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Personal Financial Planning 14th Edition Randy Billingsley PDF Download

The document provides information about the 14th edition of 'Personal Financial Planning' by Randy Billingsley and others, available for download in various digital formats. It outlines the contents of the book, which covers topics such as financial planning processes, managing assets, credit, insurance, investments, and retirement planning. Additionally, it includes details about the authors and copyright information from Cengage Learning.

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657 views71 pages

Personal Financial Planning 14th Edition Randy Billingsley PDF Download

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Randall S. Billingsley Lawrence J. Gitman Michael D. Joehnk
Virginia Tech San Diego State University Arizona State University

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Preface, ix
About the Authors, xviii

Part 1 Foundations of Financial Planning, 1

Chapter 1 Understanding the Financial Planning Process, 2
Chapter 2 Using Financial Statements and Budgets, 42
Chapter 3 Preparing Your Taxes, 85

Part 2 Managing Basic Assets, 123

Chapter 4 Managing Your Cash and Savings, 124
Chapter 5 Making Automobile and Housing Decisions, 163

Part 3 Managing Credit, 215

Chapter 6 Using Credit, 216
Chapter 7 Using Consumer Loans, 260

Part 4 Managing Insurance Needs, 299

Chapter 8 Insuring Your Life, 300
Chapter 9 Insuring Your Health, 340
Chapter 10 Protecting Your Property, 379

Part 5 Managing Investments, 411

Chapter 11 Investment Planning, 412
Chapter 12 Investing in Stocks and Bonds, 461
Chapter 13 Investing in Mutual Funds, ETFs, and Real Estate, 508

Part 6 Retirement and Estate Planning, 555

Chapter 14 Planning for Retirement, 556
Chapter 15 Preserving Your Estate, 598

Appendix A Table of Future Value Factors, 637

Appendix B Table of Future Value Annuity Factors, 638
Appendix C Table of Present Value Factors, 639
Appendix D Table of Present Value Annuity Factors, 640
Appendix E Using a Financial Calculator, 641

Index, 643

iv Brief Contents

Preface, ix
About the Authors, xviii

Part 1 Foundations of Financial Planning, 1

Chapter 1 Understanding the Financial Planning Process, 2

The Rewards of Sound Financial Planning, 3
The Personal Financial Planning Process, 8
Worksheet 1.1 Summary of Personal Financial Goals, 15
ARIEL SKELLEY/JUPITER IMAGES
From Goals to Plans: A Lifetime of Planning, 16
Worksheet 1.2 Analyzing the Benefit of a Second Income, 22
The Planning Environment, 29
What Determines Your Personal Income?, 34

Chapter 2 Using Financial Statements and Budgets, 42

Mapping Out Your Financial Future, 43
The Balance Sheet: How Much Are You Worth Today?, 45
Worksheet 2.1 Balance Sheet for Simon and Meghan Kane, 48
The Income and Expense Statement: What We Earn and Where It Goes, 51
Worksheet 2.2 Income and Expense Statement for Simon and Meghan Kane, 53
Using Your Personal Financial Statements, 56
Cash In and Cash Out: Preparing and Using Budgets, 60
Worksheet 2.3 The Kanes’ Annual Cash Budget by Month, 62
Worksheet 2.4 The Kanes’ Budget for a Recent Month, 68
The Time Value of Money: Putting a Dollar Value on Financial Goals, 69

Chapter 3 Preparing Your Taxes, 85

Understanding Federal Income Tax Principles, 86
It’s Taxable Income that Matters, 90
Calculating and Filing Your Taxes, 96
Worksheet 3.1 2014 Tax Return (Form 1040EZ) for Anna Bhatia, 101
Worksheet 3.2 2014 Tax Return (Form 1040) for the Beckers, 104
Other Filing Considerations, 107
Effective Tax Planning, 112

