IVMC Spring Conference: Dr Cyra Asher speaking on 'Managing your finances as a medic'
Summary
This on-demand medical teaching session will give participants an overview of how to manage their finances to ensure they make the most of their pay, which has experienced erosion over the past 10 years. Topics covered include the the UK tax system, which can be used to maximize tax relief, and suggestions for tax efficient savings accounts. Attendees will gain a better understanding of their financial situation and be given strategies for managing their money to their greatest benefit.
Learning objectives
Learning Objectives:
- Recognize the effects of doctors' pay erosion over the last 10 years
- Understand the benefits and limitations of tax efficiency schemes
- Learn to identify which expenses qualify for tax relief
- Appreciate the advantages of Lifetime ISAs and how to take advantage of them
- Become familiar with the process of claiming tax relief and potential IRS penalties.
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The following transcript was generated automatically from the content and has not been checked or corrected manually.
way. Way you have. I can see the chat. Um, so, uh, it all works in real time. So if you guys any questions, the whole point of this is to give you a brief overview of how to manage your finances and medic. But the point is, I want you guys to actually try and tailor it to your personal situation. I'm happy to do. Yeah. Okay. Okay. So this is May. My name is Ira. I'm on academic F one in Teams Valley. Um, I'm I also started Accountant on Do, um, I'm head of finance surgery and Q y at mind the bleep a swell. I will be dropping some links into the chat for any specific questions because I've written quite a few articles. Remind the BLEEP, and they're all available here at the fight. A minor bleed dot com forward slash finance. So, um, if there if you need any more information, usually there's an article about on that. So, um thank you, ma'am. Um, so the first thing I wanted to talk about was doctors pay erosion. The reason I wanted to talk about this is because all of you on may have a role in trying to fight this and trying to deal with this are pay has been cut in Realtor Mom's for the last 10 years by 22.4%. Um, this is a picture of a post I made simplifying what this men on my instagram, which is at the finance medics. So go have a look. Um, but basically, all it means is AARP a rises haven't kept up with inflation, So our money is able to buy less. Which means what? What they're trying to What this translates as is we are worth 22.4% less than our peers 10 years ago. And that's not the case. We're glued. The higher than ever. We've been working through the pandemic training through the pandemic. It's absolutely not okay that are paid does not reflect the buying power off what it was 10 years ago. House prices are much, much higher. Inflation is just going up. Energy prices are going up and we can't keep track. Keep keep track with it on. The problem was, junior doctors didn't understand what was happening to them. I'm sorry. That is my dog. And she wants to go out. Um, let me get my dog out. Okay, so the reason I want to bring this up, but now is because this is just gonna get worse and worse. As time goes on, the more we let it happen the worst. And get on, the more it'll take to go back to what our patient actually be, which trying to ask the government for a 22.4% pay rise is night on Impossible. So it's only going to get harder now. That means we have to make the most of our money because everything is getting more expensive on. Just because someone's good with their money doesn't mean things aren't hard. So I do want you to remember that that if you're feeling the pinch, if you're feeling things are a tougher, that's because they actually genuinely are. It's not because you're doing anything wrong or you, you know, everyone could be better with that money. But I don't want you to think that if you were perfect with your money, that you wouldn't be having the the struggles that everybody else is having because of how things are changing. So the first thing I wanted to talk about was maximizing your tax efficiency. Um, the UK actually does have a relatively high pitched level of tax for its lower paid people than other countries. Eso what you can do is actually try and pay the right amount, attacks or not invade, tax or know avoid tax or of a tax, but to try and maximize tax efficiency. So the things I'm going to talk about are the things that you can claim tax relief on so you won't get a refund from the government for what you paid. But you get money off eso you go charge you less tax on future learnings for the equivalent amount so that you get the tax back on those things. The next thing is maximizing your tax efficient savings on. I'll talk about a little bit about that on, then attacks efficiency, off pensions and why they're important. So, first of all, tax relief, your GMC fees be, um, a membership. All your royal college is anything associated with the Royal College. So you exams, courses, all of that, um, the membership itself and do, um, Bs or your your indemnity? Um um, I'll see as, um uh c p m R s a, um, Any national societies like acid or bota? The Medical Women's Federation is a registered charity. All of those are tax relief. They attract tax relief. Onda. So you can only apply for