Dr. Richard G. Morrison, Ph.D., is a retired senior executive of Eli Lilly and Company (International) and a twice-retired Executive-in-Residence from the Cameron School of Business at the University of North Carolina Wilmington. He has served as a director on multiple corporate boards for
both public and private companies, and continues his work today as a consultant in the pharmaceutical and medical device sectors.
Richard has always enjoyed traveling and working in differing cultures. Indeed, he has traveled to 120 countries for both work and enjoyment. His ability to travel widely and enjoy all the pleasures and experiences of other cultures were made possible in large part because he used the ideas and principles he shares in this guide.
Richard understood the importance of establishing "life goals", and developed his money management skills at an early age, working alongside his father and older brother to successfully run a 350+ acre, multi-purpose farming operation. In addition, though, Richard earned extra money working for neighboring farmers , and even enhanced his earnings during the winter months, paid a dollar per hour as a soda jerk in a local pharmacy. His understanding of the importance of saving money towards a specific purpose allowed him to buy his first car, pay for his university degrees (including his Ph.D), enjoy family vacations, tour the world and ultimately, work at what he enjoyed most - teaching others.
But even more important than trips and possessions, he learned at an early age that “what you give will grow; and what you keep will perish.” He has made charitable giving a priority in his life and encourages everyone to discover the joys of helping others.
Young adults (who, for the purposes of this guide, I have loosely defined as individuals aged fifteen to twenty-five years old) are rarely taught money management skills and principles in today’s world. Since the beginning of time, people have developed and utilized untold numbers of ways to manage their money, and these almost invariably rely on a budgeting process, or a unique method of saving your money, or a means of tightening your belt (expense management), as the silver bullet to financial control. All of these aspects are unarguably critical to personal financial success, but few, if any, have incorporated the idea of Cash Flow as the foundation to a successful personal financial philosophy. Understanding cash flow and the way your money moves into, through, and out of your bank account can help anyone, at any financial level and stage in life, to make the most efficient use of their finances and help them achieve whatever personal goals they have set for themselves.
While the process Dr. Morrison presents in this material is a method he and his wife have successfully used personally for over 45 years, he sought the input of a wide assortment of professional and personal resources as he finalized the material for publication. His resource team is comprised of people with different kinds of relevant experience, but all share his desire to help others understand how to manage their personal finances. The team he assembled includes teachers, authors, business professors, sales executives, finance analysts, retail executives, educational leaders, parents and students. His goal was to write a book that appealed to a wide group of readers, and that actually taught the skills that are necessary to successfully understand and manage your finances.
This guide is intended to present basic money management principles to young people including middle school, high school, and college students. It is not intended to be an investment guide, and does not presume to be all encompassing regarding financial issues. The author believes it is accurate at the time of publication but state or federal legislation may add, change, or delete some of the programs and investment tools discussed here. The guide will be updated to reflect these changes at its next publication.
NOTE: The author and the editor assume no liability for any financial losses or gains experienced based on the material presented here.