Part 2 Managing Basic Assets, 123

Chapter 4 Managing Your Cash and Savings, 124

The Role of Cash Management in Personal Financial Planning, 125
Today’s Financial Services Marketplace, 128
A Full Menu of Cash Management Products, 131
AlikeYou/Shutterstock.com
Maintaining a Checking Account, 139
Worksheet 4.1 An Account Reconciliation Form: Jackson Smith’s May 2017 Statement, 146
Establishing a Savings Program, 148

Contents v

Part 3 Managing Credit, 215

Chapter 6 Using Credit, 216

The Basic Concepts of Credit, 217
©seyomedo/Shutterstock.com
Credit Cards and Other Types of Open Account Credit, 223
Worksheet 6.1 Evaluating Your Credit, 224
Obtaining and Managing Open Forms of Credit, 238
Using Credit Wisely, 248

Chapter 7 Using Consumer Loans, 260

Basic Features of Consumer Loans, 261
Managing Your Credit, 271
Single-Payment Loans, 275
Worksheet 7.1 Tracking Your Consumer Debt, 275
Installment Loans, 282
Worksheet 7.2 To Borrow or Not to Borrow, 289

Part 4 Managing Insurance Needs, 299

Chapter 8 Insuring Your Life, 300

Basic Insurance Concepts, 301
© STOCKLITE/SHUTTERSTOCK.COM
Why Buy Life Insurance?, 303
How Much Life Insurance Is Right for You?, 305
Worksheet 8.1 Determining the Brewers’ Need for Life Insurance, 310
What Kind of Policy Is Right for You?, 311
Buying Life Insurance, 323
Key Features of Life Insurance Policies, 329

Chapter 9 Insuring Your Health, 340

The Importance of Health Insurance Coverage, 341
Health Insurance Plans, 343
Health Insurance Decisions, 351
Medical Expense Coverage and Policy Provisions, 355
Worksheet 9.1 Health Insurance Checklist, 356
Long-Term-Care Insurance, 363
Disability Income Insurance, 368
Worksheet 9.2 Estimating Disability Income Insurance Needs, 369

vi Contents

Part 5 Managing Investments, 411

Chapter 11 Investment Planning, 412

The Objectives and Rewards of Investing, 413
©wavebreakmedia/Shutterstock.com
Worksheet 11.1 Determining the Amount of Investment Capital, 418
Securities Markets, 422
Making Transactions in the Securities Markets, 429
Becoming an Informed Investor, 436
Online Investing, 444
Managing Your Investment Holdings, 447
Worksheet 11.2 Keeping Tabs on Your Investment Holdings, 452

Chapter 12 Investing in Stocks and Bonds, 461

The Risks and Rewards of Investing, 462
Investing in Common Stock, 470
Investing in Bonds, 484

Chapter 13 Investing in Mutual Funds, ETFs, and Real Estate, 508

Mutual Funds and Exchange-Traded Funds: Some Basics, 509
Types of Funds and Fund Services, 522
Making Mutual Fund and ETF Investments, 531
Investing in Real Estate, 541

Part 6 Retirement and Estate Planning, 555

Chapter 14 Planning for Retirement, 556

An Overview of Retirement Planning, 557
Worksheet 14.1 Estimating Future Retirement Needs, 561
Social Security, 566
Pension Plans and Retirement Programs, 571
Annuities, 585

Chapter 15 Preserving Your Estate, 598 ©Dean Mitchell/Shutterstock.com

Principles of Estate Planning, 599

Thy Will Be Done . . ., 606
Worksheet 15.1 A Checklist of Items to Keep in a Safe-Deposit Box, 613
Trusts, 617
Federal Unified Transfer Taxes, 622
Calculating Estate Taxes, 626
Estate Planning Techniques, 627
Worksheet 15.2 Computing Federal Estate Tax Due, 628