tax relief for any tax ear that you've paid taxes in. So, unfortunately, if you haven't paid tax as a medical student, for example, until your final year we're halfway through the tax here, you'll be starting working and start paying income tax. Um, you can actually came for tax relief, so keep that in mind. Um, so I would start doing this from your final year. Okay, Um, is a No. This might not be the right place for this, but Okay, um, so with tax relief, what I would suggest you do is keep a spreadsheet, which is what I do off all the different expenses that you've incurred uring the tax year on. Then at the end of the Taxotere, which is the fifth of April, I would apply to apply tax relief for that particular year. And remember, if you a bit further along in your career, you can actually apply five years back, which could be quite a nice, hefty refund sometimes. So so do look at that. But basically, because off the clunky way the claim system works, you can't kind of claim at the time because you can't see what you've already claimed for, um because you have to claim, say, for example, you do a Royal College of Surgeons course. Plus, you do the MRI C s plus, you play the membership, but you do them all at different times of the year. Um, you can't then go back and sort of really, you have to kind of apply for everything at once again. Teo. It's just a very clunky system. It doesn't show you what you've already applied for. So to make it a bit more efficient for you and a bit more clear for you, it would be easier to keep a spiritually off your own. Just keeping track of everything on. But, um, applying for the at the end of the tax here for that talks ear on. So what happens is when your tax relief is granted, um, your personal level, since which is 12,750 lbs off your foot. The first part of your earnings that you don't pay any taxes on that is increased by however much really fuel you're requesting. So if you did, MRCS, which is 550 lbs on that's what you're claiming tax, Really? For then, 12 1007 150 plus 550 will be your new personal allowance for the next Taxotere and C will pay that much less tax in your next Taxotere on but would act as your tax relief. So it's not a direct refund. As such, they're special circumstances where you might get a check in the post. But if you continue working your own year, that's good. That's how they apply this tax relief. Do you use anyone? Have any questions about tax relief before I move on? There's no limit on how much you can increase your personal allowance. Um, so. But they have a limit on how much in terms of expenses you can, Um, so in terms of claiming expenses online, there's a limit of I think it's about 2000 lbs, but I need to double check that if you have to claim form, or that doesn't mean you can't claim for more. But I think it has to be a paper form. That's the only difference, but your expenses on your expenses so you know, as long as you can justify them. And as long as you've entailed, you know they've been curve. That's fine. So they will just increase it by however much it just There's a limit on how much you can apply for online versus having having to send in a paper form, and I think some additional evidence as well. Um, if you miss the tax here, do you have to wait till the following April to clean the previous year? Absolutely not. You can apply at any point during the year, and you can apply going back five years as well. So say it would be quite a good idea, actually to go back through your accounts and see all your different memberships. And as long as you're paying tax in that particular tax here that you're applying for, you can apply it to that taxi. Oh, um, the reason I say that is because you don't actually have to submit evidence at the time, but HMRC does random order. It's where they can request for you to send in the evidence that you're claiming for so you should be able to show which tax here it was spent in. Okay. No problem, Maria. Thank you. Kinda hope that answers your question as well. Cool. Okay, I'm going to bump, um so tax efficient savings. Um, currently, savings accounts have really crap interest rates. Even though the Bank of England interest rate has improved to 1.5%. Are savings accounts aren't catching up to that, which isn't great. Basically, it's what products are available and there is competitive. Is it gonna get so There are a few tax if you and savings accounts that I think of really worthwhile having. So the first one, I think everybody really should have one of these is the lifetime. I see. So over here I've shown there's there's two types of lifetime nicer. There's a cash eyes on the stocks and shares I, sir, um, for lifetime ices. So sorry to make it confusing. I have shown these pictures because I have made a post on this on instagram at the Finance Medic. That kind of explains all the different ones. So do you have a look to explain them. But in a nutshell. In a nicer which is an individual savings account, you can save up to 20,000 lbs across different types of Isis. So I think everybody should have a lifetime. I say What's important about a life time? I saw you save up to 4000 lbs a year. Um, in a lifetime, I sir, you own a 25% tax free government bonus. On top of this of every 4000 lbs, you get 1000 lbs on top. Um, but the caveat is you can only use this account for three things, which is to buy your first home to retire so you can use