, you know, suddenly— I usually have a brown envelope somewhere around there. This is, this is an example. So you get a brown envelope from HMRC and you find yourself suddenly responding rather than being in a position where you're kind of like strategic about your tax and the rest of it. You find yourself struggling, but there are a few things that's contributed to this difficult situation. I've had several senior doctors highlight, as I'm just going to pause for a minute. It's getting quite warm in here. So I've had senior doctors highlight like how they've lived all their lives and no one has ever sort of like highlighted to them the 60% tax trap. They are hearing about it for the first time when they'd already fallen into the trap. And a few things contribute to this thing. So for some other people, it's not just falling into the 60% tax trap, it's you're thinking of investing but you have no idea how to start. A lot of times you try to learn about it, you see some, some stuff on YouTube. Sometimes there's just a lot of jargon. You see some people say things like, well, just invest in index funds, but you don't even understand which index fund should you be investing in, which one should you be starting with. You have no idea where to start. And also realizing the fact that for everyone, investment strategies are not necessarily suited for everyone because you have to consider your own risk tolerance, your risk capacity, your horizon. For instance, a 55-year-old consultant who is planning to retire by 60 shouldn't be approaching investment in the same approach with someone who is 35 who is just starting to invest and is thinking maybe I've got a 25-year horizon, should be approaching it from a different perspective. So the advice you might get, like you might hear people say generic things like, oh, just buy in this fund. Just— I've heard someone commenting recently on LinkedIn to say, oh, just buy S&P 500. I'm like, okay, S&P 500 is limited in geography because it's just sort of like limited for the US and North America. And if things go wrong in that region, you're exposing yourself. And also, if you're a consultant, let's you're 40 or even 45 and your risk tolerance is really low, you might not just want to expose all your portfolio to stocks. You might want to have some bonds or some cash. And even if you were to invest in index funds, you might decide, well, I don't just want to buy a global index fund, I want to buy some semiconductor index fund. And for someone like me, I've invested in individual stocks for more than 20 years, even though my family, personal sort of like children and the rest of the funds for my family, I tend to go more index these days. But so, so understanding first of all the basics and then adapting it to your personal situation is really quite important. So there are a few issues that have led to doctors and healthcare professionals feeling overwhelmed. You know, there's a real cost to this financial avoidance and there are some things that contribute to it. So just because I know I'm speaking with doctors, I'm going to follow from the point of symptoms, the pathology, and the cost. So I, I like practical examples. Dr. Rita is a GP partner. I've given an example earlier on. She's really bright and brave lady who joined my investing academy. She joined the full mastermind, which was— she's like my coaching program. I take like 30 doctors every cohort. I think we've had a radiographer as well in the past. But Dr. Rita shared her experience. She said any brown envelope she had been getting for several years, she just chucked it under the bed. She was a GP partner, a very senior doctor, knew what she was doing clinically, but she was living in financial fear. So what that led to, she was sort of like going through what I'll call the avoidance trap. She lost the opportunity for compounding investment, she lost the opportunity to save in taxes, but what she got in return was just unquantified compounding anxiety. Each time she got like any of these letters, her mind skipped a beat. And she said even her accountant, she just couldn't understand what they were explaining in, in the practice. She just basically took whatever they said. Um, but the problem with that is that she got to a point where, um, you start paying fines, you start making mistakes, HMRC starts fining you because you're not doing what you're supposed to be doing. Okay, that was where she was. Now there's a different case scenario. Dr. Obi, who is also a consultant— Dr. Rita, by the way, is a GP partner— Dr. Obi, these are practical. I want to use practical examples, not abstract things. These are— I've got like hundreds of examples of this. Now if you go to our Wall of Love, which we can share later. You see testimonials from other doctors. But Dr. Ndubuisi held about £100,000 in an unsheltered savings account. So he just used a regular savings account and he was saving as safe as money in the bank. But he got a shock. He wasn't aware that he was overpaying tax by over £2,250 every single year. Why? Because the money you hold in a regular savings account is taxable. The interest you generate from the money you hold in a regular savings account, if you exceed what we call the PSA, um, then you get a tax for it. And this is where I get a little bit— I get a bit of fun, and I'm going to ask you, what do you understand as PSA? Can you tell me in the chat? I know, Doctor, some people might say prostate-specific antigen. So if you save money in your regular bank account, you generate interest. That interest is taxed by HMRC, and they tax it in a very interesting way. In the past, they allow you to declare it and then you pay tax and self-assessment, but now they take it directly, you know, from your code. Okay, no one is saying Process Specific Antigen. I'm gonna say Personal Savings Allowance. That's good. Yes, I've had a lot of videos. I think the first time I mentioned PSA in one of my master classes, like the 20th one ago, um, someone said— lots of people said prostate-specific antigen, but I'm not a urologist here. So basically, if you generate income from savings, you get taxed. Currently, the tax is 20% if you're a basic rate taxpayer, it's 40% if you're a higher rate taxpayer, and of course, for an additional rate taxpayer, it's 45%. But from next year, April, our dear Chancellor, Richard Reeves, has added 2%. I talked about this last year when the budget was released, which was just a few days before my book went live. So from next year, it's going to be 22% for a basic rate taxpayer, 47% for a higher rate— for an additional rate taxpayer, and 42% for the middle— for the higher rate taxpayer. So that means that if you're just saving like Dr. Obi, he was saving without thinking about investing, he was losing from multiple directions. First of all, he was accumulating interest because he's an— he's an additional rate taxpayer. His PSA was £0, so he wasn't allowed anything before he was taxed. So all the interest was generating on his £100K was being taxed. Now, if he was a higher rate taxpayer, the interest was generating, he could still have £500 before tax. Of course, basic rate taxpayers could actually generate up to £1,000 before they get taxed. So this was £2,000, over £2,000 that was totally avoidable that he was paying in taxes. Okay, a third example. I just want us to look at practical scenarios. I'll call Dr. Rita number 1, and I'll call Dr. Obi number 2. Number 3 is Dr. M.M., that's Mo. So he's been following some free YouTube advice and hearing about investing, different groups, Facebook groups. He built up to £100,000 in gains in his investing account, a very smart thing he had done. He'd done that over like 5 to 7 years. Fantastic guys, a local GP, but he was doing it in the wrong tax wrapper. He was doing it in what we call a general investing account, which is a normal investment account in any other country. He was doing a trade— not in some— in some platforms it's called a trading account or a dealing account or a general investment account. You can check yours now if that's what you're using to invest. What that did was that created a tax bill for him which would have been normal except that in this country, if you live in the UK, everyone is allowed up to £20,000 ISA allowance every year. You could actually put in £20,000 into your stock and shares ISA or your cash ISA, and you could take the £20,000 in your stock and shares ISA and invest it. Even if that £20,000 grew to £1 million, you don't have to pay tax on it. Normally you should have to pay tax on it if it's in a regular savings account. I know this because I've been— I've invested in different countries and every country has what we call capital gains tax. So in the UK, it's a higher rate taxpayer, which Dr. Mo was. He had to pay 24% capital gains tax. So on his £100K gain, he has to pay £24,000. This is tax that could be totally could have been avoided if he had done it through the right account. If he had used his SIP, his Self-Invested Personal Pension, or his ISA, Stock and Shares ISA, or even a Lifetime ISA Stock and Shares, he could have avoided this. Now these are just some general examples. They are like— I could give you like 35 examples. You've probably seen hundreds of my videos on YouTube. These are general examples of mistakes that doctors dentists, medics make. Um, you just don't know what you don't know. That's the problem, right? I also made this mistake when I first moved to the UK and I started investing. I didn't realize I was investing in a dealing account, and I made some capital gains. But of course, I had to figure out how to avoid paying that capital gains. By— I understood that there was an allowance of up to £3,000, so I could sell stocks and take gains up to £3,000 in a tax year. So I'll wait for the next tax year, sell some more stocks and take the gains. Okay, so that was how I was able to avoid the capital gains tax and I could just buy back the stocks in an ISA. Um, is that a— is that the best way to go about it? That was the best way available for me at that point, and I knew that the government, the new Labour government, was planning to increase the capital gains tax. Of course, for those of you who have been following my weekly newsletter for years, you know that in 2024 I am— October, I wrote about this in my newsletter that I was selling all my non-ISA stocks. So the danger of that is because he was investing without that tax efficiency, he created a taxable event. Now he's able to go back and start correcting the mistakes, but just imagine what happens if over the next, um, 20 years we're just investing £20,000 every single year. Every single year was investing £20,000. But he was doing it through the wrong account, and somehow he managed to accumulate up to £1 million in capital gains. Now the numbers begin to be serious because 24% of, um, a million will be about £240K. Okay, he might be able to get £3,000 in capital gains allowance if it still exists. That's the amount of money you can take tax-free. It used to be £12,300 when I first moved to the UK. It's been dropping from £12,300 to £6,000, and now it's £3,000. and I'm thinking they might actually do away with it. But Mo in this case is paying £24,000. If he had waited longer— I mean, he realized this mistake in a masterclass like you. It was just like this sort of masterclass. He said, I didn't realize I was doing that. And then he realized he could have avoided it. So imagine he had compounded up to a million over time. That would mean £240,000 in taxes. So understanding these things really really matter. I'm going to ask you, where do you see yourself? Are you number 1? If you're number 1, like Dr. Rita's case, you have like— you're afraid, yeah, you don't look at taxes, you don't understand what's going on, then write 1 in the chart. If you're number 2, let's say you're saving but you're not investing, so you're losing money to inflation and you're also losing money to taxes, so write number 2. If you're number 3, you've invested but you're not doing it tax efficiently, fine, put number 3. If you're number 1 and 2 and 3, you can write 1, 2, 3. If none of this is the situation with you, you are investing tax efficiently, you're getting all correctly, you know what you're doing, then put 0 in the chart. Okay, I'm just going to check the chart and see so that we'll just focus on what is helpful, right? Okay, 1 and 2. Moses, 1 and 2. Okay, Ndubuisi, 1 and 2. There's lots of 1s here and maybe a few 2s as well. Okay, fair enough. 