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Personal Finance, 13th Edition

E. Thomas Garman, Raymond E. Forgue

Copyright 2018
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Personal Finance 13th Edition by E. Thomas Garman/Raymond E. Forgue

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Overview
Meet the Authors
What's New
Features
Table of Contents
Pricing

Overview

PERSONAL FINANCE 13E offers a practical, student-friendly introduction to personal financial management. This book offers normative, value-laden suggestions on getting ahead in one’s personal finances. It requires the reader to reflect on the facts and opinions presented, the advice they are given, the available choices in their communities and on the Internet, and finally to apply their personal values in their decision-making. In short, Personal Finance gets students to contemplate, deliberate, and think!

Using a structured, step-by-step approach, this market-leading text helps students learn how to save and invest, manage student loans, file taxes, decrease credit card debt, and plan for the future. Real-life scenarios, covering a wide range of financial challenges, enable students to appreciate the relevance of key concepts, and useful advice from personal finance experts helps them apply those concepts in their own lives. Many math-based examples clearly illustrate the critical importance of achieving long-term financial goals through investing. Building on the success of previous editions, the Thirteen Edition engages students and focuses their attention on critical concepts they need to succeed in class and to manage their finances wisely for a lifetime.

Meet the Authors

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E. Thomas Garman

A renowned author, advisor and academic, Dr. E. Thomas Garman is a Fellow and Distinguished Professor Emeritus of Virginia Tech University, where he directed the National Institute for Personal Finance Employee Education. He subsequently founded the Personal Finance Employee Education Foundation. Author of 40 books and 200 academic research articles, Dr. Garman directed several funded research studies that link the financial fortunes of employers with the financial health of their employees. His research consistently showed that decreasing employee financial stress and improving personal financial well-being led to positive outcomes for workers and employers. Dr. Garman has worked for a U.S. senator, in economic development in West Africa and for a national non-profit credit counseling organization. He is a Distinguished Fellow of both the Association for Financial Counseling and Planning Education and the American Council on Consumer Interests. Dr. Garman has served on advisory boards for the Board of Governors of the Federal Reserve System, International Board of Standards and Practices for Certified Financial Planners, American National Standards Institute, National Foundation for Credit Counseling, U.S. Food and Drug Administration, and National Advertising Review Board. His record of consulting includes work for Profit Sharing/401(k) Council of America, Manulife Financial, AT&T, U.S. Navy, U.S. Army and U.S. Department of Defense. Dr. Garman’s work has been featured in hundreds of publications, including USA Today, New York Times, The Washington Post, The Los Angeles Times and U.S. News & World Report, and he has appeared on National Public Radio and NBC Nightly News.

Raymond E. Forgue

Raymond Forgue retired after 28 years as an associate professor in the Department of Family Studies at the University of Kentucky. He served as chair of the department and acting dean of the College of Human Environmental Sciences. Dr. Forgue taught various courses in consumer studies, personal finance and insurance. He has also served as president of the American Council of Consumer Interests and the Association for Financial Counseling and Planning Education. Since retirement, Dr. Forgue has continued to write and consult on personal finance education training for the Accredited Financial Counselor certification program, AARP and other organizations. Dr. Forgue serves on the Boards of the Personal Finance Employee Education Foundation and the National Association of Personal Financial Advisors.

What's New

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We have incorporated numerous boxed resources that are found throughout each chapter. “To-Do Soon Lists” suggest five tasks to accomplish in the next few months or years.
“Your Grandparents Say” offers tips from those who have lived long and succeeded in their personal finances.
“There is an App for That!” lists some useful apps; almost all can be used on both Apple and Android devices. This is complimented by updated boxes on the best quality “Money Websites.”
“Numbers on” highlights important numbers relevant to the subject of each chapter. “Common Sense” boxes include thoughts for readers to contemplate.
“The Tax Consequences” boxes help the reader to think of the impact of income taxes when making financial decisions.
“Bias Toward” boxes give the reader a reality check on the behavioral economics biases that plague us into making bad financial decisions, and they also explain how to overcome them.
New “Never Ever!” boxes showcase what one should absolutely, positively not do in personal finance. Collectively, these boxes are full of prescriptions and insights to help students achieve financial success.
we have added some 90 new headings, 180 new boxed inserts, 10 new tables and figures, 70 new terms, and improved dozens of definitions.
There is a stronger emphasis throughout the book on budgeting, emergency fund saving, and investing for retirement. We have focused on creating an approachablewriting style to encourage more reading by students.

Features

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Personal Finance really changes student behaviors!
Classroom research demonstrates that learners genuinely do learn personal finance topics well. One key to that success is the availability of My Personal Financial Planner. It contains 70 worksheets that allow students to truly put into practice all the major financial planning tools in Personal Finance.
A variety of resources enable instructors to truly “flip the classroom.” “Do It In Class” icons in every chapter tell instructors and students about “Do It in Class Exercises” These exercises include problems, cases and exercises to be completed in class to ensure understanding and emphasize problem solving skills
"What Do You Recommend?" and "What Do You Recommend Now?" chapter opening and closing narratives cover essential financial topics. The opening feature is followed by a question and four potential answers. The results are often unexpected and provide an excellent opportunity to engage students. The closing feature asks the students to come back to that opening vignette after reading the entire chapter, to apply what they have learned.
"Advice from a Seasoned Pro." These boxed inserts, authored by today's leading financial experts, offer practical tips for students to manage their personal finances.
"Financial Planning Cases." These short, chapter closing cases present various finance concepts to students from the vantage point of a married couple, single person, retiree, parent, and other demographics.

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Part I: FINANCIAL PLANNING.
1. Understanding Personal Finance.
2. Career Planning.
3. Financial Statements, Tools, and Budgets.
Part II: MONEY MANAGEMENT.
4. Managing Income Taxes.
5. Managing Checking and Savings Accounts.
6. Building and Maintaining Good Credit.
7. Credit Cards and Consumer Loans.
8. Vehicles and Other Major Purchases.
9. Obtaining Affordable Housing.
Part III: INCOME AND ASSET PROTECTION.
10. Managing Property and Liability Risk.
11. Planning for Health Care Expenses.
12. Life Insurance Planning.
Part IV: INVESTMENTS.
13. Investment Fundamentals.
14. Investing in Stocks and Bonds.
15. Mutual and Exchange-Traded Funds.
16. Real Estate and High-Risk Investments.
17. Retirement and Estate Planning.