Finance Resources for Medics

This is just a short post to share the different resources out there on the topic of finances for medics. These resources range from YouTube videos to books, covering aspects such as how much money doctors actually make, how to make money as a medical student as well as how to start saving and investing.

Learning about finances can be quite intimidating sometimes as there is an overwhelming amount of information out there. Hopefully, these resources will help you manage your finances better. Remember, how you manage your finances is highly dependent on your own personal situation. The advice out there is not one size fits all, so do what works best for you.

Podcasts

Medics Money Podcast

There aren’t many podcasts out there covering finances for medics. However, Medics Money is honestly so comprehensive. They discuss a range of topics such as pensions for doctors, early retirement strategies, getting started in investing, getting a mortgage and entrepreneurship.

Check them out here.

There are an abundance of other finance podcasts out there, but if you’re looking for content specifically from a doctors’ perspective, then this podcast is a great starting point.

Websites

Junior Doctor Finance

This website has tips on basic money management as well as guides on topics such as budgeting, student loans, tax, saving and investing. They share information on areas such as sick pay, maternity pay and paternity pay. There is also an automated salary calculator where you can input information such as your training level, hours worked, any additional pay you may be eligible for (e.g. academic pay or weekend shifts) and tax codes, in order to calculate your potential salary.

https://www.juniordoctorfinance.co.uk/

Books

Property Investing for Doctors: Proven strategies for busy professionals

This book by Dr Lafina Diamandis has been on my radar for quite a while and has amazing reviews. If you’re interested in property investing and are looking for a medic’s perspective, this is a good starting point. It’s useful for buying your first home, buying an investment property or even getting a property for your own clinic.

Youtube Videos

There are quite a few videos talking about finances for doctors on YouTube. Here are some of my personal faves.

Journey2Med

They share some tips on how to make money as a student. The suggested sources of income are definitely quite flexible for medical students’ schedules.

1. 6 Ways to Make Money as a Student in 6 Minutes

Tonitalks

This video is full of many med student friendly ways to make money.

1. How To Make Money As A University Student! *Med Student Friendly*

Vote for Hani

Dr Hani has shared the methods she used to finance medical school without taking out any student loans! Definitely a good video to check out.

1. How I Graduated From Medical School With NO DEBT (and 81%!)

Kiran Morjaria

If you’re looking for transparency when it comes to doctors’ salaries, especially for foundation years, his videos are great to watch. He also shares ways in which he was able to supplement his income such as additional locum work.

1. How To Earn £100,000 As A New Doctor (And How To Find Work As A Locum Doctor)

2. How Much Money I Make As A Junior Doctor UK

Dr Jude

Dr Jude has plenty of videos talking about doctors’ salaries. Additionally, he has some videos talking about entrepreneurship so if you’re interested in combining entrepreneurship with medicine you should definitely browse through his channel.

1. How Much Do Junior Doctors Earn In The Uk? | Real Figures!

2. How Much Does It Cost To Become A Doctor?

Doctor Tosin

Dr Tosin has a nice video breaking down the salary of foundation year doctors as well as GP trainees.

1. How Much Money I Make As Junior Doctor Uk? Revealing My NHS Payslip

Dr Patrice Baptiste

Dr Baptiste has many videos about doctors’ salaries, especially if you’re looking for videos that are specific to general practice. She also shares a range of ways to supplement your income.

1. How Much Do General Practitioners GPs Earn?

2. Multiple (7+) Streams Of Income As A GP

3. Working In The Private Sector | Working In Private Practice As A GP

Dr Monisha Mishra

Dr Mishra is currently in psychiatry training and shares another perspective on salaries for doctors, ranging from foundation years all the way up to consultant level. She also discusses locum pay and the cost of living and working in London.

1. How Much Do Doctors Earn in U.K? | All Questions Answered

Blog Posts

We’re not experts on finances however these past blog posts we’ve written are also useful for further information.

• Funding Medical School - What They Don't Tell You!

• Side-Hustles for Medical Students

• The Best Money Saving Apps for Medical Students

Although a lot of these resources are tailored to doctors, they are definitely important to use as a medical student to boost your financial knowledge and prepare for the future. Let us know if you found these resources useful and if you have any other recommendations or resources, please do share!

Written by: Honey Ajisefini (Co-Founder of The Black & Forth Platform)