Smart Investment Masterclass - December Edition

Okay, Right. So when you think about investing, I'm seeing a few comments here. Oh, Asha says Isa Pawan says lost and confused. Oh, that would change at the end of the session. And Herbert said, oh, you guys are quick. I'm trying to keep up. How about says passive income generation. Okay. Joe says tax efficiency is my reason for being here as a gp. Fair enough. Tax efficiency. We're doing tax efficient investing. That's it, isn't it? Today is about investing but we're going to touch on tax efficienc. The tax hack workshop was obviously last weekend and on Wednesday. But we can't talk about investing without talking about tax efficiency or you're just going to be pouring water into a leaky bucket. Okay. Carefully picking up stuff. Okay. Right. So when you think about investing, I'm seeing a few comments here. Oh, Asha says Isa Pawan says lost and confused. All right, that would change at the end of the session. And Herbert said, oh, you guys are quick. I'm trying to keep up. How about says passive income generation. Okay. Joe says tax efficiency is my reason for being here as a gp. Fair enough. Tax efficiency. We're doing tax efficient investing. That's it, isn't it? Today is about investing but we're going to touch on tax efficiency. The tax hack workshop was obviously last weekend and on Wednesday. But we can't talk about investing without talking about tax efficiency or you're just going to be pouring water into a leaky bucket. Ok. Okay. Carefully picking up stocks and shares, avoiding losses. Favor. This is more like sophisticated guy now risk management. Ib. Thank you. Basics are fair enough. And Pran says need to do it but don't know what to do to invest if I need the money in five years. So we're going to address that. That's about your horizon and of course basic level understanding. Lost and confused much? Don't worry. And so said patience. Fair enough. How do you say your name? I've just been following you. I mean we follow each other on LinkedIn but I'm not sure I know how to say your name.

Is it correctly?

Yeah. Is this Saud?

No, it's Swat Swad.

I said it right the first time. I don't know why. It's the next second guessing. Suad.

Yeah.

Thank you. Suade to par francais.

Yes.

Okay, good. We'll talk about French later. Right, so and says daunting but essential for the future financial security. And Yemi said passive income generation. Anu said any tax efficient investment for post retirement lump sum. Okay, we'll look at that. And the Mecca said a way to make your money to a way your money makes more money for you passively. Okay, I'll take that. That's fantastic. Basic understanding of investing, right? Okay. I think we are from. Okay, so I says having emergency savings. This is all very good because that means we are going to benefit from the content of the session, which is basically focused at, you know, getting your basics in place and also risk management. Of course. I'll answer some questions. If you're already an investor, you've got questions. I'm going to answer those as well. But before we crack on, I don't assume that you know me. I know you've signed up to join the seminar on a Saturday morning, but I don't assume anything. So I'm Dr. Andre Grim. I don't know if someone dragged it in here, your spouse or somebody drags you in. So I'm not assuming they've been following me online. I'm Dr. And they're good. I'm a former NHS GP. I was a former salaried NHS GP up till three years ago. In fact, December 22nd was my last working salary day. December 22nd, 2022. Have not held a job since then and that was after I achieved financial independence following 20 years of investing. So you think I should be sitting around on the beach, but in when, when this happened, I was in my 30s, mid-30s, and now I'm 40. And sitting around the beach gets BO really quickly when everyone is at work. Yeah, I've got like beaches next to me very close by in Cornwall and all that and even in Devon. But I thought I wanted to do something meaningful, something I enjoyed and I thought I'll do AI. So I bought ChatGPT Dr. AI. I thought I don't want to do this AI thing. I went back to what I've always enjoyed doing, which is teaching. I teach finance. I was a child. I'll teach my consultants how to invest and these artists I've already been sharing with my colleagues. So I started a blog because my wife got tired of me spending hours explaining things to people over the phone while she was waiting for me. So I started the blog in 2023, February, and it blew up to what you now see. So it became a newsletter, became Money Wise Doctor podcast and the rest is history, as they say. I'm now a best selling author. The money wise Dr. He bestseller for four categories. Money management, investing, retirement and personal finance. Which is basically will not say it's unexpected, but we're delightfully Surprised, because this book was written just for medics. But I'm sure you're not here to hear all about me and what I do. You already know I live in Devon. This is about you. It's about you. Because over 58% of medics are scared of investing. They see investing as complex. They see that something to be afraid of. Unfortunately, with the climb now, with the economic climate, is really difficult to escape investing. Why? Because it's now intertwined with everything. Tax efficiency and all that. Someone sent me a message this morning, a nice GP somewhere in the north, I think he's here today. He said, can I buy a house above 450k with my lifetime? Isa, I thought, is a bit unfair to this guy. He's probably been saving this money his lifetime. Isa. Right. And now he can't buy a house above 450k, because the rule is that if you use your lifetime. I said, you can't buy a house above 450k. But this rule was made in 2017. Now, if you think about inflation, the value of 450k in 2017 is what is £606,000 now?

So.

But the rule is still there. So the same thing is happening to every single one of us here. Fiscal drug. When there's this tax band. If you enter 570, you don't pay any tax. If you end 50,000, you pay 20%. That's 50,271, to be precise. And then there's the higher rates above 50,000, 2, 7 1, you pay 40% and then you have the horrible 60 tax trap, which is not HMRC wouldn't even mention on their website, but they won't mention a name for it, because once you call it a name, it becomes a thing. But for every £2 you earn above 100k, you then need to pay tax on your personal allowance. You. You lose one pound out of that personal loan. So these things now make investing really, really important. Not just from growing your money, because I'm thinking, I'm not greedy, I don't want to grow my money. But now, because of inflation, which is the tax on the feature money and then taxes and all that, you then need to be more savvy about money and investment and all that. Again, some people work in the nhs, which is brilliant. You've got your NHS pension. That is fantastic. But I've spoken to lots and lots. I've had, like, retirement. Retirees attend my class and one of them, once a retired pediatric consultant, said, I wish someone told me these things. While I was still actively working. In fact, he only discovered personal pensions, private pension, like five years to the end of his working career. And he said that actually made a little bit of a difference for his lifestyle. Because with the NHS pension, yes, you've got like a salary for life, but you've got to wait for people. My age is about 68 years. If you're my age. I started working in the NHS in 2015. You've got to wait till 68 years. And depending on where you work, I mean, I don't know what's like in Morocco for you. Sorry, in Tunisia for you. So hard. But basically, depending on where you work, I'm aware that there are other people from Canada and Australia on this call, but irrespective of where you work, I'm kind of like focusing on the uk. But it's still relevant for you. Wherever you are, you can't just leave your money sitting around. It's basically losing value over time. And that is the case for investing. Now, for most medics, the issue is not that you don't know these things. You already know this. Some of you already have the knowledge. The question is now, where do I start? Where do I go from here? What is the next thing to do? And that's why this seminar is in place today. Chapter six of the Money Wise Doctor seems to be the most highlighted chapter in the book, and that's because it's all about investing. That's what we're going to delve into. Okay, so before we do that, I'm just going to share my slides. Let's make an agreement. The slides sometimes can be a pain. I'll share the slides if you can see them. Let me know. If you can't see them for any reason, we're not going to bother with it. I'm just going to carry on. I've got someone from my team here anyway to. To help. Yudi. Will you be sharing the slides or should I share? Oh, is it there or not? Okay, let me share from my end. Okay. What can you see? Can you see the slides? Yeah. I'm going to ask you a favor if you can see the slides.

Yeah, I can see the slide.