Contents vii

viii Contents

• Why can’t I budget more effectively and what should I do about it?
• How much money should I set aside for emergencies?
• How do I pick the best credit card and best manage it?
• Would I be better off renting or buying a home?
• How much of a mortgage can I afford?
• What are the implications of the Affordable Care Act for my health insurance?
• What features do I need in car and homeowner’s insurance and how do I get the
best prices?
• What do I need to know about stocks and bonds to make good investments?
• How do I choose the best mutual funds and exchange traded funds (ETFs)?
• How do I plan for retirement?
• How do tax-deferred investment vehicles work and what should I do about them?
• Do I really need a will if I’m young and just getting started?
• Isn’t estate planning just for rich people?
So many questions about managing our personal finances—and the stakes are so
high! Personal Financial Planning, 14th edition, provides a framework for answering
these questions and more. Careful planning allows us to best adapt to changes in the
financial environment and the associated changes in our own lives. This book p rovides
tools for preparing personal financial plans that serve as road maps for achieving
goals. It emphasizes the dynamics of the financial planning process by considering the
impact of life changes—birth, marriage, divorce, job and career, and death.
Personal Financial Planning addresses all of the major financial planning issues
and problems that individuals and families encounter. It links together all of the ma-
jor elements of effective money management. All of the latest financial planning tools
and techniques are discussed. This comprehensive text is written in a personal style
that uses state-of-the-art pedagogy to present the key concepts and procedures used
in sound personal financial planning and effective money management. The roles
of various financial decisions in the overall personal financial planning process are
clearly delineated.
The book serves individuals who are, or will be, actively developing their own
personal financial plans. It meets the needs of instructors and students in a first
course in personal financial planning (often called “personal finance”) offered at col-
leges and universities, junior and community colleges, professional certification pro-
grams, and continuing education courses. The experiences of individuals and families
are used to demonstrate successes and failures in various aspects of personal financial
planning. A conversational style and liberal use of examples and worksheets guide
students through the material and emphasize important points. The benefits of the
book’s readability accrue not only to students but also to their instructors.

Organization of the Book

Personal Financial Planning is divided into six parts. Part 1 presents the founda-
tions of personal financial planning, beginning with the financial planning process
and then covering financial statements and budgets and also taxes. Part 2 concerns
the management of basic assets, including cash and savings instruments, automobiles,

Preface ix

Pedagogy
Each chapter opens with six learning goals that link the material covered to spe-
cific learning outcomes and anchor the text’s integrated learning system. The learning
goal numbers are tied to major chapter headings and restated and reviewed point
by point in the end-of-chapter summary. New to the 14th edition, each chapter also
opens with a series of statements presented as Financial Fact or Fantasy in the re-
lated chapter material. Each statement is critically evaluated as fact or fantasy in
the context of the relevant material. Then, at the end of each of the major sections,
Test Yourself questions allow readers to reinforce their understanding of the material
before moving on to the next section. As students read through the chapters, these
Test Yourself questions allow them to test their understanding of the material in each
section. Students can find the answers to the Test Yourself questions on the book’s
companion website by going to www.cengagebrain.com and searching for this book
by its author or ISBN, and then adding it to the dashboard. They’re also found in the
instructor’s manual. Also new to the 14th edition, at the end of select chapters is a
summary of all key financial relationships along with a problem set illustrating their
application.
Each chapter contains several Financial Planning Tips and Financial Road Signs,
which provide important hints or suggestions to consider when implementing certain
parts of a financial plan. Worksheets are included to simplify demonstration of vari-
ous calculations and procedures and to provide students with helpful materials that
they can use in managing their own personal finances. The worksheets are numbered
for convenient reference in end-of-chapter problems, and they include descriptive
captions. Numerous exhibits, each including a descriptive caption, are used through-
out to more fully illustrate key points in the text. Also included in each chapter is
a running glossary that appears in the margin and provides brief definitions of all
highlighted terms in the accompanying text. Most chapters discuss how the Internet
can be used in various phases of personal financial planning. End-of-chapter mate-
rial includes a Summary, which restates each learning goal and follows it with a brief
paragraph that summarizes the material related to it. The next element is the new
Financial Impact of Personal Choices feature, which presents a personal financial
planning decision related to an important topic in each chapter and evaluates the
outcome. Selected chapters also provide a new feature, Key Financial Relationships,
which concisely summarizes the analytical frameworks used and provides related
practice problems and their solutions. Then each chapter provides Financial Planning
Exercises, which include questions and problems that students can use to test their
grasp of the material. Following this feature is Applying Personal Finance, which
generally involves some type of outside project or exercise. Two Critical Thinking
Cases that highlight the important analytical topics and concepts are also provided.