1 plus 2, 1 plus 2. So we don't have any lot 2 and 3. Okay, I've got like 2 and 3 here. Okay, that's fantastic. Okay, I don't know what's showing up on the black screen here. Can you take it off? So I've got 1, 2, 3. So these are just examples. There are multiple other examples I could give, but in the interest of time, because I know our time is limited, I want to finish in a timely fashion, I'll just give you another practical example. Limited company. So obviously I run a business now. I haven't got a boss. Well, I'm a boss, and then I've got like a 1-year-old boss who, who I have to finish on time to make sure to get, get to see him before he goes to bed. But if I work through a limited company, or let's say you work through a limited company as a GP or consultant, or you've got a business by the side, or buy-to-let, or whatever, or maybe you work as a consultant in the hospital but you do advisory job and medical legal job, many people don't realize that from their limited company, if they earn money through their limited company, apart from paying themselves a salary, which might not be optimal for you if you already have a salary. People don't realize they could actually top up their pension. You could transfer money straight from a limited company into your pension if you've got the right, like, what we call employer pension, director pension, as long as you have not exhausted your pension allowance. So how that works is my company makes some money and I decide, you know what, I'm going to take £12,570 as my salary. And why would I take £12,570 as my salary? Some of you already know this answer, especially those of you who are in my community or who have been to my mastermind, because if I enter 570 is what we call the personal allowance. Anything below 12,570, there's no tax on it. Joe, you're right. Okay, so if I enter 570, then I could decide, you know what, expenses. There are a few expenses I could make. Now, this laptop and the webcam and all that, these are expenses. These are not things normally people will pay through their pocket. And think about what you do, how much of it are you paying through your pocket? An example, you're a locum doctor, you want a car, could you buy an electric car? Like, I've had someone who joined my mastermind, my financial coaching, just a week after she bought an electric Mercedes-Benz for £50,000, not realizing that this could have been something that could have gone through her limited company because this was a car she was using for her locum anyway. The company could have paid for it. So that mistake alone cost her— if you think about it, it's costing her about £13,000 in corporation tax alone, and cost her almost the same amount in dividend tax. Because now when she draws dividends in the company, she has to pay tax, but she paid out of pocket for that Mercedes-Benz. So there are a lot of all these tax traps, understanding them. Um, a common one is 60% tax trap. If you're a doctor or you are a healthcare professional, for every £2 you earn above £100K, you lose £1 of your personal allowance. I've just explained personal allowance in the UK. For your income, if it's up to £12,570 in a year, there's no tax on it. There's zero tax on it. From £12,571 to £50,270, then there's a tax, okay? It's 20%. You're a basic rate taxpayer. Now, from £50,271 all the way to £250k, you are a higher rate taxpayer, and the tax is 40% on that income, okay? And then above £150k, 45%. There's just that little tax 60% band that HMRC doesn't really advertise on their website. And recently it's become more popular, but like about 3 years ago when I started writing blogs about the 60% tax trap And people are like, what are you talking about? And I'll explain that to you. So once you go above £100,000 in adjusted net income— mark the words adjusted net income, not just your gross income, adjusted net income— so obviously things like your pension is deducted, maybe you had some expenses, professional expenses, and all that is deducted. You're adjusting that income. Once it crosses £100K, for every £2 above £100K, you lose £1 from that, your personal allowance. So that £12,570 that is tax-free, you start losing it. Okay, so for somebody who is earning £110K in adjusted net income, they lose £5,000 in their tax-free allowance. So instead of £12,570, you're probably going to end up with £7,570. And by the time you hit £125,140 in adjusted net income, you've lost your entire tax-free allowance of £12,570. Now you're, you're being drawn— more of your income is being drawn into higher tax bands, and you are now in an effective 60% tax. So that's why you get some additional income, maybe do some locum and the rest of them, you're just wondering, how come my take-home is not getting any better? It looks like it's getting worse. And some people think the solution is to work less. And, and of course, if that's where you are in life and you want to take more time for your family, that's great. But if you've got capacity to work and you're not working because of taxes. No, you need— what you need is to be more strategic about your taxes, to start thinking, can I contribute more to my pension? How do I avoid this 60% tax trap? And for some of you, you're not even earning up to £100K, that's £60,000 adjusted net income, where there's another tax trap where you lose child benefits. And I usually give this example that if my next door neighbor, if they both earn £59,000 each that's about £118K, they will still qualify if the adjusted net income is up to, um, £59,000. It's not up to £60K, the threshold. They'll still qualify to get full child benefit. But if I earn £61,000 and my wife earns £0 because she's a stay-at-home mom, or let's say I'm the stay-at-home dad and she's working and she earns £62,000, now her adjusted net income is above £60K, so we start losing childcare benefits. That's for those who are eligible for childcare care benefit anyway, and now you have to pay back, you know, that you get that high income child benefit charge. So understanding where these tax traps are, are really important. The next one is at £260K. If your adjusted net income crosses £260K, you start losing your pension allowance. Now everyone in this UK has an annual allowance of £60,000 you can put in your pension, which is very important. It's quite handy for tax planning, helps you to invest for your future in a very tax efficient I can access the money at 55 years if you are doing it through your SIP or your private pension, or you can access the money at 57 if you don't do it by 2028. But yeah, you start losing that $60K, that allowance, and that could be problematic. So understanding these tax traps, really important, right? Okay. I'll take some questions along the line. I think let's get through the first bit of the presentation and then I obviously will take some presentations. All right. So again, I'm inviting you to be part of it. It's always like a back and forth. The weight of not knowing. Okay, I would take off the slide for a minute, just go back to where we are. So that was a real cost of not knowing when it comes to your finances, when it comes to tax efficiency, when it comes to investing. We've asked doctors in previous workshops, we've asked dentists and other healthcare professionals that have attended previous workshops, to describe in one word what you feel about investing and what you feel about tax-efficient investing. Could you just tell me in one word how that makes you feel? Okay, I'm just going to look through the chat again. Okay, necessary. Okay, Cameron says necessary. Very, very fair enough. So taxes are necessary. How about investing? Investing is necessary. Okay, Angel is quite honest about it, said clueless. Many doctors feel clueless about it. And think about it, you learn Krebs cycle, you learn neuroanatomy, no foramen magnum, you know. So worried, Joyce says worried, fair enough. Sadaf says no idea. Over says overwhelming, fair enough. Many doctors say that too. Um, difficult and complex, okay. No idea at all. Complicated, Basilia says. Sadaf said need to get more educated, I agree with that. Feels like a trap, fair enough. Tasking, to go make us said high risk. Okay, yeah, thank you for your honest answer. As Omar says, don't know. Um, um, Major says needs knowledge to do well, and Janet says too complex. Okay, that's good. Yeah, by the way, Major, congrats, you, you grabbed one of the spots in my mastermind, which is starting on May the 16th. Yeah, so my mastermind is currently open, is my financial coaching program. We're running for 6 months. We open it every few times in a year. Last time we had 529 doctors apply. We're only able to take 30, want to keep it intimate. So this is a deep dive into investing tax efficiency. We run the course, you have access to the private group, you get that support. We don't want to teach like a random course where you go away, you still don't know what to do. Want you to have that hands-on. So Mezo will be joining us later in the year, um, later around this presentation. I hope I don't forget, my team wouldn't be happy I'll tell you, for those of you who want to apply, it's not for everyone. You don't have to apply. You don't even have to, you know, join the mastermind. But I'm going to tell you how you could apply if you wanted to apply. It's by application only. We screen the applications. If you think that is a good fit for you, you want to nail your tax-efficient investing, you want to make sure you're not losing money to taxes. We've had doctors go to the mastermind and say it saved them tens of thousands of pounds in doing the right thing or avoiding costly mistakes. So if that's somewhere you'll be needing help, um, then I'll be giving an invitation. In fact, if you want, if you want to get the link to apply now before the rush starts, if you just comment MM in the chat, someone from my team, um, Mo, yeah, Mo, you're saying yes, please. So MM, if you say MM, someone from my team will send you the link. Or, or maybe you, you could just post the link so that anyone who wants to apply can just go and apply. I don't want that to interrupt the masterclass, but you can just drop MM so we don't forget, because most people said I don't know when the deadline passed and all that, basically. Okay, good. So I've read through your comments on how investing and tax efficiency makes you feel, and I remind myself that I'm talking to colleagues, doctors, healthcare professionals, because they are capable. I've been through medical school, right? I'm Dr. Andy Egwim. I'm not Dr.— I'm a real doctor, not like Dr. Dre. Yes, I don't practice as much medicine as I used to, I was looking at, um, my previous colleague feedback, special feedback, and I was smiling. Wow, I got really good feedback. But I know that medical school is tough. You've been through all that. So it's not a question of intelligence because doctors are learning machines. It's just basically that you've not really had the opportunity to learn this in a systematic way from someone who's doing it from a practical point of view, who understands the pain points and the issues that you've had to deal with. Lots of people are faced only with two options. One, watch YouTube, some random guy, he's sitting in a Ferrari in Dubai, maybe rented apartment or whatever, and telling you, oh, I invested and I made 100 million, buy this crypto, which is absolute nonsense, right? You know, you can see through that. You are a smart person. I mean, some people have fallen for that. We've had people fall for all of that. Some people have written me to say, I paid this company, they said they were going to teach me how to make this money, and No, it never happened. That's one side. The other side is some financial salesperson packaging themselves as financial, you know, advice or financial education. And maybe they might even come with official sort of like work with big organizations, some sort of financial salespeople. And all they want is for you to buy their financial products. It's harder when it's a restricted financial salesperson. So they've got this bundle of products to sell you. If you don't buy those products, they're not interested give— making you to be able to DIY invest. So I do it myself. I've done that for 20-something years. Of course, if along the line you need a financial advisor, you need a product, that makes sense. But think about it like going to the mechanic. I don't know what your experience has been. I mean, I've been fortunate not to need to go that often, but if you go to the mechanic and you have an idea, you already understand how cars work, a few things, it's hard for them to run circles around you. And it's the same thing if you're getting even some sort of help from your accountant. I've had doctors attend this masterclass and go after that and fire their accountant because they said, why hasn't my accountant told me that I could claim this amount of money? You know, I've had a doctor feel like she has lost about £15,000 in tax relief she could have claimed, or she could have actually shielded some of her income from tax through investing in a tax-efficient way, but she wasn't told. Um, Yakuma says accountants are the worst. I mean, it's not that they are worst. The accountants tend to focus on compliance, and I've had so many complaints. I've had accountants say misleading things to people. Sometimes the real good accountants, they are great, but many of them focus on just compliance rather than tax strategy. And then there's the other side of people who focus only on investing, maybe the advisors. But having that married up tax efficient strategy is really important. And if you're in the NHS as well, it's important because Doctors, you've got this NHS pension and you don't want to cross, you know, £60K allowance. So if your NHS pension growth, it has already taken up some of your £60K allowance, you want to get the right amount you can put into your pension without crossing. So I understand when you say investment makes you scared or tax, tax makes you worried and all that. I'm just going to show you what your colleagues— I've run this for 4,000 doctors and healthcare professionals so far. I'm going to show you some of the answers they've given in the past as Right, so you see you're not alone. Some people say pain, heart sink, fear, loss, overwhelm, mistakes, confusion. I've had quite a few of you say confusion here. Um, anxiety, you know, you know, overwhelm. So the real cost of not understanding what you're doing with your finances is not just about the money, it's about them. It also has that impact on you psychologically. Like one of the doctors who joined my financial coaching program um, in the last cohort, she said, well, I wish I started when I was— because I started investing at 19— and she said, well, I wish I started at 19 as well, but that, that ship has sailed. And now she was 49, and she said, but my daughter is 19, so I don't want to pass on this same fear to my daughter. I want her to know how to be smart and confident to take charge of her finances. So that was her own why, and that's why she she joined the Mastermind. Obviously she wasn't able to attend all the classes, which is fine. The Masterclass is, is such a way that is recorded and is flexible because we know doctors are busy. There are people doing weekend shift. Um, but she turned out to be one of the best people in the Mastermind, basically