Personal Financial Planning,
16th Edition

Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk

ISBN-13: 9780357987872
Copyright 2025 | Published
700 pages | List Price: USD $312.95

Billingsley/Gitman/Joehnk’s market-leading PERSONAL FINANCIAL PLANNING, 16th Edition, provides the tools, techniques and understanding you need to define and achieve your financial goals. Numerous examples and practical illustrations reinforce a common-sense approach. Interesting features and insightful financial planning tips work with current updates to keep content both timely and relevant. New content guides you in using today’s financial tools and technology as you learn how to improve your spending habits, ask a financial adviser the right questions, budget effectively, choose the right bank, determine whether to buy or lease a car, select the best credit card, recognize what's most important in buying a home, invest wisely and plan for retirement. In addition, MindTap online learning system is available to assist in completing homework and mastering key skills.


1. Understanding the Financial Planning Process.
2. Developing Your Financial Statements and Plans.
3. Preparing Your Taxes.
4. Managing Your Cash and Savings.
5. Making Automobile and Housing Decisions.
6. Using Credit.
7. Using Consumer Loans.
8. Insuring Your Life.
9. Insuring Your Health.
10. Protecting Your Property.
11. Investment Planning.
12. Investing in Stocks and Bonds.
13. Investing in Mutual Funds and Real Estate.
14. Planning for Retirement.
15. Preserving Your Estate.

  • Randy Billingsley

    Randall S. Billingsley serves as a finance professor at VirginiaTech. He earned his bachelor’s in economics from Texas Tech University and received his M.S. in economics and a Ph.D. in finance from Texas A&M University. Dr. Billingsley holds the Chartered Financial Analyst (CFA), Financial Risk Manager (FRM) and Certified Rate of Return Analyst (CRRA) professional designations. An award-winning instructor at the undergraduate and graduate levels, his research, consulting and teaching focus on investment analysis and issues relevant to practicing financial advisors. Formerly a vice president at the Association for Investment Management and Research (now the CFA Institute), Dr. Billingsley published an equity valuation case study of Merck & Company that was assigned reading in the CFA curriculum for several years. In 2006 the Wharton School published his book, UNDERSTANDING ARBITRAGE: AN INTUITIVE APPROACH TO FINANCIAL ANALYSIS. In addition, his research has been published in refereed journals such as the Journal of Portfolio Management, the Journal of Banking and Finance, Financial Management, the Journal of Financial Research and the Journal of Futures Markets. Dr. Billingsley advises the Student-Managed Endowment for Educational Development (SEED) at Virginia Tech, which manages an equity portfolio of about $5 million on behalf of the Virginia Tech Foundation. To date, Dr. Billingsley’s consulting has focused on providing expert testimony on financial issues as well as helping investment professionals prepare for the CFA exams. Dr. Billingsley enjoys exploring and discussing the relationships among diverse areas of investment analysis as his consulting takes him throughout the United States, Canada, Europe and Asia.

  • Lawrence J. Gitman

    Lawrence J. Gitman is an emeritus professor of finance at San Diego State University. He received his bachelor’s degree from Purdue University, his M.B.A. from the University of Dayton and his Ph.D. from the University of Cincinnati. Dr. Gitman is a prolific textbook author with numerous best-selling books, and he has written more than 50 articles for various finance journals. An active member of numerous professional organizations, Dr. Gitman is past president of the Academy of Financial Services, the San Diego Chapter of the Financial Executives Institute, the Midwest Finance Association and the FMA National Honor Society. In addition, Dr. Gitman is a Certified Financial Planner® (CFP®). He formerly served as a director on the CFP® Board of Governors in addition to functioning as vice-president–financial education for the Financial Management Association and as director of the San Diego MIT Enterprise Forum. Dr. Gitman has two grown children and lives with his wife in La Jolla, California, where he is an avid bicyclist.