the money from the age of 60 or if you have a terminal illness and less than 12 months to live in those situations, you controlled on the money without a penalty. If you draw up the money out or close the account for any other reason apart from this, then you incur a 25% penalty off the entire balance. So you actually end up using a bit of money. So if I use an example, you put in 4000 lbs, you got the 25% government bonus, which was 1000 lbs. So your total is 5000 lbs. Now on your penalty. If you take out the money for any other reason, apart from those three is gonna be 25% of the entire balance. So that's 1250. So then you're 250 down off your own money because off the penalty so you would lose money if you had to take up the money for any other reason. So always keep that in mind. You don't have to put 4000 lbs on the dot You can put 100 lbs 10 lbs. It's about saving carefully saving regularly, because this will this is actually really good account because 25% is a phenomenal um, and then be it actually gets you to start saving for the future. Um, I'll come onto pensions in a second, and the reason I like the lifetime, I say, is because pensions, the NHS pension in particular, is, um, you can only start growing it down. Excuse me? You can only start drawing it down from the pension age with the national pension age, which currently 67. It's going to go up eso, at least with a life time. I see you can start taking that money out from age 60 so at least you can access it a little bit earlier. So I really like these. And there's two types. There's a cash I so, which that works like a normal savings account. You just put the money in. You get your 25% bonus, and then you get whatever interests that you get on it, which is currently between your 250.75 and no 0.85. Not really that great, Um, or there's a socks and shares lifetime, I, sir, which basically, you're investing your money in the in the stock market, you still get the 25% bonus. But that 25% bonus is also being invested in the stock market, so it just put your money at risk. However, investing at the moment gives you a better return, especially if you use investment. Fund managers that are low risk on that have been around for a long time. They know what they're doing on. You can actually either pick and choose your own investments or if you don't feel confident you can get them to fully manage your investments. And yes, that costs a little bit more. But your return is actually better as well. So those are the two types, and then I've got here stocks and shares. I slur a swell, so that's completely separate from my lifetime. Stocks and chairs, I said, because your lifetime socks and shoes, as I say, you can only take up, take out the account for those three reasons, whereas a normal stocks and shares I saw you can actually take the money out whenever you want, so it acts like a cash price. So except you're investing the money instead again, you can get them for you managed or you could be confused, your own investments. It's completely up to you on any capital gains that you make up make on them on any interest or dividends all tax free. So that's what that's why I really like about them that if you do manage, you know, if you got your you know what you're doing and you've made, you know, on amazing investment and then boom, that price has gone up. You don't end up paying capital gains tax on it. It's it's tax rate. Samuel, can you set up second lifetime eyes of a retirement after using the first one to buy your first home? That's a really good question. I think you can. I think you can, um, so you can use the money. Oh, that's a really good question. I'm never really thought about that. I think you can continue with the same lifetime eyes, er, because you're allowed to deposit 4000 lbs in it every year until the age of 40. Which means, say, you got to 30 you take out the money and because all the government bonus 25% is paid monthly, you don't have to pry for it or you have to wait for it. You take that money out to pay for your first home, but you still have the lice on there, and you can still continue to pay into it for retirement. So yes, you can. You don't have to set up a second one. You just continue with your first one. I think in terms of tax efficient savings, those those are my favorites. You have others, you have cash. Price is which are horrendous in terms of interest rates. I don't actually even have a cash price, because, um, it's witness, um, you can have, um, a financial of peer to peer finance icer. I don't have one of those. I'm not really very confident in that area, so I I kind of have no really knowledge about them. But they do exist in the premise of them. Basically, is that you put your money in this eye, sir. You then loan it to appear s So it's cutting out the middleman they don't have. The person doesn't have to take a loan from the bank on. Do they pay you back at a certain interest rate? And then that interest rate is income for you? That is then tax free. Um, that's how I understand how it works. I don't have one. That's not something I think I'll look into until I have a bit more capital under my name. But absolutely. Do you have a look if you're interested? Eso Yeah. Tax efficient savings. Big big deal. So you will start saving small for now. You'll probably put 50 quid and I put 50 quid in an account on be like I'm not saving. I'm not able to save