Good. Okay. So again, these slides are just to make sure that we don't get stuck. We just keep moving. So don't worry, I'm not going to spend more time telling you about me. You already know a little bit already. And I know where you live as well, from what you've told me. Okay, that's it. Obviously, if you want a copy of the book, the money wise doctor, you can go to moneywisedoctor.com forward/book, or you can head over to Amazon and just search for the Money Wise doctor and get it. If you don't want to do any of that, if you feel too lazy to do any of that, you can take your phone and point it to the barcode. It's going to land you there. So that's sort of like goes into pension investing, tax efficiency and all how it connects. All right, so one of the things we had to do with the book is that we had to update a few chapters because of changes in the UK tax system. And part of that was the autumn budget. So those are things that will also be unpacking as part of the investing bit. For instance, one of the things changing is that from 2027. From 2027. Can someone tell me what's changing in terms of ISAs? Can someone tell me in the chat? Just tell me the ISA that I will be changing from April 2027. I mean, if you're not from the UK, don't worry about this one, but if you know, tell me. So previously the cash is which are basically your tax efficient containers, you could actually just use them to invest and it's a bit tax free. And I gave an example and this applies as well because I speak, I think last week I was speaking to a chap in Nova Scotia in Canada. I said, oh, it's the same principles you need to when you land in a place, you need to find the tax efficient options. I had similar to when I first came to the uk. I started investing because I already an investor. I started investing at 19. So when I moved to the UK at almost 30, about 30 years, I started investing. But the problem was I didn't understand that there was something called the stock and shares isa. So it was fine, I did okay, but then I had to pay capital gains tax. So what? This is why these things are important now. I expected to pay capital gains tax normally if I was like in any other place investing, like the US or Nigeria or China, there's always capital gains tax. But it's now figuring out what are the tax efficient ways to do it. And one of those tax efficient ways is the isa, of course, pension for higher rate taxpayers as well, which could be an option. So look at that. The cash ISR has now been reduced from 20k allowance to 12k allowance from 2027. And that means that you have less opportunity to save tax free if you save Much more than you allowed. Basically, you could incur what we call a savings tax. Basically. So if you make it, you generate an interest from your savings. You have to pay a tax as long as saving interest is above the psa. So if you save money in your bank account, it generates an interest, you've got to pay tax on it. Okay, I know many people don't know that they're already paying the tax, but they don't know if you save money in your bank account, you generate an interest. The government wants some of that as tax. If you're a higher rate taxpayer paying 40% is going to be 40% of that interest. Now, unless the interest is below what we call the psa. And if you have attended my seminar previously, know that by PSA I don't mean prostate specific antigen. Hello. Because if I'm talking about this with financial coaches and financial advisors and planners, if I say psa, they are thinking personal savings allowance. If I say PSA to doctors, we thinking, we thinking process specific antigen. And the same thing applies to sub routing. Like you talk about PE ratio, we're talking about price to any ratio of a company. Meanwhile, PE is a pulmonary embolism. Right? So if you save money above, if your interest is above the psa, then a tax applies and that could change your tax code. So that's why tax efficiency is sort of intertwined when you come to looking at investing. Right. But before we jump into investing, want to build a framework you kind of like. I have my scrubs framework and I'll unpack it with these seven steps. It's just what you need to have in place. Like you go in for your procedure. You go in, whether you're a dentist or a nurse or a doctor, you go in for a procedure, you wear scrubs. Well, apart from psychiatry, psychiatrists can't be bothered. They wear a nice seat and address and do their job. I think I've seen a couple of psychiatrists in the house. When last do you wear scrub? Maybe when you're a junior doctor when you on call, but you put on scrubs. So the scrubs is sort of like the framework and. Thank you, 12K. Thank you. I saw your chat. So the scrubs, your framework for investing. And I'm not going to make you memorize the acronym, but it's basically the steps you need to put in place before you start investing, irrespective of where you are or where you're investing, is the same framework. Because lots of people are really quite keen to ask, what should I Invest in. I think no, it's not about what you invest in because you, there are many things you can invest in. There are people investing in real estate and they're doing all right. My game has been stock market and it's been fine. And there are other people who have invested in whiskey or something weird or good. The question is always about, yeah, people invest in all sorts. The question is about do you understand what you're investing in? Have you done those seven steps to keep things in place? Right, so look at those seven steps one by one and we'll pause for questions and then we'll have the opportunity to do, to do a few other things as well as part of it. I know some of you are here about avoiding the 60% tax trap and some of you hear about your pension. Just understand that it's all part of the package. It's tax efficient investing, not just about investing. I can ask questions around NHS pension and SIP as well. Right, okay. So now the seven steps to take before investing, if you can. If you can see the screen, I can see the barcode, you can whip out your phone and point it at the barcode. So you can download that guide totally free. It's a free guide that explains the seven steps. Obviously we've got like 90 minutes today so I'm going to deal with these seven steps as much as we can. But if you want to have something to go back to read, you could just go ahead and download it or someone in my team will share the script or this the the link. But if you point at it, you can download the seven steps or if you're in the community, request it and somebody will share it for you later after the master class. Right, so want to look at those seven steps are sort of like your scrubs that you put in place before you start investing and they' keep you safe and they will help you not to make massive mistakes. I've seen practical examples where a doctor jumps into investing without having an emergency fund, without having financial protection in place, without understanding what they're investing in. And then there's a market crash. Market crashes are very dramatic. I don't know how many people have lived through a market crash. I've seen three. My first one was in 2008. I was a medical student. I was just a new investor. I've been investing for four years. And during the bull market, when everything is right, everyone feels like they are an investing guru. But market crashes usually allow you to look into your soul and really understand what type of an Investor you are. But if you haven't prepared properly and there's a market crash, if you don't have those seven steps in place, you're likely to sell at a loss. You're likely to sell at a loss. And once people have lost money in the stock market, that's one thing, they become trigger, trigger shy. I mean, sorry, I can't find a better analogy. I know we don't carry guns around in the uk, but they become really, really worried about investing. I know a gp, very senior GP partner in London who said to me, thank you for all you do. I've been following your videos. The only thing is that in the 2000s I lost almost 100k in the dot com bubble. I was a junior doctor, I was looking, I was doing all sorts of stuff, I was saving money, I was buying the popular stocks, I didn't really understand what I was doing. And when the bubble burst, the market crashed, I lost everything. So. But he stayed out of investing for the last 20 years. He only started reinvesting again around 2023 after watching some of my videos attending our investing academy. But he said he lost more by staying out for almost 20 years. He lost more because he's now sort of lost so much to inflation and all that kind of stuff. He didn't have the opportunity to use his personal pension allowance to, you know, navig 60 tax shop and all that. So that's why it's really important to get the right framework before you go so that you don't become again afraid of investing just because you've had a loss. I'll give you Another example in 20 was that 2022, the market was sort of like, there was a bit of a dip in December, November, December for a company called Facebook. Obviously they're now called Meta. And at that point because of some decisions made by their management and their dividends and sort of like their, their, their forecast dropped in terms of what they were expecting to achieve and a lot of investors sold off. So it seemed like the market dipped for them at that point. And that was a period where I was investing quite heavily in that company. Today is like three times the return that I made on it. And I think 2020 COVID pandemic again was a lot of people are selling off. The world was going to come to an end and I was thinking if the world comes to an end, then all this money doesn't matter anyway, so might as well invest money that we don't need now for the next four years. Okay. And that was quite helpful in terms of buying where I am now, the returns from that investment. I'm not saying that to tell you that I'm a great investor. Obviously we've been around 21 years, been fortunate. Not how the losing years. We've had years, we've done 58 and all that. I'm just telling you that. Understand that you need to have the framework in the right, the, the right framework, the right mindset. Understand that a temporary loss does not mean the permanent loss till you make it a paper loss, like if you go and sell. So it's a paper loss until you sell it. So if the market is down, like in March or April, we don't. Donald Trump said trade wars with everyone. The stock market dipped for a period of time and people got really worried. Some people started selling. That was a permanent loss. Why they sold wasn't because they didn't know in their head that the market might recover. Some of them still because they were taking too much risk, because they were overexposed, because they weren't diversified enough, because they didn't have the emergency fund in place, they didn't have their financial protection in place, they didn't know what they owned and they basically had no financial education. So that's part of the reason why so many people sold. Some just needed money and they didn't have anything to fall back to, so they had to sell at a loss. Now the market has recovered, but that's how not to invest. So you need to understand the stance. Right. I think I've been able to give you enough reasons to look into the seven steps now. Right. Number one is basically invest in yourself. This is non negotiable. The good thing is for everyone here, you're already doing that by logging in on the Saturday. Investing in yourself. Now, I've got a little book bookshelf here and I've got like books all over the place, plus audiobooks. I'm sure some of you do as well. But you don't necessarily need to read a hundred books. I have this one, one, one, one idea. I say to medics, if you read one book on investing or finances every single year, if you read, if you attend one workshop on finances, whether it's investing, pension, retirement, tax efficiency, and then you follow one podcast or one newsletter on a weekly basis just to get the snacks, five minutes, get updates and all that, you're going to be so much, much more smarter than you would be. Or for an average medic, imagine you were doing that. You've been a Doctor, or you've been a nurse, a healthcare professional for the last last 10 years. That means you'd have read 10 good, solid books and you'd have attended at least 10 workshops. And then also, every week you're getting updates. It would be hard for anyone to pull wool over your eyes or how to be a financial salesperson just selling their products for the highest commission. But the more educated you are, the more you could ask better questions. The same happens with taxes. Now, last task, hack. Some people are just saying, wow, my accountant never asked me about this. Wow. And they went back to ask the accountant, can I claim this? He said, yes, you can say, but I've gone years without claiming it and I've lost like 10, 15,000. So the more educated you are around your finances and your investing, the better. So boosting your financial IQ is the first step. If you're a better investor, you're going to have better investment. We all talk about Investing in S P 500. You want to invest in S P 500, that's fantastic. How about SM ME 500? Invest in yourself. Because part of the reason why I moved to the uk, a lot of people say, oh, you moved to the UK. If not, you've just been here barely 10 years. 10 years, and you've done this, you've done that. It's not because of the location. The location obviously is important, but a lot of it is also. I mean, whatever you've learned, you move with it. Like, I know, so idea in Tunisia, but you're supporting, you're helping some doctors with their, you know, LinkedIn and personal brand. Right? Yeah. You didn't have to be in the UK or us, you could work there because you've gotten those skills and you're using them. So that's why investing in yourself is the very first step when it comes to investing. Other than that, it's a bit of a risk because you're going by tips again, by what people say they're going by hot. I've seen people lose a life savings because they had that. The best thing to buy now was this crypto. Sadly, one of the senior doctors now in my current mastermind. Before he joined, he told me how he lost 100K, and I've had other doctors as well who lost 20K, 30K, just because we're busy and we're vulnerable. You make all this money and you're trusting. He went by an investment and it turned out, oh, this was a random crypto Ponzi scheme. And sometimes it's just A hot stock tip. Oh, buy Tesla or buy Nvidia. It's not about what you buy, but it's about the risk management you've done in order to make sure that you're not sort of like exposing yourself to so much, much unnecessary risk. And even if you want to invest in higher risk assets, I'll show you how to do that without exposing yourself. I have crypto, I don't talk about crypto that much, but I bought Bitcoin many years ago. I bought like an Ethereum and I invest in startups as well, but it's a little part of my portfolio. It's not like the main thing in my portfolio. It's a bit like a spice. No, if you like spicy food, everyone you got a friend that likes a lot of spice in their food. And if you can't think of the person, you're probably that friend to many people. So there's spice and putting the food, but the spice is not the main dish. Don't say I'm investing in gold or whiskey or some commodity potato. And then that's the bulk of your investing. No, except is your business, if your business is totally different because you're driving the process. But invest and understand that you can still invest in things that are high risk, high return, but it should be the right asset allocation. Okay, right. Number two, financial audit before you start investing. And this is one thing we pick up in our one to one sessions. Yesterday I had a one to one session with a obstetrician and she was just surprised at how much of her money was leaking. So you need to conduct a financial audit to organize your finances before you rush into investing. You need to get your house in order to. Because this is the problem. If you haven't done that, you could actually be making errors. Costly mistakes are avoidable. So how do you conduct a detailed financial audit? You check your current situation. Do you have debt, for instance, if you've got debt that charges you? I've got someone investing for a return of 9% and they were happy with their return. And then they said, oh, there's this other guy that asked me to lend him some money. He's is developing a property and he's going to give me 15 return and it's like guaranteed return. So they're very happy. Or I'll give you another example, someone buying guilt UK government bonds and they're getting 5% return or 4% return up to 5% now, but at the same time they have a credit card debt and they're putting 10k into this investment. But you've got a credit card debt of 7,000 and the interest on it is 25%. It's a bit like madness. It's like you're taking water out of a bucket into a leaky bucket because if you clear that depth already, you have a guaranteed return. So it's a bit like. I'm trying to find the word psychologists use here. I can't find the particle. Is it cognitive dissonance? Forget about it. If you don't know what it is. If you know what it is, you know what I'm talking about. But people just are partitioning and thinking of things. I believe wanting in one domain, but I don't believe in the other domain. No. So if you've got a credit card debt, it's a blood sucking debt. Usually they charge. I've got a credit card that is 102% interest rate is my business credit card. And they're hoping, probably praying that one day I forget. I'm not gonna forget. It's automated, right? It's automated to pay back. If you got a credit card debt or any high interest debt, you want to crush that first before you start thinking about investing. Except you invest. If you invest in something that's going to give you 25% return, I've got a depth of, of 4% like a mortgage. Okay, maybe, yeah. You can then look at it and weigh what you want to do around that. But if you want to know your financial sort of scorecard, your financial health scorecard, or for medics, we call it new score, your early warning score. You can head over to www.moneywisedoctor.com forward slash, med scan. So med scan, someone will share them by on the group or here in the chat. So the med scan is just to help you in three minutes, get a snapshot of where you are. You can see your, your score. Okay, so that's the financial audit, of course. Number three is one of my favorite topics to talk about the emergency fund. I think I spent almost all my teaching career, I think the finance teaching career, talking about two things. Fiscal, drug and emergency fund. Fiscal, drug and emergency fund. So I'm not going to talk about emergency fund. I want someone to tell me or tell us what an emergency fund is. So it's back to you now. I told you this was going to be interactive. I'm not going to do all the talking.

