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Personal Finance: Turning Money into Wealth, 9th edition

Published by Pearson (February 1, 2022) © 2023

  • Arthur J. Keown Virginia Polytechnic Instit. and State University

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A blueprint for securing your financial future

Personal Finance: Turning Money into Wealth empowers students to successfully make and carry out a plan for their financial future. By introducing the 10 fundamental principles of personal finance in a way that leaves a lasting impression, this text provides students with lifelong tools that will help them effectively cope with an ever-changing financial environment.

The 9th Edition reflects recent developments in the world of personal finance. This includes tax changes, new laws, the ever-changing investments landscape, the explosion of student loans, and credit card challenges facing graduating students.

Hallmark features of this title

  • The 10 Principles of Personal Finance (first introduced in Ch. 1) are applied to different financial situations in each subsequent chapter.
  • Advice boxes identify areas of concern and propose questions to ask when performing personal finance tasks.
  • Cases examine real problems that tie together the chapter topics and require a practical financial decision.
  • A continuing case on Cory & Tisha Dumont lets students construct financial statements, analyze changing financial situations, calculate taxes, measure risk exposure, and create a financial plan.
  • Behavioral Insights boxes highlight how behavioral biases can sabotage financial well-being.
  • 10 Financial Life Events examine how personal finance affects all parts of students' lives and provides a response/action plan.

New and updated features of this title

  • NEW: Financial lessons from the COVID-19 pandemic are woven throughout the text, with significant emphasis placed on the importance of emergency funds.
  • EXPANDED: Extensive coverage of student loans, including student loan refunds and repaying student loans, is included. The text also helps students put together a plan for how they'll repay their loans after graduation and sets them on the path to achieving that goal (Ch. 7).
  • UPDATED: Discussion about the importance of considering health insurance benefits when evaluating job offers, as well as the costs and benefits of high deductible health plans, is included (Ch. 9).
  • UPDATED: New and heavily revised sections examine investments, including savings, stocks and the stock market, and more.
  • UPDATED: Money & Love boxes examine people's attitudes about these topics, and offer personal finance advice aimed at helping students build better, stronger and lasting relationships.
  • UPDATED: Emphasis on the use of the internet and the importance of apps for smartphones, like Mvelopes, Quapital, Mint.com and Goodbudget, are introduced and highlighted when discussing budgeting and saving for student goals and record keeping.

Features of MyLab Finance for the 9th Edition

  • Students can access a fully functional Financial Calculator inside MyLab and a financial calculator app that they can download to their iPhone®, iPad®, or Android device. They can then perform financial calculations and complete assignments, all in the same place.
  • Worked Out Solutions for submitted and graded homework provide students with step-by-step explanations on how to solve problems using the exact numbers and data presented in the original problem.
  • Dynamic Study Modules use the latest developments in cognitive science and help students study chapter topics by adapting to their performance in real time.

PART I: FINANCIAL PLANNING

  1. The Personal Financial Planning Process
  2. Measuring Your Financial Health and Making a Plan
  3. Understanding and Appreciating the Time Value of Money
  4. Tax Planning and Strategies

PART II: MANAGING YOUR MONEY

  1. Cash or Liquid Asset Management
  2. Using Credit Cards: The Role of Open Credit
  3. Student and Consumer Loans: The Role of Planned Borrowing
  4. The Home and Automobile Decision

PART III: PROTECTING YOURSELF WITH INSURANCE

  1. Life and Health Insurance
  2. Property and Liability Insurance

PART IV: MANAGING YOUR INVESTMENTS

  1. Investment Basics
  2. Investing in Stocks
  3. Investing in Bonds and Other Alternatives
  4. Mutual Funds and Exchange-Traded Funds: An Easy Way to Diversify

PART V: LIFE CYCLE ISSUES

  1. Retirement Planning
  2. Estate Planning: Saving Your Heirs Money and Headaches
  3. Financial Life Events: Fitting the Pieces Together

About our author

Arthur J. Keown is an Alumni Distinguished Professor and the R. B. Pamplin Professor of Finance at Virginia Polytechnic Institute and State University. He received his bachelor's degree from Ohio Wesleyan University, his MBA from the University of Michigan, and his doctorate from Indiana University.

An award-winning teacher, he is a member of the Academy of Teaching Excellence at Virginia Tech, he has received 5 Certificates of Teaching Excellence, the W. E. Wine Award for Teaching Excellence, and the Alumni Teaching Excellence Award, and in 1999 he received the Outstanding Faculty Award from the State of Virginia. In 2016, he was named to be 1 of 10 Alumni Distinguished Professors on campus and the first and only Alumni Distinguished Professor in the Pamplin College of Business.

Professor Keown is widely published in academic journals. In 2021 he was honored to be chosen by the student body at Virginia Tech to be their Class Sponsor. His academic research work has appeared in Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Financial Research, Journal of Banking and Finance, Financial Management, Journal of Portfolio Management, and many others. Two of his text books, Financial Management and Foundations of Finance: The Logic and Practice of Financial Management, are widely used in college finance classes all over the country.

Professor Keown is a Fellow of Decision Sciences Institute and served as Department Head for 12 years. In addition, he has served as the co-editor of both the Journal of Financial Research and the Financial Management Association's Survey and Synthesis Series.

He was recently inducted into Ohio Wesleyan's Athletic Hall of Fame for wrestling. His daughter and son are both married and live in Houston, Texas, and Denver, Colorado, while he and his wife live in Blacksburg, Virginia, where he collects original art from Mad magazine.

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