Solutions Manual for Principles of Geotechnical Engineering, 10th Edition by Braja Das . Latest Edition

SOLUTION MANUAL
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Personal Finance, 14th Edition
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By E. Thomas Garman, Chapter 1 - 17
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,TABLEOFCONTENTS q
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Part I: FINANCIAL PLANNING.
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1. Understanding Personal Finance. qx qx




2. Career Planning. qx




3. Financial Statements, Goals, and Budgets.
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Part II: MONEY MANAGEMENT.
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4. Managing Income Taxes. qx qx




5. Managing Checking and Savings Accounts. qx qx qx qx




6. Building and Maintaining Good Credit.
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7. Credit Cards and Consumer Loans.
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8. Vehicles and Other Major Purchases.
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9. Obtaining Affordable Housing. qx qx




Part III: INCOME AND ASSET PROTECTION.
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10. Managing Property and Liability Risk. qx qx qx qx




11. Planning for Health Care Expenses. qx qx qx qx




12. Life Insurance Planning.
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Part IV: INVESTMENTS.
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13. Investment Fundamentals. qx

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




15. Mutual and Exchange-Traded Funds.
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16. Real Estate and High-Risk Investments.
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17. Retirement and Estate Planning. qx qx qx




SolutionandAnswerGuide q
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GARMAN/FOX, PERSONAL FINANCE 14E, CHAPTER 1: THINKING LIKE A FINANCIAL PLANNER
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TABLE OF CONTENTS QX QX




Answers to Chapter Concept Checks ......................................................................................... 2
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What Do You Recommend Now? .............................................................................................. 4
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Let’s Talk About It ........................................................................................................................ 5
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Do the Math .................................................................................................................................. 6
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Financial Planning Cases ............................................................................................................... 8
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Extended Learning ...................................................................................................................... 10
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, ANSWERS TO CHAPTER CONCEPT CHECKS QX QX QX QX




LO1.1 Recognize the keys to achieving financial success.
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1. Explain the five steps in the financial planning process.
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Answer: There are five fundamental steps to the personal financial planning process: (1) eva
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lua te your financial health to your education and career choice; (2) define your financial g
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oals; (3) develop a plan of action to achieve your goals; (4) implement spending and saving
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plans to mo nitor and control progress toward your goals; and (5) review your financial pro
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gress and make changes as appropriate.
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2. Distinguish among financial success, financial security, and financial happiness.
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Answer: Financial success is the achievement of financial aspirations that are desired, plann
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ed, or attempted. Success is defined by the individual or family that seeks it. Financial succe
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ss may be defined as being able to live according to one’s standard of living. Financial
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security is tha t comfortable feeling that your financial resources will be adequate to fulf
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ill any needs you hav e as well as your wants. Financial happiness is the experience you h
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ave when you are satisfied with money matters. People who are happy about their financ
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es will see a spillover into positiv e feelings about life in general.
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3. Summarize what you will accomplish studying personal finance.
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Answer: Several things can be accomplished by studying personal finance. Recognize how to m
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a nage unexpected and expected financial events. Pay as little as possible in income taxes. Und
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ersta nd how to effectivelyBcomparison shop for vehicles and homes. Protect what we own. Inve
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st wiselyqx


. Accumulate and protect the wealth that we may choose to spend during our non-
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working years (e.g., retirement) or donate.
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4. What are the building blocks to achieving financial success?
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Answer: The building blocks for achieving financial success include a foundation of regular
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inc ome that provides the means to support your lifestyle and save for desired goals in th
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e future. The foundation supports a base of various banking accounts, insurance protection,
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and employ ee benefits. Then we can establish goals, a recordkeeping system, a budget, an
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d an emergency savings fund. We will also manage various expenses such as housing, trans
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portation, insurance, and the payment of taxes. We will also need to handle credit, savings,
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xand educational costs. F inally, we invest in various investment alternatives such as mutual
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funds, stocks, and bonds, oft en for retirement. As a result of all these building blocks, we
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are more apt to have a financially successful life.
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LO1.2 Understand how the economy affects your personal financial success.
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1. Summarize the phases of the business cycle. qx qx qx qx qx qx




Answer: The business cycle entails a wavelike pattern of rising and falling economic activity as
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measured by economic indicators like unemployment rates or the gross domestic product. The
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