because she was able to watch the videos and then come back to the group, the private group which I hang out at every evening, and ask questions and understood, screenshot and get that support. She was able to attend the Tax Hack X-ray workshops. So the Tax Hack X-ray workshop will be sort like a practical workshop, not a seminar, webinar, where we are kind of like walking through things, you know. Yeah, we'll go through the ABCD of tax efficiency. And then I think she gave a testimonial that it was in her first couple of weeks she was able to avoid overpaying about £13,000 in tax. This is even before she started talking about investing. Of course, her experience is different and everyone's experience is different. Some people have been able to do much better, some people not have money to save a bit less than that. But what's important is making sure that you don't have any holes in your finances where tax is leaking, whether it's through allowances that you're not claiming, or business structure— you're not using your limited company properly, you're just using it without optimizing it, or you're falling into the tax traps through all these clawbacks, or you're not taking all the deductions you're supposed to take, or maybe your estate is not optimized, you're not thinking about out how much of my income is going to go to HMRC, how much of my estate is going to go to HMRC if anything goes wrong. Um, I give people example, like most people don't realize that your estate, if you have, if you have a property above £325K, now it goes above what we call the new rate band, and there's a 40% inheritance tax. For instance, if you had a life insurance policy, which is brilliant, let's say it's £500K, K, and if the person passes, government gets 40% of it. Basically, that's $200K. But if you've thought about it carefully and you've put that life insurance policy inside the trust, basically what that means is that your family gets the entire $500K because that trust is outside your estate. So this is something simple. It doesn't cost money if you do it at the same time as you're taking out your life insurance policy. But if you've taken an advisor that doesn't really think about it or doesn't even explain it to you. And this gets me really upset sometimes when people say, oh, but my advisor didn't explain it to me 3 years ago. He just said, oh, there's this trust thing, I don't know if you're interested in. Some— so some advisors don't really do the job, or maybe they've done the job, you didn't just understand it. Okay, that's why in my book, The Moneywise Doctor, I took time to explain. Um, I think the estate bit fell under Chapter 5 when I was talking about taxes, explain these things in simple, clear, sometimes clinical examples I'm understanding these things really, really matter. Okay, right, okay. So basically, this is a system problem. When we think about finances, don't think about it from, oh, I need to claim tax relief. I've done videos on how to claim tax relief. I need to know how to use a SIP. I've done videos on SIP. I need to do— but there are hundreds of videos. Sometimes what you need is a structured system. How to avoid the 60% tax trap. I've written hundreds of articles— well, not hundreds, I've written hundreds of posts about finance and all that, but the 60% tax trap has at least 10 to 15 other LinkedIn posts or guides I've made or videos. But lots of doctors feel very overwhelmed, and that's why I designed the Mastermind System. It sort of like brings it in a structured system. Now, by the time you go through the Mastermind You've taken charge of your taxes, you're taking charge of your investing, you're investing sensibly according to your risk tolerance, your goals, without taking unnecessary risk, okay? Because my risk appetite might not be the same, okay, as yours, and the same with someone else, their risk capacity. Maybe they've got like multiple sources of income, so they don't mind losing a bit of money. In your own case, that might not be the case. You might have the psychological ability to take risk, but you don't have the financial ability. Because you really, really want to retire in the next 5 years. So you cannot be taking any sort of risk that doesn't make sense. Okay, so understanding that, having a system around it, then shielding it with financial protection. Like, many people haven't thought about what could happen if they couldn't work. A lot of people work for the NHS and think, oh, the NHS is going to pay sick pay. The sick pay is for 6 months. I've had doctors come on my podcast and share how they nearly lost their home. I've had doctors in our community share how they got into financial problem just because they were ill. They couldn't get back to work after 6 months. There are some people who've had cancer and they just can't go back to work after 6 months because they're still recovering, gaining back their energy. They might want to do something different. So maybe you haven't thought about income protection, critical illness, life insurance, and of course doing it all in a tax-efficient way. Like I gave an example in a, in a previous workshop, I think it was a tax hack back. My life insurance payments comes out from my limited company. It's called Relevant Life Plan. If I call it Relevant Life Plan, now my limited company has to pay for it. It's called director's life insurance, but the benefits should still go to my family. Now, this is a minor thing, but it could actually be saving a few hundreds of pounds every year, okay? And if you don't have a limited company, yeah, you have what you have. You have your income as an NHS consultant, important. Making sure that your own system, that you build a tax-efficient system for investing, and then financial protection around it, really, really important. So I, I say I was where many people right here are, you know, maybe at that point where you're not really sure about your taxes. I mean, I was, I was also there. You're investing but you're not really sure if you're doing the right thing. For instance, if you hear that I took $60K from my limited company and put into the stock market, and then I don't have to pay tax on that when I want to draw my pensions in the future. Obviously, depending on how I draw the pensions— if I draw sort of like, um, £12,570 per year, there will be no tax on it. If I draw £50k, then there will be 20% tax. This is tax that should have been 40%. And don't forget your pension pot, you're able to take 25% totally tax-free. Okay, so I've been there, I've looked at these systems, I've written the book about it, and, um, it's not just something you read on YouTube you hear on YouTube or reading a random book. I wrote about it from experience, and I feel like one of the reasons the Moneywise Doctor, the book itself, became a bestseller, I think that was because it was quite practical, it was granular, it wasn't like some random things. A lot of the feedback we got from doctors who read it— we've sold over 1,000 copies of this book without any big publisher, big advertising budget— a lot of doctors bought it as gifts for their colleagues. I think one of the reasons was because it was quite practical and simple and straightforward. I'm not just saying that because I wrote the book, that's from the feedback, which you can also read online. You can read it on Amazon as well. So I want to keep it as simple as possible. I have thousands of doctors who we've taught this thing in our masterclasses. Okay. Right. Okay. So, um, so the masterclass obviously is for you if you're here, if you've been feeling like you've been paying more tax than you should, meaning to sort out your finances. Um, for a while. And now you're thinking, well, this is 2026, since 2016 you've been meaning to sort out your finances. Every single year is passing, you've been planning to start investing. Unfortunately, the cost of delay is getting quite higher and higher. This year there's a change that's happened. I've already mentioned the dividend tax rate went up, okay. Next year, savings tax rate is going up, okay. Next year, ISAs as well, the allowance in ISAs is also going down to basically Cash ISAs is going down to £12,000. But there's also a tax that means that you have a limit to where you can put in your Cash ISA. So you have to think about investing. But there are other issues as well. For instance, inflation. I gave someone an example that 10 years ago, I don't know, I think I mentioned in Chapter 1 in this book as well. 10 years ago, about 10, 10 and a half years ago when I first moved to the UK, what you would usually buy for £100, now you need about £140. I think you already know that I'm preaching to the choir here. Year. Even if you went to buy grocery, you realize that there's a lot of change now. So just allowing your money to sit down without doing anything about it, it's obviously losing value. But should you invest everything? Again, that doesn't make sense. If you need money in the next 6 months for your deposit for your house, or you need money for your child's school fees in the next 1 year, that's not money for investing, that's money for saving. That's money that you're thinking about saving in a tax-efficient way. Which would be what type of account? For those of you who've been through the masterclass, if you're just saving, where would you put your saving in a tax-efficient way that I don't have to pay tax on it? Can you tell me in the chat? Yakuma says ISA. Very close, that's half the answer. I'll give you 50%, that's pass. And he says excellent. So DM said cash ISA, good. So, um, okay, good. I love that you guys are trying. And then Rita, yeah, of course Rita is currently in my mastermind. She's really, really quite like flexible cash ISA. That's full marks. So if you're just saving, and that's basically saving, you want it in a tax-free account, that could be a cash ISA and has to be flexible, meaning that if you have your emergency fund, which will be 2 to 3, 3 to 6 months worth of your living expenses, you want to be able to access it at any point you want. So a flexible cash ISA It can generate interest, but you're not taxed on it, and you can access it at every point. It's not where you build wealth. You don't put your emergency fund into your stock and shares ISA. You don't give it into— you don't give it to your cousin who has a bright idea about an AI company. You don't give it to a random colleague who is doing real estate. Your emergency fund is money that is for emergencies, and it should be for emergency. I've given practical examples here of someone in my community who was my mastermind fine. In the same week, they had to fix their boiler, cost quite almost £10,000, I can't remember exactly. They've got to fix their car. I've had this myself last week before I had to travel. I had to do an MOT and they said you need to change two of your back tires in your Mercedes. I'm like, dude, I need to make this trip tomorrow, so I had to pay for the two tires straight away. So emergency fund could be for someone being ill, might I've seen doctors who are at burnout, they're burning out, but they can't take time off. A locum doctor, I've had a locum doctor who sustained a severe knee injury, couldn't work for a while, he was playing sport. Of course, thankfully he had an emergency fund, he liquidated all his savings during that period, but sadly he didn't have income protection in place because then he wouldn't have to have spent his emergency fund, or even if he started spending it, he would have been paid. So yeah, thinking about it from that holistic point of view. So if you've been sort of— your finances, where you're delaying, time is the main raw material compounding works with. So wasting it, 10 years passes. The best time to start was 10 years ago, but the next best time is now. Because if you have a long time horizon, you don't need to take unnecessary risk. You can actually build your wealth in a systematic way. Okay, so you want to invest tax efficiently, you want financial independence on your own terms. So if that's you, obviously, then I hope this is helping you, you know, to start thinking in that direction. Okay, I'll get the next slide. Right, okay, so I'm just gonna jump ahead and I don't know why— okay, so if you were thinking about getting the copy of my book, you can get it online on Amazon, or you can just take your QR code. Some of you want to get it directly from the website because there are bonuses. So if you want to get the downloadable bonuses as well as checklist, obviously you can just take your phone if you scan the QR code. My team have put in this slide because I forget to remind people that they can actually get the book online. So if you scan the QR code, if you go to app.moneywise.com/book, or if you just go to moneywise.com/book, you can order the book from there and then get all the bonuses, download it as well as get them, then the book will be shipped to you. Alternatively, you can get it on Amazon. I think Ndubuisi will probably post the link as well. In the chat. Okay, so let's move on. Yeah, so basically we've talked about the problem so far, and of course we want to approach it from a point of the way we do medicine— you diagnose and then you treat. So I'm just going to go through this in the next few minutes, um, and then I'm going to take some questions. So first of all, you want to look at 7 steps to tax-efficient investing, and it's in 3 phases. 3 phases, but 7 steps. So the 7 steps are in 3 phases. So the Phase 1 is obviously diagnosis, the foundation. We know about that. A lot of times most people haven't taken time to diagnose where their problems is. We did a whole diagnostic scorecard we call MedScan. It's totally free. Over 1,500 doctors have taken that scorecard. Within 3 minutes you can see where your finances are, you see where you're struggling, you see where the gaps are. It might— for some people it might be that their taxes are quite dialed, dialed down.