that much. I'm on F one. Um my foundation job is my only job. Um, my contacts, my national insurance, inflation, fuel, energy, all of that shot through the roof. So I'm not actually able to save that much. And that might be true for a lot of us, But save what we can because it will build up. Especially if we're using things like the lifetime I, sir. Well, stocks and shares. I saw where we get a slightly better return for our money, then a normal cash price or a cash savings account. Any other questions about tax efficient saving before I move on? If you plan to use ELISA for retirement, is it not better to use a stocks and shares? I said as a priority is compounding returns of index one of better the maximum 1000 year. I would have both if I were you, if you because you can only you okay. At the moment, I can't. I don't have as that much money to be able to put 4000 and one and then still have some left over for the other. But actually, the maximum. You can put it 4000 lbs in ELISA, you still have that 20,000 lbs to save tax free. So why not have both? You're allowed to open both, and you're allowed to deposit in both, So I think it's worth having both. No, it's one per person. It's an individual savings accounts. So it's one for you. And if you if you're married, if you're not married, doesn't matter. Um, thing is, you can combine so lifetime, I. So when you're buying a house, if you have a life time I saw her and your partner has a left on my sir. You both get 25% tax free government bonus between both both put to the house. So it doesn't have to be one household. No problemo. Just gonna wait a couple of seconds if anyone helps. Has any questions about this savings really scary? Because you're putting like what you think is a lot of money, um, into certain accounts on. Actually, the thing to remember is if you use a reputable company, even if you're so, for example, things like the lifetime my PSA, as long your money say if you could just change. If you feel like the decision, you may just makes you uncomfortable. You're not really happy with the way it's going. Say you open the stocks and shares I. So with Vanguard, for example, and then you don't really feel comfortable picking and choosing your own stocks and shares just yet. Absolutely fine you can. You can just transfer that into a managed one with J. P. Morgan, for example. Um, you don't have to stick with any particular product. It's all up to you. What is the big difference between the old helped by? Can this be managed with the new doctor myself? Eso the old helped by also gives you a 25% bonus. Um, so my partner and I at the moment I'll go through trying to buy a house helped by Isis is you have a cap off 250,000 lbs. That's my dog. You've got a cup of 250,000 lbs outside of London and 455,000 lbs in London. We are struggling in currently in lots of area to buy anything because you just 250,000 lbs isn't value a lot anymore. house prices of shot. So what we're having to do now is actually forfeit are 25% government bonus each so that we can just get a house that we can live in the next few years. Because it's it's just that the cap is just too low. So the if you're gonna buy somewhere, say, in the north of England, where you do get more house for your money, you actually can use the help to by Isis and get your government bonuses long as it's below 250,000 lbs. Um, on. Then you can have a lifetime I surgeon sitting there until retirement so you can get to government bonuses one from your help to buy to buy a house on, then one when you turn 60. Um, when you retire so you can't you can transfer help to by isis into your lifetime. I said, if you want to do that, you absolutely come, um, certain companies allow it to you have to just make sure So, for example, if you go through money, be high, for example, they allow transfers in um so it would be worse having, uh, I look at that um, I think there's a cap on the lifetime I, sir a zwelling, but I think it's higher. Um, I can I would like to actually find I'll find out. But basically, you just have to look at these caps because that helped to buy those minimum amount required to maintain ELISA. Absolutely. No, no. You can open one from 1 lb, so go for it. Um, yeah. The helped by I said, has a cap of 250,000 lbs outside of London. I think the lifetime I saw has a similar cap. Not sure, but I need to double checks. We leave that with me, and I'll just post it somewhere. Um, excuse me. Something's happening outside. Okay? Yeah. Excision saving. I'm going to move on. But if you still have any more questions than just put them in and and I'm more than happy to terms of them, Okay? Tensions, um, pensions there. Bake pensions are really scary, but really important. Um, so I've done a post on this on finance medical problem, but basically the way pensions work is you deduct a certain amount of money from your salary before you pay tax on it on. So that means you don't have any income tax on it now. You then put it in a part on pay in contracts on it later. Um, when you draw it down, that helps. Because when you're paying income tax now our income taxes done in bands. So you go over the 12, 7, 50 personal hour unser, and then you go over the 35,000 trash hold on. Don't get the higher and higher. Um, So what this does is actually brings down how much in front touch your paying Now on, then, when you get the pension payment when you retire. If