This is brilliant, very helpful and clear! Particularly about pay cut due to taxation and income erosion due to inflation. It is shocking that you can take home £17 only out of £100 earned. Only thing I'd say £7.50 lunch would be quite extravagant in hospital canteen. Usually sandwich meal deal goes for about £3.50 to £5 and i found really difficult to make good lunch cheaper at home. However I brew my own coffee at home every day and it saves loads money!
Consultants have been on strike and are also on a pay dispute! Can you do us a youtube focused on family finances please? The cliff edge at £100k where you lose tax-free childcare. How should you save for your kids futures etc?
Yeah we recorded it a while ago and seemingly successfully predicted the future that consultants would also strike😉 We'll definitely do a family finances on UA-cam but in the meantime this will help you with the Tax Free childcare trap www.medicsmoney.co.uk/your-marginal-tax-rate/ and this podcast series www.medicsmoney.co.uk/ep-87-family-finances-how-to-teach-your-kids-about-money-with-will-rainey/
Always well worth a watch! Quick Q on LISA (not for me, too old 😢 but my offspring might benefit....): Does a LISA have to be only one type (eg cash) or could you have a LISA that is part cash, part well diversified passive investment funds? Thanks very much!
Brilliant, thank you
This is brilliant, very helpful and clear! Particularly about pay cut due to taxation and income erosion due to inflation. It is shocking that you can take home £17 only out of £100 earned.
Only thing I'd say £7.50 lunch would be quite extravagant in hospital canteen. Usually sandwich meal deal goes for about £3.50 to £5 and i found really difficult to make good lunch cheaper at home. However I brew my own coffee at home every day and it saves loads money!
Consultants have been on strike and are also on a pay dispute! Can you do us a youtube focused on family finances please? The cliff edge at £100k where you lose tax-free childcare. How should you save for your kids futures etc?
Yeah we recorded it a while ago and seemingly successfully predicted the future that consultants would also strike😉
We'll definitely do a family finances on UA-cam but in the meantime this will help you with the Tax Free childcare trap www.medicsmoney.co.uk/your-marginal-tax-rate/ and this podcast series www.medicsmoney.co.uk/ep-87-family-finances-how-to-teach-your-kids-about-money-with-will-rainey/
6:45 Consultant rage!
Jokes aside. I totally hate the term "junior" as well.
We agree, awful term!!
Always well worth a watch!
Quick Q on LISA (not for me, too old 😢 but my offspring might benefit....):
Does a LISA have to be only one type (eg cash) or could you have a LISA that is part cash, part well diversified passive investment funds?
Thanks very much!
You can hold cash in a stocks and shares and invest in cash-like instruments such as short dated government paper or money market funds.