You finished.

You, you recall that I was recently ill, Andy, and during that period I would say I was transitioning because while I was in icu, that's where I finished my training. So that was loss of income for me and all of that.

Yeah.

So what I meant is of course theoretically we now know that you want to keep at least three to six months of your, what should be your expenditure, your regular expenditure in an account that you can easily assess.

Yes.

So it became quite tough and that was the lesson for, for me that see if that money was there, family would have easily gone to use it. So yes, rather than falling on either the credit card or so which now puts a strain. I'll tell you something, this morning I even cleared one of those high interest credit cards that was about £5,000. And when I looked at it, I was not saying I was going to save into my emergency fund, I was putting it by a thousand there. But I noticed, man, this interest that keeps on coming. I didn't, I didn't like it. So for me that, I think that was one of the biggest take in the last few weeks. It has made me to rethink and make the analysis.

Yeah, this is fantastic Bar, thank you so much. I mean I could, there's nothing I can say that's better than what if like I like real life experiences, stories and all that. So emergency fund. I've seen some of the comments. Basically someone said a thousand pounds. Okay Janet, you can start with a thousand pounds but all depends, right? If your living expense is £20 per month, I'm sure nobody lives on £20. You probably don't need a thousand pounds, but it's okay, right? Yeah. Dr. Singh says three to six months living expense is fantastic. And then Prasana said money for a rainy day, 10% of annual salary. I agree with you as money for rainy day. But I have a pet peeve. If you read my book, you would have read, you would have seen where I said saving for a rainy day no longer applies. It came from 16th century where if it rained then the workman couldn't work for the day. Now you're a doctor, a highly trained professional, the rain doesn't make any difference. That was just me being petty. But it's not. You don't need to save for a rainy day. You need to save based on your needs and expenses. So if you spend £1,000 per month, the emergency fund is 1,000 times three, three months. Or if you want a bit of a cushion, six months. Or like me when I was leaving my salary job three, three years ago, even though I had investment, I wanted 12 months. I didn't want to have to think about money or anything. I don't want my wife to be stressed or wonder what I'm doing just online giving people free unsolicited advice and calling it blogging. So having an emergency fund is sort of like giving you a bit of cushion from crisis. So Dr. Prasanna I agree with you you 10% of annual salary is really quite generous. That means if your salary is 100k is it net, is it gross? Because if it's 10 of your annual salary if you're any 100k you save 10k would that really be enough? If you live in London and your monthly expense is £4,000 that means it can last you for two months. Okay well it's better than nothing. And Herbert says a contingency from three to six months. Yep. Emeka says funds that can last you six months without ending and yeah lovely femi me and I can see this is just a divert a bit. You can manage your credit card using balance as well. Okay right okay so we're talking about emergency fund at the moment when we have the chance we can talk about a credit transfer. So you just want to give yourself a bit of space between crisis and why this is a very important. I, I was speaking to someone who's been a financial advisor for 37 years and now he doesn't do financial advice anymore but he has a financial advisor for himself and he, he teaches financial advisors and he said to me Andy nobody saves an emergency fund. Why would you save an emergency fund? Because if you don't, if you don't have any money then you want to spend it. If you have any money you should invest it. I was sad and I was thinking is that what you've been teaching financial advices? Because I've got like literally a thousand doctors and healthcare professionals who have an emergency fund fund manager fund is that he thought well if you really know what you're doing and you've got like money for three months why wouldn't he invest and make more money? But remember emergency fund is not about the mass alone it's about the psychology. The psychology as an investor, as someone managing money you want to operate from a place of peace and from a place of strength. You're keeping your emergency funds is not just so that, that it's not so that you can invest more and get the more more returns it's so that not every single thing turns to a crisis. You need to change your tire is a crisis. If you're always in crisis don't make the best Decisions. I'm sure you already know this. We're all medics. We know what trauma and stress can do. Your emergency fund, one important thing it does also is that it keeps you from selling at the wrong time. I have this lovely couple currently, my mastermind as well. One is the GP and the other is a registrar, surgical registrar. In the month of April, with all the shenanigans happening with White House and all that, the stock market was so low they needed money, but at the same time they needed to fix their boiler. So if your boiler blows up, if you don't live in the always sunny Tunisia and your boiler blows up, you live in the UK and it's winter like now, you probably need to fix it quickly. If at the same time one of their cars needed to have something fixed that was going to cost a thousand or thereabout, and they had a relative abroad who needed health care, private health care, probably kidney stuff or whatever, and they needed to support. So there are these three things happening at the same time. I gave that example in my book. So they had two options, like favor, just shared some options. They could decide to sell their shares and then they have this money to spend, or they could borrow some money on the credit card, or they could just, you know, fall back to there. That's the third option. They fell back to the emergency fund. So they had three months of living expense. They didn't need to use all of it, but it helped them throughout that period until things got sorted out again. So that's what your emergency fund is for.

For.

Therefore, while I spend that time to explain it is to show you that it doesn't need to be in an investment. You shouldn't give it to your cousin who's starting a business, an AI startup. No, you definitely shouldn't put it in the stock market. It should be in cash. Otherwise, in cash, I can put it in premium bonds. Premium bonds in the UK can actually get it back within, I think, 24 hours. There's no interest on it, but you can win prizes. But for me, my preferred place to keep my emergency fund is in the cash ISA, because, for instance, if you have £3,000 monthly expense, that means the emergency fund is 3,000 by three, that's £9,000. Or if you were going for six months to be 3,000 times six, that's £18,000. If you put £18,000 into your regular banking account, you're going to generate quite a bit of interest and that could actually cross your psa. Remember, psa, not process specific process Specific antigen psa, personal savings allowance. But if you put into a cash isa, you're shielded from tax on the interest. Okay, so that's it about emergency fund. If you haven't got one, you started investing, think about saving one. I can do it automatically. You don't have to go through that much stress if you decide, oh, I'm going to save 20% of my income. And I found out that when people do this, their lifestyle doesn't seem to change that much. They don't change their food, nothing. They probably wouldn't buy any impulse stuff that much anymore. But if you decide, oh, I'm going to automate my income, that 20 of it is going straight to this account, my cash isa, until I hit my emergency fund. That's the way most people in the community saved up their emergency fund. Okay. The other way is you can decide, I'm just going to do like this extra side hustle or locum or medical report or surveys and I'm just going to contribute it till I hit my emergency fund. And I've had some actually go to the extreme and sell some extra stuff in their house they weren't using and then it didn't yield a lot of money. You did about 120 quid. But it gave him that momentum to start going towards emergency fund. Of course, if you're in debt, that would be the place to face. If you've got credit card debt, just like Favor shared, crushing that debt first of all would actually make a massive difference. Right, okay. So I think we spent quite a bit of emergency for number four. We're looking at the four steps. Just before we go into. What have I got here? I'm sure there are many more steps. Okay, good. Just before we go into imagine the next thing I think you realize Favor mentioned he was unwell. He was very unwell. I think he had to have a surgery and all that. And this is not something that. That is rare. Doctors were not invisible. Dentists, healthc care professionals were all human and someone could become ill. I had a GP who became quite unwell. I don't. It wasn't even illness. He had a knee injury from playing sports. Okay. From playing sport he developed a knee injury and he sort of wiped out his emergency fund during that period. Six months, no work. He couldn't get remote work, work. Started trying different things. Started trying to sell stuff online on ebay. Very difficult when you're starting. It's hard to make money when you're really trying to make money. When you're starting A business and you don't have to make money. That's when you have the time to practice creativity. Though. He said to me, andy, I wish I listened. I listened to your podcast. I saved my emergency fund, but I didn't go to the next step, which is number four, your financial defensive strategy. If ever was unwell but he had his income protection in place, then he gets a payout. So you want to have your financial protection in place. What does that mean? Life insurance, income protection and in some cases critical illness insurance. Find out. Really important why is because if you end up like Dr. Roots Machine, who was a consultant radiologist on my podcast, follows me on LinkedIn now a health coach. 2020, December, five years ago found out that that she woke up with a severe eye pain. She's a radiologist, mind you, she didn't know that that would be the last or the beginning of the end of her career as a doctor. So she didn't practice medicine again for so many years until she was retired due to illness just last year. And she said to me, if I didn't have my income protection in place, we might have had to sell our house because she had emergency fund which was gone. Obviously would. Would be used. Then you have the NHS sick pay, which many people falsely think will sort all the issues. Because she said to me, I didn't cancel the income protection for years. I got in my 20s and I've been thinking of canceling it, but I didn't, Castle, because I was feeling too lazy to do that because I kept wondering what will make me to be ill for six months. They expect that this. She was going to get corneal neuralgia. I think that was what it was. So it was her income protection that stepped in and they paid that during that period. That means you don't have to sell your investments. If you've got investments, it doesn't take you off your course course towards your financial freedom. If your goal is to get to the point where work is an option for you, you want to be going to that direction and you want to remove things that can take you off course. If you become severely ill and you can't work, you might have to sell your investments. And then an income protection insurance means you don't have to do that because they'll pay you a percentage of your income that period. Obviously you pay monthly premiums, which to me I think is the same as paying car premiums. I pay premiums for my. I pay insurance for my house and my car. Car and all that. You even Pay indemnity to practice medicine. So protecting your financial future really quite important. That's number four in the seven steps. So we're almost at the end now. I think the 15 is to eliminate high interest depth. I don't need to talk too much about this. We've already given an example and favor give us that beautiful example. Eliminating high interest depth is one of the most effective strategies to secure a generous return without taking risk. I'm owing the bank and I I'm owing them 27 return and I paid off. I've already got into 7% of my money if the interest rate is 27. That is why part of when I was doing my salary JP job I didn't want any car or anything in my house that was like on a loan. It's not because I part of it was the interest rates were so high and I thought oh, an interest rate is 10, 12%. If I just buy a bond I'll get 4% or if I just invest stock market in a passive index fund I'll get like maybe 8, 9%. Mean some years are better. I think 25% last year was S&P 500 return. So why am I paying someone 10% if I can afford it? I rather just buy it myself and pay myself that interest. So eliminate high interest. Deb really important. I know even if you haven't got the money, you've got to start from somewhere. What is important is not just being able to do all the seven steps and it goes go but knowing what direction to go. Of course, investing through tax efficient accounts. I've talked a bit about this but we're going to come back to it. When you hear about Isa Sip Eis Seis Jr. Isa Jr. Sip which one to use? We're going to talk a little bit about it. This is sort of like the main focus of my four weeks investment academy. So my four weeks investment academy is like four Saturdays like this where you go from not knowing what you do well, not knowing what to do about investing, being a bit confused about investing to the point where you are then grounded. You understand your risk tolerance, you understand your risk capacity, you understand your horizon and you start investing. So it's not like a seminar. So this is more like a 90 minute seminar we're doing here. The workshop is actually four Saturday this there's a group with hand holding where you can actually get support, ask questions, open your account, you know, start investing. Lear management and one of the more beautiful things I've seen in the group is when the Market is down and people are panicking. That place now sounds like a bastion of reassurance and common sense. Like this, this look, we learn about these things and even when I'm not there, I'm seeing people giving each other other kind of like support. Because let's face it, part of why you do well in medicine is because you were a house officer or F1, you had other people, you were watching what people did. There's a whole community that support. But you start out as an investor, you don't know what you're doing. There's one random person telling their financial advisor which is not bad. But sometimes they are restricted and they're making more money from selling you products. They're not too interested in how well you do do. And if a financial advisor is charging you 3% or 2%, even 1% but what they're investing in is just the index fund that you could have done by yourself. You just start wondering why am I giving away this huge aspect of my returns? Because 1% turns out to be much more when it compounds. And that could be the difference between retiring five years earlier or later. So this is what we're doing, the four weeks Investing Academy. It's like a deep dive live we have, we're going to have an opening in January. Currently it's for just those in the mastermind. Everyone in the mastermind, my financial coaching program has an automatic slot. So currently it's just part of the mastermind is one of the aspects of the mastermind. The other aspects of it is like tax hack X ray efficiency workshop where I just deal with 60 tax trap limited company estate tax. Basically just use the ABCDE of taxes. I think Favor, you are recently on the tax hack workshop and you're currently still in the taxa group. How did you find it? Was it worth your time?

