Maximise Your NHS Pension & Tax Relief | Stop Overpaying HMRC

Everyone in the UK has an allowance, an amount of money you can earn tax free before you start being taxed. Everyone in the UK is allowed up to 60,000 pounds per annum in their pension. That's the maximum you can get Tax relief on your tax bracket determines how much personal savings allowance you get. Now we've had people in the one to one session come with their ESR from two previous years. You can work out how much you have put into your pension, but basically it's 23.7% of your income. That's what your employer puts in while they deduct 12.5%. But your ESR is important because you can get your total reward statement and work out what we call pension growth. Right, so welcome to the Moneywise Doctor Master Class is 8:05. Now we're just going to do a brief quiz for five minutes and then we're going to delve in. Today is 10th of September and like I said, 706 people sign up for this masterclass. We're going to pack it full of value. So if you've never met me before, I'm Dr. Andy Gwim, I'm the former Salary GP, I'm the founder of Money Wise Doctor. I've been an investor for 20 plus years and I started Money Wise Doctor in 2023 to share the lessons on my journey to financial freedom that allowed me leave my salary job three years ago. And since then thousands of doctors have actually used our resources, our guides a Money Wise doctor to make smarter financial decisions around tax investing, financial protection, insurance and just generally being financially in control of their lives and not just sort of being under financial anxiety all the time. But to kick off, I'm going to give a brief quiz. At what age can you no longer open a lifetime isr. This one is a simple one. Yeah, Good, good, yeah. 40. 40. I don't see anyone feeling that one. Okay, let's, let's make it a little bit more interesting. So the next question, number two, what is the maximum amount of money you can put in a lifetime isa in order to get the maximum benefit? So even said 20, Irene said 4,000 share, they said 20,000. Okay, right, so very good attempts everyone participating. The thing about this whole master class is you get the most out of it based on how much participation you are, you engage in. So the maximum amount you can put in your lifetime ISA to get the maximum benefit is £4,000. So that £4,000 is 25 of it is a thousand pounds. So you can put £4,000 in the tax year, I can get the maximum benefit from the government. And of course, as you know, you can invest a lifetime isa. You can either save it and use it for buying your first home, or you can save it for retirement, or you can invest it for retirement. But the fact about it is you can't get it till you are 60 or you can get it before 60 if you are using it to buy your first home. However, once you've crossed 40, you can't open the lifetime answer again. Now this one is a false statement. It has A, B, C and D answers. Which of the following statements about interest from your savings account is false? A. Your bank or building society automatically reports the interest you earn to hmrc. D. The interest from your savings account may be taxable if it exceeds your personal savings allowance. C. HMRC may automatically increase your tax by changing your tax code to collect the tax due on savings interest. D. Interest generated in a savings account is never taxable. So which one is the correct one? I'm looking at the charter. Oh wow. Okay, lots of people here. Very good. Well done. So I've seen dd, Simpson said D, said D, Akin said B and Ngozi said A. Right. So the correct answer. Okay, lots of people, yeah. Video said the Emmy said A and same. Okay, so excellent. Well done guys. For your participation. Albert has used the trick, he said from med school, any option would never or always is false. That's a good hack Albert. Right, but he's right. The answer here is D. So if you look at the options again. A says your bank or building society automatically reports the interest you earn to hmrc. That is correct. Your bank by law, with the new legislation, your bank or building society now reports whatever interest you earn. They report it to HMRC every interest you earn. So the HMRC doesn't need to ask you to declare it in your self assessment. They just need to check if what you declare corresponds. B. The interest from your savings account may be taxable if it exceeds your personal savings allowance. That is correct. So in this case is the wrong answer because it's correct if the interest from your savings account exceeds your PSA and if you've, if you've been to my master classes, you know PSA does not refer to proof this specific antigen is referring to personal savings Allowance. If you exceed the personal savings allowance then you would have to pay tax on the excess interest. 7.

