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Personal Finance: Turning Money Into Wealth Author: Arthur J. Keown Publisher: Prentice Hall ISBN: 0-13-104156-8. $114
This is the most engaging personal finance textbook I have seen. I must admit that Keown had me on page 1 with a photo of Elvis Presley, but the interesting celebrity photos (including Homer Simpson and Dilbert) are but a small part of what makes this a nice and effective personal finance text. The use of items from the Wall Street Journal and other financial publications is good, including a number from my favorite, Jonathan Clements. Even though this text is clearly for a general personal finance course, Keown integrates the use of a financial calculator, making this a good choice for programs that train financial planners.
The text is as up-to-date on most topics as possible, given the lag time in publishing textbooks. I would, however, have had some coverage of online banking, especially since a reminder is given to balance one's checkbook immediately after receiving the monthly statement. With online banking, one can do this weekly.
The chapter on credit cards is very good, including the advice "Don't even consider investing money if you have consumer debt." Even though I do not regard this as an absolute rule for everyone, it is excellent advice for most consumers. As Keown points out, "No investment can guarantee you a return equal to the 18 to 21 percent cost of credit." For the college student audience, this is absolutely right - any possible...