Cecile Clemente-Ocampo, MD, FPDS

The culminating activity of the yPDS for 2008 was a wonderful seminar on personal financing, an appropriate subject in the light of the looming threat of the global financial crisis. Held last November 7 at the Palacio de Maynila and attended by numerous PDS members (as it was the first yPDSspearheaded activity open to all PDS members), this lecture offered a glimpse of the kind of events the yPDS had been hosting since its conceptualization.

A brainchild of Dr. Arnelfa Paliza and Dr. Francisco Rivera, the yPDS was started in early 2008 as a venue to help the young PDS members cope with the demands of setting up an ethical dermatologic practice, to train future leaders and to develop the values necessary to become upright and moral practitioners of the specialty. Thus, over the course of the year, a series of nonconventional activities highlighted by talks by industry experts were carefully prepared on a variety of subjects deemed helpful to a young dermatologist. Among the previous speakers were Francis Kong (Winning Attitudes for Success, Discovery Suites), Lia Bernardo (Image Enhancement, Fiamma) and Anthony Pangilinan (Work-Life Balance, CAV). All of the sessions were very well-attended.

For the November activity, the thrust was developing a healthy attitude towards personal financing. Motivational guru Francis Kong once again graced the occasion together with Chinkee Tan (a renowned financial expert) and both managed to impart important insights on the subject of fiscal planning.

According to Mr. Francis Kong, money is amoral or neutral. It is, however, the acid test of character. In his opinion, the first step towards financial success is to do an honest assessment of your lifestyle (“Are you living within your means?”). He went on to remind us that some of the habits of millionaires are that they: have no vices, are honest, have a healthy lifestyle, and enjoy a good family life. He advised us to cultivate discipline in money matters, which often necessitates delaying gratification and identifying priorities. He ended by pointing out that to have money is a social responsibility- money granted to us should be used to bless other people are well.

Mr. Chinkee Tan also shared with us his own nuggets of wisdom. His ultimate formula for success is INCOME – SAVINGS = EXPENSE (and not income minus expense equals savings, which is how most people do it!). He maintains that saving is a habit (“it doesn’t matter how much money you make, what is important is how much money you save”), and that we should never compare ourselves with other people lest we end up either smug or dissatisfied. He reminds us to spend less than what we earn, and to do it for a long time to attain a state of financial independence. He gives us tips on how to increase cash flow – Change your lifestyle, Always be open to opportunities, Save as much as you can, and Have long-term perspective. He also offered the following advice on debt payments: Decide to get out, Empty savings account and liquidate, and Be faithful in paying your creditors).

The evening was truly an eye-opening and enlightening experience. Everyone in the audience left the room a bit wiser and more aware of the steps needed to undertake the long (and sometimes daunting) journey towards financial freedom. Most were also excited to implement all that new-found financial savvy. Truly a fitting end to a productive year for the yPDS!