Major Changes in the 14th Edition

The 14th edition has been thoroughly updated to consider the most up-to-date tech-
niques of contemporary personal financial planning. We emphasize that the key prin-
ciples of personal financial planning remain valid: save, diversify your investments,
watch your expenditures, and borrow carefully. This edition reflects feedback from
past users, practicing financial planners, finance industry experts, students, and our
own research. It provides helpful new approaches, expanded coverage in certain areas,
streamlined coverage in others, and enhanced pedagogy anchored by a state-of-the-art

x Preface

General Changes and Hallmark Features

• The 14th edition includes in each chapter a series of highlighted practical examples
illustrating everyday applications of the covered material. The featured examples
include “The Sooner You Start an IRA, the Better” (Chapter 1), “Determining the
Value of an Investment” and Keeping Track of Loans” (Chapter 2), “Applying Tax
Rates” and “Determining the Amount Owed or Refunded” (Chapter 3), “Determin-
ing the Extent of FDIC Insurance Protection” (Chapter 4), “Calculating the Maxi-
mum Affordable Mortgage Loan” (Chapter 5), “Credit Card Choice Trade-offs”
and “Paying Only the Minimum on Your Credit Card” (Chapter 6), “Calculating
the Total Finance Charge and Payment on a Simple Interest Loan” (Chapter 7),
“Appropriate Use of Term Life Insurance” and “Using Low-Load Whole Life
Insurance—Building Cash Value” (Chapter 8), “Effect of Per-Illness, Per-Accident
Deductible” (Chapter 9), “Effect of Co-insurance,” and “Homeowner’s Policy Cov-
erage Limits” (Chapter 10), “Limit Orders” and “Using Margin Trades to Magnify
Returns” (Chapter 11), “Inflation-Adjustment of TIPS Bonds” and “Calculating the
Approximate Yield to Maturity” (Chapter 12), “Calculating a Mutual Fund’s NAV”
and “Calculating the Value of Income-Producing Property” (Chapter 13), “Effect of
Inflation on Future Retirement Needs” and “Measuring the Benefits of a Roth IRA
Over a Taxable Account” (Chapter 14), and “Disadvantage of Joint Tenancy with
the Right of Survivorship” and “Use of Life Insurance in an Estate” (Chapter 15).
• The 14th edition includes a new feature in each chapter, You Can Do It Now,
which allows the reader to act on the presented material on the spot. The You Can
Do It Now features include “Start a List of Your Financial Goals” and “Recognize
that YOU are Your Most Important Asset” (Chapter 1), “Track Your Expenses”
and “Save Automatically” (Chapter 2), “Tax Planning” (Chapter 3), “Shop for the
Best Short-Term Rates” and “Reconcile Your Checkbook” (Chapter 4), “What’s
Your Car Worth?” and “Rent vs. Buy a Home?” (Chapter 5), “How Does Your
Credit Report Look?” and “Is Your Credit Card a Good Deal?” (Chapter 6),
“Current Auto Loan Rates” (Chapter 7), “Shop for a Customized Life Insur-
ance Policy” and “Check Out the Best Life Insurance Companies” (Chapter 8),
“Compare Policies on an ACA Health Insurance Exchange” (Chapter 9), “Check
Out the Best Homeowner’s Insurance Companies” and “Evaluate the Best Auto
insurance Companies” (Chapter 10), “How’s the Market Doing Right Now?” and
“Get a Quick Perspective on Your Asset Allocation” (Chapter 11), “What’s the
Market P/E Ratio Telling You?” and “How Do Stock and Bond Market Returns
Compare This Year?” (Chapter 12), “Objective Mutual Fund Resources” and
“How to Choose the Best ETF for You” (Chapter 13), “Get a Rough Estimate
of Your F uture Social Security Benefits” and “Calculating the Benefits of a Tradi-
tional IRA” (Chapter 14), and “Estate Planning Conversations” and “Importance
of Naming Alternative Beneficiaries” (Chapter 15).
• New to the 14th edition is the Financial Impact of Personal Choices feature,
which presents a personal financial planning decision related to an important
topic in each chapter and evaluates the outcome. The Financial Impact of Personal
Choices feature includes “Bob Cuts Back on Lunch Out and Lattes” (Chapter 1),
“No Budget, No Plan: Sean Bought a Boat!” (Chapter 2), “Angela and Tim’s Tax
Management Strategy” (Chapter 3), “Stella Likes Cash—Too Much?” (Chapter 4),
“Vivian Wants to Buy a House but Doesn’t Want a Roommate Now” (Chapter 5),
“Stan Has Had It and Files for Bankruptcy” (Chapter 6), “John and Mary Calcu-
late Their Auto Loan Backwards” (Chapter 7), “Matt and Jan Consider ‘Buying
Term and Investing the Rest’ ” (Chapter 8), “Josh Expands His Health Insurance

