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Find your Financial Early Warning Score: https://www.medicsmoney.co.uk/ In this episode, Tommy and Ed unveil a new financial score tool that helps you assess your financial health and set New Year's resolutions. The episode covers various topics, including the importance of saving and controlling spending, paying down bad debts, protecting finances, investing for wealth accumulation, maximizing tax efficiency, and organizing finances. We emphasize the need to take action and overcome financial worries to achieve financial goals. In this conversation, Tommy and Ed discusse the importance of organizing financial records and setting new year's resolutions. He shares his experience with the Help to Buy loan scheme and his goal of paying off debt. Tommy also talks about his resolution to get fit and the challenges he faced due to an injury. He discusses his investment strategy and the possibility of transferring his cash LISA to a stocks and shares LISA. Want to stay up to date with the latest financial information for doctors? Subscribe on YouTube to never miss a new video: / @medicsmoney Join 40,000 doctors receiving free financial CPD via email by downloading our free ebook here https://www.medicsmoney.co.uk/ebook/ Follow us on Twitter / medicsmoney Follow us on Instagram / medicsmoney 00:00 Introduction and New Year's Resolutions 00:31 Unveiling the MedicsMoney Financial Score 00:56 Accessing the Financial Score Tool 01:14 Understanding the Financial Score Categories 02:04 The Importance of Saving and Spending Control 02:37 The Impact of Daily Spending Habits 03:38 The Concept of Opportunity Cost 04:42 The Importance of Paying Down Bad Debts 08:39 The Role of Protection in Financial Health 14:17 The Importance of Investing 16:13 Understanding the Power of Compound Interest 22:00 Considering Property Investment 25:17 Understanding Tax Allowances and Reliefs 26:03 Understanding Capital Gains Tax and Inheritance Tax 26:19 The Importance of Financial Knowledge and Planning 26:44 Feedback and Suggestions for the Scorecard 27:39 Tax Rebates on Professional Expenses 28:55 Maximizing Tax Efficiency with Government Incentives 29:09 Understanding Different Types of ISAs 31:22 The Pros and Cons of Premium Bonds 33:33 Exploring Tax Reducer Schemes 38:00 The Importance of Organizing Your Financial Records 38:18 Reflecting on Past Financial Resolutions and Setting New Ones 40:05 The Journey to Financial Stability and Fitness 42:42 Exploring Government Incentives and Investment Strategies DISCLAIMER: This channel is for education purposes only and does not constitute financial advice and tax allowances and rates are subject to change.