There are seven steps to take before you even start thinking of investing as a doctor or healthcare professional. Now this is really important to secure your financial foundation before you start investing. Now, I've covered these seven steps in a simple guide that I've made available for you in the link in the description. You can download it. It will help you to build a solid financial foundation, avoid common investing mistakes and also make tax efficient investment decisions. Start your investment journey the smart way. Download the guide now using the link in the description and good luck on your investing journey. Now let's get right back to the.

Episode and who can help me here? What was the personal savings allowance for someone who is an additional rate taxpayer? So an arut. If you're an additional rate taxpayer, meaning your income is in excess of 125,000. 104. What is your PSA? Your personal savings allowance. I've got some really, really brave smart people here. Priya said 500, Arenda said 500 share the said 0. So well done guys. As they said 500. Again, it's not about getting it right, it's about participating and learning. If you get it wrong here, but you get it right in your finances, then you'll be a happy person because you'll be more tax efficient and then you invest smarter. Okay, Evelyn doesn't understand the question, so don't worry, even we'll explain it throughout. So the answer to that is zero. The answer to that is zero. So there's something called personal savings. Your PSA, I'm sure haven't heard about it and some of us already know for any money you save in your bank, any interest you generate is taxable, certain level. So even in what that means is that if you take 20000 pounds and just deposit it in a regular savings account and is using you, let's just say 5% returns. Okay, you're getting 5% returns on your sale. So that 20, 000 pounds, what will 5% per annum give you in interest? Evelyn, do you want to have a go at it? Okay. Even says 500. Okay. And this says 1,000. Okay, a thousand pounds. So 5% of 20,000 is a thousand pounds. Correct me if I'm wrong. Basically that's 5% of 20,000. The problem with that is that in the UK there's a personal savings allowance and it's based on what kind of taxpayer you are. Now, if your income is less than £12,570 per year, which is no doctor practically ends that. But if your income is less than 12, 570, or maybe you're a company director and you just take a salary or you're a pensioner, I just Think you just take an income of 12, 570, you pay no tax. If you are a basic rate taxpayer, that means your income is above 570, but it's less than £50,270. So that makes you a basic rate taxpayer and you pay 20 tax. Okay? Now if your income exceeds 50271 pounds, you are now a higher rate taxpayer. So any income above that is taxed at 40%. Okay, I'm sure that bit is clear. Some of us are already that bracket. Now there's another level called the art the additional rate taxpayers. If your income exceeds 125,040, anything above that is taxed at 45%. So basically your tax bracket determines how much personal savings allowance you get. Okay, Evelyn, is that bit so clear? Yeah. So basically your tax tax bracket determines how much personal savings allowance you pay. So if you're a basic rate taxpayer, your personal savings allowance, how much interest you can earn tax free is a thousand pounds. Okay? So how much interest you can ch you can earn tax free is a thousand pounds. Now if for instance, let's say you're a higher rate taxpayer, then how much tax, how much you can earn tax free is only £500. So even in this instance, if you put £20,000 and you get interest of a thousand pounds, that means you're owing some tax to HMRC because you allow 500, the other 500 is now taxable. So that's why people get surprised. How come if I just put some money in my bank account, it turns out that I'm owing HMR also just for putting money in my bank account. So this is part of what could happen with savings. Go back to those options. C said HMRC may automatically increase your tax by changing your tax code to collect as D on savings interest. That bit is correct. And then interest generated in a tax account is never in a savings account is never taxable. That is wrong. So that makes it the correct answer. Okay, who is up for one more quiz before we go? One more quiz before we crack on? We'll just do one more. I think the quiz is they help us to limber up, help us to get ready and then help us to, you know, get into. Switch from your clinical brain to your financial brain. Okay, let's look at sip Self invested personal pension. Let's assume that you don't have an NHS pension. What is the maximum amount you can put in your self invested personal pension in a tax tax here in order to get tax relief if you are a basic rate taxpayer? Okay, Very good. Someone says 40k, that says 40k, Abdul says 40k, they said 60k, Albert said 20k. I think this one is a bit unfair but I'm going to explain to you guys, but it's a place where a lot of doctors