I think it's worth my time but I think I want more. That's.

You want more? You want the mastermind? Come on then. Come on. You get everything. The mastermind. So basically four weeks. Thank you favor. The four weeks workshop will look at things like what your stocks bond neutral fund, index funds, risk versus return. I don't know if I have some of the testimonial testimonials here but it's usually quite transformative for most people think about starting from the scratch, not even knowing what an ETF is. And then at the end of by mid February before Valentine's Day you have become sort of like you've learned enough to invest for yourself for the rest of Your life. So I look at investing. I like a skill the same way you look at riding a bicycle or swimming. I didn't learn how to swim till I, I was in my mid-30s. But once you learnt it, you've learned it, it becomes stuff that you, you can manage. Yeah. So you learn how to set your goals, understand your risk. Like a lot of times why you don't invest is not because you don't know that investing is good, but you don't know where your risk is. You don't know where your margins are now. And part of that is because you haven't got your investing goals. You've not clarified your horizon. Are you investing for five years or 10 years, or 20 years? Because if I'm investing for my child for 20 years, why should I bother what the market is doing now? I should be, I shouldn't be worried because I know it's up and down, but I'm looking at the long term. But if I'm 55, I'm planning to retire 60, then I should be modifying my risk accordingly. I might be thinking more like should I buy bond month treasury bills, fishing commercets rather than just buying stocks, you know, or index funds. So these are all things I will look at in the investment workshop and of course things like the group discussions and key learnings. Okay. I thought I should mention that because some of you have asked me about it but we didn't have any opening until January so we opened the class for January. If you want to join the Mastermind that gives you access to this, the tax has back and one to one sessions with me as well as the money wise Dr. Brain. Some of you have come in contact with. The money wise Dr. Brain is my AI that I, I built since June. So release it to the Mastermind. It's never been public and it's just basically if you want to ask me questions by 2am I don't want to chat in the group. You can go and chat the money wise Dr. Brain. So that's all part of the Mastermind as well. Okay, next slide side. I don't think I have control of myself. Okay, so these are a few people who have been through the Mastermind. There's obviously Dr. Anthony Adams who's a GP registrar. Dr. Mary Jane is an anesthetist. He said I now know what to look out for before investing. I started investing blindly before Money Wise doctor opened his master classes. I remember Mary Jane, she was on my podcast and she said, said why she was one of the first people that attended Investment Academy and in the Mastermind she said before then she lost almost £20,000 or £30,000 from random investment. Different things which seem good at the moment. I said to her it was like a no brainer. And then there's obviously Anthony Adams who has gotten more control over his finances and investment journey. He's got a business as well. Dr. A.O. has now moved to Canada. Now he's in Nova Scotia and then he's enrolled for the Mastermind. He's a returner. He's coming back this year so he's joining the moneywise Dr. Mastermind. Attending mastermind has been the best financial investment I've ever made. Yeah, I met with I.O. like last week and he said what he's learned from the Mastermind he's applying it in Canada whether to his investment or tax efficiency. So you can take the same from works and apply it there. And of course E says I strongly Recommend it. The 4 weeks deep dive will prepare you to succeed in business and the financial world. I think is a calculated for the first time his fire number, your financial independence retire early number. So that's the number where you get to where work becomes optional just like for me. So that's one of the things you could use investing as your engine to get you to that point. One of the interesting Testimonials is from Dr. Vanessa Award. Young Dr. Vanessa is a French. She's an interesting lady. She was a former investment banker and then she changed and became a doctor. She was working for one of the largest investment banks in the world. So it's nice to have her in my Mastermind. She brings that perspective of being a doctor and, and, and a former banker and now a startup founder. I was interesting about all these people. It's not that they don't know anything about investing but they want to make, they want to make sure they're not leaking taxes. They want to make sure that they are not sort of making the wrong decisions and they want to sort of like learn from that group experience. And of course she is a pediatric consultant. She is now really quite good. She's very, very sound now. When she first started I think she wasn't too sure about investing, was trying to understand the concepts. So he said it's a great quick start. It quickly becomes clear it's not just about investing. It's a gap guide to plugin financial linkages. Right. So that's a little bit about Investing Academy. This seminar is free. You don't have to join Investing Academy. Those who are interested in it, you send me a message or let me know. In the group we will have like 30 slots. I think 16 are gone already now, so have 14 more. Don't stress about it. If it's not for you, it's not for you. If it's for you, if you're thinking in 2026, I want to take charge of my finances. I want to know what I'm doing with my isa. I'm tired of getting letters from hmrc, brown envelopes that give me palpitations. I can't sleep at night. I want to play on the offensive rather than the defensive. Then that might be for you. If you send me a message, I'll let you know if you're a good fit. There's an offer doc, you can read and then decide if it's for you or not. Obviously I won't respond to you now because I'm in the middle of the master class. Right, so number seven six, which is basically one of the big things we cover in the investment academy is about investing through tax efficient accounts. Look, if we both invest, and I'll give an example, who should I use as an example here? Let's say Priya or Dami. Yeah, Because I know they're my community. And Dami, congrats and welcome to the Mastermind. Dami has recently that you said, Tammy, I know one of you have recently joined the Mastermind. Sorry, I'm not sure. Recently there's been a lot of inquiries. I think we have 425 people on the waiting list. We usually take 30, so we've got like 14 left. But one of the big things was about tax efficient investing. Should you use your ISA or should you use your pension? If for instance, Dami and I were investing and every year we put aside £20,000 pounds. So we're very faithful at it, we're very diligent and guess what? We're investing in exactly the same thing and then we end up, you know, with the same returns. Let's say we're managing to put aside £20,000 every single year and I do it for 20 years, that would be how much? Can you tell me how much I would have invested? Both of us were doing the same thing. I look in the chart. If you put aside £20,000 every single year, year for the next 20 years, how much would you have invested? Let's see, Let's see. I think the mass is straightforward, isn't it? So you would have invested 400k. Good. Now if you invest 20k per year and you end up with 400k after 20 years, then. Then something has really gone wrong. Right? Because you're supposed to generate returns. So I'm just going to use a quick example. I'm just going to assume that with fair decent returns that Dami and I, we invested 20k each and we've ended up with 1.4 million. So if we invested 20k each for the 20 years and we ended up with 400k. Sorry, we've invested 400k and our final bit is 1.4 million million. How much capital gains have we made? You might call it gain or profit, but just call capital gains. That's the term. Tell me in the chat. Okay. Persona says one million. Okay, let's see. Yeah, I think it's straightforward. Mass. Okay, so what M1 M1 M. We all know that. Now this is just a bit of. I'm sure some of you already know this one already. If I've invested my 20k every year through my stock and shares ISA, maybe I was putting 16,000 my stock and shares ISA £4,000 into my lifetime. ISA stock and shares. So all together, 20k inside an ISA. But Dami has been investing his 20k in a general investment account like I did when I first started my first year here to invest. If Dami had been investing in a general investor investment account like I did in my first year in the UK investing, how basically how much tax would he have to pay? I know this is not a very easy one, but assume that Dami is a higher rate taxpayer. How much capital gains tax would he have to pay on the 1 million he has made? Now if you attended the tax hack, you might take a crack at this one. Sorry, you weren't expecting to do mass this morning. Dami is a higher rate taxpayer, so it's a 40% band. This will help you clarify whether you should be going for for a sip or whether I should be going for a personal pension or your ISA as well to go. So dam is a 40 taxpayer and favor says 39. Susie says 40. September is very close, says 270k. Very close. Not quite there. So Danny will have to say. Sorry, say that again. 24%. Very clear. No, 24. Right. Okay, I'll explain the differences. So capital gains is the tax you pay on the increased value, the appreciation, the change in the value. So if it's gone from 400k to 1.4, the change in value is 1 million. The capital gains tax for a higher rate taxpayer is 24%. Okay, it was increased from 20 to 24% last year Halloween budget. Remember? Guys, guys, I talked about it in my newsletter. I talked about in my weekly newsletter. So the labor government increased it from 20% to 24%. That was part of why I sold all my shares outside an ISA before that budget. Because we had rumors that was going to happen for basic rate taxpayers. I know this might sound a bit confusing, but if your normal tax on your income is 20%, then your capital gains, your investment income is treated different. Instead of 10% now that used to be, you now have to pay 18%. So you're paying 18 on your investment capital gains, basically the gains. Now this applies to property. If you buy a property and the value goes up, if there's not a primary place of residence, it's not where you live, you sell it, you make a bit of profit, you then need to pay capital gains tax on that as well. Well now that's different from dividend tax, I think. Favor, you're thinking about dividend tax and maybe that means that's what you're thinking about as well. So your dividend tax is not based on the rise in value. It's based on the proceeds, the income. Because you're a shareholder in the company, they pay you monthly dividends. You get the monthly dividends. Sorry, not monthly, obviously. Quarterly or annual dividends. Now those dividends are tax, okay? If you're a business owner, you run a limited company, after you pay the corporation tax and you end up with a profit, then those dividends you take are also taxed. That's a different tax altogether. If you don't use a tax efficient account, then you have to pay both capital gains tax and dividend tax. So here Damien would have had to be paying at least 240000 pounds minimum on capital gains whenever he cashes out. Out. Of course, you subtract what we call capital against allowance, which is just a poultry, £3,000. So he's allowed to make up to £3,000 per taxi. But think about it, 3,000 versus 240k. So even if he's able to deduct 3,000 over 20 years, that would be 60k. Still has to pay at least 180k in capital gains tax. Okay? By the way, capital gain stars used to be about 12, 500 or 12, 3. Somehow, somehow just kept being reduced. It is now 3,000. Now that's not all. If that means investment, if it's not an accumulating like, like when you come to the practical workshop, you talk about accumulating versus distributive index funds. Now, if that means investment was not an accumulating one, if he was getting dividends being paid out, he would then have to pay a tax on those dividends as well. And again it goes back to what band of taxpayer is he? If Danny is a 20 taxpayer, so a basic rate taxpayer, then his dividend tax is going to be how much anyone want to go? 8.75%. If he was a higher rate taxpayer, things suddenly dramatically change and it becomes 33.75%. But if he was an additional rate taxpayer, then his dividend is even closer to income tax is 39.35%. As if those numbers are not high enough from next year April, with the recent percent autumn budget, okay, there's an increase by 22% for the higher rate and the basic rate. So now Damien would then need to pay 10.75% on all the dividend. He gets the shares, he gets the share of the profit of the company. Even if it's a limited company. The same applies. And if it's a higher rate taxpayer, he then has to pay 35 points instead of 33.75. There has to be 35, 35.75. So. But if in my own situation I've used an ISA account, there's no question of dividends tax, there's no question of capital gas tax, because everything all together is totally tax free. Okay, now this is the point where I usually pause because I imagine that people have questions. Sometimes people confuse things around ISAs. But before I do that, I'm going to give a second tax efficient account you could use. Obviously, when I talk about isa, I'm talking about stock and shares isa, any ISA that you can use to invest. So that includes a stock and shares ISA adult, a junior ISA stock and shares, which is for a child under 18, and then lifetime ISA stock and shares. So there's life from ISA for cash. If you are saving to buy your house, there's also lifetime ISA for retirement. If you are saving to to retire at 60, you could decide to leave your lifetime as cash if you are saving for retirement. I don't see how that makes any sense. If your retirement is in the next 20 years, I'd rather have it working in the market. But if you're going to buy your first house, you want your lifetime asset to be in cash. You rather have it in cash, basically because you don't know what the market will do. So these are some tax efficient accounts. Now that's not all the tax efficient account there's pension, pension which is ideal for most higher rate taxpayer but before I go to deal with that pension you can see we go on, we go on number six and it's a big, big, big part of these seven steps Now I'm going to come back and deal with pensions but for now I'm going to take some questions so if you've got any question I'm just going to say if you pop your hand up or something I think there's a sign here where you can pop your hand up, up and I'll take three questions and then we can finish with pensions okay. Yeah if you've got a question. Yeah John, yeah John please go for it I can see your hand is raised here John. What? Good morning Andy. Thank you so much. Really good. Did you just hear about this seminar? Did you just hear about it this morning? Oh this morning my son wasn't feeling well actually so I'm all over the place. Sorry. That's all right. My question is, my question is can you have both a lifetime ISA and a regular stocks and shares ISA concurrently? Yes so maybe one is. Yeah absolutely you can have a, you can have a lifetime ISA and you can have a stock and share Isaac sir as long as you don't exceed 20k allowance in fact you can have a lifetime Isaac shares that stock and shares and also have a stock and shares ISA at the same time I do actually yes I hope that answers your question John. Yes it does. Thank you so much. Fantastic and awards I saw you won a really interesting award online. Well done. Could now I don't know. Okay I don't see any other hand rules I'm just going to crack on Prasanna, did you have a question? Right, if you've got a question if you come up your mic that will save a bit of time and, and everyone less at the same time. Okay so if there's no other question I just crack on with pensions.