Preface xi

xii Preface

Chapter 1 on understanding the financial planning process, has been carefully

revised to focus on the most important themes in the book. Emphasis is placed on
setting realistic goals for your finances, helpful ways to save money by changing
everyday habits, and being more financially self-aware.

Chapter 2 on using your financial statements and budgeting has been restruc-
tured, streamlined, and updated. Calculator keystrokes and time lines continue to
appear in discussions of the time value of money. There are new discussions on
setting realistic budgeting plans and avoiding potential budgeting mistakes, how to
choose the right personal finance software, and practical ways to change your be-
havior to spend less.

Chapter 3 on preparing your taxes has been updated to reflect the changes in tax
laws, rates, procedures, and forms in effect at the time we revised the chapter. The
material emphasizes current tax practices and explains the nature of progressive tax
rates, average tax rates, itemized deductions, individual retirement accounts (IRAs),
and other types of tax issues. The chapter continues to provide readers with sidebar
advice on finding commonly missed tax deductions, avoiding common tax-form er-
rors, tax tips, and audit triggers. There are new features about what documents you’ll
need to collect to prepare for tax time, effective ways to reduce your tax liability, and
tips for choosing the most appropriate tax preparer for you.

Chapter 4 on managing your cash and savings, has been revised to reflect up-to-
date capital market conditions. The potential use of I bonds to manage inflation risk
is emphasized. There are practical explanations of why you should start saving now,
what to look for when choosing a new bank, planning tips for when and when not
to use your debit card, and tips for what you should and shouldn’t store in a safety
deposit box.

Chapter 5 on making automobile and housing decisions considers new market

developments and sources of information. The chapter discusses when it makes sense
to lease a car, when to buy versus rent a house, how to know when it’s time to buy
your first home, how to tell what kind of house you need (prioritizing your needs and
being practical), and the top ten home improvement projects based on the percentage
of the investment recovered at the sale of a home.

Chapter 6 on consumer credit and credit cards, focuses on the positive a spects of
using credit and what it takes to build and maintain a strong credit history. The chap-
ter explores the dangers of making only the minimum payment on your credit cards
and why “mental accounting” can be dangerous, tips for choosing the right credit
card, risky situations for using your debit card, protecting yourself from identity
theft, and how to use credit through the different stages of your life.

