Andy Egwim walks a 56-year-old GP earning £118k through where to invest £20,000. Medical school doesn't teach tax-efficient investing, so he explains why an ISA alone may not be best, and how a SIPP combined with an NHS pension can maximise tax relief.
Doctors don't usually have an investing information problem, they have a clarity problem because nobody teaches us this stuff. We learn a lot of stuff but not this one. Nobody explains tax relief, NHS pension, SIPPs, ISAs, and investing all together, how it fits together. Today I want to walk you through one doctor's story, a GP, that illustrates exactly what I mean. Then I'm going to explain what a SIPP actually is, who it's for, who is not for, and how it sits alongside your ISA and your NHS pension to help you to invest in a tax-efficient way. So if you're interested, come along for the journey. Stay with me. Now, a GP reached out to me on LinkedIn after watching my video here titled SIPPs vs ISA. She found me on LinkedIn, sent me a message. She was a 56-year-old earning around £118,000 in adjusted net income a year. And so she had about £20,000 that she wanted to invest. One pot of money. She just needed to make one decision and she had one chance to use it efficiently. I like ISAs. I use ISAs. In fact, I think if you're going to invest in the UK, you should probably look into ISAs. But when I heard the rest of our situation, I found myself asking a different question. By then, she had already invested the money through the advisor's firm's, you know, ISA. The question was not, is ISA the good option here? Is it the best next right move for her? The Scrubs Investing Workshop, 3 Steps to Tax Efficient Investing for Medics. Comment Scrubs, you get the link.