Okay I think the question they're asking is you know when you have junior ISA how much you can save in junior ISA and whether that junior is connected to your own isa so basically is it connected to your account and you're contributing £20,000? Hi. Hi. I thought I'll just jump because I couldn't get the hands up.

Thank you. I usually have a moderator but she's not available today. Lovely GP who helps but thank you for making that question Sometimes I don't see the charts so the Junior ISA has a separate allowance the allowance for, for ISA is 20K. The allowance for your Junior ISA is £9,000 for every taxi. Thank you for that key question. So you are allowed to open a junior ISA. Obviously, if they meet the criteria, they're less than 18, they are resident in the UK or they live in a crown dependency or they are working abroad in the diplomat service. Basically your Junior ISA, 9,000 is the amount. You can have 9,000. If you've got two or three keys, you can have 9,000 allowance for each of them is not connected to your own stock and shares. I say you have your own full allowance. So that's why you always look at investing and tax efficiency from a family perspective. Now, if vegeta. If you've got only 20k allowance but you want to invest 58, 000 but you've got a partner. So now you guys have got 40k between your ice allowance and if you've got two kids. I'm not saying you've got two kids. I've got two. If you've got two kids now, you've got another 9,000, 9,000, that's 58,000 ice allowance. However, when the child turns 18, the ISA becomes theirs. They can then do what they like with it. Hopefully they don't go out and buy brand new.

So basically you withdraw the amount and.

Then they turn 17. When they turn 18, it becomes an advertiser and they have access to it. You can't withdraw it before they turn 18. Sorry, that. I know, I know why I think and I've thought about the same thing. But no, no, it becomes theirs and they will control it. Hopefully they've learned from you how to be wise, their finances. And they know they don't go out and, you know, throw a big party or buy a nice. Maybe Tesla if they can better Ferrari or Lambo. Right, okay, so someone said question, Andy. Yeah, jump in. Go ahead. That me. Can you continue to pay into the general for the child after 18 yourself? Why not? Yeah, of course. Okay, I'll give you an example. D Can I pay into your isa? Like, can you. The same way you can pay money into someone's adult isa, you can continue to pay money. Okay, all right. Yeah, all right, that's fine, thank you. But one is interesting. Yeah. So one is stressing we're just going to jump into pension in a minute. I'll take a couple more questions. And what is interesting is pension. You could even have like grandparents, different people contributing and a child can have a pension. From what age? Can anyone tell me at what age can you Have a pension from and get government tax relief from birth. Thank you, Vegeta. From beds, even from the point they are bought, they can get tax relief. From beds. From the day they are born, they can get tax relief. We're going to deal with that in a second. Right? Okay. Please go for your question.

Yes, I wanted to ask if you have two cash ISAs, for example, in your salary account, say about the facts and I have a cash ISA there. And then trading 2, 1, 2, I create another cash ISA. So are you saying that in total both must not exceed 20,000?

Yes. Is that Shell who's speaking? Sorry, yes, Shell, that's true. You can't exceed 20,000. I know it's a bit of a shocker and I don't know why they've made it in such a way that people could actually fall into these things without knowing. The government allows you to open multiple ISAs. Since 2004 you can have multiple ISIS everywhere. Me, as long as you don't exceed the ICE allowance. So if you put in. I've this has cut out many doctors and then healthcare professional. I've spoken to you put in 20k in one place, you put in 10k, one place, put in 5k, you've exceeded the ISA allowance. Yeah. You only allow 20k, whether it's stocks and shares or Lisa or whatever. But for junior isa, you allow them. Does that help?

Yes, it does help.

Good.

But I understand that if you're more than 40 years old, you cannot open the lines.

Unfortunately, yeah, you can't open the lifetime. Lifestyle is like free money. If you put money into your lifetime, I say you get 25 of whatever you put in there. The maximum you can put in is £4,000 to get the tax relief. And then I tell you, almost every month I've got someone who says, well, I've just turned 42 days ago. Why didn't someone tell me? In fact, recently a doctor in our mastermind, the lovely consultant psychiatrist, said she was trying to help someone who turned 40 the previous night. Sorry, turned 40 that day. So was late by just a few hours. So has missed out on lifetime. And I had this consultant who started saving for our house. So a consultant somewhere in London area, not in London per se, but London suburbs. Was saving for her house since she was 33, didn't want to buy because she didn't know where she'll get her substantive post, got her job as an AIE consultant, bought a house just as she turned 40, then. Then had a one to one session with me. And learned about the lifetime I saw. I'm like, oh. I said, I shouldn't have mentioned it. Now it's spilled milk. So that could have meant an extra £7,000 she could have gotten tax free. I said bonus. Because if you save 4k per taxi, you get an extra 25. But you can only use it for two things for buy first home or for retirement at 60. So your first home needs to be less than 450k for that to qualify, which doesn't make sense because 450k in 2017 is like 660k. Now I live in Devon, houses are a little bit expensive. So a 450k will still buy you a house. But if someone was looking for a massive house, they might strike, struggle. Yeah. Does that help show?

Yes, yes.

Do. Do we have time for one more question? Then I'm just going to tell you the beautiful aspect of using your pension and your SIP and all that. But yeah, so the Forex Investing Academy is all part of the mastermind. All right, so I'm just going to pause there. I imagine you've got some questions. We've got five minutes to go. What I'm going to do is I'll take some questions for the next couple of minutes and then I'm going to talk about the principles of investing. If you're just starting, I've all these tax efficient bits, the principles of investing that you can use. That will take us just three minutes. Okay, and then I'll take more questions. Can I have the next slide please, sir? Okay, I've got one hand raised.

It's me again. So as an NHS worker, I really don't know what my pensions are. I don't know how to access it or check. Of course. And then I am being. My tax is just not right and I know know it. I have been told by others that it's not right.

I'm not.