out, like most times they don't realize that they fall into this tax trap. So it's something we're going to pick. Judge says 20k. And yeah, Femi said, I don't know. And if they said I need this technology. Okay, right, so everyone in the UK is allowed up to 60,000 pounds per annum in their pension. That's the maximum you can get tax relief ON and that's 60,000 includes your NHS pension for those who have got NHS pension. If you're lucky to have NHS pension, that's brilliant. It includes any money you put in your private pension, whether it's a sip, a self invested personal pension, whether it's a sars, like you know, small self administered scheme or even if it's just a private pension altogether the maximum you can put in the tax is 60k. And now I understand that not everyone puts in up to 60k. Many people put in far less than that. But knowing that at all means that if you find yourself in a tight acts wise, that could be your option to actually put some money in your pension and then invest it rather than overpaying tax. Now 60,000 pounds. Imagine you are already an NHS consultant or you register or sho the NHS pension, your employers are already contributing to your pension port. Okay, we know that already, don't we? So that, that's why when people pull out of the NHS pension, that means your employer doesn't contribute anything anymore. So you yourself, you are also contributing to the NHS pension and that is why there's some tax free money. For instance, if you are, if you get your pay, before you get your pay, have you ever looked at your pay slip? If you look at your pay slip, did you ever NHS pension deducted Anyone here? Okay. Okay, good. So that NHS pension is deducted before tax, okay? So it's entirely tax free and that's part of what makes up that 60%. So imagine in a taxi, maybe you're a consultant or even your gp and your NHS pension so far you've put in up to the growth in it is up to 40,000 pounds including the amount that's been put in by your employer, including the amount that's been put in by yourself. Usually the highest level will be 12.5% of your salary going into the NHS pension. And your employer is putting in about, let's say 23.7%. Okay, now let's say you have 40,000 pounds from your NHS pension. Remember the maximum you can put in in a taxi to get tax relief is how much? £60,000. Want to get the most out of this session. So that means if the pension growth in your NHS pension is 40,000, basically you have 20,000 pounds that you can still contribute. Is that correct? Is that true or false? True. So that's. Sorry, that's false. So you can't just put another £20,000. Good attempt for try and seem, but you can't just put another £20,000. Can anyone tell me why? Why you can't put another £20,000 to get to 60? Anyone at all? Anyone? Even if, okay, if you've been in the four weeks investment master class or my mastermind and you know this answer, feel free to volunteer it. Okay? Employer contribution. Employer contribution. Yeah, we've already counted that. That was the NHS pension employer contribution. I'll tell you why guys is also one of those questions that it little things are not obvious. That's where people fall into traps. Because I had a doctor come on social media, she was very upset, she exceeded her pension allowance without doing anything. She just got a letter from HMRC to say you've exceeded your pension allowance, so how can this be my fault? And there was a penalty for her. Why? Because there's a tax relief. So if you're a 20% taxpayer and they tell you you can put up to 60k in your pension port, that means that you can put up to 60,000 including the tax relief and the tax relief for you As a 20% taxpayer, a basic rate taxpayer is 20%. I'll explain it again. What that means is that for instance, myself, because I don't work in the NHS or I don't work for anyone, I work for myself, I'm still allowed 60,000. If I go and say, well I'm going to put £60,000 direct into my sip, that will create some problems for me. Why? Because let's assume I'm a 20 tax rate payer, I'm going to get of whatever money I've put in my pension, added to my pension from the government. So if you put money in your sip, they're going to give you tax relief based on your marginal rate. So if you're a 20% taxpayer, you are going to get 20% tax relief. So that means that if I want to get to 60k, I put in 48,000 okay, so if I put in 48,000, by the time they add in the tax relief I can get to £60,000. Okay, so that's how to work these things out. But the big question some people ask is how do you know what your employer is contributing? So anyone knows is a simple one. And if you've been in our money wise vector community or you're in a mastermind, you know this one. How do you know? I'm reading some of the comments, they're really funny. Someone said wahala, someone said pay sleep tros headbanger Priya. Well done Priya. Got the correct answer. So your trs, your TRS is where you see your total reward statement. Now if you work in a trust you can easily get this. You log