  • Michael D. Joehnk

    Michael D. Joehnk is an emeritus professor of finance at Arizona State University. In addition to his academic appointments at ASU, Dr. Joehnk spent a year as a visiting professor of finance at the University of Otago in New Zealand. He received his B.A. and Ph.D. degrees from the University of Arizona and his M.B.A. from Arizona State University. A Chartered Financial Analyst (CFA), he served as a member of the Candidate Curriculum Committee and of the Council of Examiners of the Institute of Chartered Financial Analysts. He also served as a director of the Phoenix Society of Financial Analysts and as secretary-treasurer of the Western Finance Association. He was also elected to two terms as vice president of the Financial Management Association. In addition, Dr. Joehnk was the editor of Institutional Asset Allocation, which was sponsored by the Institute of Chartered Financial Analysts and published by Dow Jones-Irwin. He also has contributed to the Handbook for Fixed Income Securities and to Investing and Risk Management, Volume 1 of the Library of Investment Banking. In addition, Dr. Joehnk served a six-year term as executive co-editor of the Journal of Financial Research. He and his wife live in Flagstaff, Arizona, where they enjoy hiking and other activities in the surrounding areas.

  • "WORKING WITH A FINANCIAL ADVISOR" FEATURE IS STRATEGICALLY INTEGRATED ACROSS THE BOOK. This helps to target next steps in applying personal financial planning to students’ lives going forward. A new appendix on “Using Spreadsheets” has also been added. This illustrates how financial planning concepts may be applied using the data in the book and the personal financial data of students.

  • HIGHLIGHTED PRACTICAL EXAMPLES ILLUSTRATE EVERYDAY APPLICATIONS. A series of engaging, practical examples in each chapter demonstrate relevant financial principles in action. Examples include the impact of starting an IRA early, calculating the maximum affordable mortgage, credit card choice trade-offs, homeowner’s insurance policy coverage limits, evaluating mutual funds and exchange-traded funds and the use of life insurance in estate planning.

  • THE "FINANCIAL IMPACT OF PERSONAL CHOICES" EXAMINES AN IMPORTANT DECISION RELATED TO EACH CHAPTER'S CONTENT. This learning feature presents a personal financial planning decision related to an important topic in each chapter. Students review and evaluate the outcome.

  • THOROUGH UPDATES OFFER A MORE PERSONAL TOUCH TO THE SUBJECT MATTER. The friendly tone helps relate big financial ideas to students’ everyday lives, based on the latest research and input from practicing professionals and leading instructors. The book continues to emphasize the validity and importance of key principles of personal financial planning, including saving, diversifying investments, watching expenditures and borrowing carefully.

  • FRESH, INVITING DESIGN SUPPORTS THE READER'S UNDERSTANDING. Based on feedback from current instructors, financial planners and students, this edition incorporates numerous updates and a fresh design to ensure that the book presents financial information in a clear, concise and understandable manner. Updated, practical sidebar discussions provide useful tips and guidelines and numerous learning features reinforce this edition's inviting design.

  • UPDATED "FINANCIAL ROAD SIGNS" AND FINANCIAL PLANNING TIPS OFFER VALUABLE HINTS AND SUGGESTIONS FOR FINANCIAL DECISIONS. These brief, helpful "Financial Road Signs" and "Financial Planning Tips" suggest what students should consider when implementing parts of a financial plan or making personal financial decisions in today’s times. This invaluable financial advice walks students through developing budgets, handling student debt, conducting online banking, purchasing vehicles, using debit cards, buying health or life insurance and investing.

  • STUDENTS RELATE TO PRACTICAL CHAPTER CONTENT IMMEDIATELY. A "How Will This Affect Me?" feature at the beginning of each chapter explains in plain language why readers will find the chapter’s topics relevant to their lives. Each chapter also opens with a series of "Financial Fact or Fantasy" statements that engage and prompt students to critically evaluate financial information and assumptions. A “Do It Now” feature provides action items that provide guidance on what the reader can do to immediately explore and apply financial planning concepts in the current environment.

  • PERSONAL FINANCIAL PLANNING FOR HUMAN BEINGS. The “Behavior Matters” feature explores how our psychology affects our financial planning decisions for better or worse and how to take it into account to consistently make better decisions.

  • STUDENTS SEE A ROAD MAP FOR THEIR FINANCIAL FUTURE. The “Planning Over a Lifetime" feature at the end of each chapter shows how the given financial tools allow them to best adapt to changes over a lifetime.

  • UPDATED END-OF-CHAPTER FEATURES ENSURE COMPREHENSION AND APPLICATION. Useful summaries at the end of each chapter review learning goals and connect to concepts within financial planning exercises and critical-thinking cases. Students test and apply their understanding with out-of-class projects, exercises and worksheets designed to help manage personal finances. They also make personal financial planning decisions related to chapter topics and evaluate the outcomes.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

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