So I was on the 1257 at some point they took me up to 960. I've got like very colors of tax on my face that I don't understand what's going on. I know I'm paying a lot of tax and then I don't know how because I'm an NHS pension, I'm in the NHS pension scheme. How am I allowed to also have a sip? How do I do the self assessment? You keep telling me I should do my tax at the end of the year. Do your tax returns. I don't know. What's that? How do I do that? I don't know, like I said.

Right, it sounds like you're really struggling with it and I imagine you get the brown envelopes as well.

No, I've never gotten a brown envelope to be honest. When I called hmrc, I called HMRC five times about my tax. They tell me it's our, it's the human resources problem because they've listed me as having two different roles in the trust which is not true but human resources does not want to do anything about it. So if you go on gov uk you see my name twice.

Oh, okay. Now, now I, I know if I say it's a very, very common issue that we've encountered again and again and it can actually be dealt with so don't panic, don't worry, I know you're in the tax hack as well. So that group is actually an opportunity to ask questions around tax, all that stuff. But basically what you want to do is a self assessment. How do you do a self assessment? Is it basic? Again this is all part of investing because now you want to do a self invested personal pension to claim back your, your tax free allowance which you lost but you need to get the tax room in order so your tax house. So the first thing you want to do is you want to get all your income to figure out how much have you already earned and that could be through your HMRC logger login. So if you don't have a HMRC login that would be where to start.

I have it.

Yeah. So you can log in there and see how much have you really earned? Have you really crossed 100k? Whereabout are you? Number two self assessment deadline is in January, January 31st. So if you haven't filed before you probably need a good accountant. We've got a few vetted accountants, we use a model wise doctor that would recommend men. These are people that already understand how to work for medics, how to make help you win. I've never really called HMRC and I've had a lot of back and forth HMRC in my days in the uk I've never really called them. We write letters to each other, love letters, they write me a brown envelope, I write them a white one, they write me a brown envelope and we settle it. The last time I think they thought I was owing them £12,000 at the end of the whole back and forth over six months or four months, they were like oh, zone zero now so just because you are told you owe tax, don't just assume it's not the job of HMS to Help you to be tax efficient. And in March we're going to be run another tax hack workshop for the Mastermind. So that would be a good opportunity. But even currently in the current one, which is now closed, for those in the mastermind who will be attending the Tax efficient Tax Efficient Investing workshop, the match is just basically before the tax year ends to make sure that we kind of like hammer out all the tax issues. But you can start from there. You get an accountant, you do your self assessment. Your accountant may want to know before you go ahead. Your account may want to get your pay slip. And then in terms of pension, one task for you to aim to do before Christmas, it's not too late, you've got like a few days is to try to get your pension, pension statement. You can get your pension statement from your pension administrators. It's never nice. It's like going to a dentist without anesthesia. So I do tell us what that's like, but basically you want to get that in place. If you get your pension statement, then you know how much you've contributed. Even if you don't get the pension statement, you can estimate. Because if you're in the NHS, you know that 12.5% is the amount, amount that you are paying into your pension, your contribution and your employer pays 23.7%. And of course there's a factor of growth, inflation factor. But it could give you a rough idea. For instance, if you're in 100k, you can rest assured most times that you are not using up your 20. Sorry, your 60k pension allowance. Yeah. So these are a few things to start. One, start with get to know what your page page, speak to an account. I can put things together, I'll share some in the group and then obviously get your pension statement. It looks like a big mountain. Usually just like when you first had your first patient who was in crisis, new score of 10. You didn't know what to do when you were just a brand new doctor, but now you have a system. You know, I'll do this. A, B, C, D, get fluids, get, get them. So check the area airways, get some oxygen. Have they got antibiotics if you think they're infected and now it's no longer that big deal for you. So that's it. What you need is a system and that's obviously what I'm suggesting to you now. Start systematically and walk through it. There's a free group, right? If you're in the free group, you can make use of that free group, ask questions anytime. Obviously there Are almost a thousand people there. Or if you want a private group, the masterminds, it was a private group usually like that group is basically for I log in there daily, look at any issues you want to hammer it out and it's usually quite helpful as well. Okay now if you do all that you find yourself in a stronger position you'll be in a better position because you know how much have I used of my allowance and how much can I contribute to my SIP? Because if your adjusted net income is 120k and then you take that 20k and put it inside your stick SIP magically two things happen. You restore your tax free ALLOWANCE so your 0 to 12, 570 becomes tax free again. So you've escaped that 60% tax drop but also the money you put into your pension gets that tax relief. The government grosses it up. So that's, that's the way I will approach it. Yeah obviously the session is not enough to deal with it on one to one basis but I hope that helps gives you some idea.

Thank you, very helpful.

Yes and a bit of hope. I want you to have hope. Yeah. All hope is not lost. It's usually now things start getting bad when you start getting brown envelopes and all that then you go into overdrive. Even at that point it doesn't mean that that's the end, it just means that okay look, you then need to release, no tighten everything, make sure that you're plugging your tax leaks because unfortunately most people are thinking that everything gets sorted out by itself and HMRC is going to take care of everything. No, you have to look after yourself man. You have to look after yourself lady. Your tax efficiency is your business. Your investment is your business. Your personal finance. You are the one in charge. Even if you decide to hire an accountant or a financial coach or an advisor sir, you are still in charge. You need to know a bit so that you don't make a mistake. The same way you're in charge of eating right, exercising in my every now and then go to a GP or a specialist but you're in charge of your own life. Okay, right. I'll take a question from Prasanna. Your hand is raised. Yeah.

Can you hear me? Can, can you hear me?

Yeah pr. I can hear you. I'm sure can all hear you.

Yeah fine. It was a bit similar to the last lady's question but slightly different because I didn't really understand how you can work out how much you can put into a sip knowing because you said it's 60 grand in total per year. But how do you know how much your NHS pension contributions or growth. Is that the contributions you're putting in plus the employees contributions or is it the contributions solutions you're both putting in plus the growth and then 60k minus that, how do you figure out how much you can open a SIP for?

Right, that's a fair question. I think that was half of what I was just explaining. So I have to explain in a different way. So while you calculate in your NHS patient Persona is not your contribution, your contribution can help you estimate it. What you, what you're looking for is what they call patient growth or, or pension impute amount. Okay. Are you with me?

Yes.

I just.

Get that from your esr.

From your, you know, we'll get it. That's where I'm going. Come with me. So to get your pension growth, one of the first things you need to to get is your. When you log into your esr you can see how much you've contributed to your pension, but that just part of the equation. There's an equation where you get your amount contributed multiplied by by 16, then multiply by the inflation factor. I can share it in the group, but usually we don't tend to suggest that you go calculate that. You can ask your pension administrator where you work. I'm sure you don't know you have a pension administrator. Most people don't know and it seems like most time they're not expecting to hear from you. You can ask from your pay office, ask for pension administrator. If you speak to pay office, ask them to direct you to the pension administrator. They are responsible for providing you that information.

So you can't get it from your total reward statement.

So what you can get from your post total reward statement will give you enough information to calculate it yourself. And actually when you calculate it yourself, a lot of times you are doing estimates, isn't it? Because your calculation itself, there's a formula where you take your, the amount you put into your pension multiplied by 16. So the formula usually give will be B minus A, where B is the closing value of your pension minus the opening value. So basically you're taking the B, the closing value, you multiply by 16 and then you multiply by the inflation. So if inflation has been 4% it will be multiplied by 1.04%. So you then subtract it. So that's how you get your pension group it. So most people don't want to do that, or most people can't do that with any level of certainty or be sure. The alternative will be to get your pension administrator to give you a pension statement and give you your pension growth, your pension impute. We've had a lot of people in the mastermind actually go and get that and that informs your direction what you.

Do and then you have to take 60 grand minus that in order to work out what you can open a SIP for, is that right?

Exactly. So that's usually the difficult bit is getting that pension input amount, but once you have it then it's going to be 60 grand minus. Let's say, let me give you an instance. Let's, let's use an estimate. Price. I hope I can call you price. Is that okay? It's fine, yeah. So let's say you've got like, you're, you're ending 100k, you're putting 12.5% into your pension. How much would that be?

12, 500?

12. 5. And then you've got your employer putting in 23.7%. So that'll be 23, 7. For ease of calculation, I'm going to call it 25k. So all together, what you've put into Your pension is 37, 500 pounds. Okay, so now that is not the end of the story. If it was a defined contribution, that would be the end of story. But there's an adjustment is lifted for inflation. So there's an adjustment based on what was inflation at that point and there's an adjustment also based on whether what type of NHS pension you are in. If you're in 2015, there's something called one over 54. So there's an adjustment. But even if you are making an estimate, you will know that if you've contributed 37.5 is a very unlikely that you're going to go from 37.5 to 60k. If you are trying to have some sort of like margin of error even before you get the proper calculation, you'll be working out at 40. Even if you estimated 40, 45K and you wanted to put in another 15K into your sip, you're still going to be within a decent margin of error. But if you want to be absolutely sure, then you've got to get your pension statement from your pension administrator.

How does the government then know that if I what stops me just going on to wealthify.com and opening a sip of for 50 grand every year, how will the government know that I've got over my 60k?

Okay, so you could. But usually what happens when you open a sip is that it's reported. Okay, when you open a sip, that 20, that 20k, that 20 from HMRC, it actually comes from the government. So usually when you open the sip, the platform informs hmrc, so you automatically.

Same problem as the previous lady. I mean, I work at University College London Hospital. It's one of the largest trusts in the country. And yet I have tried multiple emails to HR and never managed to get my pension statement.

I promise you price is not just a problem in London. We've had a lovely consultant down here in Cornwall. We had to go to war almost to get that pension statement. But even if you didn't want to wait for the pension statement, you could actually get a general idea. For instance, sometimes if you were already like earning 100k and you're putting in like 12, 570 or 12,005, you know, you've not used up your whole allowance, there's a bit of room. But rather than trying to be precisely, if you try to be precise.

My employer contribution is about 20k, so my contribution must be similar to that. So that probably still gives me, yeah, 15k with the growth.

Yeah, yeah, your employer probably puts a little bit more than you. You put 12.5, your employer puts 23.7%. So that gives you a general idea. And if you're wearing the kit, to be precise, because it could be precisely wrong, it could be vaguely right, probably.

Total is about 35k. So assuming I still it gets up to 45k, I'll still be safe to open a sip for 15k every year if I can't get hold of my pensions. Advice advisor.

