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Cover of Personal Finance v4.0
Published: 
September 2023
Page Count: 
420
ISBN (Digital): 
978-1-4533-4193-3

Personal Finance

Version 4.0
By Rachel S. Siegel

Included Supplements

Key Features

  • Over 270 embedded hyperlinks to streaming videos and webpages to enrich online courses, engage students, and reinforce or augment many of the presented topics
  • Divided into five sections that reflect the typical cycle of personal financial decisions
    • Learning Basic Skills, Knowledge, and Context (Chapters 1–6)
    • Getting What You Want (Chapters 7–9)
    • Protecting What You’ve Got (Chapters 10 & 11)
    • Building Wealth (Chapters 12–17)
    • Getting Started (Chapter 18)
  • Comprehensive explanation of math steps and calculations (Chapter 4 “Evaluating Choices: Time, Risk, and Value”)
  • Supportive learning features in every chapter include:
    • “Learning Objectives” at the beginning of each main section preview the material to come and prepare students to learn
    • “Key Terms” help students understand and become comfortable with important vocabulary and phrasing
    • “Do the Math” reinforces pertinent math skills and provides additional opportunities for students to practice math, calculator, and spreadsheet skills using quantitative models and applications
    • “Key Takeaways” at the end of each main section reflect the corresponding Learning Objectives and summarize key ideas in bullet-point fashion. Key Takeaways enable the learner to pause and consolidate the information just read or experienced into a ‘chunk.’ This process enables the reader to better understand and retain the section’s content and its key concepts
    • “Exercises” at the end of each main section often ask students to verify data or look up data relevant to their situation, providing personalized, practical, and active learning. Solutions to objective questions are provided in the instructor’s manual
  • Customizable



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Personal Finance is suitable for introductory courses usually called Personal Finance or Personal Financial Planning taught primarily at the undergraduate level in departments of finance, family studies, or similar departments at both two- and four-year colleges and universities.

Personal Finance was written with two simple goals in mind: to help students develop a strong sense of financial literacy and provide a wide range of pedagogical aids to keep them engaged and on track. This book is a practical introduction that covers all of the fundamentals. It also introduces conceptual frameworks, such as the life cycle of financial decisions, in a way that students can easily grasp and immediately use in their personal lives.

New in This Version

  • Additional “Do the Math” exercises are now available for every chapter
  • Updated tax information and changes, specifically SECURE 2.0 (Chapter 6)
  • Updated and expanded discussion of trading includes discussions of “robo-advising” and online banking and investing platforms (Chapter 14)
  • Expanded material on commodities includes more information on currencies, cryptocurrencies, and tokens (Chapter 17)
  • About the Author
  • Acknowledgments
  • Dedications
  • Preface

    • Chapter 1: Personal Financial Planning

  • 1.1 Introduction
  • 1.2 Individual or “Micro” Factors That Affect Financial Thinking
  • 1.3 Systemic or “Macro” Factors That Affect Financial Thinking
  • 1.4 The Planning Process
  • 1.5 Financial Planning Professionals

    • Chapter 2: Basic Ideas of Finance

  • 2.1 Introduction
  • 2.2 Income and Expenses
  • 2.3 Assets
  • 2.4 Debt and Equity
  • 2.5 Income and Risk
  • 2.6 Do the Math

    • Chapter 3: Financial Statements

  • 3.1 Introduction
  • 3.2 Accounting and Financial Statements
  • 3.3 Comparing and Analyzing Financial Statements
  • 3.4 Accounting Software: An Overview
  • 3.5 Do the Math

    • Chapter 4: Evaluating Choices: Time, Risk, and Value

  • 4.1 Introduction
  • 4.2 The Time Value of Money
  • 4.3 Calculating the Relationship of Time and Value
  • 4.4 Valuing a Series of Cash Flows
  • 4.5 Using Financial Statements to Evaluate Financial Choices
  • 4.6 Evaluating Risk
  • 4.7 Do the Math

    • Chapter 5: Financial Plans: Budgets

  • 5.1 Introduction
  • 5.2 The Budget Process
  • 5.3 Creating the Comprehensive Budget
  • 5.4 The Details of Budgeting and Specialized Budgets
  • 5.5 Budget Variances
  • 5.6 Budgets, Financial Statements, and Financial Decisions
  • 5.7 Do the Math

    • Chapter 6: Taxes and Tax Planning

  • 6.1 Introduction
  • 6.2 Sources of Taxation and Kinds of Taxes
  • 6.3 The U.S. Federal Income Tax Process
  • 6.4 Record Keeping, Preparation, and Filing
  • 6.5 Taxes and Financial Planning
  • 6.6 Do the Math

    • Chapter 7: Financial Management

  • 7.1 Introduction
  • 7.2 Your Own Money: Cash
  • 7.3 Your Own Money: Savings
  • 7.4 Other People’s Money: Credit
  • 7.5 Other People’s Money: An Introduction to Debt
  • 7.6 Do the Math