Down.

They are not leaking money through taxes, but they're not investing, or they're investing, they're not using the right investing account, so they're losing money. Or maybe they're investing and they're tax efficient, but they don't really have any financial goals or strategy. You don't know your FIRE number, your Financial Independence Retire Early number. You don't know. Many people haven't thought about how much it would take them to get to that point where work becomes optional, because most people ask me. I remember speaking at the Royal College of Emergency Medicine conference last 2 months in London. Um, someone walked up to me, a consultant, said, I've been investing for years as well. How did you know the point at which you were fine, that you knew that if you stopped working you weren't going to run out of money? So a lot of time, most people haven't really thought about this. So there's that anxiety, you're worried, you're not sure of your financial goals. So these are part of the things that we actually look at in the Mastermind. Mind. But basically, you want to look at the, the diagnosis and build a foundation. So do an audit, see where your finances are, and then start building the knowledge. Okay, so that's the step 1. How do you build knowledge? 1-1-1. I talk about it all the time. Read one financial book every year. It could be The Moneywise Doctor, but there are many excellent books. There's The Psychology of Money, there's quite a few books. The Moneywise Doctor is basically just specific for medics. So one book a year, one masterclass or workshop or webinar a year, and then one weekly newsletter or podcast you follow. So some of you have already fulfilled the 1-1-1, one of the bits by being here. So if you've managed to attend one financial seminar this year, you've already ticked that box. So you can put your hands together for yourself. Maybe there'll be some emojis of clapping hands flying through. But it's really important because that helps you to stay sharp. If you're reading, okay, Rita is clapping for herself, so that's good. Clapping for yourself, you may clap for yourself too. So that helps you, okay, um, um, so that helps you to stay sharp. If you read one good financial book, imagine your medical career over the last 10, 15, 20 years, you've been reading one good financial book every year. It's harder for you to be scammed, it's harder for people to run circles around you, it's harder for people to sell you you stupid products that don't make any sense, but it only makes sense to them in terms of commission. It's hard for people to be charging you 2%, 3% without you knowing. We've had doctors say that, well, I don't realize, I thought my financial advisor said, you know, they didn't realize there were fine prints and they were being charged 2%, 3%. And look, 1%, 2% of your investment sounds like it's not a lot of money until you look at the power of compounding. I've done these numbers on my YouTube video. I've done like calculation of what it costs you paying an extra 1%, it could actually cost you an extra couple of years of how early you could retire, because this thing runs into like tens or hundreds of thousands of pounds. So building your financial IQ is really important. Um, Dr. Shagun, who is currently my mastermind, is a family physician in Nova Scotia in Canada, used to be a GP in the UK, lived in the UK for 15 years, then moved to Canada. He said nobody taught us how to manage what we earn. The mastermind fills that gap because he said many doctors think they will move to Australia or New Zealand or Canada or somewhere, or US, they will earn more. But the truth of the matter is, if you still don't have basic principles of managing your money, if you don't understand AMASS, which is my approach for automatic investing and saving— AMASS is basically A-M-A-S-S, that's trademarked from Moneywise Doctor. What it just basically means is automated monthly allocated savings system. Having a system where you remove the overwhelm from— many of you said investing was overwhelming. Part of that is because you are trying to do it manually. So if you don't have a system for that, every month you have to transfer money into an account, decide what to buy, decide how much to save, decide how much to pay off in debt. But if you have a system that's automated all that in the background, found, then you don't even have to look at it every month. It could actually be every quarter or once a year to make sure everything is working all right. So that's the thing, a lot of times we've been taught how to manage patients but have not been taught how to manage our money. So that's one step. So we'll do the second step quickly. The second step is basically doing an audit, and I'm going to share the MedScan. It's totally free, um, is a bit of, um, financial clarity tool you can use to look at your finances. So it helps you to map your income. You're looking at things like NHS salary, your locum, you have your private work, you have rental, you have rental income, you have dividends. Understanding how to, you know, put them all together in a way that you still have a tax-efficient position is quite important. So the MedScan maps your position across 7 key areas in 3 minutes. It can reveal immediate gaps and you can start filling them. Some of those gaps you don't you don't need anyone to help you fill them. Some of them might just be, oh, realizing, oh, I'm using the wrong account, I need to set up the account. And for some of those gaps, you might actually need handholding or support or coaching or more education or, you know, that community support. And that's basically what the mastermind does. There's a reason why the mastermind is only 30 people and there are 529 people applying, because we want to make sure that everyone who comes through it has an amazing experience and has like those kind of testimonials you see. Um, MedScan is available online, is a web app basically, is on ScoreUp, so you can go and have a look at it. Okay, so yeah, it's coming basically as a web app and there's some development happening in the background. 1,500 doctors have already used that. Okay, right, so Dr. Seth Ndubuisi, who is a cardiothoracic surgeon, says HRMC told me I would owe a lot, I owed a large sum of money, but when I filed properly they actually owed me £1,300. Yeah, Dr. Seth M is also currently in my mastermind. He used this MedScan to start, saw where the gaps were, and decided to fill them. Okay, so number 3, basically in these 7 steps, we're still sort of looking at the foundations, is building an emergency fund. Now guys, an emergency fund I think is non-negotiable. Lots of people think, well, I'm just going to YOLO, you only live once, I'm going to just invest my last money. That's why you can't sleep at night, and that's why you can't take risk, and that's why when the stock market crashes, you get wiped out. I've lived through 3 to 4 major stock market crashes. What I've learned is that if you don't have discipline and if you don't have like a good emergency fund, when the stock market crashes and you suddenly need money, you might have to sell at a loss. That is at the point of time when people who are in a good position are actually buying And look, you don't even have to time the market. If you're just doing normal pound cost averaging or dollar cost averaging, or what we call drip feeding, you're just buying like every single month, you buy like the same amount, let's just say £1,000. If the stock market crashes and you've automated this stuff, you don't even have to do anything, just keep buying. You're just buying it cheaper now. But if you don't have an emergency fund, you will panic, you worry, everything becomes a crisis. So I say to people, before you think of investing, before you even think of buying your first stock, work, you want to build an emergency fund, and that's 3 to 6 months worth of your living expense. Not 3 to 6 months worth of your income, 3 to 6 months worth of your living expense. So if your living expense is 2,500, how much emergency fund at minimum do you think you need? How much is it at 3 months? Can someone tell me in the chat? So if you've got like 2,500 is your living expense, how much do you need? Okay, excellent. Come on, said 15K, so it's going, going for 6 months. And Alice says 75, that makes So part of the reason I was able to walk away from my salary GP job 4 years ago and not be worried, I had investments, I had property, I had like stocks and shares that I've been investing for a while. But that wasn't the main thing, just because I had enough emergency fund to go for not just a year so that I could say to the wife, and I had like a 1-year-old then, see, don't worry about this thing, we're fine. Look, we've got an emergency fund. So if I go and do some random AI project, I get bored, I could always decide to do something else. So that's why I wasn't in a hurry. And even Moneywise Doctor, when I started it, this was more like 2 years after I left my— 2 months after I left my salary job. And it was just a simple blog. We didn't do masterclasses. I just write a blog because I had a lot of colleagues asking me questions about what I did, what I invested in, ISA, SIP, how I bought my first house on my first year of the NHS. And I thought, well, I'm just going to write the blog and that will save me the time I was spending talking on the phone phone because I had experienced this already back in med school. I was teaching my consultant how to invest and I knew now I'm married and I was taking away family time. So having an emergency fund, it gives some people what we call BDE, Big Doctor Energy, basically because you're not just worried that, oh, if I don't get this job, like if you're a locum, you think, well, if I don't go and take this job where they're going to treat me poorly, I'm not going to be able to pay my car, I'm not going to be able to pay anything. you need an emergency fund. The reason why people sell their shares when things go wrong or when the market is down is because they don't have an emergency fund. Okay, so someone said, isn't it annoying to use your cash ISA for an emergency fund when you could be making it work out in stock and shares? Kumar, I love that. Okay, so I share that sentiment. So Kumar is saying, isn't it annoying? Well, but you still need to build the foundation of the house. It's just like thinking, I want to build a skyscraper Why am I sinking all this cement and steel into the ground when I could be building something people could see, something lovely, something that could grow? Yes, so for someone like me, for instance, this year I'm not putting a dime of my ISA allowance. So the ISA allowance is £20K. I'm not putting a dime of it in my cash ISA. It's all going to my stock and shares ISA. No, that's not true. £4,000 is going to my lifetime ISA, which is invested— lifetime ISA stock and shares— and then the other £16K is going to my stock and shares ISA. But that's because I've already done the cash ISA stuff. I already have that emergency fund. So if I have to take out money from that emergency fund, then I need to replenish it again before I go invest. So yeah, I share your sentiment, Kumar, and I'd rather have my money working hard in the market. But you need that emergency fund, like having defense before you go to attack. Okay, so a good one. Okay, so you can do both. I don't advise people to try to do everything at the same time. That's where people lose momentum. You don't know where I've seen like consultant earning £220,000 but also in debt, 7 credit cards, different expenses, didn't really know where they were, were struggling trying to invest, losing money in multiple schemes. I said no, number 1, you pay off the debt because if you have a credit card debt and it's costing you 27% and you're trying to invest to make 15%, the math is not mathing. I want to pay off that debt first of all. I'm not talking about mortgage debt here because mortgage debt of 3%, 4%, 5%, that's not the issue. The credit card debt of 27%, the car payment— I don't have any car payment in my life. It's not because I can't get a loan or anything like that. I just didn't want to wake up in the morning and I was thinking, well, I don't have a job now, now I need to make car payment. So that's why the last time I paid cash, that was like almost 40K. Okay, so basically what you want to do is to have an emergency fund, to have some space between crisis and yourself. Then you can start investing. So you can do in a cash ISA. Some people use premium bonds. I've not used premium bonds myself, but premium bonds is also tax-free, but you're not guaranteed any savings interest or anything like that. You might win prizes. The minimum you can put in a premium bond is £25. The so basically your capital is safe, but British government guarantees it. So quite similar. I prefer a cash ISA basically because straightforward. I put my money in there and if I ever need it as an emergency fund, I can fall back to it. The purpose of it is to give you that cushion to stay invested during market dips. Zero emergency fund is why doctors panic so during COVID and COVID was a very great opportunity for many of us to actually invest um, it was a human tragedy, but the markets also collapsed during a short period of time. And some of us are actually remortgaging and pulling out money to buy great companies. Again, not a strategy I recommend for everyone, because if you don't know how to analyze companies, which is what we teach in Week 3 of the Investing Academy, if you don't know how to look at discounted cash flow, look at the story and the numbers of the company, look at their income statement, their balance sheet, their cash flow statement I mean, it sounds like Greek for some of you, but actually we've had doctors go through these things, and when you break it down, you don't need to become an accountant to know all these things. When you break it down, they understand it. And there are quite a few doctors who are just fine with doing passive investing through an index fund. So understanding your own personal investment strategy, these are all important. Again, number 4, we now build that foundation. So going forward, the number 4 more, you're going to be looking at something different, which is basically deploying your financial defensive strategy. I've mentioned this a little bit. You don't want something to come up and wipe you out. You want to have things like your income protection in place. The NHS pension is fantastic, but to cover if you are sick— I've had a patient, um, not a patient, a colleague, great lady who had breast cancer, had to go off work for 6 months, um, wasn't ready to come back at 6 months in full-time job, and the NHS pension obviously covered her for full pay for the 6 months and then half pay for another 6 months because she had been working for more than 5 years. But that's it. If you've been working for less than 5 years, don't get even up to that 6 months. So now, if she had an income protection, she could have been getting some regular income on monthly basis. Or if she had critical illness protection, they would have paid her a lump sum, um, if she was diagnosed with cancer or heart attack or stroke. I mean, I tend to start with income protection because a portion, a percentage of your income is paid every month tax-free to you if you've got an income protection in place. So that's an insurance, it's part of your defensive strategy. Life and critical illness cover, I talked about those. Look at your will and estate planning. Sadly, a lot of people, um, pass on and they don't have a will in place, they don't have an estate planning in place, they haven't put their property or their life insurance in a trust. So it's open season for HMRC. Don't forget, once someone passes— as a doctor, having had to confirm people— once someone passes, the place is a legal issue. The place is waiting, their bank account gets frozen, and HMRC has to do something called probate, pass through probate, to check whether you owe them or they owe you. Sorry, they don't owe you. To check whether you owe them, whether you have, how much inheritance that they have to pay. Now, if your life insurance is in a trust, then it doesn't pass through probate. Your family gets it faster because it's not part of your estate, it's outside your estate. Again, this is just one of those examples of you don't know what you don't know. These are part of things we'll cover in the Moneywise Doctor Mastermind, my 6-month financial coaching. If it's something you want to apply, you want to apply for it, it's a short application form. But just to make sure we're a good fit because we get like hundreds of applications and we can only take 30 people. If you comment MM, somebody from my community, somebody from my team will send you the link to apply. The applications opened on May 2nd, I think, and it's closing on May 12th. So I've got like 6 days. Once the application is closed, it's closed, and then we just, um, basically we could invite you to apply to sort of to move forward. If we think you're a good fit. Sometimes I might send a message to ask questions, to just clarify a few things, because the mastermind is not