7 Habits of Financially Successful Doctors

In this Medics' Money podcast, the focus is on improving financial habits for doctors, whether they are struggling or already successful. The video emphasizes the significance of habits in achieving financial success, highlighting the first two out of seven key habits: 1) Wealthy doctors buy assets, not liabilities, and 2) Wealthy doctors spend less than they earn. Viewers are encouraged to understand the difference between assets and liabilities, and to focus on maintaining a higher savings rate by reducing expenses and making smarter financial decisions.

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Find out how much Tommy made through investing :O https://youtu.be/kBe_p4Nowzk?si=2_Xxx56Q90D0PBTH

Why Expert Stock Market Predictions Usually Fail and What to Do About It In this video, Dr. Tommy Perkins from MedicsMoney discusses why expert predictions for the stock market, including those for 2025, are often incorrect. By reviewing major financial institutions' predictions for 2024, he demonstrates the consistent inaccuracies of these forecasts and highlights the cost implications for investors relying on active fund managers. Instead, Dr. Perkins advocates for evidence-based investing through low-cost passive funds, which historically outperform actively managed funds. He also shares his personal investment strategy and invites viewers to reflect on their own approaches for 2025.

00:00 Introduction to Expert Predictions

01:34 Why Expert Predictions Matter

02:42 The Cost of Active Management

04:00 Reviewing 2024 Predictions

06:51 Evidence-Based Investing

08:32 Looking Ahead to 2025

09:10 Conclusion and Viewer Engagement

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https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

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This podcast episode is a replay of a bonus session from the Financial Wellbeing course, featuring Will Rainey, a children's author. The discussion centers on the importance of teaching children about finance, covering practical aspects like tax-efficient investments for kids and how to talk to children about money using engaging stories. Will Rainey, author of 'Grandpa's Fortune Fables,' shares his journey from the corporate financial world to creating educational stories for children. He emphasizes the power of storytelling in imparting financial wisdom to kids, explaining concepts like saving, investing, patience, and the hazards of gambling and scams. The episode also delves into effective methods for giving pocket money, teaching compound interest, and the pros and cons of giving children cash versus digital money. The session concludes with a note on upcoming sessions and resources for further learning.

00:00 Introduction to Financial Education for Children

01:59 Meet Will Rainey: Author and Financial Educator

07:01 The Concept of Financial Forests

13:49 Teaching Financial Prudence to Teenagers

18:42 Pocket Money: To Link or Not to Link with Chores?

25:03 The Importance of Cash for Kids

25:37 Transitioning to Digital Money

27:38 Educational Tools and Apps

28:49 Engaging Financial Stories for Kids

29:22 Lessons on Scams and Patience

32:33 Understanding Spending and Saving

39:30 The Power of Compound Interest

44:00 Final Thoughts and Resources

Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/

Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com

Want to improve your finances fast? Then come on our course

https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

GP partner looking to improve your practice/ Then come on our course

https://www.medicsmoney.co.uk/gp-partnership-programme/

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