    • Chapter 8: Consumer Strategies

  • 8.1 Introduction
  • 8.2 Consumer Purchases
  • 8.3 A Major Purchase: Buying a Car
  • 8.4 Do the Math

    • Chapter 9: Buying a Home

  • 9.1 Introduction
  • 9.2 Identify the Product and the Market
  • 9.3 Identify the Financing
  • 9.4 Purchasing and Owning Your Home
  • 9.5 Do the Math

    • Chapter 10: Personal Risk Management: Insurance

  • 10.1 Introduction
  • 10.2 Insuring Your Property
  • 10.3 Insuring Your Health
  • 10.4 Insuring Your Income
  • 10.5 Do the Math

    • Chapter 11: Personal Risk Management: Retirement and Estate Planning

  • 11.1 Introduction
  • 11.2 Retirement Planning: Projecting Needs
  • 11.3 Retirement Planning: Ways to Save
  • 11.4 Estate Planning
  • 11.5 Do the Math

    • Chapter 12: Investing

  • 12.1 Introduction
  • 12.2 Investments and Markets: A Brief Overview
  • 12.3 Investment Planning
  • 12.4 Measuring Return and Risk
  • 12.5 Diversification: Return with Less Risk
  • 12.6 Do the Math

    • Chapter 13: Behavioral Finance and Market Behavior

  • 13.1 Introduction
  • 13.2 Investor Behavior
  • 13.3 Market Behavior
  • 13.4 Extreme Market Behavior
  • 13.5 Behavioral Finance and Investment Strategies
  • 13.6 Do the Math

    • Chapter 14: The Practice of Investment

  • 14.1 Introduction
  • 14.2 Investment Information
  • 14.3 Investing and Trading
  • 14.4 Ethics and Regulation
  • 14.5 Investing Internationally: Risks and Regulations
  • 14.6 Do the Math

    • Chapter 15: Owning Stocks

  • 15.1 Introduction
  • 15.2 Stocks and Stock Markets
  • 15.3 Stock Value
  • 15.4 Common Measures of Value
  • 15.5 Equity Strategies
  • 15.6 Do the Math

    • Chapter 16: Owning Bonds

  • 16.1 Introduction
  • 16.2 Bonds and Bond Markets
  • 16.3 Bond Value
  • 16.4 Bond Strategies
  • 16.5 Do the Math

    • Chapter 17: Investing in Mutual Funds, Real Estate, Commodities, Currencies, and Collectibles

  • 17.1 Introduction
  • 17.2 Mutual Funds
  • 17.3 Real Estate Investments
  • 17.4 Commodities, Currencies, and Collectibles
  • 17.5 Do the Math

    • Chapter 18: Career Planning

  • 18.1 Introduction
  • 18.2 Choosing a Job
  • 18.3 Finding a Job
  • 18.4 Leaving a Job

    • Appendix A: Present Value and Future Value Tables

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    Instructor’s Manual

    Instructor’s Manual

    The Instructor’s Manual guides you through the main concepts of each chapter and important elements such as learning objectives, key terms, and key takeaways. Can include answers to chapter exercises, group activity suggestions, and discussion questions.

    Instructor’s Manual

    PowerPoint Lecture Notes

    PowerPoint Lecture Notes

    A PowerPoint presentation highlighting key learning objectives and the main concepts for each chapter are available for you to use in your classroom. You can either cut and paste sections or use the presentation as a whole.

    PowerPoint Lecture Notes

    Test Generator - powered by Cognero

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    Test Bank Files for Import to Learning Management Systems

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    Test Item File

    Test Item File

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    Sample Syllabi

    Sample Syllabi

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    Rachel S. Siegel Northern Vermont University

    Rachel S. Siegel (MBA Yale University, CFA) was a professor of finance, economics, and accounting at Vermont State University from 1990–2016. She has also taught as an adjunct faculty member at Trinity College (Vermont), Granite State College (New Hampshire), Springfield College (Massachusetts), the University of Vermont, and in Tel Aviv, Israel, for Champlain College. Rachel has been a consultant to the CFA Institute on exam development, data forensics, and curricula, and has consulted on various exam prep courses in finance. She has also developed a freelance career as a financial editor and writer, for both investment firms and academics. Her column “Follow the Money” has been a regular feature of the Northstar Monthly since 2001. Originally from Providence, Rhode Island, Rachel now lives in Barnet, Vermont.

    Additions & Errata

    [9/25/23]

    • Adjusted the wording of Chapter 6 Do the Math question 1 (c) which was missing information. Question now reads as follows: "If your federal income tax obligation is $50,000 at a 32% tax rate, what was your taxable income?

    [10/6/23]

    • Replaced broken MSN link in Chapter 7.4 Exercise with FinancialWeb article
    • Replaced the broken MSN retirement planner link in Chapter 11.2 Exercise 2 with one from Charles Schwab
    • Adjusted year 2020 to 2023 in Chapter 14.5 Exercise 3 to be more current
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