for everybody. It's basically for if you feel like this could save you £25,000, this could save you 10 times. Basically, you can save you money from leaking taxes or from avoiding mistakes or avoiding making like costly investing mistakes in the future. Um, so that's what the mastermind is for, basically. Okay, but feel free if you think it's something you might need. A lot of people find that if you're a doctor and you've got like complex financial situation, you work through a limited company or you're a consultant or you're a GP, and some SaaS, SaaS doctors find themselves basically needing help in sorting out things, understanding how much allowance they have to put into their pension, and also if they're going to invest the pension, understanding how to invest it. So the mastermind is focused on that education, support, coaching. So if you comment 'MM,' someone will send you the link. Okay, good. Number 5. Now things are getting a bit serious. And number 5, you're eliminating high-interest debt. I'm not going to spend time on this, I've already talked about it. An example is Mr. Ola, who is an excellent guy. He's a surgeon, he's based in Scotland. He refinanced his 14.9% car loan. So Mr. Ola, um, is, um, he was my mastermind. I think he's still in the mastermind, he's in this cohort that's just about to finish. So imagine he had a car loan, PCP, which is paying like most people pay. Most people don't sit down to audit, to check what is happening, but he did an audit as part of an exercise we did. So every now and then in Mastermind, we run an audit, an exercise where we do a challenge. We challenge you to find £1,000 that you're overpaying and cut it off. Last one, I found £2,500. I told thought my finances were dialed in. In the last finance, I found I was overpaying for one software. There's a website hosting we weren't using anymore. I were able to get like discounts. In our last case, he refinanced from his 14.9% car loan, went to the bank, his bank, to say, I want a loan, and they gave him the loan. He paid off the car loan. Now the bank loan is 5.8%. That saved him £3,500 immediately that he could just put back into his pocket. Market. So these are money lying around, but a lot of times, a lot of times, doctors, dentists, healthcare professionals want to do the next shift. Even nurses as well want to just go to the next shift, get the money. But sometimes sitting down and looking at your tax situation, your financial situation, what you invest in, that could actually save you more money than whatever you're going to make in that shift. Okay, so understand high-interest debt, you want to crush it Right, number 6 is obviously when you start looking at tax-efficient wrappers. We've talked about some of these— SEP, ISAs. If you're a higher-rate taxpayer, I've done a video on this on YouTube. You can go check out our YouTube channel. I do a lot of great content there. In fact, there's a free financial well-being course. It's totally free. Financial well-being for doctors. Um, if you're a healthcare professional, you find it useful as well. I've recorded a 2-hour free financial well-being because it's free there. We think that the education is free, content is free when it comes to context. You know, context— content is everywhere now, AI and all that generated stuff. But when it comes to context, when you are like a doctor, you're thinking of a doctor who understands your situation, and you're thinking of you run a limited company, or maybe you want— basically having that context is different from just the content. Implementation, support, and coaching, accountability. Those ones are basically what the mastermind provides. But basically, content you can get totally for free on my YouTube channel, and some of you who decide to buy the book as well, is some sort of content as well. Um, but this is an example of context. Higher rate taxpayer, everyone says investing in ISA— ISAs are divine, is tax-free. In fact, if you invest in ISA and you put in £20,000 every single year, and I'm putting £20,000 every single year. After 20 years, we've invested £40,000 each, okay? And you've only— you end up, let's say, uh, our— we end up with capital gains of £1 million each, okay? We invested in the same things. You're going to be paying £240K in taxes. I pay nothing. So ISAs are great, but if you're higher rate taxpayers, you need to think about whether pension will be a better opportunity for you, because basically what it does, that it helps you avoid the 60% tax drop. At the same time, it's reducing your adjusted net income, and you can still invest that money. And rather than pay taxes at 40-45%, in the future you can draw that money at 0% or 20%, depending on how well you plan your taxes. So these are all utilizing the tax efficient wrappers. I've invested in startup companies, and some of you have as well. Did you remember to use your SEIS? So Seed Enterprise Investment Scheme. Did you remember to use that? EIS. These are sort of like shelters when you invest into startup companies so that the government almost seems like your partner. This is what happens here when you, when you put money in your pension or your SIP. What you're doing is basically you're recruiting the government as your partner. Well, they are willing to be your partner. They're saying, you know, the tax you should have paid us You can take that and invest it in the future. Let's talk. And they don't even want the capital gains tax. They don't want the dividend tax. They just say if you draw the money out as income, then we're going to tax you, but you can take 25% of the pot tax-free. That seems like a pretty good deal to me. If you, if you, if you— I don't know what you think, but basically I've run the numbers. Okay, right. Of course, finally, if you need help in this area, seek professional guidance. If you want, you could get like a whole lot of market specialists an advisor who understands medics. Not everyone needs an advisor, but if you need an advisor, get the right one. You're a specialist, so you should get like an independent whole-of-market advisor. For some people, you don't need like regulated advice, you need education, you need support, you need coaching. I mean, I've invested for 21 years myself, I've never really hired a financial advisor. Of course, if I need a mortgage, I use a mortgage specialist. If I need insurance, I use an insurance specialist. This. And maybe when I turn 50 or 45 or 60 or whatever, I might say I don't want to have to look at my finances again, I want to move to Malta or something. And then maybe I might need an advisor. Maybe you might need an advisor for complex things, to look at your estate. Maybe you've got a child that has an additional need and you want to be able to set up some sort of like, um, special arrangement for them. So account advisors who are really good, they are worth their weight in gold in this kind of situations. Not financial salespeople, with big brand names and big medical associations who just want to sell products. Okay, right, okay, I think I'm just going to take some questions here now. Um, what's the— yeah, let's look at next slide. Okay, so while I'm going to take quick questions here, but I just want to highlight this for some of you might not know, who might, who might have heard all this, and if you will, um, I have an idea but I don't know what to do. There's a knowing and a doing gap. So there's that That big gap, knowing and doing gap, is really important. So you don't just want to know, you want to be able to do. Knowing is not just enough. So 7 steps, they're not complicated. Implementing them while working a 40-hour week or 60-hour week is quite doable. How do I know? Because we've had like literally hundreds of doctors pass through the mastermind, going from very busy consultants, a couple of professors, and, um, resident doctors who are in training. So surgeons, GPs, locum doctors, and we've had like public health doctors as well. So, um, the gap is exactly where most doctors and medics stay stuck. The cost of the delay is quite high. Taxes are rising, you know, allowances are shrinking. The 60% tax trap is catching most people. So time is one of the resources you can't buy back. I think we are all in agreement that time is one of the resources you can't buy back. Okay. Right. So basically I've given this practical examples. I've mentioned Dr. Rita already, said before GP partner, any brown envelope, she doesn't open it. She just throws it under the bed. In her own words, I think she said to me, for all my career, I've been looking for you. I'm sure she didn't mean me in particular, but she said, I've been looking for you. I wish someone showed me these things earlier on. Okay, so, but now after the Mastermind, or she's still in the Mastermind, after the first few weeks she became quite, um, she got that clarity. She's opening her letters, contacting her pension team. She's really taking charge and she's running the show, getting her accountant and asking some hard questions. I think Dr. Ada, um, one of the GP partners, quite, um, you know, senior GP, found out that she wasn't claiming use of her home as office. And she went to ask her accountant, say, can I claim this stuff? They kind of say, yeah, you can. Like, why haven't you told me for the last 10 years? Well, I didn't know that you, you were doing that. So basically, that's an example of you having to take charge. Okay, next. Right, okay, so this is what the mastermind is like in the next 6 months, basically implementing a system for you. So imagine between now and Christmas, you've had all this sorted out. So this is June, mastermind starts by May with the tax Investing Academy, which is basically 4 weekends, and you don't have to come for every of them because it's recorded. You can watch it and you can attend the next one if you miss one, and you can discuss it in the community as well. So you want to know exactly how much tax you're paying going forward, okay? Your pension, ISA investments, you want them to be run on autopilot if you want a passive investment approach. So you want to understand that you're saving and you understand that you're not paying tax on your savings. You're building financial freedom them at your own pace, okay? Because everyone's pace is not going to be the same. And then you have a network of a small group of doctors where trying to build a financial free system is not an anomaly. You don't have people telling you, well, you just have to work as you work and just pay the tax. There's nothing you can do, they're just gonna take it anyway. No, you have people who are helping you with solutions. You have like a— like a mastermind group is fantastic. Even while I was away, like a week in Santorini, I was watching the discussions, people helping each together. Someone says, well, I don't really know what to do, I'm affected by tapered annual allowance. Then you hear someone else who shares their own, like, this is what I did when I was stuck. And someone says, well, I'm just at this point— I'm— I think one of the discussions was someone who was trying to get their pension statement from their pension admin so that they can work out how much more they can put into their SIP without falling into the, you know, into HMRC's penalty for crossing the City Care Allowance. Okay, so that's what it's all about. Okay, right, okay. Now I don't know if we've got time to read the testimonial, so what you do— I'm going to say leave the slide on and put the link to the Mastermind Wall of Love so they can read the testimonials. And what we love about this stuff, we put the name of the doctors because they are GMC registered doctors or healthcare professionals. Most people generate like testimonials these days. Of course, we're dealing with doctors here, the ethics are quite high, so you can actually see the real people Dr. Favor, who is a GP, says, this is the most brilliant exposition of index funds and ETFs and the principles of choosing relevant, well-diversified funds I've ever attended. Their delivery and patience made learning well interesting. This is my— this my— this is— this is— this investment is certainly worth it. Thank you, Moneywise Doctor. So Dr. Favor, I call him Barry, um, is currently in the mastermind. Of course, there's Dr. Adese, who is a member of the British Empire, decorated by the Queen. Um, who's a very well-respected GP and lifestyle physician. Um, she's currently in my mastermind, said, I highly recommend that any new doctor, um, arriving in the UK schedules a session with Moneywise Doctor. It could be one of the most important steps you take to avoid financial pitfalls, and the insights you gain will provide a strong foundation for building long-term wealth. So that's Dr. Ada. Um, and there are so many of these testimonials look, it feels a bit uncomfortable reading them myself. So basically you can go and have a look, or if you wanted, someone could send you a brochure and you could reach out to these people if, if you want to just ask them their experience. I'm sure that they won't mind. But, or you could ask us if you wanted, I could get the permission from them. And of course, um, Dr. Ndubuisi 'Andy' said, I had a one-on-one consultation. So part of the mastermind, you get a one-to-one session as well for a financial strategy session. I had a one-on-one consultation with Moneywise Doctor today regarding my finances and investment strategy. His approach is very clear, and because he's a doctor, he was able to help me understand my unique situation in a way that my accountant has never been able to explain to me. Now I have a pretty good grasp of how to manage my finances better while being tax efficient and saving for my future. Dr. Ndubuisi 'Andy' Ndubuisi is a consultant psychiatrist shared a few more things. Some of it is not public, but I know one of it was getting a big tax win that saved almost £25,000 basically. Okay. So there are multiple of those as well. Um, what I'm gonna do now is to take some questions. I don't know, Edie, have you got any more things you want me to share or are we done here? Um, because I want to answer some questions. There's some questions building up. What's the next slide? There's some questions building up in the, in the session. Okay. Here. Yeah, okay, these are some of the examples of people who have passed through the Mastermind, their results. Okay, let's get— Dr. Renuka was able to claim her tax relief for the last 5 years. You don't even need to be in the Mastermind to do that. I've done, I've done like a step-by-step video that can help you claim tax relief for all your expenses over the last, um, I mean, you can claim up to— you can claim this year and the last 4 years. So I've had people who lost their entire tax relief for 15 years and found out a bit late I think I've had a doctor who lost money investing in the stock market. The other one was crypto. They didn't realize that they could ask for relief. So if you lost, let's say you lost £20,000 investing in an intimate investment, um, you could actually go to HMRC and apply for relief, tax loss relief, as long as you do it within 4 tax years of losing that money. Money, you can claim against it indefinitely. So if you make this— if you lose this $20K, in the future you make $20K and it's not in an ISA, you've made some capital gains, you have to pay tax, you can then claim it against that loss. So this is another example of someone not knowing. Unfortunately, he lost this money in 2020, was talking to me in 2025 December. At that point, he had gone beyond the 4 tax years. He had to forfeit that loss. Again, this is an example of not knowing what you don't know and being able to plug those gaps. Sometimes you find out that, okay, the reason you've been working so hard and you still feel stressed is simply because you don't have a clear strategy and you have leaky, leaky gaps in your finances. It's just like someone who's got like, you know, a leaky gut. You've had patients who say they've got leaky gut. Being able to plug that might mean that you stop being dehydrated, you're not bleeding through the back passage, or maybe through the front, basically, because you're clamping those tax blades. Okay. Right. Okay. So I'm going to take a couple of questions here now. I'm going to try. So if you want to do the MedScan, you can scan that. The MedScan is the diagnostic, basically 3 minutes, you get like a quick diagnostic check is for free. There's no obligation. You can either scan that or go to moneywise.com/medscan. And then Ndubuisi also share, for those of you who want to apply to join my mastermind, um, we've just got a short window. In the next 6 days we'll close it. We don't really have a long application period so that we can work. We're only a small team, work through it. And you know, obviously we've had people who weren't able to join and we, we couldn't, you know, we didn't think it was the right fit. And even if, if we didn't think it was the right fit, we suggest some things for you like resources. Resources or help and all that kind of stuff. But I'm just going to jump into the questions now. You know, I think you should display the mastermind. So you've got a mastermind slide for those who want to, you know, get