you're not working, then you still get another. However much the personal allowance is going to be, um, on. So that brings down the banding or whatever income tax you going to pick. Um, so it's a tax efficient way basically off saving for your retirement on what's special about the NHS pension, which is different from normal. Currently available pensions is that it's a defined benefit rather than a defined contribution, a little bit about to find contribution. Defined contribution means that you pay in a certain amount of your employer, pays in a certain amount. It's a pot. That part is invested in the stock market by whichever pensions managerial with, which means your money's at risk. It can go up or down. Secondly, it's finite, which means that whatever the value of your part is, when you retire, that is how much you're going to be able to access on when the pot finishes. That finishes. You could be 75 would be 90. You could have another 20 years to live on. When that part's over, it's over. Um, Andi, you also. But then the only other thing with the private pension is you can draw it down a little bit earlier, and it just pensions. On the other hand, they are aligned Teo the pen to the national pension age. So that's going to go up, um, on. So if you want to draw it down early, you can only dropped down really out of reduced rate for certain reasons. So just in case you are unwell because of illness and you can't do your job, um, that is a That is the reason if you're made redundant, which is usually are quite unlikely as a doctor and you know, just, um So the initials pension does not risk your money on the stock market. It is government back. Um, it means it grows in mind with inflation and little bit extra. So RP I so its inflation busting it's not going to go down in value like a private pension would, um, and it pays up until you die. So it doesn't. It's no about saying this is how much money you have access to, because this is how much you paid in, um, hum to employ a paid in. It's basically saying you're gonna get paid this amount for the rest of your life until you die. If you have any dependents at the time, they will receive your pension until they die. Um, if you whenever you don't so a zongs you declare dependent. So this could be your spouse or Children. Um, they continue to receive your your pension until they So that used to be how most pensions used to be. However, they kind of cotton on that. That's fairly unsustainable. Uh, it's very expensive, So not many pensions there like that anymore. So I get a loss. Either asked. So much should I stay with the energy spent, you know, should I not? Because 9.3% which is how much we pay off our pension at the moment. It up in our 9.3% of our income is how much we pay in our pension, Um, as a sort of membership be because it doesn't really dictate how much we're gonna bet. Get paid at the end. Um, and that is a lot of my that that absolutely is. But I feel that it's the end. I just Pension is is weapon. Um, we don't know how long we're going to live. We don't know what we're going to be like when we retire. We don't know how one well we're going to be. We don't know what the job market's gonna be like, Um, on. So I feel like the energy is pension is the least risky option when it comes to that kind of decision. But it's very, very personal. Um, if you think you have a better plan B than absolutely go for it. If you think that actually not putting in the 9.3% a month and using that money in a different way is going to be more beneficial for you than then do it. It's just no one can predict the future, So it's really difficult to actually definitively say what the better option is. Pensions there Just the least risky way, especially this kind of pension, which is governed. Backed Teo retired. It's safe for retirement from. So that's why I I personally believe in this. What happens to the money if you start working for the energies and move abroad So basically the clock stops, then you obviously don't pay any more contributions. But your money grows in line with inflation, plus something percent that changes every year. That's why I don't know what it is definitively. Um, And then when it comes to the national UK retirement age, they will contact you and my they will contact you, and you will be able to have your money wherever you are. They will send it to wherever, whatever bank account, whichever country you all you will be able to get you. And I just mention no worries. Any other questions? I'm just gonna get the door. Yeah. Okay. So, yeah, you've got options. Basically, between the NHS pension on a private pension or a six. Um, you can have both, uh, see if you could have a many sepsis. You like? Um, so in a not show. If I was, if I was going to say one thing, I'd say, Don't opt out off the NHS mention, um, it's just worth having. It's got excellent employee benefits on. You don't have to stick to the any chest. Um, just for the pension, but I wouldn't uptown of it. Um, okay, if they're any more pension questions and please dropped, um, I'm more than happy to answer, um, full much for more senior people. If you're wondering about the pension tucks trap, I'm doing a webinar on the ninth, um, of May and 6. 