into your total reward statement through your. What was that thing you guys log into? You can log into if you are in an nhs. Thank you. Same. Your esr, you can get your total reward statement. Now we've had people in the one to one session come with their ESR from two previous years. You can work out how much you have put into your pension, but basically it's 23.7% of your income. That's what your employer puts in while they deduct 12.5%. But your ESR is important because you can get your total reward statement and work out what we call pension growth. So you can know what is left to put into your pension. Now someone might wonder why are you interested in finding out how much more you can put into your pension? Why is it even important? Why is it important? Does anyone want to have a go? Maximize. Because it's taxed before your before you have been taxed. So it's pre tax. So you help you so you have less money that has been taxed in the end. Excellent. Look at how I'm beaming proudly because Anthony is currently in my financial coaching program. Yeah, so that's it. So why do you do it? Let's say I'll give you a scenario. Let's say Coyote. I'll just use an example because you look distinguished with your glasses you look like you're really good doctor. Let's just assume that Coyote is a doctor and coyote is earning 125,000 pounds. Or let's just say 126000 pounds. What could be the problem? There's a hard working doctor, he deserved this pay. He's been in the medical field for 20 years. But guess what? Best of all he's no longer in the basic rate tax pay because his income is above 50,000, 50,271. He's no longer in the higher rate tax pay because he's exceeded 125,140. So Coyote is being taxed at 45%, but that's not the issue. The issue now is what I mentioned earlier on called the 60% tax trap. So everyone in the UK has an allowance, an amount of money you can earn tax free before you start being taxed. You're aware of that, right? Okay. Now when coyote crosses 125,140 for every 2 pounds is earning above that amount, every 2 pounds above, every 2 pounds above 100k net income, he starts losing 1 pound from that tax free amount. Okay, I built a whole calculator just to explain this thing. So earlier in the last year I built NHS salary calculator so you can play with it. If we go into NHS calculator, we will never finish. So today someone from my team has shared it.

Yes, here's something quick and useful. If you ever wonder what your actual take home pay is after taxes, ni pension deductions, or you just not sure how paying more into your pension will affect your take home pay, our free NHS salary calculator will give you a clear instant breakdown. It's perfect for planning your finances, checking deductions or even spotting overpayments. And helping you determine how any changes in your pension contributions can affect your take home pay. You want to make sure you're taking enough home now. It's easy to use and it's stellar for NHS professionals like you. You can try it now for free on nhsssalarycalculator.com so it's nhssalarycalculator.com the link is in the description. Now let's dive right back into the.

Episode and if it's something you're struggling with, bring it up. If you join the WhatsApp community for free, we can play around with it. But the nhs. All right, calculator, it will show you clearly that for Coyote to show you how his tax allowance is disappearing. For every extra pound above 100k, every extra two pounds he loses 1k. So by the time he hits 125, 140, he's lost the entire tax tax free amount and therefore he's paying an effective tax rate of 60%. So what can Coyote do about it? They might say, you know what, I don't feel like paying 60 tax rate. I'm working too hard. That's if he knows. Because for many doctors, healthcare professionals, they don't find out. They just think, why is HMRC say I'm owing them the money? Because money is being deducted, the tax is being deducted, the pension is already being deducted. How come they are still writing them, owing them? And why am I? I have a huge salary, but my take home is so low. But if he knows what he could do is he can decide, you know what, I'm going to reduce my adjusted net income, therefore reduce my taxable income. And one of the ways, there are 10 ways and I've written a free guide about it. Someone from my team can share the guide, how to avoid the 60% tax trap. But basically the number one way, the best way we've seen is increasing your pension contribution, making sure that you are using the whole £60,000. Say for instance, Coyote can decide, you know what, my NHS pension port is showing that my pension growth in this tax is 40,000 pounds. So I can put in an extra 20,000. Okay, he will not do 20,000, obviously, because he's going to get tax relief. So because the 40% taxpayer, he might even go ahead and put in an extra 8,000 or 10,000 and that can reduce the adjusted income. Now he can even go ahead and put more than 20,000 because why you allow 60,000 in a tax year. But if you missed last year, you