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Life after medical school

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Life after medical school …

Life after medical school
Finance for Doctors basic

Published in Business , Economy & Finance
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  • 1. Life after medical school 16th February 2011
  • 2. Faculty • Ms Ruth Waters (RW) Consultant Plastic Surgeon • Dr. Mike Clapham (MC) Consultant Critical Care & Medical Education • Mr. Mike Waldram (MAW) Consultant Hand Surgeon • Dr Ian Rayner (IR) Consultant Psychiatrist Mr Vaikunthan Rajaratnam (VR) Consultant Hand Surgeon
  • 3. Life after medical school • Why? • Everything you wanted to know about being a doctor but was afraid to ask • What they don’t teach you in medical school • Its different being a doctor
  • 4. Where are you?
  • 5. criteria for professionals 1. Academic qualifications 2. Expert and specialized knowledge in field which one is practicing professionally. 3. Excellent manual/practical and literary skills in relation to profession 4. High quality work 5. A high standard of professional ethics, behaviour and work activities while carrying out one's profession 6. Reasonable work moral and motivation. 7. Is a individual who does not require supervision. 8. Engage in altruistic activities
  • 6. Free resource Management for Doctors http://mbamedicine.moodlehub.com/
  • 7. Finance for Doctors
  • 8. Needs • Home • Spouse • Family – children's education • Car • Holidays • Reputation • Professional excellence • Retirement plan • Pension
  • 9. Financial independence • sufficient personal wealth to live indefinitely without having to work actively for basic necessities • assets generate income that is greater than their expenses • “Good medical practice requires doctors to be financially independent!”
  • 10. Reading List • Cashflow Quadrant: Rich Dad's Guide to Financial Freedom (Paperback) ~ Robert T. Kiyosaki • Corporate Intensive Care: Why Businesses Fail and How to Make Them Succeed (Hardcover) ~ Larry Goddard • The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber • Accelerated Learning for the 21st Century: The Six-Step Plan to Unlock Your Master-Mind ~ Colin Rose • The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich~ Timothy Ferriss
  • 11. NHS Salary –FY1 22,190 FY2 27,523 –ST1 29,411 –ST9 46,246 –Cons1 74,504 »Max 100,446 CEA Level 12 £75,796
  • 12. Personal Tax • Earnings up to £35,000 per annum are taxed at 20% (Basic Rate) • Earnings over £35,000 per annum are taxed at 40% (Higher Rate) • from April 2010 - new 51.5% income tax rate > £150,000. (+ NI 1.5%) • Personal Allowance 2011/2012, £7,475 (less if income >100k) – Personal Allowance reduces where the income is above £100, 000 -(the full allowance would be extinguished at an income level of £112,950) • (+ 20 % VAT) • Purchasing power parity issues
  • 13. UK Corporate Tax Rates • Companies with taxable profits under £300,000 pay tax at the lower rate of 21% • profits of £2m would pay tax on all profits at 28% • (personal tax after £150k = 50%)
  • 14. Strategy • Gather assets • Reduce liability • Manage living costs
  • 15. How to • Set Up an Emergency Fund • Pay Off Your High Interest Debts • Set Up a Retirement Fund • Set Up Educational Fund • Pay Off Your Low-Interest Debt • Build Wealth Through Wise Investments
  • 16. Definitions • Profit is the incentive for business; and the reward for taking risk; • role of accounts is to monitor and measure profits • accounting – record keeping, verifications and reporting • finance - predict future trends or to make decisions
  • 17. • Asset – that which has value in money terms for the purpose of financial reporting. • Liabilities - that money owed by a business
  • 18. • Profit and Loss Account – trading performance of the business over the accounting period • Balance Sheet – Statement of assets and liabilities at the end of the accounting period (a "snapshot") of the business
  • 19. Profit • Profit(P) = Revenue(R) – Costs (C) Utilised as follows:- • 1) Retained for future investment and growth –NHS Foundation Trusts and non profit organisations 2) Paid out to owners and investors e.g. a ‘dividend’ –for profit companies 3) Paid as tax.