30 PM um, with chased of your medical on a pensions expert to explain exactly what the pensions tax trap is. And why are consultants are getting these huge tax bills on their pensions? It has everything to do with the lifetime allowance. Um, Andi. So for those individuals, the savings on US taxi vision as they should have been we're hoping that, um by pointing this out by seeing the amount of talent that's have to leave the NHS because of these, these rules that we won't have to deal with them. But that might be wishful thinking. I don't know, Um, but we're finding out about Well, um, so next it's not changed. Has that changed for you? I feel like there's a lot of concern that by the time most junior doctors reach retirement age, retirement will be higher and we will be taxed higher on the withdrawals. Do you think this is pointless to speculate on in the context of considering whether or not to engage with the scheme? I don't think it's pointless to consider or speculate. It's just that that's all it is. It's speculation. It's really hard. Teo. I mean, taxes always gonna go up. It always has, um I But then the personal allowance will also ideally go up a swell. Um, hopefully he says, um, which means it kind of sticks in line with how much tax free and can we get If, um, you draw If if you decide to come out of a knocked out of the NHS pension, then whatever contributions you were making will now be taxed that the current um tax rate. And if that's what you want and you want to say, I'd rather just be taxed now I know what money I have on do deal with it that way, then that's fine. That's that's that makes you feel more comfortable, and that's okay. Um, it is very speculative on. I can completely see why it be really difficult to kind of feel comfortable confident about either of those, um, decisions on. That's why they're not decisions that we can make lightly. But they're very individual on 100%. Don't think there's a right or wrong decision. Someone's going to come out better off than the other. And none of us know why. So, yeah, um, I don't think it's pointless in answer to your question, but I do think it's really, really tough on. There's not very much that gives away what's gonna happen by the time we retire. You put them, Can you? Is my screen changing for you or you still can. You still only see the pension queen? Um, it's changing. It is changing. Okay, It's not changing for May. Okay, Um, so basically, the next thing about maximizing your money is be absolutely cheeky and ask everywhere do you offer and I just discount. You are frontline workers, your life savers or heroes. I mean, claps don't put food on the table, actually ask for something. So I know it feels really cheeky sometimes, but it's worth doing. Um, a quick Google. I found all of these different and just discounts. I have a blue light card. It's actually really worth it. It's only 5 lbs on. Basically, you sign up, you send them a picture of your any just i d. So they verify that you're in any chest worker on. Then we get this flu like card, and you have special, um, discount codes for for different things. So have you do like, a a two year holiday on? I got 10% on then, um, you get I got, like, a good 100 quid off a GI Tech whoever. So it's it is worth signing up for these discounts. So, um, health service discounts dot com is another website where you do have different. I just This comes really minor things. So Starbucks, for example, does a 10% and it just discount. KFC does the 25% and he just discount? Morrison's used to do a 10% and it just has gone. But they don't anymore. Um, yeah. So it's absolutely worth just asking. Do you Doing any justice count? Um, where else? Was like when I asked it, Did it do accessorized accessorized? Does a 20% and a justice come? Um, so yeah, it's just absolutely worth asking. Just makes your money go further. I know you feel shaky at the time. Nando's does a 10 percent. No, none does. Does the 20%. And I just It's gone. I love it. Um, so yeah, absolutely. Ask if they do it. Any just is gone. You don't know what you might get in Coventry. I used to work at Georgia. Leah Hospital on opposite Georgia Hospital was in this on, um, sort of sales show room. And they used to offer like, um, hs discounts. A swell when you get sort of 20% off the deposit of a car or something like that. So, like big dealerships like that on individual places will do their own discount. So absolutely, I can't reiterate enough. Just ask. So, um, I wanted to ask Talk about income protection. Um, the reason I wanted to talk about this is because I feel like we have, um, companies Who eso Wesleyan, for example, is income protection? Um, they kind of tell us nothing about what these things are or why we should have them. Um, but basically, income protection insurance is on insurance that you pay for. It's like unsure insp product. Um, like a car insurance or house insurance, you get income protection insurance on what it does is it bridges the gap between sick pay on your full pay. So the reason this is important is not in the foot. So you can get, um, a certain amount of sick pay pay. Yeah, on depending on how long you've been working for the NHS, Um, you get certain weeks or months at full pay, and then after a while it goes to half pay, and then after a while it goes down to zero and you get statute tree sick pay. But if you've got things like my mortgage, if you got Karpaty wants child care, you can't afford to be on that that level on that sick pay for very long. So, um, it's really difficult again. It's one of those way, like some people are