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Personal Finance, 8th edition

Published by Pearson (April 23, 2024) © 2025

  • Jeff Madura Emeritus Professor of Finance; Florida Atlantic University

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For personal finance courses.

A hands-on approach to personal financial planning

Personal Finance is renowned for its hands-on approach keyed to the concepts students need to make their own financial decisions. Workable cases, exercises and problems all reinforce the practical aspects of planning. By the end of the text, every student will have built a personal financial plan, and gained direction regarding their college major, favorite investment, credit score and career.

The 8th Edition has been thoroughly updated with recent financial trends and tools students can use to become confident managing their finances now and 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.
  • Internet-based resources and exercises help students make informed financial planning decisions.
  • A running example of a college grad and new entrant into the workforce helps students apply concepts to real-life situations.
  • Cases provide students with scenarios to hone their financial decision-making skills.
  • Psychology of Personal Finance boxes illustrate how personal finance behavior can be influenced by psychological forces.
  • Ethical Dilemma boxes showcase real ethical situations. Questions encourage students to think critically about ethics.

New and updated features of this title

  • NEW and REVISED: Projects help students select their college major, choose their ideal career goal, make suitable investments, and assess their credit situation (Appendix B).
  • REVISED: Ch. 3 focuses on long-term budgeting, following short-term budgeting in Ch. 2.
  • UPDATED: Ch. 4 examines tax brackets that should be applied to estimate your income tax, along with rules regarding child tax credits, college expense tax credits, and education savings plans.
  • EXPANDED: Ch. 5 explains the Federal Reserve’s role in substantially reducing interest rates during the recession caused by COVID, and then abruptly raising interest rates to reduce inflation.
  • UPDATED: Ch. 8 discusses college student use of credit cards.
  • EXPANDED: Ch. 10 looks at how economic conditions affect home prices, and how the COVID pandemic affected mortgage rates and home prices.

Features of MyLab Finance for the 8th Edition

  • Excel worksheets, including calculation-based templates, let students easily forecast their future salary and savings, determine their income tax liability, and estimate their monthly payments on a mortgage. Enhanced graphics help them visualize their cash outflows and asset allocation.
  • 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.

Financial Literacy Pre-Test

  1. Overview of a Financial Plan

PART 1: MANAGING YOUR BUDGET AND INCOME

  1. Budgeting
  2. Applying the Time Value of Money to Long-Term Budgeting
  3. Tax Planning

PART 2: MANAGING YOUR LIQUIDITY

  1. Banking and Interest Rates
  2. Managing Your Money
  3. Assessing and Securing Your Credit
  4. Managing Your Credit

PART 3: PERSONAL FINANCING

  1. Personal Loans
  2. Purchasing and Financing a Home

PART 4: PROTECTING YOUR WEALTH

  1. Auto and Homeowner's Insurance
  2. Health and Disability Insurance
  3. Life Insurance

PART 5: PERSONAL INVESTING

  1. Investing Fundamentals
  2. Investing in Stocks
  3. Investing in Bonds
  4. Investing in Mutual Funds
  5. Asset Allocation

PART 6: RETIREMENT AND ESTATE PLANNING

  1. Retirement Planning
  2. Estate Planning

PART 7: SYNTHESIS OF FINANCIAL PLANNING

  1. Integrating the Components of a Financial Plan

Financial Literacy Post-Test

APPENDICES

  1. Your Career
  2. Projects
  3. Financial Tables

Free Apps for Personal Finance

About our author

Dr. Jeff Madura is presently Emeritus Professor of Finance at Florida Atlantic University.

He has written several successful finance texts, including International Financial Management (in its 14th edition), and Financial Markets and Institutions (in its 13th edition). He has more than 200 articles on financial topics published in academic journals, including Journal of Financial and Quantitative Analysis; Journal of Banking and Finance; Journal of Money, Credit and Banking; Financial Management; Journal of Financial Research; Journal of Financial Services Research; and Financial Review.

Dr. Madura has received multiple awards for excellence in teaching and research. He has also served as a consultant for financial services firms. He has served as a director for the Southern Finance Association and Eastern Finance Association, and he is also former president of the Southern Finance Association.

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