Ndubuisi 'Andy' Egwim discusses a "money taboo" in medicine: many doctors enter the profession to help people and treat money as secondary, yet substantial financial problems exist—he cites that about 20% of doctors he talks to are in severe unsecured debt, including senior consultants earning over £200k. He introduces 'fiscal drag' (income moving into higher tax bands as pay rises) and contrasts doctors' financial literacy with that of successful tradespeople (e.g., millionaire plumbers) who often have stronger business skills and systems.
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Most people that come to medicine come to medicine to help people. Most of us, when we went to medicine, we weren't thinking we're going to become a billionaire from medicine. But you also didn't think that you get to the point where a doctor, 20% of doctors who I talk to are in severe debts. They are in unsecured debts, not mortgage. These are like senior consultants who have earned over 200k but somehow end up in massive debt. But weren't thinking that that would be the case. We weren't thinking about the fact that you'll be working so hard and even your income might increase, your salary increases, but it drags into the next tax band and then you have to pay more tax. It's called fiscal drag. So most people who come to medicine, they think money is secondary and that's great. But here's the other side of it. If you meet a plumber, this was one of the first articles I wrote on money wise doctor. If you meet a millionaire plumber and a millionaire doctor, let's say maybe a plastic surgeon, chances are the millennial plumber has more financial insights than the doctor. Basically because for you to get to millennia as a plumber, you probably have had to hire and fire, run a business, have systems and all that.