like, Well, we'll never get sick. I'll be fine on their right Some people are not on again. It's absolutely about how important it is for you to be as risk of us is possible. This has a lot to do with your risk appetite. Not everybody needs income protection, but not everybody will know if they need it. If that makes sense is well, because it's something that's gonna happen in the future, you have no idea. It's why we have a house insurance. If, why we have travel insurance, we don't know what's gonna happen. Um, the reason I wanted to bring this up is because certain companies, um they don't accept people with pre existing mental health conditions. Now with doctors, most of us have anxiety, depression, stress on all of these things are normal and common on day. For a company to actually declined, giving you income protection insurance for something like that, um, is is rubbish. First of all, on secondly, it's it's going to stop you from seeking help when you need it on that. That's something I really don't want to happen. So the reason I brought it up is because you couldn't go to, um, Financial Advisor's so chaste of ear medical, for example. The reason I named them is because I've worked with them before. Um, and I know them well, no, because I have. They're not paying me to do this. Um, on you could just talk to them about what your situation is on. They can help you find incomprehension. Insurers that will either except you with your pre existing condition. Um, and you can either pay to have it sort of included in your policy, or you can have it excluded. So if you became long term on well, because of that particular pre existing condition, then they wouldn't pay out, for example. But I don't want you to sort of think like this happened to me basically in med school, where I filled in a form for Weslyn because I got free Stupid revision kit thing on then, um and I was I had anxiety at the time, Onda. I was rejected because I had anxiety at the time and I declared it on, but it made me feel like I was never gonna be insured. I was uninsurable. They didn't explain it very well. Um, they didn't give any opportunity to discuss it in any way. Um, and I thought all of those things were really harmful. Um, Andi don't want other people to go through that. So you don't need income. You don't need income protection insurance, But I have. I think about it. I have. I think about what your responsibilities are. Especially if you have a mortgage. You have kids. Um, it might be worth having because of the rules. About four pe and, um half pay, for example. Eso The longer you work for the and I just the longer you get the full paper for. But if you're early on in your career, for example, then you might want to have income protection insurance that you might not need later. So, uh, yeah, just wanted to talk about that, and you could have to think, um, So there's some unique challenges for a slot. Um, well, our basic salary and are actual salary are very different. If you're working in England at the moment, then you end up with a basic salary on then on top of that, you get your weekend premium on your night premium. Um, the reason I bring this up is because when you're applying for things like a mortgage, high street lenders and most, I'd say normal. Most usual lenders will only look at your basic salary. Um, there are There are only a few a small handful off mortgage lenders who specifically look at your actual salary based on your spect your pace lips. But they're rates are slightly higher because they're taking a risk that your actual salary isn't reflective of what your contractors. So it's worth thinking about that. For example, Um, on those unique challenges that we face, um, so that will I think the most, um, poignant place that will affect you is in mortgage applications. Um, you could mitigate that by having ah, highest deposit. So if you have a higher deposit than it doesn't, you're not. Borrowing is much. And because you're not borrowing as much, you don't need to actually have as much of your salary toe. Um, have the multipliers to meet that. So, for example, having higher deposit can help with that. Thea other thing would be accepting that you have to pay a slightly higher rate to have your full Your actual salary taken into account. Uh huh. The same problem goes for places in England, for example. On whales, where we have bandings on certain places. Don't Don't look at bandings. So yeah, does Does that, um did you know that I'll pay doesn't actually reflect. I was worked. So, um so if I talk about the F one, uh, wrote a a My my trust, Um, it is assumed that every single F one will do X amount of weekends and x amount of nights. Now, the way the Road of Falls, Um, one person might end up doing more nights than another person, but they'll get paid exactly the same because our PE is calculated based on expected or average working. I was for that rotor. Not for how much you actually worked. Exception reportings. Different. Low comming is different. That is based on exactly how much it works. Um, and bank again is based on exactly how much he worked. But the calculation off that salary in your work schedule doesn't always reflect how much work you've actually done. Some people will end up being short changed on some people, will end up better. So just thought I'd highlight that you might not realize Onda getting hold of contracts and on our