Chapter 7 on using consumer loans, analyzes the benefits and uses of consumer
credit for both single-payment and installment loans. The discussion concentrates on
the key issues surrounding loan provisions, finance charges, and other credit con-
siderations. There are suggested questions to ask before you loan money to family
and friends, a discussion about 0 percent annual percentage rate (APR) loans and
their potential limitations, and a discussion of what lenders are looking at when you

Preface xiii

Chapter 8 on insuring your life, discusses how to choose the right life insurance,
the benefits of buying a whole-life policy, the differences between whole life and term
life insurance, knowing what to expect during your life insurance medical exam, po-
tential conflicts of interest in dealing with insurance agents, and key considerations
for life insurance use in each stage of life.

Chapter 9 on insuring your health, has been updated and includes a discussion of
the new rules and guidelines for student health care, Medicare Advantage plans, how
to save on health insurance, and how to choose the right plan for you. There’s also a
new discussion about the rationale for health-care reform and the controversy over
the Affordable Health Care Act of 2010. The chapter also includes tips on buying dis-
ability income insurance, buying long-term care insurance, and health-care apps for
your smart phone.

Chapter 10 on protecting your property, discusses behavioral biases when buying

property insurance, how to handle a denied insurance claim, and buying auto insur-
ance—getting multiple quotes, how the car itself affects the price of the policy, and how
much auto insurance you need. We continue to emphasize practical advice for reducing
homeowner’s insurance premiums, filing auto insurance claims, preventing auto theft,
strategies to avoid liability, and obtaining discounts for auto safety and good driving.

Chapter 11 on investment planning has been revised and updated with discussions
of why people are more likely to make short-term investments (and why you might
want to avoid this tendency), the importance of saving for retirement, and how to
begin investing online.

Chapter 12 on investing in stocks and bonds continues to emphasize the risk–re-

turn characteristics of these securities. As part of the revision process, we present new
information on successful stock and bond investing, analysis of Apple’s financial per-
formance and valuation, tips for avoiding common investing mistakes, properly in-
terpreting overly optimistic equity analysis, how accrued interest affects bond prices,
and how to invest in stocks and bonds at each stage of life.

Chapter 13 on investing has been updated and discusses target-date mutual funds,
choosing the best mutual funds, avoiding “dog” funds, choosing between exchange
traded funds (ETFs) and mutual funds, and a lengthy new discussion and exhibit
about how to evaluate ETF performance. There’s also a Behavior Matters feature
about behavioral biases in mutual fund investing—how educating yourself can help
you break harmful investing tendencies.

Chapter 14 on planning for retirement, has several valuable features discussing be-
havioral biases in retirement planning, an app for your smart phone that will help
you plan for retirement, a discussion about protecting private-sector defined benefit
retirement plans, tips for managing your 401(k) account, and coverage about con-
verting a traditional IRA to a Roth IRA and the implications of doing so.

Chapter 15 on preserving your estate, has been updated to reflect the most recent
estate tax laws and tax rates. The chapter discusses online estate planning resources,
the details of choosing a suitable guardian for minor children in case of death, tips
for writing a will, reasons to use a trust, and a feature about recognizing and over-
coming aversion to ambiguity in estate planning.

xiv Preface

Instructor Supplements
Cengagenow
CengageNOW is a powerful course management and online homework tool that
provides robust instructor control and customization to optimize the student learning
experience and meet desired outcomes. CengageNOW offers:
• Auto-graded homework (static and algorithmic varieties), a test bank, and an e Book,
all in one resource.
• Easy-to-use course management options offering flexibility and continuity from
one semester to another.
• New! Expanded post-submission feedback explains each problem to students.
The instructor decides when this solution is delivered to the students. The 14th
edition of Personal Financial Planning is the first to offer post-submission feed-
back to students using CengageNOW.
• The most robust and flexible assignment options in the industry.
• The ability to analyze student work from the gradebook and generate reports on
learning outcomes. Each problem is tagged to Business Program (AACSB) and
Bloom’s Taxonomy outcomes so that you can measure student performance.
• Contact your sales representative for more details if you are interested in offering
CengageNOW to your students.