it. Right. Okay. So for those who want to implement, I've got a couple of questions here, but I don't know which one is the first. Do you want to grab it for me? We managed to do this in 90 minutes for the first time and then want to to take questions. Um, I think the first one is that I did— all right, there's one from Kumar, from who? Kumar, can you read it out for me if you don't mind? Isn't it annoying to use your cash ISA for an emergency fund? All right, right, yeah, we've dealt with that one, so I'm going to skip that one. Said yes. Hang on, hang on. So we said yes, we want to invest, and while investing is important, it carries risk. Want to make sure we have the right foundation, which includes your saving, your emergency fund, and your financial protection through things like income protection, life insurance. Okay, so what's Ahmed's question? Can you use SIP and ISA together, or you have to pick one? Oh, that is an excellent question, Ahmed. So I use both. You don't have to pick one. But the order in which you use it really matters. For instance, if you're a higher rate taxpayer, you might want to exhaust your entire pension allowance. For instance, if your pension growth or your pension input amount in your NHS pension is £40,000, then you have £20K allowance left because the annual allowance in pension is £60K. That means you could still contribute maybe £15K to your SIP. Remember, when you contribute to your SIP, the government gives you an automatic 20% top-up. So how that works, if you put in £20K, you're going to get like £5,000. And yes, my math is not bad. I know that £5,000 is not 20% of £20K, so it's grossed up. Net is 25%. Just— we could do the math here, but just basically know, if you put £20K in your SIP, you get £5K from the government as top-up. Up the same mass. If you put in like £5k, you're going to get £12, um, £12.50. So yes, you can use your SIP and your ISA. In fact, if you've got a limited company, you can use your employer SIP, that director's pension, and your personal SIP, that's your personal pension, your NHS pension, and your ISA all at the same time. But just combining them in the right, most tax-efficient way would depend on your own unique circumstances. Is. So your ISA allowance is £20,000 per tax year, and your pension allowance is £60,000 per tax year. Well, I hope that was helpful. Okay, I'll take the next question. Next is from Maisie. Is it worth having NHS pension if you have a plan to move somewhere from the UK? This is a very good question. I usually say to people— I've had people who are planning to move 2 years ago, 3 years ago, 4 years ago, they have not moved. And I said, even if you are planning to move next year, basically, if you opt out of the NHS pension, you are really kind of like losing out a little bit— because not a little bit, a lot— because your, your NHS pension, in addition to the money you contribute, your employer contributes as well. So if you opt out of the NHS pension, you're going to be losing that 23.7% of your pay that your employer contributes. Two, you're going to lose even the NHS sick pay. You're going to lose debt and service benefits. And guess what happens? Your taxes up because more of your money now is getting into taxable income for HMRC to tax. Previously, your NHS pension was being deducted before tax, but now your adjusted net income goes up, but your take-home doesn't necessarily dramatically improve. Now, just in case one of you is willing to share, what happened when you opted out of the NHS pension? Some people have opted out, then they say, my, my pay just went up by a couple of hundred pounds, nothing dramatic and all that, but then your taxes has gone up as well. And guess what you don't have? Pension. I've had a woman who has commented on my post to say, well, I wish I saw this when I was 31. I opted out of my workplace pension. Now at, in my, at 73, I wish I didn't do that. So for someone like me, it's a choice. I don't work for the NHS, so I don't have the NHS pension. I'm not contributing actively, but I'm a deferred member. Even the one I've contributed when I was working, then I didn't empty the account and say, oh, I'm done now. Why? Because I know the NHS pension is adjusted by inflation, so that even if I decide to draw it in the next 30 years— let's say I'm 68 and I draw it— if I had £20K now in that pot, it's not going to be £20K, it's going to be £20K adjusted by inflation, which might be £40K or £50K. I really, really think very hard before I opt out of the NHS pension. You move to a different country, is that a problem? Do you know anyone who has worked in the UK, moved to a different country, maybe back home, or if you're an IMG like me me, they are still able to draw their pension. Anyone knows anybody like that, could you give me a thumbs up? Do you know anyone that's moved out of the UK, they still been able to draw their UK pension or anything like that? You know, because I do know quite a few people. By the way, there are also things where you can actually transfer your pension. So there are pensions that can actually be transferred where there's agreement with some countries, okay? So you can actually transfer your pension to a new country. If it's Australia, Canada, you've got to get advice for this one, maybe talk to an accountant in the company you're going in the country, you're going to get an advisor and you can transfer your pension. But I said to most people, why would I want to do that? Why would I want to transfer the pension? I'm not going to be able to assess it anyway till I reach my pension age. And when I reach my pension age, I can then assess it. Practical example: moved to the UK 2015, was a student spending a lot of money, run out of money when my, my, um, my manager who was running my business, run down my business, um, and I had to keep sending money to support the business. So I said, you know what, let's just kill this business. I'm like 30 years old, losing all my hair, I'm trying to keep afloat while I do my master's. I drew my pension. So I had a pension I was building up in Nigeria, and I said, I said I wanted that pension. They said you can only have 25% now. I said, because I don't live here anymore, I've moved, I'm no longer working, basically. I could, I could draw it. I was in a different country but I was able to draw that pension. So a lot of times people say, oh, I might move, I don't, I may not move. This is just sort of like paralysis I'm talking about. That lack of clarity tends to delay. Before you know it, 2 years has passed, you've lost out 23.7% that employer should be paying for you. You've created an unnecessary risk by not taking advantage of the death in service benefit. Hopefully nobody here needs it, not so soon. Soon, um, and you're not taking advantage of the sick pay. And in addition to that, you end up paying more tax. So if you want to get more information about this thing, go to my YouTube channel. I've made a video called 10 Things to Consider Before Leaving the NHS Pension, and that's from someone who is no longer in the NHS pension, right? Okay, next. I hope that helped. Next. Okay, so I have one from Anna one affected by the Part AA. You see, better or NHS fee. Oh, okay, okay, good. Let me just understand. So you're affected by tapered annual allowance. So what that means basically, you know, the annual allowance is £60,000, but there are a few things you could do and you could lose part of that allowance. So for instance, if you draw your So if you draw your 25% lump sum and then dump it back, you could lose some of that allowance. Um, there's something called MPAA, Monetary Purchase Annual Allowance, where basically your annual allowance drops from £60K. It could go down all the way to £10,000. If your adjusted net income is above £260K as well, you could lose some of that allowance. If you've been affected by that, you definitely need clear support and guidance. It's not basically something you can deal with in a webinar. In that case, I still want to use up my entire available annual allowance. If it's only £10,000 or £20,000, I want to use that entire allowance, and then I'll turn and look at my ISA. So basically, because then you want to— the idea here is to use up all your tax-efficient pots to invest before you use the rest. For instance, allowance. If you had like, um, 20K left in your pension allowance, you use that. Then if you're a basic rate taxpayer, it doesn't matter, you can start with ISA. Now after that, you look at your ISA, you've used up your ISA allowance, you might decide, look, you've got like a joint accountability system with your partner, you might use up their 20K allowance, or they might, they might have used 10,000, then use the other 10,000 by contributing. You've got a Children are allowed £9,000 pension allowance, so you could use that as Junior ISA— not pension, sorry, Junior ISA. You could use that up. So a family of 4, 2 adults, 2 children, between you've got an ISA allowance of £58,000. So that could be ways to explore these things. Of course, there's the Junior SIP as well, so children obviously can get an allowance of £3,600 per tax year. Not just children, if you're not working, you can get an allowance, pension allowance of £3,600. And again, you don't have to contribute £3,600. If you put in £2,880, the government tops it up, grosses it up to £3,600. That's 25% on top of it, um, which can be a very powerful way to invest long term. Imagine having a baby. If you start investing for your baby and you started a pension for them and you put in £240 £1,000 every single month, and then you stop when they turn 18 because then they're no longer junior. If you stop and don't put in a dime to that account anymore, when they reach a pension age, they can draw up to £1.8 million. And this is basically just using roughly, um, average market return over the last 30, 40 years. You can't predict the future, obviously, because um, past performance does not, um, guarantee future performance. But we can look at data and look at what could possibly happen, what they would end up with. If they don't end up with 1.8 million and they end up with 1.2 million, boohoo, they'll be terribly sad. My mom only left me 1.2 million. My dad, they started investing for me when I was a baby, should have been 1.8 million, not 1.2 million. The big question will be, I don't know how much you be even inherited. So I'm sure you wouldn't have minded if you had gotten like 100K just from an investment that was made for you when you were a baby. So there are many angles to look at these things, and again, it all boils down to your personal investing strategy, which is what we do in Week 4 of the Investment Academy. We sit down, it's an exercise. This is not webinar, they're like workshops, working through things. We do asset allocation in Week 2. Oh, sorry, week 1, where we allocate $100K to everyone. And you can practically allocate that $100K to different asset classes based on your risk tolerance. Um, so if this is kind of support or hands-on help you need, I'll say scan the QR code or use the link, and then, or type MM to get a link to the mastermind. You get to apply, and of course, if it's something that we think is a good fit for you, or between us, you can join the mastermind. And if not, we're happy to point you to more content that can help you to get there. You're welcome to apply again in the future if we open it again next year. All right. Okay. So I think I can take a couple more questions. I don't want to draw this too long into the night, cuz I know many of you would still need to go to work tomorrow. So I'm just gonna take a couple more questions. So Udé, give me a couple more questions. All right. We have a video on this, but I don't know whether it covers it completely. Kumar says buy-to-let portfolio is returning an ever-decreasing yield. Is it a good move to sell, sell up, or buy under a limited company? Okay, I think you should go and watch my video from 2 weeks ago. Um, there's a video on my YouTube. I did a deep dive. I compared 2 people who invested over 25 years, buy-to-let versus, you know, it was a very interesting video. There's a lot of discussion on in the comments section. So go, go to that if you ask any question on any of my YouTube videos, guess what? I'm going to come and answer them. Why? Because— not because I haven't got anything to do, but I enjoy, I enjoy the back and forth on the YouTube. So if you've got any question around there, go and ask it. And then feel free to share with your colleagues as well. Sometimes you try to explain what you've learned, but it's a bit of a struggle. So just share the video with them. It also helps more people to find what we do. And of course, if you wanted a copy of my book, The Moneywise Doctor, you could just go get it on moneywisedoctor.com/book. Or get it on Amazon, whatever works well for you. That's great. I mean, today marks, um, like 5 months since the book was released, and we're quite happy with how well it's done. Um, yeah, so limited company could be great for you. We call it special purpose vehicle if you're using it for buy-to-let. I've done that in the past as well. It can help you to be a bit more tax efficient, only if you know what you're doing. Remember, at the end of the You still have to get the right asset involved. Um, I use a framework called the REST framework. I wrote about it in Chapter 9 of The Moneywise Doctor. The REST framework will look at a number of things before we start investing. R for risk versus return. E for effort. How much effort am I going to be putting inside? I've got like a tenant in Cornwall. I've got like buy-to-let. I don't have to go there daily, but it could be worse. You could have a tenant that you end up in court. I've seen doctors asking, how can I get a lawyer? My the tenant doesn't want to leave and they are planting cannabis on the roof or doing some weird and wonderful things. Okay, um, so basically you want to make sure that the investment— one, risk. What's the risk versus the reward? It might have a big reward, but what's the risk? You have to think of both. E is the effort, S is the stress, T is the time— the time involved and the time at which you get your money. So I explained these things. Um, if you could share the link to my book— and Nand is asking for the QR code. So if you could share the link, it's moneywiseauthor.com/book, or you could, um, or you could just share the link for some, or the QR code for someone to scan it. Okay, I just want to say quickly, for the mastermind, I want to be clear, it's not a get-rich-quick scheme. So I'm sure, I'm sure nobody here is, is here for a get-rich-quick scheme, but the mastermind is not a get-rich-quick scheme. I'm not going to tell you buy this crypto or buy these stocks and then overnight you're going to be a multi-millionaire, you're going to be in a Ferrari and flying in a private jet. Okay, that's not it. That's for people who want to take charge of their finances and build long-term wealth through tax-efficient investing and overall solid financial strategy. Number 2, it's not regulated advice. I'm not going to sell you any products. I'm not going to ask you to give me your money, let me invest it into this company. No, the idea of it is to make you self- self-sufficient, so that you can take charge of your own finances by yourself. Um, really very important to highlight these things. Um, so don't apply if you want regulated advice or a get-rich-quick scheme, or the worst of all, if you want— it's just hard not to take action in the Mastermind because you're in an environment where other people are taking action. There's an accountability check, and also you've got a one-to-one sessions. So the process is quite simple. If you fill out the 5-minute application We'll review your, your application usually, and then there'll be a direct outreach to create WhatsApp message to say, what's up, might need to clarify a few things just to know where you are. Why do we do that? I just want to make sure that it's worth 10 times basically whatever fee you pay for you. If you think we can really help you to get to that 10 times so that you're getting like a massive return on investment, then that makes sense. Okay, right. Okay, fantastic. I think I'm going to stop here now. It's 21:47. Oh, you did— you think we take one more question. Okay, just one more question. Yes, please. So Andy, take some more questions, please. Right, okay. Is that Chi? Yes, it is. Yeah, I could recognize your voice. By the way, she's a consultant pediatrician who has been to quite a few— you've been in our investment academy, you've been in a Tax Hack Workshop, and they're very— yeah. Yeah, she's a very valid member of the Moneywise Doctor community. She's asked me to take some more questions. Who can say no to that? So what's your question? No, I have, um, a colleague I asked to join this evening, and I know she has some questions, so it would be nice if her questions get answered. Yes. Okay. Yeah, so what's your colleague's name? What's her question? You did— you don't mind? I'm really sorry that I'm hijacking. Yeah, do you mind if, uh, if a cheese colleague asks a question? Yes, you can go ahead. Yes, okay, the floor is yours.

