Personal finance is something that has recently become increasingly important for me. It can easily be pushed aside in your 20’s – no looming retirement, no real foundation of knowledge or building blocks to start on from school or university, and your 20’s are your time to enjoy your life and money amirite?!
This was all well and good for me too, until I started paying into a pension 2 years ago with my first full time job. For interest, I used the pension provider’s ‘pension calculator’ to gauge how much I’d approximately have in the pot at 65 years old if my salary continued to increase gradually from where it was then.
And I had a horrible shock. The number I was given was not something that was going to sustain the happy and carefree retirement that I’d envisaged for myself. This paired with the fact that I could potentially go for periods of my life not paying into it due to maternity leave etc. and therefore risk less accumulated than estimated, left me with a horrible feeling of helplessness.
Being an equine vet is a full on job and although I do enjoy it, I’ve also had the lurking question in the back of my head – do I want this physically, emotionally, academically extremely draining job right into my 60’s? Could I find a way to slow down before then and not have to work 40+ hours a week?
This prompted a massive upheaval in the way I thought about money. I couldn’t shy away from financial jargon and pretend I wasn’t clever enough to understand anymore. If I could complete a veterinary degree, I could learn about personal finance!
Cue the onslaught of podcasts, webinars, audiobooks… I found financial advisors with great platforms on instagram that encouraged open discussion about finance (so many fantastic ones out there, such as Female Invest (not just for women!), @financewithchanelle and The Money Clinic from the Financial Times). The more I started learning, the more I got totally hooked because this was something I could do that could make a huge impact on my future. Instead of shoving, whatever I had leftover from my monthly pay check, in a basic savings account and hoping for the best – I now have budgets and goals, with plans in place to realise them!
How can we as vets be better though? It might seem overwhelming but there are some great ways to start and open up the conversation about personal finance and get people in control.
- Push for Salary Transparency
Get happy talking about money. This is a huge block for a lot of people and I too really struggle starting conversations about pay. Discussions amongst colleagues about salary, bonuses etc. can be extremely useful, not only for negotiating pay-rises for the job you currently hold (or realising that you really should be negotiating a pay-rise!), but also for being able to confidently asking for a salary you know you deserve when interviewing any new roles! And in simple terms – if you get paid more, the more you can save and invest in your future.
Crucially, salary transparency is also making huge steps towards equalling the gender pay gap across all sectors of industry. In addition to this, when employees feel like they are getting paid well, productivity can increase according to the Harvard Business Review as well improvements in job satisfaction!
2. Get in contact with Vet You
Vet You is a community of professionals – 5 out of 6 are qualified vets – who have created a a resource hub specifically for veterinary professionals who want support vets in developing their financial security.
There are loads of great videos and blogs, as well as an introduction to financial products and services that exist out here that we as vets might find really useful. These range from income protection insurance to pensions and future investments. Vet You will only link you up with service providers who they trust and feel that fully understand the needs of the veterinary community. Check out their website and get in touch if you have any questions or just want to know where to start!
3. Get curious about your Pension!
If you’re working in a full-time job, you will have likely been automatically been enrolled in the company pension scheme when you joined. You get a little leaflet through the post saying who you’re with and then you never need to think about it again right? WRONG! There are so many things you can influence with your pension. In the end, it is a service for you – it needs to work for you in a way that you want. It all needs to start with an email to whomever is in charge of your pension – be that your practice manager, HR etc.
Here’s what you need to ask:
- How much do I currently invest in my pension each month?
- How much does my employer match?
- HOW is my pension invested?
And here’s what you then you need to ask yourself:
- Is this the risk level I want?
- Do I want my pension to be invested in a more sustainable/green fund?
- Could I invest more of my monthly salary into my pension?
Once you’ve started the conversation – you’re now on the road to being more informed about your pension and hopefully making it work better for you!
4. Listen, Read, Engage
Ever feel like you’re learning a new language with all that financial jargon? This is part of the reason the men in the suits, in offices far away, have been able to make us think that we can’t be a part of their world. But the fact is, that the more you listen and read content from the industry, the more you’ll be able to talk like them too. We’re all intelligent individuals who can absolutely make a difference to our future wealth.
After all those hours working for your salary, you deserve to make your money work better for you!
If anyone reading this wants some more recommendations for books or podcasts, please comment below. The same goes for if you have any recommendations yourself – I’m always looking for more!
Disclaimer: This is not professional financial advice, please consult a qualified financial advisor for personal advice.
ThisVetCan 