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SOLUTION MANUAL Personal Finance, 14th Edition By Garman, all Chapter 1-17

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SOLUTION MANUAL for Personal Finance, 14th Edition By Garman, all Chapter 1-17 ISBN 9780357901496 SOLUTION MANUAL for Personal Finance, 14th Edition By Garman, all Chapter 1-17 ISBN 9780357901496 SOLUTION MANUAL for Personal Finance, 14th Edition By Garman, all Chapter 1-17 ISBN 97803579014...

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  • September 30, 2024
  • 419
  • 2024/2025
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SOLUTION MANUAL

Personal Finance, 14th Edition

By Garman, all Chapter 1-17

,TABLE OF CONTENTS e e e




Part I: FINANCIAL PLANNING.
e e e




1. Understanding Personal Finance.
e e e




2. Career Planning.
e e




3. Financial Statements, Goals, and Budgets.
e e e e e




Part II: MONEY MANAGEMENT.
e e e




4. Managing Income Taxes.
e e e




5. Managing Checking and Savings Accounts.
e e e e e




6. Building and Maintaining Good Credit.
e e e e e




7. Credit Cards and Consumer Loans.
e e e e e




8. Vehicles and Other Major Purchases.
e e e e e




9. Obtaining Affordable Housing.
e e e




Part III: INCOME AND ASSET PROTECTION.
e e e e e




10. Managing Property and Liability Risk.
e e e e e




11. Planning for Health Care Expenses.
e e e e e




12. Life Insurance Planning.
e e e




Part IV: INVESTMENTS.
e e




13. Investment Fundamentals.
e e

,14. Investing in Stocks and Bonds.
e e e e e




15. Mutual and Exchange-Traded Funds.
e e e e




16. Real Estate and High-Risk Investments.
e e e e e




17. Retirement and Estate Planning.
e e e e




Solution and Answer Guide e e e


GARMAN/FOX, PERSONAL FINANCE 14E, CHAPTER 1: THINKING LIKE A FINANCIAL PLANNER
E E E E E E E E E E




TABLE OF CONTENTS E E




AnswersetoeChaptereConcepteChecks ......................................................................................... 2
WhateDoeYoueRecommendeNow? .............................................................................................. 4
Let’seTalkeAbouteIt ......................................................................................................................................................... 5
DoetheeMath ............................................................................................................................... 6
FinancialePlanningeCases ............................................................................................................ 8
ExtendedeLearning ...................................................................................................................10

, ANSWERS TO CHAPTER CONCEPT CHECKS
E E E E




LO1.1eRecognizeetheekeysetoeachievingefinancialesuccess.
1. Explainetheefiveestepseinetheefinancialeplanningeprocess.

Answer:eThereeareefiveefundamentalestepsetoetheepersonalefinancialeplanningeprocess:e(1)eevaluatee
yourefinancialehealthetoeyoureeducationeandecareerechoice;e(2)edefineeyourefinancialegoals;e(3)edevel
opeaeplaneofeactionetoeachieveeyouregoals;e(4)eimplementespendingeandesavingeplansetoemonitorean
decontroleprogressetowardeyouregoals;eande(5)erevieweyourefinancialeprogresseandemakeechangeseas
eappropriate.



2. Distinguisheamongefinancialesuccess,efinancialesecurity,eandefinancialehappiness.

Answer:eFinancialesuccesseisetheeachievementeofefinancialeaspirationsethateareedesired,eplanned,eo
reattempted.eSuccesseisedefinedebyetheeindividualeorefamilyethateseekseit.eFinancialesuccessemayebeed
efinedeasebeingeableetoeliveeaccordingetoeone’sestandardeofeliving.eFinancialesecurityeisethatecomfor
tableefeelingethateyourefinancialeresourcesewillebeeadequateetoefulfilleanyeneedseyouehaveeasewellease
yourewants.eFinancialehappinesseisetheeexperienceeyouehaveewheneyoueareesatisfiedewithemoneyem
atters.ePeopleewhoeareehappyeaboutetheirefinancesewilleseeeaespillovereintoepositiveefeelingseabouteli
feeinegeneral.

3. Summarizeewhateyouewilleaccomplishestudyingepersonalefinance.

Answer:eSeveralethingsecanebeeaccomplishedebyestudyingepersonalefinance.eRecognizeehowetoemana
geeunexpectedeandeexpectedefinancialeevents.ePayeaselittleeasepossibleeineincomeetaxes.eUnderstandeh
owetoeeffectivelyecomparisoneshopeforevehicleseandehomes.eProtectewhateweeown.eInvestewisely.eAccu
mulateeandeprotectetheewealthethateweemayechooseetoespendeduringeourenon-
workingeyearse(e.g.,eretirement)eoredonate.

4. Whateareetheebuildingeblocksetoeachievingefinancialesuccess?

Answer:eTheebuildingeblockseforeachievingefinancialesuccesseincludeeaefoundationeoferegulareincom
eethateprovidesetheemeansetoesupporteyourelifestyleeandesaveeforedesiredegoalseinetheefuture.eTheefo
undationesupportseaebaseeofevariousebankingeaccounts,einsuranceeprotection,eandeemployeeebenef
its.eTheneweecaneestablishegoals,eaerecordkeepingesystem,eaebudget,eandeaneemergencyesavingsefun
d.eWeewillealsoemanageevariouseexpensesesucheasehousing,etransportation,einsurance,eandetheepaym
enteofetaxes.eWeewillealsoeneedetoehandleecredit,esavings,eandeeducationalecosts.eFinally,eweeinvestein
evariouseinvestmentealternativesesucheasemutualefunds,estocks,eandebonds,eofteneforeretirement.eAse

aeresulteofealletheseebuildingeblocks,eweeareemoreeaptetoehaveeaefinanciallyesuccessfulelife.

LO1.2eUnderstandehowetheeeconomyeaffectseyourepersonalefinancialesuccess.
1. Summarizeetheephaseseofetheebusinessecycle.

Answer:eTheebusinessecycleeentailseaewavelikeepatterneoferisingeandefallingeeconomiceactivityeaseme
asuredebyeeconomiceindicatorselikeeunemploymenterateseoretheegrossedomesticeproduct.eTheephase
seofetheebusinessecycleeincludeeexpansione(preferredestage—

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