didn't use your 60,000 and you missed last year. And see Coyote and Sim, I'm like, okay, yeah, they're getting my point. So you can do what we call carry forward. Now, tax language can be confusing. Carry forward means moving backwards. Carry forward means you can go back and use up the allowance from the past three years. So this year, last year and last two years. So your allowance is not going to be 60,000, it's going to be 180,000. So when you do that, you reduce your taxable income. But where does the money go? It goes into your personal pension. I remember what is called sip, self invested Personal pension. That means you can now invest it by yourself. Now you can only invest, you can invest it in stocks and bonds, you can invest it in property. That's another depth of discussion, obviously. But stocks and bonds, whether you want to buy index funds, individual stocks, whatever. But at the end of the day, rather than the money going as an extra tax is going into your future. So rather than paying extra tax, you're paying into your future. So that's why Coyote might want to work out what is his tax allowance and how much you can put. Right? So what I'm gonna do I'm going to share the PowerPoint, you know what, but like I said to you guys, it's not debt by PowerPoint, it's just basically to help us keep us on track, you know. Thank you guys. I can see from my team some people have shared them the link. Yeah, yeah, guys from my team, I've shared the link to the 60% tax trap and yeah, Sonia, thank you. I hope, I hope you find it helpful. Don't worry, you can download the guides later and for those of you who have signed up, you can share the links to the guides as well in a follow up email. So watch out. For my email, make sure you drag it into your inbox or it might end up in spam. And I've got people messaging me, asking me the link to join this session because it's going to their spam. That's why they missed it. Okay, so I'm going to share my slide in a minute so that we can crack on and get into it. So why did I start with taxes? You can see started with taxes. We've not even delved into investing. Why? Because tax can be an easy win if you get your taxes correctly. That means you started winning even before you started investing. Okay. For instance, if you are, if you are tax efficient, let's say you start investing and you, you have your tax sorted out, you are using an isa, you are using a sip. Okay, let's say you're in Canada, you're using your tfsa, you're using the right account because we have people from Canada joining the sessions and some of them wake up by 5:30am to join our master and master class and academy sessions. And they will tell you that the knowledge they've got from isa, they look for the same type of accounts when they get to Canada. Then you are already tax efficient. You are already in an advantage because if you are investing and you're paying 20% tax and I'm paying zero tax, even before I've made any investment, I'm already in a good position. That's why I started from tax efficiency. So Coyote says this is eye opening. Yeah. Thank you, Coyote Tunde. Say, can I pay more into my workplace pension rather than opening a sip? Yes, you can decide to increase your workplace pension is called salary sacrifice. Okay. So if anything is unclear to you, don't worry, we'll answer the questions and make it clear. Because for most doctors and healthcare professionals, some of this, you're hearing it for the first time. For me, I'm very careful. I don't want to jump into things. Like for those of you who have just finished the four weeks investment academy from July, you understand how deep we go when we're going to invest in analyzing investing tax efficiency. And those are the kind of things that are like, it's bread and butter for me now, but most times when I teach them, I see people like, wow, I didn't know this. Oh, I didn't realize I could do that. So that's why we want to start from the basics. Because why for me might be boring now, and it's bread and butter. But if you can save you 20,000, 30,000, 40,000, or even help you avoid a heavy tax bill, then I'll be delighted and I would have done my job. I've had colleagues and friends who received surprising envelopes brown envelope from HMR to say, oh look, you're owing, you're owing us some money. You're owing us 22,500. And they wonder how. And it turns out that, look, they didn't realize that they were under paying tax. They didn't realize they were falling into the 60% tax trap. Hardworking, honest people. And some of them said, okay, I started paying. But some people said, you know what, look, I'm going to have to make use of the legal means available to me so that I can be tax efficient. That way you're working hard and your money is working for you. All right, so, so far so good. Who here has heard about the 60% tax trap? If you've heard about the 60% tax trap before this session, or maybe you ready for my content or from my video, just give me a thumbs up. Thank you, Vida. Thank you, Sonia.

