Ndubuisi 'Andy' Egwim recounts teaching a master class to senior doctors from multiple countries, stressing that money is neutral ("no religion") and illustrating financial planning rules with concrete examples: e.g., saving £240/month for a newborn until age 18 can grow to about £1.8 million by retirement, the current pensionable age is 55 (scheduled to rise to 57 in 2028), and a policy change means pensions may become part of an estate (and subject to inheritance tax) if one lives beyond age 75. The speaker also notes the government quietly announced a change around Halloween.
Chapters
Yesterday, I was teaching a master class. There were senior doctors from Canada, from uk, from different places. Some of them paid almost their whole month salary to be in that class. So I want you to understand something. Many of them are Muslim. Some don't believe in anything. Some don't believe in. Some are Christians. Money does not have color. Do you know what else? Money doesn't have religion. Right? In fact, yesterday, while I was in the meeting, I felt a little bit not embarrassed, but one of the doctors from Canada said, interrupted the class and said, let me tell you guys something. I've known Andy since medical school. He was broke when we started medical school and I've seen him transform his life. That's why I've joined this class, because the things I'm learning already is transforming my life. If you have a new baby, you can create a pension of £1.8 million for them just by putting aside £240 every single month. Do it till they are 18 and you stop, you don't do it again at that point. And when they are of pensionable age, which is 55 in this country now, it will change to 57 in 2028, they have 1.8 million pounds. Now. The government made a slight change. They just made it quietly on Halloween day, just before Halloween day. Scary, isn't it? The pension age, it changed. And I know you're thinking, oh, you're just 35 now. Why am I thinking about 75? And the government made a change to say if, if you live beyond 75, your pension, port or your pension, sorry, your pension becomes part of your estate. What that means is that your pension falls under your estate, that you can be taxed for inheritance tax. If you are inheritance tax, an estate, and you're thinking, it doesn't concern me, don't worry, you have an estate. You may not know. HMRC knows. So your estate is your house, whatever is in your bank account, your car, whatever you own, your investment.