Hi there.

Um, hello, what's your name please?

My name is Uma. I'm Chi Chi's friend and she recommended me to join.

So are you a pediatrician as well?

Yes, I am Chi Chi's colleague.

Oh great, what's your question?

So yeah, my, my thing was, uh, probably, I mean, I haven't attended this before, but basic on like, I don't know, um, I think I feel my tax, whatever I receive letters from HMRC, is not right. I'm a bit confused of where to start from. And, uh, yeah, I think I put in the chat regarding SIPP and stuff, which I don't know how to do. I'm doing ISA, but more than that, I don't know much.

Okay, I, I understand it can feel quite overwhelming. I know you being a consultant, you're a higher rate taxpayer. Um, most higher-rate taxpayers find that utilizing their entire pension allowance first and using ISAs next is a good idea. Of course, for some people, they've got enough to invest in both SIP and ISA, but you don't want a situation where you haven't utilized your pension allowance but you've put in this £20K in your ISA and you then realize that your adjusted net income is 120K and you want to bring it down to 100K.

Yes, because I lost my personal allowance. Yeah, I think, yeah, I mean, there where I, I don't get personal allowance. And when you say pension allowance, is it like every year what you mentioned, 60,000 or something? Is that every year? Sorry, I don't—

Yes, Omar, you got it correctly. So from what you say, you've fallen into the 60% tax drop. Yes, it looks Yes, you have. If your adjusted net income has gone above £100K, I get all the way to £125K. Yeah, you've lost your entire personal allowance. Yes. How to get that back practically is you want to reduce that adjusted net income. And that could be, for instance, if it's £120K adjusted net income and you contributed £20K into your pension— I mean, there are many other ways. You could donate to charity, you can claim tax relief, you can do all that sort of stuff. But the most effective way If you take £20K and put it into your pension, now your adjusted net income goes all the way from £120K down to £100K.

Like a private pension on top of NHS pension?

Yes. So whether you do it in a private pension or you contribute to an NHS pension or you contribute it to a stakeholder pension, in the eyes of HMRC, it's all a pension as long as it's gone into a pension. But obviously, you know the difficulty of trying to put in £20K or £25K or £30K into the NHS pension. You have to jump through hoops. They might allow you—

I'm not even sure, is it possible? I thought the NHS pension is like fixed, isn't it?

I mean, whatever it is, pretty sure I know that maybe my mastermind have rang up the NHS pension and said, would like to put in some more money, what's the maximum we could do? And they say 8K. That's not my preferred approach because that gives you no control. The NHS pension, you can't get it till you're 68, right? Or I don't know your age, but I don't know what age you get yours, but for me it's 68. Some people want to their SEEP. Their SEEP, you can get it at 55. Okay, so they might decide to drop your sessions by then if you wanted to. And going from 2028, yeah, the SEEP age becomes 57. So for someone who says, well, you know, at 57 I want to either do less, I want to partially retire, you can start drawing your investment through a SEEP at that point. But here's the danger most consultants and GPs fall into. As well as some SARS, your NHS pension is already taking part of that annual allowance. The annual allowance is £60,000, right? £60,000. So your NHS pension, through what we call pension growth— so it's not just a matter of how much money goes into your NHS pension. For you, it's 12.5% of your salary.

Yeah.

And your employer is also putting another 23.7%, and it's all Trusted. And look, sorry, if you're waiting for your questions to be answered, don't worry, I'm going to stay around and answer your questions as well. But I suspect that while I'm answering Omar's question, you might get an answer to your question as well. So if your— if basically your NHS pension growth, which includes the money that's gone into your pension, the money that's going to your pension from your own deductions, the money that's going to your pension from your employer, plus inflation adjustment that has happen, if your pension growth or pension input amount in a year is £40,000, you still have room. We call it like basically headroom, another £20K. That is the amount that can get to the SIP.

And sorry, how do I know how much, like, uh, how much I have contributed this year to my pension? Will it be in the payslips or P60 or somewhere?

Your best bet is your pension statement. Which sometimes takes an ungodly amount of time to come. So part of what we've done in the past is to estimate, because there are calculators you can actually work out, basically calculate DB pension calculators. But the safest bet for you is to get a pension statement from your pension administrator.

Okay, so is that HMRC? No, is that pension administrator in the trust?

Yes, to be in the trust. HMRC is not going to do anything in this at this point to help you with that, so it's going to be a pension administrator from your trust. Maybe in a GP practice, maybe talk to your practice manager. So what you want to get is your pension statement. And most people in the Mastermind will advise them, once the tax year starts— is April 5th, tax year starts April 6th— they email their trust. I have someone in the Mastermind does it every single year, email the trust, emails their, their trust, says, okay, I'm going to need this pension statement. So even if it takes a few weeks or months, they get it. Um, but for some people, find out that they have no headroom. If your pension growth was like £45K but you still want to invest like £35K Okay, what do you do? There's carry forward. If you've not used up your pension allowance from the previous 3 tax years, you can actually go back 3 tax years and use up those pension allowance.

