Wendy Baillie
speaker
482 appearances
3 recordings
1 series
first heard Jun 2026
last heard 11 Aug
Wendy Baillie’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 2.
Appearances
But it's sometimes a little bit of a back and forward and a little bit of juggling to get your drawings at the correct level to complement any net earned income that you're receiving as well. So just as we talked about earlier, the admin challenges with different pension contributions from different places, all going into the NHS pension. And that actually is quite common sometimes.
We see that quite a lot, that it can be incorrect in some income streams and then it has to be corrected. And that can contribute to the unexpected tax bill because, of course, a pension contribution is just another form of tax, isn't it? And if you've not paid the right level, you're more often than not going to have to pay more. It's not often we see that they've paid too much. It's more often that we see they've not paid enough. So that's all something to take into consideration. It can be really difficult to keep track and to make sure that you're doing it right.
All of that is quite difficult to get your head around. And I think sometimes it takes more time. You have to devote more time to make sure that you're on the right track and that you've got your head around everything around the money side of your finances. When you're looking at a portfolio career, do you think that if you devote some time to your finances, your financial plan...
at least each year and at least every time anything in your professional environment, any role that you take on or any role that you give up, any changes that happen. If as part of that process, you stop and come and talk to your financial advisor, either with Wesleyan Financial Services or whoever your financial advisor is, about the changes in your financial plan, that can really, really help give you some peace of mind.
And are there any other financial pitfalls that doctors with multiple roles should be aware of? Or have you covered most of them there? I think we've covered some. You know, the most obvious one is what I said about earned income when you receive it through a payslip and assuming that that's correct. Please don't assume that that's correct. It sends check, especially initially in the early days. And don't be afraid to go back.
to payroll and ask them just to explain especially if you're a GP partner and it could well have been a long long time since you've seen a pay slip for yourself and so they can be very difficult to decipher when you're not used to them. The good news is I guess is that most GP partners have an accountant who should know what that looks like and also your financial advisor should be able to explain that for you as well so there's lots of help out there if you need it but I do think as well
Try not to rush into any decision that you're making about your job decisions and about different paths and different portfolio careers. It's really important that you make a balanced decision and that you spend some time looking at
both the benefits and potentially the drawbacks to any decision that you make around your job. And that way you've got a well-rounded decision made and probably the right decision made rather than jumping in and then trying to
understand everything after the fact that's quite difficult actually particularly when you've maybe reduced sessions in a practice that you've been in for a while and that's quite an adjustment isn't it and you've then maybe taken on another role and any sort of change takes headspace takes energy and all of that is quite tricky to navigate if at the same time you're also having to navigate understanding the change in your finances so that's a tip I would give you.
I think as well, when you make that decision to take on a different role, whether it's in isolation or in addition to general practice, I think it's really important that you look at your finances as a whole. We call it holistic financial planning and looking at everything together and making sure that everything dovetails and also making sure that everything's on track to help you achieve in your life what you want to achieve.
And that's both personally, professionally and financially. They should all link in to what is going to make you happy. Really important. There are some other hidden challenges, aren't there? One finding from the survey that might surprise listeners is the impact on borrowing. What did the survey find about that?
And we are quite familiar with this because doctors don't always have the financial track record that a mortgage lender might be looking for. And it's particularly prevalent in our GPs who are looking at portfolio careers. Again, as we've already established, they've got maybe income coming in from different areas.
areas, different income streams, and those income streams each need to be verified by a lender. And it really needs a mortgage broker who knows what they're doing and knows what to tell the lender and how to tell the lender and also how to decipher all of your different income streams as well. Yeah, one in six of our doctors that we surveyed said that they had had difficulties accessing mortgage or remortgage. So interesting.
What should doctors do? Is there anything they should do if they're planning to make a major financial commitment, such as apply for a mortgage or a remortgage? Just what we said earlier, Emma, plan ahead. Please don't jump in, and I think we're all guilty of this, aren't we? Jump in and go and do something without really thinking about it or really being prepared. Please plan ahead, particularly when you're looking at moving home.
and maybe redoing or rejigging the mortgage that you've already got or buying your first home particularly buying your first home get organized go and download your credit report not necessarily those free credit reports that you get but the ones that there's three main providers out there the ones that you can pay for actually they're your full credit reports it's time well spent actually going and downloading it and looking at it checking it making sure
that everything on there is correct and that you agree with it. But also making sure that whatever income stream you have from wherever it is coming from, you are able to evidence that either through pay slips, through a letter from your employer or through your accounts if some of your income is self-employed from either GP partnership or GP locum.
Your survey also found quite interesting that many doctors have considered moving back to a single role. Do you have any sense about what's driving that? Yes, you're right, Emma. So although there's a large percentage of our doctors who do continue with their portfolio careers, 59% of them have actually considered going back to just one role. And that is because the workload that they experience when they do move into a portfolio career, whilst it gives them some headspace because of the variety,
the workload itself is higher than they had with just the one row. And so it's something that they consider in order to just reduce that workload back down again. And also their income streams and their work each week might not be as steady and stable as it was previously. And again, that's an unexpected thing. And you can only really understand that if you go and try it.
And so some of our doctors are considering going back to just one role just because the certainty of the job itself, the certainty of the role and the certainty of the income that they're going to get from that. This one's a shame, actually. More than half of the doctors that we surveyed said that the reason that they moved into a portfolio career in the first place is to give them that headspace and try and avoid burnout for longer actually made it worse.
Yes, I think there's a lot more to a decision than just thinking about it. And it's good to know and it's good to think about things. But actually, you're right, Emma, that almost 70% of the doctors that we surveyed said that they will continue in their portfolio career roles for the next five years. So generally...
Showing 21–40 of 482 · page 2 of 25
← Previous
Next →