Yes, but there's one thing to watch out for, Price. Remember that when you put in money into your SIP, something happens. The government gives you 20%. Okay, so you can't just put in that 15, you have to factor in that 20, it's part of the allowance. So now rather than putting 15k which is what you estimated it might go, you know what, I'm going to put in 10k or 12k because 20% of whatever I put in the government is going to top up. Does that make sense?

Yeah. So like they will top like your employer contributions. The government does your contributions first.

The government does a contribution. Yes. And if you're a higher rate taxpayer, then you can claim the rest of it outside your s. Okay, now there's a bit of a safety net where I'll say to people, don't worry too much, as long as they're not putting 250k k, there's something called Carry Forward. I'm sure you've heard about carry forward. Carry Forward is sort of like if you haven't used, like most of you are finding out for the first time that Your allowance is 60k, you've not been using it for years, you can go back three years and use up what's left of your allowance. So if you go back three years and let's say last year you only used 37k, because I bet you when your pension administrator eventually gives you this statement, statement, they're going to give you maybe like last year or last two years, you can use whatever allowance you haven't used in the previous year, you can still use it, but you can only go back three years. So even if you've overshot by 2k, 3k, 4k, 5k, 6k, but you've got allowances from the previous years that could be considered and that will mean that you don't get to get that charge from hmi. Yeah, yeah.

That's all to do with the stuff that we got brown envelopes for a few years ago with the annual allowance thresholds and all that.

Right. Yeah, it was a painful period. So I don't know that business. Yeah, it was very, it was very, very dreary business. But they've increased the allowance. It used to be 40k and then it went up all the way to 60k now. And even that 60k is enough for some people, but most people exceed it, it. So it's basically finding where is the safe margin. And I always work out this way. If I think I have 60k, I'll use 55 because I rather be vaguely right than precisely wrong. If my statement eventually comes out and I still have an allowance I haven't used, I could go back and use it. Okay, does that make sense? It does.

And this 60k allowance is annually. It's a rented.

It is annual. Yeah, you get it renewed every year. If you've got a limited company, I've got a bit of good news for you. Like for me, I haven't got a salary or an employer or anything like that. If you go in the middle company, if you do work privately, if you could work through, in the media company, if you meet the criteria for IR35, which is a little bit outside the scope here, but if you've got a limited company, you could open an employer sip that this will work for GPS psychiatrists who do like section 12 assessment center. Basically anything that you can prove that you're real, you're a real contractor, you're taking on some risk. You come with your own equipment, there's mutuality of obligation. You can reject or accept work. If you are sick and you don't show up, you don't get paid, you meet the criteria for IR35. So you're working very limited company. You can actually open an employer, ship a limited company director's pension and then use that and put in your sister K again, obviously make room for the government tax allowance. So you could actually put in 60k through your limited company, but that's when there's no other pension contributions. Whenever you've got an employer contributing you, there's no way around it. You have to work out how much the employer is putting. Now we've got ways around trying to figure out, okay, what's the estimate? How much are you putting? We know you're in the NHS. Pension 2015 is 1 over 54 for. And we've got what inflation rates the adjustments will be. But that in itself is just a calculation you're doing on yourself or your own. Either you get it directly from your personal. Sorry, your personal input, your pension input amount from your personal statement, which should be provided by a pension administrator, or you do need help, you might need a financial coach, financial advisor to help you to work that out. Out. I would say don't try this at home, because if you make a massive mistake, then you get a tax charge from hmrc.

So you can use it, you can open it as a. So, for example, I have an NHS practice earning about, let's say, 100k, including my impact award. And then I might have a private practice that earns, let's say, half a million. And so that's in the limited company. I can then put a separate. Separate. I can then create a separate employer, sit with that half a million a year going into the limited company and then that money will be completely separate that 60k allowance to my 60k allowance through my NHS. So I can have a personal sit for the 15, 20k or 10k, whatever it is, I wish NHS side. And then I can have a separate 60k sip with the limited company, because that's not purely in my personal name, that's in the limited company's name.

Pr. I wish that were the case. Okay, I've thought about that as well. No, your personal allowance, anytime there's an allowance and it's personal, is the same irrespective of how you use it. So if you've got a limited company and you put in 60k there, you've used up the allowance. So that allowance, irrespective of whether it was contributed by the limited company or your employer or hmr, it's just one allowance, just like your ISA allowance. Yeah, but I know maybe I looked at tax history. In the 70s you had all these directors from Shell putting in a million, half a million into their pension and just tax free. I don't know whether it was a Labor government or the Tories that came and brought it down and had a fixed allowance for everyone. Yeah, sorry, you won't be able to do that. But what you could do if you've got multiple directors, you could have each have your own employer pensions and make sure that you're using up the entire 60k each year. Most people don't.

Okay.

Right, okay. You're welcome. Price. I'm glad that was helpful. Right, so basically when it comes to investing, I'm just going to round up on this note and then I'll hang around. I think we've seated them 12 now but I'll hug around and answer some questions. When it comes to investing, after you've done all this and it become tax efficient, obviously there are asset classes will depend on how long you're investing. Irrespective of what you're investing, you need to think about three things. One is what's your investment horizon? How quickly do you need this money back? Are you investing for the next two years? If you're investing for someone, your child who's going to uni in the next two years, you really need to think about whether the stock market is the right place. Because if the market is down then it becomes a bit of a difficult situation, isn't it? Now what if you're investing for retirement? You're 35, you're planning to retire at 55 or 57, I'm there. You're thinking in 20 years. So you're thinking about volatility that's up and down in the market is not a big problem for you because you have a long term horizon. So that's the number one thing to think about. How soon do you need the money money back? I wouldn't go and invest in a random crypto for something I think, oh, this is my house deposit and then I'm going to invest it. Number two to consider will be what's your risk tolerance? Can you sleep well at night? The risk tolerance is more of a psychological thing and it doesn't make you a bad investor or a good investor. There are some great investors that are risk adverse. They will have a Lot of their money in bonds and they have some money in different kind of like assets. And there are some great investors that are more adventurous. Okay, I do like a bit of risk and I always like go for adventurous investments but always learn who you are and how to manage your risk. So if you can't sleep well at night, if you go to bed and you wake up and you hear that the stock market has fallen 50% are you able to have a breakfast and get around your daily or do you start getting worried? So this is what you think about risk, risk tolerance but that's different from risk capacity. That's number three things think about. You might have a great risk tolerance. You are like oh, you're happy to invest and you don't mind. Things might get a bit risky but you know that long term is fine. But risk capacity is financial, it's not psychological. Let's give you, I'll give you an example. Let's say a 25 year old or a 30 year old JP GP who already is a partner in a GP practice has other sources of income, has rental income, is planning to work till they are 57 or 60 so they've got almost 30 years horizon. Their risk capacity is high. There might be adverse to risk but their risk capacity is different from their risk tolerance. Now let's say someone else, let's say a 60 year old or a 57 year old old hospital consultant who is planning to retire at 60, they might have a high risk tolerance, they might have a high risk tolerance and but if they haven't got that investment, they want to return the next three years, they don't plan to come back to work basically they might even have a bit of debt there. Then their risk tolerance is high but their risk capacity is low below. So these are things to think about. This capacity is also called, some people will call it capacity to bear loss. So these are testing about. Now I wanted to give you that general framework. Rather than say invest in stocks, invest in bonds, we can talk about all that and basically that's one of the maintenance we deal with each asset class in the investment academy. But rather than go through invest in stocks, invest in bonds and all that kind of of stuff, understanding the framework is really very important so that then that can guide your investment principles and you have your investment goals. And one of the things we do is everyone in the investment academy has to write their personal investment goal or your personal investment plan pip. That way you make sure that you're not just doing things randomly. Okay, now I'M going to take some questions and if you could bring up the Mastermind mind basically slices. I can't move this one but I'm going to take up some questions if you've got any questions from what we've discussed so far I've got some questions around finances, taxes, financial protection or you've read my book and you want to ask me a question from the book. Yeah, I'm going to take some questions now. Right Prasanna, your hand is raised. I don't know if it's historical or you've got another question.

It was actually historic hand okay, no, no problem.

Someone said I thought age was just a number but 40 is a number. Yep. Lifetime isa life does not start at 40 so lifetime isa does not start at 40. Reader okay right. Okay. Can I just ask something? If you like to give me a feedback Usually I like to collect a feedback but I like to get feedback on my book if you want to give me a review if you've already got the book and you want to give me an Amazon review it will take you two minutes but it's really quite valuable because that's how people find the book. We'll be very fortunate it hit bestseller in the investing category money management, retirement and personal finance but we originally wrote it for you for medics but it seems like people are finding it that engineers and lawyers and different people and we thank you soad I enjoy reading the reviews but also they are really quite powerful so the link is there and maybe to come up as well on the slide find the link is there if you want to jump in there and give me a review for those of you who are interested in the mastermind I'll just tell you a little bit about it. If it's something you think might find value in send me a message. We kind of like are not making sales for the Mastermind we kind of audition for it because now we have almost 500 people on the waiting list so what it is is like financial kitchen with me. 99 of our audience get things for free and we're happy with that. I'm more than happy with that but there's 1% want the premium and they actually pay for stuff like this. They're kind of like pay for it just like me funding it so you get like the one to one sessions with me. So sometimes you want to talk about things that are your financial issues and you want the financial strategy, you want a bit of coaching, you want to understand, get clarity around stuff that we can't usually deal with in a group setting. So that's what one to one sessions are for for Then you also obviously get access to our tax hack extra workshop. So our tax hack extra workshop are just similar setting but a real workshop. There's no slide or PowerPoint there's checklist which everyone has and we're working through taxes, finding areas where they are leaks, looking at things like limited companies, SIP pension, ISA allowance, marriage allowance and things like your. Your estate are you at risk of inheritance tax? So we just walk through ABCD of that. We've had a recent one some of you here attended and of course you. You get access to the four weeks investing academy is all part of the bundle. Then the other things you get access to the mastermind community if it's something you think you might need or if you think it's something that might help you. Actually most people have found it very transformative from the testimonies if you comment mm in the chart. So M for Mike. M for Mike. Like we'll send you a link to have a read of the offer documents. I can send me a message. We'll send it to you. You get access to obviously the digital AI vault which is where you can get access to letters and you can get access to step by step videos because this master classes guys let's face it when I do a master class it's 90 minutes but I end up staying for three hours. Even with the three hours I'm not able to get to every everyone but one to one sessions and the group session make this a little bit easier to manage. So either you send them a link basically or share my contact with whoever is written mm So I can send them the offer document to have a link, have a read and see if it's something for them. But the digital AI vault which has things like your step by step videos like we talk about opening the sip. How do you go about it? I mean I've made videos on this things but most people don't want to watch 850 videos that I've made. They are free. Sometimes they want something a little bit more granular something for them. Doctors and healthcare professionals haven't got time to spare. If you've got all the time in the world, take your time, get all the information but don't spend the whole year like this year. Some people have waited from January when we did our first seven day investing challenge. Some people attended then in March they attended another free master class in September. Free master class class but never really did anything and then the year is ending in a few days. No. Even if you decide you don't really need any help, try to set some goals and start moving towards the right direction. But if you want a bit of hand holding, you want a community of people who are working towards their goals for financial freedom or you want to work with me basically, and it's not theoretical, I've actually got like 21 years practical investing. One of the things we do is me sharing my accounts in the investing account academy. So share my accounts. You see what I'm doing, why I invested and why I invested. So it's not just about lock. We hit 58 return last year on my investing and it's not just about luck. And I, I can also highlight the risk you're taking and how much risk you shouldn't take at all. You can also get things like your Power Hour PDF summary. So when you have a one on one with me, you get like a summary with clear, you know, steps on what direction to go. Really. I don't really want to talk too much about the investing academy and the mastermind. I just want it to be for those who really want it. If you think it's something that is for you, send me a message, I'll send you a link. For the rest of you, I'm more than happy for you to get whatever you can for free. And the other community is also for free. Okay, bring out those testimonials in a minute and then I'll take some questions. Right. Wow. I don't know if be able to accommodate all these people. I'm seeing a lot of mmm. So far I've got like 14 spots left, so it's going to be a matter of, well, we'll see who is a good fit. I think the mm I'm seeing here is more than 14, but we'll see. Right. Okay. Swad, you had a question?

