advise for a doctor with zero financial IQ

xylophone

You might consider the AVC option.


https://www.nhsbsa.nhs.uk/employer-hub/technical-guidance/tax-information

https://www.pru.co.uk/pdf/AVCK0433.pdf

http://www.standardlife.co.uk/content/pdf/slac/nhs02b.pdf?show=true

letspretendforaminute

I’ve not used an IFA and have done well by self-investing. I have a FTSE 250 Vanguard tracker, a dozen or so shares including Assura (okay, so I haven’t really avoided property) and most recently the URA ETF for speculative gains (or losses).

Mining shares have been good for me in the past. Also invest in companies you use yourself (FTSE) and ignore the short trackers at your peril - I did with Carillion and lost.

capital0ne

Actually going DIY is quite easy, you just need to do a bit of research, otherwise how will you be able to tell if an IFA is not just spinning you a line.

There are loads of very easy to understand web resources, monevator, Investors Chronicle, Morning star to mention but three.

Plenty of threads here on MSE about this.

Simple rules, keep costs down, use you ISA and SIPP wrappers, nobody like paying tax and ditto no one likes paying an IFA

Avoid FAs, they're just sales people.

Good luck

Terron

letspretendforaminute wrote: »

Avoid property like the plague... I know a fair few doctors and along with teachers they have all sunken money into BTL not one has come away smelling of roses. One GP has had to take a second job (GP OOH) just to keep the plates spinning on his Manchester flat empire, he looks knackered.

Property can work well., especially around Manchester with the current boom. It does for me. All but one of my properties are near Manchester. Little effort is needed if you have a good letting agent,, as I do. Houses are generally safer and more profitable than flats though.I invested in an area I knew where I had a contact I could trust to advise me. Property is not for everyone., as it is easy to go wrong,.

cloud_dog

ridingrodeo wrote: »

5. Wesleyn seems like a good option for a pension ,plan to look into that..
Dunston has suggested an IFA, but I am a but unsure....

It's interesting that the OP states they have zero financial IQ and yet after reasonable feedback to help clarify comes back and makes an uninformed/ill informed, just plain weird choice?

Why are they a 'good option'?

OP if you are comfortable making the choices then just go for it, although the words 'horse', 'water', and 'drink' spring to mind.

stoozie1

A couple of qestions for the OP:

1) What pension did you accrue before you were 35 and began working for the NHS?
2) Have you made any calculations about whether you might hit your lifetime allowance?
3) based on a 1/54 annual accrual of your current and projected annual pensionable earnings, what is your prediction of what your monthly NHS pension will be?
4) at what age do you hope to retire?

PeacefulWaters

Perfect customer for a reasonably priced IFA I'd suggest.

atush

Dunston has suggested an IFA, but I am a but unsure....

Did you actually read this?

I thought about a doctor but it was cheaper to self medicate. I dont know what the illness is or what medication is best but its cheaper...... or is it?

Thrugelmir

letspretendforaminute wrote: »

I’ve not used an IFA and have done well by self-investing.

Anyone can "make" money in a bull market. Over confidence is many an investors downfall.

Flugelhorn

Wesleyan bought out Medical Sickness Society which was pretty good for docs years back, got good income protection etc from them.

But later when it was Wesleyan am not sure that the deals / products were so good but TBH they have lots of doctors sucked into it as they seem to understand the pay structure and the pension scheme and have things like locums insurance etc etc .