Personal Finance, Eigth Edition

by Garman, E. Thomas

Edition:

1st

ISBN13:

9780618471423

ISBN10:

0618471421

Format:

Hardcover

Pub. Date:

1/1/2005

Publisher(s):

HOUGHTON MIFFLIN

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Summary

This text offers a student-friendly "how to" introduction to managing personal finances.Personal Financeteaches students how to save and invest, manage student loans, decrease credit card debt, find reliable financial online and much more. Throughout the text, students receive advice from personal finance experts, and encounter a variety of real-life scenarios featuring people facing a wide range of financial challenges. The Eighth Edition also includes an easy-to-use guide to recent changes in tax laws, updated graphics and a more sophisticated color scheme, and coverage of the latest trends and topics in the realm of personal finance. New!"Golden Rules of Personal Finance" boxes appear on the second page of every chapter. Each list provides concise advice on making good personal finance decisions early in life to avoid financial hardships later. New!"Advice from an Expert" boxes are co-authored by some of the nation's most renowned personal finance authorities. Each has shared some of the specialized and unique knowledge gained through years of practice in the field. Topics include: Money Mantras for a Richer Life, How Inflation Affects Borrowing, and Buy Your Retirement on the Layaway Plan. New!Group discussion issues appear as end-of-chapter activities, offering students an opportunity to share some of their personal finance experiences with others in the classroom. New!Chapter 19 has been rewritten to cover the basics of estate planning and focuses on actions newly-employed college graduates should take to secure their assets. New!All figures and tables have been updated, redrawn for more precise visual impact and comprehension, and appear in the most appropriate places within the narrative. Additions include: How Your Income Is Really Taxed, What It Costs to Borrow Money, and Balancing Risk and Return on Mutual Funds. Updated!The Eighth Edition continues to provide both the instructor and student with the most up-to-date coverage of topics and trends in personal finance issues. In addition, over 50 new terms have been added to the text. Updated!Chapter 4 has been completely updated to reflect the over thirty recent tax law changes affecting individual taxpayers, and includes tips that can help to reduce almost anyone's income tax liability.

Note: Each chapter concludes with a Summary, Key Words and Concepts, Questions for Thought and Discussion, Decision-Making Cases, Financial Math Questions, Money Matters: Life-Cycle Cases, and Exploring the World of Personal Finance
Financial Planning
The Importance of Personal Finance
Why Study Personal Finance?
Five Lifetime Financial
Objectives Understanding the Economic Environment of Personal Finance
Economic Considerations
That Affect Decision Making Objectives and Steps to Successful
Management of Personal Finances
How Work Decisinos Affect Success in Personal Finance
Financial Planning
The Components of Successful Financial Planning
Financial Statements
Financial Ratios
Financial Recordkeeping Using Computer Software in Personal
Financial Planning What to Know about Professional
Financial Planning
Managing Taxes Administration and Classification of Income Taxes
The Marginal Tax Rate
Is Applied to the Last Dollar
Earned Who Should File a Tax Return?
Ways to Pay Income Taxes
Eight Steps in Calculating
Your Income Taxes Avoid Taxes
Through Proper Planning The IRS Audits Some Tax Returns
Money Management
Budgeting and Cash-Flow Management
The Relationship Between Financial Planning and Budgeting
The Financial Goal-Setting Phase of Budgeting
The Organization Phase of Budgeting
The Decision-Making Phase of Budgeting
The Implementation Phase of Budgeting
The Control Phase of Budgeting The Evaluation Phase of Budgeting
Discussions About Money
Managing Your Cash
What Is Cash Management?
Today's Providers of Financial Services
Electronic Funds Transfer Cash Management
Tool 1: Interest-Earning Checking Accounts Cash Management
Tool 2: Savings Accounts Cash Management
Tool 3: Money Market Accounts Cash Management
Tool 4: Low-Risk, Long-Term Savings Instruments
Credit Use and Credit Cards Distinguishing Between Installment and Noninstallment
Credit Reasons for and Against Using
Credit Types of Open-Ended Credit Accounts
The Process for Opening an Open-Ended
Charge Account Managing a Charge Account
Planned Borrowing Planning Your Credit Usage
Establishing a Debt Limit
The Language of Consumer Loans
Sources of Consumer Loans Calculating
Finance Charges and Annual Percentage Rates
Dealing with Overindebtedness
Automobiles and Other
Major Purchases Guidelines for Wise Buying Steps Taken
Before Interacting with the Seller Comparison Shopping
Negotiate and Decide upon the Best Deal Evaluate Your Decision
The Housing Expenditure Renting versus Owning Your Home
How Much Can You Afford for Housing? Financing a Home
What Does It Cost to Buy a Home?
Special Considerations in Home
Buying Selling a Home: A Lesson in Role Reversal
Income and Asset Protection
Risk Management and Property/Liability
Insurance Risk and Risk Management
What Is Insurance?
Homeowner's Insurance Automobile Insurance
Other Property and Liability Loss Exposures
Collecting on Your Property and Liability Losses
Health Care Planning Providers of Health Care Plans
Coverages Provided by Health Care
Plans Making Sense of Your
Health
Benefits
Disability
Income
Insurance
Life Insurance Planning
Why Buy Life Insurance?
How to Determine Your Life Insurance Needs
Types of Life Insurance
Understanding Your Life Insurance Policy Strategies for Buying Life Insurance
Investment Planning
Investment Fundamentals and Portfolio
Management Preparations for Investing
Discovering Your Own Personal
Investment Philosophy
Investment Selection
Major Factors That Affect the Rate of Return on an Investment
Portfolio Management Strategies for Long-Term Investors
The Best Time to Sell
Investing in Stocks and Bonds
Stocks and Bonds and How They Are Used
The Language of Stock Investing
Three Basic Classifications of Common Stock
The Language of Bond Investing
Types of Bonds Available to Investors
What Should You Consider Before Investing in Bonds?
Advantages and Disadvantages of Investing in Bonds
Investing Through Mutual Funds
Reasons for Investing Through Mutual Funds
The Different Objectives of Mutual Funds
Classification of Mutual Funds
According to Their Portfolios Unique
Benefits of Mutual Funds
The Costs of Investing Through Mutual Funds
Strategies for Selecting a Mutual Fund
When to Sell a Mutual Fund
Buying and Selling Securities
Securities Markets Operation of a Brokerage Firm
Interpretation of Stock, Bond, and Mutual Fund Quotations
Securities Transactions and the Investor
Information about Securities Estimating and Calculating
Potential Returns on Investments How to Invest: A Twelve-Step Process
Real Estate and Advanced Portfolio Management
Advantages and Disadvantages of Real Estate and Techniques of Advanced Portfolio Management
What Should You Pay for a Real Estate Investment?
Direct and Indirect Ownership Investments in Real Estate
Speculation in the Securities Markets Speculation with Tangible Investments
Retirement and Estate Planning
Retirement Planning
Radical Changes for Workers and Retirees
Retirement Expenses and Income Sources
Tax-Sheltered
Retirement Plans Employer-Sponsored Qualified
Retirement Plans Personal
Retirement Plans Social Security
Retirement Benefits
A Retirement Planning
Illustration
Estate Planning Distributions by Probate Court
Distributions by Prearranged Actions
Outside Probate Court Use of Trusts to Transfer
Assets and Reduce Taxes Protection of an Estate from Transfer Taxes
Present and Future Value Tables
Estimating Social Security Benefits
Careers in Personal Financial Planning and Counseling
How to Use a Financial Calculator
Table of Contents provided by Publisher. All Rights Reserved.