Instructor’s Manual and Test Bank

A comprehensive Instructor’s Manual has been prepared to assist the instructor.
For each chapter, the manual includes:
• An outline
• Discussion of major topics
• A list of key concepts
• Solutions to all Test Yourself questions, end-of-chapter Financial Planning Exer-
cises, and Critical Thinking Cases
The Test Bank has been revised, updated, and expanded, and all solutions have
been checked for accuracy. It includes true–false and multiple-choice questions, as well
as four to six short problems for nearly every chapter. Each question is tagged with
the corresponding learning objective and learning outcomes. The Instructor’s Manual
has been revised by Professor Sam Hicks, CPA, of VirginiaTech.

Testing with Cognero

Cengage Learning Testing Powered by Cognero is a flexible, online system that
allows you to author, edit, and manage test bank content, create multiple test ver-
sions in an instant, and deliver tests from your LMS, in your classroom or through
CengageNOW.

Microsoft PowerPoint®
Enhance lectures and simplify class preparation. Chapter PowerPoint® presenta-
tions are available to instructors both on the Instructor’s Resource CD and on the
text’s instructor Web site. Each presentation consists of a general outline of key con-
cepts from the book. The PowerPoints were revised by Professor Sam Hicks, CPA, of
VirginiaTech.

Preface xv

Acknowledgments
In addition to the many individuals who made significant contributions to this
book by their expertise, classroom experience, guidance, general advice, and reassur-
ance, we also appreciate the students and faculty who used the book and provided
valuable feedback, confirming our conviction that a truly teachable personal finan-
cial planning text could be developed.
Of course, we are indebted to all the academicians and practitioners who have
created the body of knowledge contained in this text. We particularly wish to thank
several people who gave the most significant help in developing and revising it. They
include Professor John Brozovsky, CPA, of VirginiaTech, for assistance in the chapter
on taxes; Professor Sam Hicks, CPA, of VirginiaTech, for his thorough review of the
entire book; Thomas C. Via Jr., CLU, for his help in the chapters on life and prop-
erty insurance; Kent Dodge for his help in the chapter on health insurance; Professor
Hongbok Lee, of Western Illinois University, for helpful observations, and Marlene
Bellamy of Writeline Associates for her help with the real estate material.
Cengage Learning shared our objective of producing a truly teachable text and
relied on the experience and advice of numerous excellent reviewers for the 14th
edition:
Ed Anthony, Trevecca Nazarene University
John Bedics, DeSales University
Omar Benkato, Ball State University
Ross E. Blankenship, State Fair Community College
Tim Chesnut, Mt. Vernon Nazarene University
Joseph C. Eppolito, Syracuse University
Jonathan Fox, Ohio State University
Laurie Hensley, Cornell University
John Guess, Delgado Community College
Dianne Morrison, University of Wisconsin—La Crosse
Kathy Mountjoy, Illinois State University
Eric Munshower, University of Dubuque
Muhammad Mustafa, South Carolina State University
Thomas Paczkowski, Cayuga Community College
Ohaness Paskelian, University of Houston—Downtown
Joan Ryan, Clackamas Community College
Amy Scott, DeSales University
Donna Scarlett, Iowa Western Community College—Clarinda Campus
Rahul Verma, University of Houston—Downtown
We also appreciate the many suggestions from previous reviewers, all of whom
have had a significant impact on the earlier editions of this book. Our thanks go to
the following: Linda Afdahl, Micheal J. Ahern III, Robert J. Angell, H. Kent Baker,
Harold David Barr, Catherine L. Bertelson, Steve Blank, Kathleen K. Bromley, D. Gary

xvi Preface

Randall S. Billingsley, FRM, CFA

VirginiaTech

Lawrence J. Gitman, CFP®

San Diego State University

Michael D. Joehnk, CFA

Arizona State University

Preface xvii

Randall S. Billingsley is a finance professor at VirginiaTech. He received his bach-