short term contracts. So again, if we talk about mortgage, for example, um, are if one is one short term contract F two is another short term contract you might be applying for I am to your core training. But you have no idea. Um, you know where that's gonna be. How long is going to be getting hold of that contract in time? Um, is going to be really difficult on it. Kind of puts a spanner and things, especially if you need your contract, Um, for example, to apply for a mortgage. A lot of these are currently unique challenges were having because I'm trying my house. Um, so those are the kinds of things I'd be aware off early on. Um, so that means at least with the basic salary versus actual salary, you can decide I want Teo. I need to get a higher deposit in, or I'll need to accept the fact that my mortgage rate will be slightly higher, but the pay doesn't actually reflect. I was worked. I don't know what else what much else you could do? A proper maybe take it to your JDF. Um, it's it's kind of the pace truck is not perfect on. This is something I think I might ask to be, um, a Teo look at, but it's kind of been it's it's how they worked out the junior constituted doctor contract in 2016. Um, and I think that's got it's got bigger implications than just us, um, on getting hold of the contract thing. Basically, I I can say that just harassing Oh, hey, char, because they have to be able to get the contracts to you. Um, we when we were renting, um, we were able to get in touch with a hate. Your person at the hospital were working now and they were really nice, really great at sending us a letter that basically just said the dates that we'd be starting and ending on how much we're going to get paid. And it wasn't a proper contract, but it was enough to placate our London, our landlords. And so, you know, being aware of who to contact in those situations is is really important because there will be time critical moments where you will need documentation like that. Okay. Um okay, So I wanted to talk about, um, other unique things that we entails. So being a doctor is really expensive, Especially depending on what kind of doctor you want to be. Um, So we encourage EMC fees, royal college asset membership fees, our conferences, which sometimes we get some study budget. Sometimes we don't, um, courses, which can be very expensive, especially surgical ones. Um, our exams are very expensive. Um, any post graduate quantifications we want to do so. For example, many off the more competitive specialties you have to do a PG, PSA or masters to be, you know, get two points on your application, but those aren't cheap. Um, and they're very few grants available for those. So again, those are costs that you will have to incur moving costs. They you know, we have to move really often. The good thing is, some trusts Noel trusts do reimburse some moving costs, so it's really worth if you had to move, I'll use like a moving company. Removal is company. Check if your trust the inverse is moving. Costs are dozen times. Molly. Um, so you can just get some of that back, end up spending, like 300 lbs on just vans trying to get stuff moved. And thankfully, we were able to get that money back, um, continuously changing costs of living. So you you know, your rent payments are going to keep changing, especially depending on where you're gonna move to, um, different areas gonna be really difficult. Areas that are closer to hospitals tend to be more expensive because they're closer to hospitals. Eso that makes it quite difficult as well. Childcare. I I don't have Children not, But I understand for my friends that childcare is insane. Um, on our employer doesn't do childcare vouchers like a lot of other employees do. Um, so we the, um, health. Ah, there's a charity health care charity that does give vouchers for these foods with contacting them for that, um, and then parking eso a lot of the times we have to pay the extra or shin it. Parking costs off parking, our place of work. Um, Onda hospitals aren't always in the most conveniently commute. A bill places. Um So So for example, if you live in in I was in Coventry, for example, getting public transport to the hospitals there was really difficult because of just where they were situated. And you'd have to drive most of the time. Um, and parking was extremely expensive. So all of these things are additional costs to being a doctor on are very specific. Waas on. It's if you're If you're thinking I'm a doctor, I should be able to afford my life of the moment. It's okay. Like there's all of this, these expenses that we're having to incur that many people don't have to incur. Um, so plan for them, but sort of give yourself a break because he's a really expensive. Um Okay, so thank you so much. Go have a look at the finance medic on Instagram. Just cause it sort of expands on all these posts. I've sort of dropped, um, infographics about different things that you might find useful. I have articles and webinars and mind the blue dot com forward slash finance. Um, Andi. Yeah. I'll just take any questions that you have. Thank you so much for the questions you've been asking so far as well. They've been really, really, um, interesting. And I think really pertinent. So thank you. Um, yeah. I'll just wait here for 5, 10 minutes if if you have any questions. But thank you so much for joining me on. Do take her. Enjoy the rest of your Saturday.