Oh, okay, thank you very much. I mean, that's useful. I'll look into that. Thank you. Thanks, Gigi.

No, no worries at all.

And yes, yeah, yourself too.

No worries at all. So some of these things are not kind of like straightforward, and that's part of what the Mastermind does, trying to work through those things and give you that clarity to move forward. I said to someone, um, I've had to drive back from London. So when I came in from Santorini, I had to drive back from London. And if I knew exactly where I was going, I could drive the full 70, maybe a little bit more. But if I'm not sure where I'm going, I'm going through a road that I don't know, I'll be moving quite slowly. I'll not be sure, I might be driving 20. So why a lot of doctors with your tax efficiency, investing, pension, you're not moving at full speed, is that lack of clarity? Ability. Getting it will help you to be a bit more confident and will help you to avoid costly mistakes, including waiting and doing nothing is a costly mistake, right? Okay, I'm glad that helps. Uma, did you find that helpful?

Yes, you did help, and yeah, it's definitely better. Thank you.

All right, all right, that's good. Okay, so what's the next question? Look, if at this point if you need to go, don't worry, just— yeah, I understand that we've done like a whole almost 2 hours now, so I'm just— I just want to make sure that if you've waited this long, at least I could answer your question. Um, yeah, so there's just one last one from Sanjeev. It says, is it worth setting up a limited company if you do some ad hoc locums? Oh, I love it. I love it. I love— I really love this one, Sanjeev. So Sanjeev, I'm assuming you're a salary GP, but you're also doing some locum by the side, is that correct? Okay, maybe Sanjeev has left. Okay, it's time. If still here, then I still want to keep on us waiting.

If, uh, okay, that question was also for me, so you can— okay, good, you can answer if that helps.

Okay, that's good. So basically, I've been in this situation like a few years ago when I still work as a salary GP. Um, if you do extra stuff as a hospital doctor, or you're a GP, or you're a locum psychiatrist, or consultant contractor, but you do extra stuff that is outside IR35. Yeah, so outside IR35 is a totally different discussion. If you want to have that discussion, maybe you can chat about in the community. But as I already said, most of you, the summary means you are working as a contractor. So this is not a regular job. This will apply to a locum GP, a locum consultant doing like other stuff, health tech advisor. You could actually get money through your limited company. If that money comes through your limited company, it gives you a lot of tax flexibility. And that means that— I'll give you a practical example. I get paid, and it's coming through my business. I can decide to take £12,570 as my salary. I could decide to make some expenses that would usually would have come out of my pocket, but now it's a business expense, okay? That could be like I'm buying a phone, I'm buying a laptop, I'm buying like a, an electric car. These are things that I need to run my business. In your situation, I might need to go to a conference, you're paying for a course, you're paying for a training. So if you can get that money through a limited company, that also means that you could take money from that limited company and put into your pension. You can take money from that limited company and pay into your life insurance. You can take money from that limited company and pay for basically like some kind of like training. So having a limited company, if you're going to make any money, I'll say if you're going to make up to 20K, 30K $3K, I'll still open a limited company. If I was thinking I was going to make $5K, I'll still open a limited company for that business, basically because I could hire someone. My limited company, I've got staff working for me and I could pay them through that limited company. Um, yeah, so I would never— I've never done any business in my whole life. On my first company, I started at 22. I've never done any business my whole life as a sole trader. It's absolutely— for me, I feel like it's the worst form of like business setup, you're not protected. There's no limited liability. Someone can sue you right to your doorstep and into your bedroom. They can sue you because there's no covering. But limited company, there's limited liability. If the company were to go bankrupt, okay, that's it. Obviously, for you as a doctor, what's important is your medical defense, MDU, MPS, and those kind of stuff. Um, but yeah, I think I would, I would definitely prefer to use a limited company. Now, if you use a limited company, you still have to be strategic about how you pull out the funds. Remember, limited company, you can pull out funds in 3 different ways. I've done videos and trainings about this. I think the Tax Hack Workshop, which is part of the Mastermind, we do a bit of deep dive into limited companies. I list like 35 things you can claim through your limited company, and I will even do an exercise where we get everyone to list everything they're claiming their limited company. I will provide a document, a compilation. Now, for a limited company, you can get out money in 3 different ways. I think we can end on this note. And limited company, you can pull out money. By the way, this is probably could be the final free masterclass we do. Going forward, we'll be doing like workshops, and that's mainly driven by the Mastermind. So if you want to get sort of that support and you want to see if you qualify, if you type MM, um, you get the link. So with the limited company, you can draw stuff like, um, um, you can draw stuff like expenses You can pay yourself a salary, or you can draw dividends. You can do these three. I always advise people to maximize your expenses in a legitimate way, in a way that HMRC wouldn't query. I mean, you want to make sure that everything is done the right way, okay? And what can you do? What can you deduct from your limited company? Anything that is wholly exclusively for your work and is limited and is, um, reasonable. So if you buy an electric car and you're using it for your work, you're using it to travel for local room is for your work, but you're using it for other things as well. So you might pay a benefit in kind, which might be a few hundred quid per year, or it could be like a bit more. Okay, but if you buy a horse, it might be exclusively for your work. You don't, you don't use it to do anything else, but it's not reasonable, so HMRC might challenge it. If I buy a microphone, look, what else am I going to do with a microphone, or a webcam, or a laptop, for, I buy like, um, um, let's say medical equipment, it's for your business. If you bought it for your business, that's for your business. So those are expenses, and most people make the mistake of using their personal account to pay for that stuff. No, you get a credit card for the limited company, you pay from that credit card and attach it to your limited company account so that the money is direct debit, is coming out from your limited company. Um, you pay your accountant, it's come from your limited company. We've got people who come through the Mastermind and they're paying through their limited company as well because they're seeing it as directors education. You hire a staff, maybe an admin, and no one says you can't hire your 15 or 16-year-old. Just check the local rules where you are, how old they could work. We've had doctors in the Mastermind, um, had this radiology consultant hire the 16-year-old who's working part-time for her, pays him up to like £9,000 per tax year. Guess where the £9,000 goes? To his junior high he's already building up this fund for years. Okay, so by the time he's 18, he's already like had the opportunity to save up a little bit of money. This is money that should have gone out as tax, but now it's going into payment for this, um, for this, for his, for the son. And the son is helping with some admin work. So you can employ a family member, but they have to do real work. It's not, it's not like you can just, you know, they have to do real work. And that real work is determined between you and them. So that's expenses for a limited company. GMC, MD, all these expenses, many of them can come to a limited company. You can pay yourself a salary. Like I said, if you have any other income, you have to account for it, because if you're already earning 100K, if you pay yourself 12,570, now your adjusted net income has gone up to 112,570. Um, so you can decide to take no salary. I could take a salary because I don't have any other salary from anywhere. I pay myself from my company. Company. But if you already got like NHS job, salary might not be your best option. You might want to take expenses, and then you could take dividends after you pay your corporation tax. Corporation tax is 25% of whatever is left in profit. Um, but if your profit is less than £50K, then your corporation tax is about 19%. Okay, and what's left after that is dividend, of which you have to pay dividend tax. So limited company can be fantastic way to be tax efficient if you do it correctly. If you do it wrongly, it just becomes a nightmare. It becomes a limited liability for you. It becomes a liability for you. Again, Tax Hack is where we dive into this thing. The Tax Hack is part of the, the Mastermind. It's just one of the programs we do to make sure that you're not leaking tax. In the Tax Hack, we apply the ABCDE system for clamping the tax bleed. So ABCDE is Allowance B is basically business structure, that's where limited company comes. C is clawback, that's where you avoid the tax traps. D is deductions. And E is estate and exit for people who plan to leave the UK, are planning to go to a different country. We've got quite a few doctors based in Canada as well who join. Basically they want to make sure that they leave in another fashion that is tax efficient. Um, yeah, so that's part of what we do in the master mind. Um, can I open a limited company even NHS job is my only source of income? You could if you are planning to earn some income through the limited company. If not, what's the point? If you don't have any source of income through that limited company, then it's just an extra headache for you. It doesn't play any important role. And then Kumar said you need some sort of income. Yeah, agree with you, Kumar. You need some sort of income from limited company, not together to expense things. All right, what's your opinion on getting a financial planner? It all depends on what you need. I mean, if you're at the point you feel you need a financial planner— but our understanding has been that financial planner, financial advisor, the better you know, the better you understand, the better your financial education is, the easier it is for you to know a good and a bad one. Yeah, so you could get a financial planner if that's where you are, but I don't know your current financial situation. I don't know what your financial education level it is, or your goals, or the financial planner you're getting, if it's sort of like an independent specialist planner that understands, you know, basically, you know, what doctors do and what the fees are, because fees are really quite, um, important. Okay, all right guys, I'm going to have to go now. It's 10 o'clock, and I hope you found it helpful. I want you to leave me a feedback. Udemy is going to put up my feedback. Um, we've had brilliant feedbacks in the past, and I want you to be honest about about it. So if you take out your phone and you scan the barcode, it could take you to the feedback, and then you could give me a feedback. And there's also, um, a link. Um, Ahmed said you are brilliant. Thank you, Ahmed, you're so kind. And I saw your comment about, um, someone in Nigeria who has moved to Nigeria and still getting their pension. Yeah, thank you. Um, and then Mo says, uh, thank you. Thank you, Mo. Thank you, everyone. If you've been a brilliant audience, but if you could me a feedback, um, I really appreciate that. You know, if you could share the link as well, um, just to get feedback. And I have loads of content that's absolutely free. Look, if you do— if you don't manage to get into the mastermind or it's not something that is for you at the moment, don't worry about it. You know, we, we know those who, who need the mastermind will apply and they'll get in. But you can go to the YouTube channel and get absolutely, um, free content. Flora was asking how to get content Someone has posted my YouTube channel. If you go there, hit subscribe. If you want to explain stuff for someone, you've been telling them about this stuff and it's on the YouTube channel, you can just share it to your colleagues as well. Um, I think she, um, shared the link to this mastermind to her consultant group, I suspect. I think she's, she's told it to your colleague. Okay, that's how, that's how Omar found out about this, and that's how we sold over 600 copies of this book before I finished writing it. I was still writing it and doctors were sharing it and buying it from, for their colleagues as Christmas gifts. So I knew that I couldn't now postpone it anymore. I had to sit down and just finish the book. And then, yeah, so it's basically sharing and then helping other people as well. Basically, if you've learned something you wish you learned 10 years ago, share it to someone else. You don't want them to find out 10 years later. That's the biggest regret I see with doctors. Right. Okay. So thank you so much. I hope you enjoy the rest of your evening and the rest of your week. And, um, of course, if you go to my YouTube channel and leave any question or comment, I'm more than happy to come answer that. If you apply for the mastermind, watch out for, um, probably a WhatsApp message, and then that could help you basically ask any questions or clarify anything. I will also ask you a few questions. Usually it's a quick 5-minute chat, and then we can work out whether we're can go forward. Might be able to give you brochures to see the program and see some testimonials from people who've been through the mastermind, and then you can determine if it's for you or not. All right, thank you, Udé. Been an absolute brilliant co-host. I'm going to stop here now. Okay, have a wonderful evening, everyone. Thank you.

Good night.

Thank you. Bye. Thank Thank you.