Yeah. Okay, so, so as you know, I'm a dentist in Tunisia, but also I have like my LinkedIn ghostwatching business and yes. And it's US based so I have my business account, everything is set there. And my, my issue is I, I want to start investing not in the Tunisian space. I want to invest like probably in the US market or global and I'm not sure. So first, the first step is I, I need to create a new investment company. Company like as a separate entity. So that's something that I've heard. And in which case should I like go for the US or the uk and so like I'm Really, I do not know what's like that very first step.

That's a fair question. So, yeah, thank you. I know you're a dentist. Do you drill teeth or now you just focus on drilling down on people's LinkedIn profile? I know you, you're doing some really serious work there. Okay, What I'm going to say is that don't limit yourself to where you are. Even while I was in Nigeria, I started investing in Nigeria, but I was always thinking about global investment. And even now I'm in the uk, but I invest in China, I invest in America, and a large percentage of my investment is outside the uk. I mean, apart from real estate. Sometimes I don't remember my tenant from Cornwall calls me. I said, I want to keep staying. Is it all right? I just got a job. Like, yeah, of course I've not been there for more than a year, but almost a vast majority of my stocks are not inside the us the uk don't limit yourself practically. I don't know the Tunisian tax laws, but I'm pretty sure that you should be able to open an account with a U S broker in the uk Sorry. So in the uk you can actually open on any platform and then still be able to invest in the US the uk in the US so for instance, if you open an account with them trading two 1, 2 or Hargraves, lounge down any of those platforms, you can still invest in the US you can invest in China, you can invest in other companies. I know that I had a bit of difficulty when I tried to invest in China and in Russia because there was this war going on in 2022, so I wasn't able to buy Russian government bonds, even though it was at a very, very nice discount. Obviously you don't want to find fund. I didn't want to fund the war either. So you have to find out locally what's available. There's got to be people in Tunisia, a platform that you can register and be able to invest. Or you can do it from the US where since, yeah, we've got a company in the us you have an entity in the us you can open a platform in the us, A platform account. There are so many of them. There's Robin Hood is very popular and most important thing is to know what you're doing and not be be pushed to gamify your investment. You're thinking long term. Okay. I think this is a good opportunity to mention that government bonds and investments don't necessarily have to be where you are because a Lot of people buy Footsie 100 because they're in the UK. Not necessarily. If it's not the most diversified, it's not giving you the best returns. You might be thinking about Footsie Global or thinking about S&P 500 which is also limited to the US but actually is more representative sensitive of the global market. Then if you're thinking about things like bonds. Bonds actually mean that you're not really risking your capital if the creditor is trustworthy or rather like is able to pay. But I gave this comparison in the last investment academy. UK government bonds. I don't know what it is today but it will be hovering around 4%. That means you're lending money to the UK government. They'll pay you back maybe after a year. 4% of what you lend them as. At that time when we ran the academy in October, the government of Argentina was willing to pay 49 for their seven year bond. 49 for bond. But here's the problem. Argentina has had issues with repaying their debt. They've defaulted in the past. Argentina medical, Russian share. So you have to take these things into consideration as well because it's not just about investing and the returns is about how do I get my money back. I hope that helps.

Yeah. Thank you.

Sorry guys, I've got a bit of a cough.

Funny. All right.

I think this is a good place to draw. Draw the cotton. If I haven't got any other question. Sorry.

I have a quick question.

It's just about the time my voice is going. Okay, yeah.

It might not really be related to what we discussed so far but it's still about companies. I'm just trying to file my confirmation statement for the first time and well, I'm not really sure about what I'm doing is the.

The.

I've gone through the link that was sent to me from Gov UK but I'm not really sure. Then I got some postal some. Some posts from some companies saying I can do it through scanning a code and then it gives me to paying some price. I do think that's the best.

No.

Yeah. A lot of those people are scammers. Yeah. Second. That was your first time of filing?

Yeah, first time.

Three words. Get an accountant. Okay. I've been filing since 2017 for different companies. I'm fine for my SPV, my real estate company. I file for my medical company and then my online business company. I don't f by myself. I can fight by myself. Yourself, but it's a small price to pay. The fear of an accountant don't tell them. Accountants are some of the cheapest people. I mean, they're not cheap in that they're cheap, but they charge a decent fee, they do a decent work, and they save you from making unnecessary mistakes. Focus on what to focus on. Is your tax efficient strategy. Like figure out, can I use my limited company to buy an electric car to save me tax? Can my limited company pay for my laptop? I've just joined this mastermind or tax hack work workshop. Can it be qualified as an expense I'm allowed to make? How do I sort of like take the minimum salary so that I don't get to pay tax on it? Because I'm not against paying tax, I'm just against paying more than I should. Okay. I want to pay what I should. So an accountant can help you do the paperwork. They might not always help you with all the tax strategy that is for you. That's part of what we discuss in the money wise doctor community. But they can help you with the final filing. And some really good accountants can also suggest tax efficient strategies as well. If you haven't got one in the community, drop a message, ask for it in the community. Someone will share whichever one they use. We'll have a couple that are very good. They've been vetted, they've worked with many doctors and they know what they're doing.

Okay, and so the filing is different from like sending your account to hrc. That's just confirmation the file is different from that.

Okay, yes. And if you pay an accountant, they will do both for the same fee, so they will do the both. So filing is different. Just you're filing to say to hmrc, yes, I'm trading. Yes, I'm existing. No, we haven't gone bankrupt, and no, we're not demand. But that's different from when you then finalize your statements of account. Account.

Okay, okay, fine. All right, thank you. I've got one actually, I'll just reach out to me. Yeah. Thank you.

Fantastic. That's good. Use them. Right. Okay, guys, I think we've gone like two hours and five minutes now. I hope you found it helpful. And I'm not wearing my Christmas hat. Wonderful Christmas. And then have a happy New Year. Like the last thing I'll say is going to 2026 with a plan. When I came into this year, I came with a clear plan. If you've been following me online, you see that I had something called the big ass calendar where I wrote my goals, I wanted to write a book, I wanted to do this. And all that. So have your own goals. Your. Your goal might be to become 100% tax efficient. Your goal may be to finally start investing. Look, I've talked to some very senior doctors who've gone, like 20, 30 years of their career, very scared to invest. Okay. So that could be your goal. Yeah. Thank you. Favor. Merry Christmas to you, too. And thank you. Merry Christmas to you too. So set a clear goal in terms of finances. You can decide. Yeah. You have other goals, but money tends to affect everything we do. Your guest. Yes. Thank you so much. And of course, if you decide that you want to have a bit of guide, you want to have a guide, you want someone to support that journey, you want to deal with the community that is really, really focused on financial free freedom. Yeah. So send me a message. I can see so many of you. Anna. Yeah. Anna says thank you so much, Andy. It's been so useful. Anna. Is it the Anna I think it is? I don't know if it's Anna that I know that. We did club together. Right. Hi, Andy. Yes, it's me. Hey, Anna. Good to hear from you. Oh, my God. It's been like, how long? It's been like 10 years. 10 years, actually.

10 years.

Wow. Okay. This spot. Powerful.

Yeah.

That's a good thing about sharing your content. It connects you with people. Someone recently messaged me. She did masters with me 10 years ago. She's done a PhD. She's now a trainee. So good to hear from you, Anna.

I'm glad.

Thank you.

Fantastic. Right. If you want some more free content, if you go to my YouTube channel, Moneywise, Dr. Or you go to the website, there's a blog. You can take your time. There's a lot of free guides you can download as well. Well, but for those of you who are, especially if you're thinking, I don't want to fall into the 60% tax trap, I want to start investing, but I want someone who's already experienced to help me. You might be able to get one of the slots out of the 14 remaining slots. Then walk that journey for the next six months. And if you are joining now, you get the rest of the year, whatever is left of the year, to 10, 10 days. You get that totally for free as well. All right, guys. Guys. Bye. Bye. Oh, I know. I said bye. I'm just hanging around and reading your comments. Thank you so much. Thank you. Sad. Thank you, Peggy. And. Yeah, Grace.

Yeah.

Thank you so much. And Shell. Thank you. Yeah, yeah. You can imagine. I like reading comments and feedbacks. I collect hundreds of them. I love it. It's vanity, but. Yeah. Thank you. Swad. Grace. Timmy. Yeah. Okay. Thank you so much. Right, Sami. Fantastic. September and the Mastermind now. So we're going to be doing a lot over the next six months, and congrats. Yes.

Yeah.

The newest member of the Mastermind. So you've got me for six months. Yogesh. Yeah. Yogesh, you send me a message, okay. Or email support, moneywise, doctor.com. i think my number is there. On what, WhatsApp? Yeah. So if you send me a message, if it's something you think might be helpful, I will say I'll send you an offer document. You have a read. Okay. Right. Okay. Okay. Feedback on saying, I forgot that one. Okay. Yeah. For me? Yeah. Thank you so much. Yay. Honestly, you made it. Thank you. And Kelechi. Right? Okay. Thank you, guys. I'm just gonna go now.