This could save you several thousands of pounds. Not just in your taxes and pensions. Have you fallen into the 60% tax trap as a doctor, healthcare professional, without even knowing? It's crazy. I know you think the highest tax you can pay is 45%, but here how it works. If your income exceeds 100,000, you start to lose your personal tax allowance. And by the time you hit about 125,000, you've lost your entire tax allowance. This means you're paying an effective tax rate of 60%. That's not good. You lose a lot of other benefits with it. Now, if you, if it's something you've never thought about or you're worried, you're not sure how to navigate it, you're in luck because I've written a very clear guide with a 10 point checklist that you can use to avoid the 60% tax tax trap. One of the biggest one is obviously paying more into your pension. But there are nine other steps you can take. Check the link in the description and download it for free. Let me know if it helps. Let's jump right back into the episode.

Who had never heard about it. This is the first time you've heard about the 60 tax trap. Miami said, kind of evening said, yeah. Sissy said, okay, yeah, okay. A few of us haven't heard about it. Good. Thank you for your engagement guys. When I started publishing articles and posts about the 60 tax trap, so I've made them 700 videos on investing, personal finance for doctors and tax and you know, financial Strategy. I made 700 videos. They're all on YouTube. You can watch them. They're totally for free. But I also wrote guys on the 60 tax trap and when I first published it and it was ranking number one on Google, so many people were like this is crazy. Why has nobody told us about that? I'm like, there are a hundred other things that nobody tells us as doctors and we're too busy doing the noble thing, saving lives. And unfortunately the same doctors are working so hard for other people, sacrificing. Unfortunately the system has a way of, you know, just messing us up. You know, if you're not investing, you're not tax efficient. Nobody really even tells you anything about it. So guys, that is just a tip of the iceberg. I think we're beyond introductions now. So obviously you know what class you are in now and Moneywise Dr. I founded in 2023, I've told you a little bit about it. And we provide financial coaching for doctors, financial education part of what we do, we provide guides and just to make finance as simple as possible and practical for doctors. In addition to that we also work with strategic partners like if you need to work with mortgage advisors or insurance advisors or even if you want to work with regulated financial advisors for products, we vet them and then we can say well these are the ones that understand working with doctors and healthcare professionals. Why? Because they've worked with several doctors and had the reviews and they understand what it's all about. We also work with those as well. One of the things we notice is that a lot of traditional financial advisors don't understand the real issues with doctors finances. For instance, NHS pension. Many people don't understand how the NHS pension works because most pension in industry, if you talk to a banker, their pension is defined, is defined contribution is a different type of pension. You put in money your employer puts in Money and the money is invested. Now, NHS pension is defined benefits. Quick question for you guys, tell me in the chat. Your NHS pension is being invested carefully. True or false? Tell me true or false in the chat box. Your NHS pension is being invested in the stock market by able managers. Okay, lovely. I've got, I've got a few, a few responses here. Thank you so much guys. You're keeping the session active. Pre assets false. And Donna said donut is said. True. Who else? I'm reading some other comments here. Sorry guys. Okay, so Ari says true, true, false, false. Right, thank you guys. So the answer is false. Your NHS pension is not being invested. So the NHS pension, like most public sector pensions, is defined benefit. Now I'm not going to call it MLM or I'm not going to call it like a Ponzi or anything because people get upset, but basically how it works is that Coyote contributes to the NHS pension topic contributes to the NHS pension and when is their turn to take the pension? At 65, for whatever age your pension age is, you collect your pension and the other set of people keep contributing. So you better hope and pray that people keep contributing to the NHS pension. So that's defined benefit. It has its advantages, it has its downsides. One of the advantages obviously is that you're not taking any market risk. The money is not being invested invested. The money is tracking inflation, so it's index linked, is rising with inflation and salary for life. But you don't have a say where the money goes. Unlike my sip, my self invested personal pension, I can invest it in any company I want. I can invest in index funds, I can invest in individual companies. But the downside