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Personal Finance: Turning Money Into Wealth, 8th edition

Published by Pearson (January 19, 2018) © 2019

  • Arthur J. Keown

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For personal finance courses.

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 offers students lifelong tools that will help them effectively cope with an ever-changing financial environment.

The 8th Edition reflects recent changes in the world of personal finance. This includes new tax laws, the economic downturn, weakness in the labor markets, the explosion of student loans, and the rise of credit card debt.

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.
  • An in-depth look at the world of student loans helps untangle the complexities and jargon associated with them and facilitates good student decision-making practices (Ch. 7).
  • Accompanying Personal Finance Workbook Worksheets provide a step-by-step analysis of many of the personal finance decisions examined in the text. Instructors can assign them as homework or use them to guide students through actual decisions.

New and updated features of this title

  • NEW: Money and 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: Behavioral Insights boxes highlight how behavioral biases can sabotage financial well-being.
  • UPDATED: Emphasis on the use of the internet and the importance of apps for Smartphones, like Mvelopes, Quapital, Mint.com and Level Money, are introduced and highlighted when discussing budgeting and saving for student goals and record keeping.
  • UPDATED: Chapters 11 and 12 cover the changes in basic investments and asset allocation decisions. How the Dow Jones Industrial Average has more than tripled since March 2009 is also discussed.
  • UPDATED: Chapter 13 examines the impact of low interest rates on bonds, along with the inverse relationship between bond prices and interest rates.
  • UPDATED: Chapter 14 features discussion on mutual funds and ETFs.

Highlights of the DIGITAL UPDATE for MyLab Finance (available for Spring 2021 classes)

Instructors, contact your sales rep to ensure you have the most recent version of the course.

  • NEW: Personal Finance Simulations have students apply key finance concepts based on real-world scenarios as well as receive instant feedback.

Features of MyLab Finance for the 8th Edition; published 2018

  • Pearson eText is an easy-to-use digital textbook, available with MyLab, that lets students read, highlight and take notes all in one place, even when offline.

PART 1: FINANCIAL PLANNING

  1. The 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 2: 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 3: PROTECTING YOURSELF WITH INSURANCE

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

PART 4: MANAGING YOUR INVESTMENTS

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

PART 5: LIFE CYCLE ISSUES

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

APPENDICES

  1. Compound Sum of $1
  2. Present Value of $1
  3. Compound Sum of an Annuity of $1 for n Periods
  4. Present Value of an Annuity of $1 for n Periods
  5. Monthly Installment Loan Tables

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 one 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. His 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 books are widely used in college finance classes all over the country: Financial Management and Foundations of Finance: The Logic and Practice of Financial Management.

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, TX, and on Jeju Island in South Korea, while he and his wife live in Blacksburg, VA, where he collects original art from Mad magazine.

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