Dr. Ndubuisi Egwim, a former NHS GP, describes two camps of UK doctors: those who ignore financial planning entirely, and those who hand everything to financial advisors. He outlines a third approach based on tax-efficient investing and taking control of your own money.
I'll say usually there are two camps when it comes to doctors. So let me start with something I see again and again. I'm Dr. Andy Egwim. I've been a doctor for over 15 years. I'm a former salaried NHS GP, and I'm the author of The Money Wise Doctor, which is the best-selling book on personal finance for doctors. I left my salary role 4 years ago after several years of tax-efficient investing. Quietly, it took me to the point where I hit my financial independence and work became optional. That's what allows me to take months out for my family, for travel, for writing, and to make content and videos like this. My mission is to help 100,000 doctors reach the point where work is optional and they take charge of their finances for the future. For years, doctors have handled money one of the two old ways. I'll call it like Camp One, the first old way. They do nothing, they bury their head in the sand, they leave the brown envelopes unopened in their drawers hoping it sorts itself out. That's Camp 1 on this side. Now the second old way, Camp 2, hand it all over. I don't understand any of this, I'll just pay professional thousands or tens of thousands over time and hope they are doing a great job. Sometimes that professional turns out to be great, other times it could be a financial salesperson and basically keeps you in the dark and keeps you a bit poorer while getting paid. There's— I'm not saying they all behave like that, but we've seen a lot of situations. But there's a third way, and that's what this video is about, and that's what I'm going to show you.