is that with sip, you need to know what you're doing with investing or at least know how to reduce your risk. You, you don't need to be an investing guru, you're a busy doctor. Not everyone needs to do discounted cash flow analysis and analyze companies like I do, or like the kind of things we teach in the four weeks Academy. You could actually set and forget an index fund portfolio. Buy a broad, well diversified passive portfolio and I'll explain those things and set it automatically so you're not going to outperform the market. You'll be average. But guess what? If you get the average market performance over the next 10, 15 years, you're going to be very fine and you're going to beat 99% of active traders. You're going to do better than them. Well, I can't see the future, but if we base it on the data from the past 99% of active money managers fail to beat or to do better than the average market index using the S P500. Okay, so you know a little bit about money wise Dr. The YouTube channel is out there. You can have a look at the podcast as well. Okay, so a few other things. So about me. I think you're probably bored to hear about me now, but just in case anyone is asking, you can check me out on Facebook. I'm Dr. Andy Grim, UWC and the Grim. I'm the founder of Moneywise Doctor.com and I was that guy in medical school that the consultant and my colleagues would want to ask questions about investing. And then even back then I taught seminars on investing. So investing helped me invest in entrepreneurship helped me to achieve what people call financial independence about three years ago and that allowed me to say goodbye salary, them employment. So like I always say, I still don't own a Ferrari, I don't fly any private jets, but I just own total control of my time so I can decide what to do with my time including just being back from a six weeks holiday, two of which I spent abroad in Nigeria. So having that freedom to decide to work on projects like that is what I value the most. I still have my license to practice as a doctor and I do enjoy working as a doctor on the days I have the privilege. Sometimes it's just chatting. When you're a GPI, you're chatting with 80 year old telling you what they were like at 25 being able to, you know, yesterday I think I was supposed to be on a podcast. I eventually went, but they will call me from nursery to say oh your child is sick, come and pick them. Not having to stress about oh do I have to call work and all that. Now I'm not saying that to tell you that I've arrived. I'm just trying to expose you to what is possible if you start now. Someone said I Wish I started 20 years ago. I started at 19 myself. But when you should start? The best time to start was 10 years ago. The next best time is now. And how do you start? First of all, block your tax leakages. Make sure you're not leaking money through taxes. That will give you more money to invest. Before you start to invest, you block your tax leakages. And that's what we are discussing this evening. And then set up safety nets before you start investing so that you don't sell during a downtime. So I've been to three stock markets, my first stock market crash was 2008 crash. As a medical student, it was very eye opening. It made me understand human nature and people think if the market crashes now, go and buy Google and go and buy Facebook. Really? It doesn't really work like that. Everybody's scared. Okay, So I saw 2008 market crash. I was fortunate, didn't lose money but didn't make any money because I was scared to invest. So I was ready in 2020 when the COVID pandemic came. Of course everyone was still scared. But you're thinking, well if I invest this money, if the world comes to an end, worst case scenario, money won't mean anything. But if I'm saying this company is undervalued, I know that their free cash flow is very good and I'm looking at this company, it's a very good company. I'm going to invest in this company, it's totally undervalued. Worst case scenario, if the world comes to an end, nobody will need money if the world doesn't come to an end, I were going to do quite well. So that's part of what helped me accelerate my journey to financial freedom. Well, I hope you found that helpful and more importantly, I hope it helped you to see investing in a new light. This is just a small section of what we cover in the full masterclass. If you'd like me to drop more of these clips, just let me in the comments. Comment, invest and share this video as well with friends who may need to hear hear this and if you are ready to stop winging it and guessing. Guesswork is not good for investing. If you want to learn how to become a confident investor to learn how to invest properly, check out our Investing Readiness Scorecard with the links in the description. It will help you determine whether you're really ready to start investing and what you need to do before you even start thinking about investing to reduce the chances of you losing money. And until then, see you soon. Bye bye.