Temple University School of Podiatric Medicine - Achilles Yearbook (Philadelphia, PA)

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“The Thinker” at the Rodin Museum, Phlla, PA “To him whose feet hurt, everything hurts. ” — Socrates

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If you ar© going to be happy and really fulfilled in podiatric medicine, you need to come to grips with some basic economics. Some of your professors would argue that this concept is premature. They would say that you have no money to worry about at this time in your life. I would argue that this is the very time you need to accept economic realities, because the roots of financial troubles of the future grow from the soil of medical school deprivation. I know that most of you are living on a shoestring now, and by the time you graduate have tremendous loans that must be repaid. But I want you to be able to outgrow that. And you can. You can become financially independent if you just face reality You probably know that few doctors or lawyers ever become wealthy There is a reason for that. It is directly related to a perceived necessity to keep up a front. The need for the $1000 suits of clothes; the need for the $50,000 to $100,000 automobiles, the need for expensive country clubs; the roots for these needs grow from a feeling that 'I d;d without in medical school, and now I owe it to myself to live the good life' Unfortunotely. living above one’s means produces stress, personal, and family tension, and it guarantees that you will never get ahead. There Is a now-famous study out of National Institutes of Health which found that physicians have the highest alcoholism rate, the highest drug addiction rate, the highest divorce rate, the highest bankruptcy rate, and the highest suicide rate of any of the businesses or professions. If you stop and look at that list, you'll quickly realize that the management of money figured greatly in the progression of such problems. I have two good friends. Each came into practice owing about $100,000. The first friend has been In practice for 18 years and for more than 15 years has been earning over $200,000 per year. But after 18 years, he has yet to pay off the debts that he brought into practice with him. He teeters on the edge of bankruptcy all the time. He has a negative net worth. He is constantly stressed and anxious. He can't afford the nice home he would like. Yet he and his wife buy everything they see He has had 15 expensive new cars in 18 years. He denies himself nothing as long as his credit cards are working. He is living far above his means. The other friend has been in practice 13 years He has paid off all his debts, including his practice loans. He has bought and now paid off a nice, though not lavish home. And he has accumulated just over a million dollars in liquid investments. He has done this in spite of the fact that he earns only $125,000 per year. This second friend is under no real pressure He is able to plan his life so that he can spend time with family and enjoy his profession and friends. He has never felt it necessary to buy expensive cars to impress his friends. You see, it is not how much you earn. The Important thing is that you decide early that you are going to live on less that you earn and that you ore going to regularly Invest some of your earnings where they can grow and compound. That is the simple secret to accumulation of wealth. It also answers why most doctors and lawyers are forever stressed Get a copy of the book THE MILLIONAIRE NEXT DOOR, and look at the statistics relating to doctors and lawyers You will get a new perspective on the stress produced when you live beyond your means Finally, let me suggest that you involve your family In your profession Attend state and regional meetings and take your family with you. Let them get to know the colleagues that they hear you talk about Let them get to think of the meetings as 'our meeting' instecd of 'your meeting . When my children were growing up. they always looked forward to attending the APMA annual meeting. They got to know the children of the other podiatrists. As we would leave the meeting each year, they would typically ask. 'Where Is our meeting next summer? It is infinitely easier to grow within your profession or business when you have your family's interest and support rather than their competition. I can tell you in all candor that there would never have been the COMPREHENSIVE TEXTBOOK OF FOOT SURGERY if Becky McGlamry had not been willing to do the tedious time consuming job of the English editing She took each of the author's chapters. many of them in deplorable condition, and placed them in a readable form. Without that help we would never have finished the books. Both of my sons learned photography by helping to photograph material for the book. It pays to involve your family, and it helps to insure their support of your professional endeavors. You are getting a magnificent podiatric medical education And while I do not know the exact direction health care delivery will take. I do know that most people will continue to have two feet. And as long as people continue to be active, they are going to need your services I don't know what you will accomplish as a class or as individuals. But I do know that you will be professionally wealthy if you give serious attention to the subjects I have mentioned. Don't settle for anything less than a lifetime of learning. Anyone can walk on water if you show them where the stepping stones are located. The purpose of education and training is to point out the stepping stones. Learn where those stones are. and enjoy the walk to the fullest I wish you every success for the future. You are in a great profession. We look to you to take what we give you and make it better

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Class of 2000 Class of 2000