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Personal Finance, 7th edition

Published by Pearson (February 13, 2019) © 2020

  • Jeff Madura Emeritus Professor of Finance; Florida Atlantic University

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For personal finance courses.

A hands-on approach to financial planning

Personal Finance is renowned for its hands-on approach keyed to the concepts students need to build their own financial plans. The text's 7 parts are all pieces of a financial plan, with Chapter 21 serving as the capstone. A running example throughout the book and a variety of end-of-chapter cases reinforce the practical aspects of planning.

The 7th Edition is fully updated with recent financial trends, such as lower interest rates, changing salaries, and rules for credit card use. With workable examples throughout, the text is an active tool students can use to become comfortable managing their finances into the future.

Hallmark features of this title

  • Building Your Own Financial Plan exercises let students review and revise their personal financial goals, cash flow statement, and balance sheet to reflect their shifting priorities, as they complete their own financial plan.
  • Certified Financial Planner exercises ask students how to adjust financial planning in response to changes in economic conditions.
  • Explanation by Example boxes illustrate how concepts have been applied in realistic scenarios to help cement student understanding.
  • Ethical Dilemma boxes showcase real ethical situations along with questions, to encourage students to think critically about ethics.
  • Financial Literacy Tests assess students' knowledge of personal finance at the beginning and end of the course to determine their level of mastery.

New and updated features of this title

  • UPDATED: Coverage of present economic conditions, including the effects of tax law changes, keeps students informed of developments in the field.
  • REVISED: In End-of-Chapter Case Studies featuring the Sampsons, students plan for a family with 2 young children struggling to organize their finances, by working through a series of exercises and worksheets.
  • UPDATED: A running example walks students through the financial story of Stephanie Spratt, a fictitious, recent college grad and new entrant to the workforce, helping them apply the material to real-life scenarios.
  • UPDATED: A Brad Brooks Case illustrates the adverse effects of poor financial decision-making.
  • UPDATED: Internet-based resources, examples and problems provide students with hands-on practice applying financial concepts.
  • UPDATED: Projects in Appendix B focus on assessing credit, career planning, the stock market, and comparison shopping, to strengthen students' financial planning skills.

Features of MyLab Finance for the 7th Edition

  • NEW: Pearson eText is an easy-to-use digital textbook, available with MyLab, which lets students read, highlight and take notes all in one place, even when offline.
  • Question Help in homework and practice questions help students master concepts. Learning aids walk them through the problem, giving them assistance when they need it most.
  • The Study Plan gives students personalized recommendations, practice opportunities and learning aids to help them stay on track.

1. Overview of a Financial Plan

PART 1: TOOLS FOR FINANCIAL PLANNING
2. Planning with Personal Financial Statements
3. Applying Time Value Concepts
4. Using Tax Concepts for Planning

PART 2: MANAGING YOUR LIQUIDITY
5. Banking and Interest Rates
6. Managing Your Money
7. Assessing and Securing Your Credit
8. Managing Your Credit

PART 3: PERSONAL FINANCING
9. Personal Loans
10. Purchasing and Financing a Home

PART 4: PROTECTING YOUR WEALTH
11. Auto and Homeowner's Insurance
12. Health and Disability Insurance
13. Life Insurance

PART 5: PERSONAL INVESTING
14. Investing Fundamentals
15. Investing in Stocks
16. Investing in Bonds
17. Investing in Mutual Funds
18. Asset Allocation

PART 6: RETIREMENT AND ESTATE PLANNING
19. Retirement Planning
20. Estate Planning

PART 7: SYNTHESIS OF FINANCIAL PLANNING
21. Integrating the Components of a Financial Plan

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