elor’s degree in economics from Texas Tech University and received both an M.S. in
economics and a Ph.D. in finance from Texas A&M University. Professor B illingsley
holds the Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), and
Certified Rate of Return Analyst (CRRA) professional designations. An award-
winning teacher 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), Professor Billingsley’s published equity valu-
ation case study of Merck & Company 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 that include the Journal of P ortfolio
M anagement, the Journal of Banking and Finance, Financial Management, the
Journal of Financial Research, and the Journal of Futures Markets. Professor Billing-
sley 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.
Professor Billingsley’s consulting to date has focused on two areas of expertise.
First, he has acted extensively as an expert witness on financial issues. Second, he has
taught seminars and published materials that prepare investment professionals for the
CFA examinations. This has afforded him the opportunity to explore and discuss the
relationships among diverse areas of investment analysis. His consulting endeavors
have taken him across the United States and to Canada, Europe, and Asia. A primary
goal of Professor Billingsley’s consulting is to apply the findings of academic financial
research to practical investment decision making and personal financial planning.

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 Univer-
sity of Dayton, and his Ph.D. from the University of Cincinnati. Professor G itman is a
prolific textbook author and has more than 50 articles appearing in v arious finance
journals.
His other major textbooks include Fundamentals of Investing, 12th edition, which
is co-authored with Scott B. Smart and Michael D. Joehnk; and Principles of Mana-
gerial Finance, 7th Brief edition, and Principles of Managerial Finance, 14th edition,
both co-authored with Chad J. Zutter.
An active member of numerous professional organizations, Professor Gitman
is past president of the Academy of Financial Services, the San Diego Chapter of
the F inancial Executives Institute, the Midwest Finance Association, and the
FMA N ational Honor Society. In addition, he is a Certified Financial Planner®
(CFP®). Gitman formerly served as a director on the CFP ® Board of Governors, as
vice-president–financial education for the Financial Management Association, and
as director of the San Diego MIT Enterprise Forum. He has two grown children and
lives with his wife in La Jolla, California, where he is an avid bicyclist.

Michael D. Joehnk is an emeritus professor of finance at Arizona State University

(ASU). In addition to his academic appointments at ASU, Professor Joehnk spent a

xviii About the Authors

About the Authors xix

Foundations of
Financial Planning
Chapters
1 Understanding the Financial Planning Process
2 Using Financial Statements and Budgets
3 Preparing Your Taxes
1

Understanding the Financial

Planning Process
Learning Goals

LG1 Identify the benefits of using personal financial planning techniques to manage
your finances.

LG2 Describe the personal financial planning process and define your goals.

Explain the life cycle of financial plans, their role in achieving your financial goals,
LG3 how to deal with special planning concerns, and the use of professional financial
planners.

LG4 Examine the economic environment’s influence on personal financial planning.

LG5 Evaluate the impact of age, education, and geographic location on personal income.

Understand the importance of career choices and their relationship to personal

LG6 financial planning.

How Will This Affect Me?

The heart of financial planning is making sure your values line up with how you spend
and save. That means knowing where you are financially and planning on how to get
where you want to be in the future no matter what life throws at you. For example,
how should your plan handle the projection that Social Security costs may exceed reve-
nues by 2037? And what if the government decides to raise tax rates to help cover the
federal deficit? An informed financial plan should reflect such uncertainties and more.
This chapter overviews the financial planning process and explains its context. Topics
include how financial plans change to accommodate your current stage in life and
the role that financial planners can play in helping you achieve your objectives. After
reading this chapter you will have a good perspective on how to organize your over-
all personal financial plan.
2

• An improved standard of living is one of the payoffs of sound personal financial

planning.
• A savings account is an example of a tangible asset because it represents
something on deposit at a bank or other financial institution.
• Personal financial planning involves translating personal financial goals into
specific plans and strategies that put these plans into action.
• Over the long-run, gaining only an extra percent or two on an investment makes
little difference in the amount of earnings generated.
• Inflation generally has little effect on personal financial planning.
• Your income level depends on your age, education, and career choice.

1-1 The Rewards of Sound Financial Planning

What does living “the good life” mean to you? Does it mean having the flexibility
LG1 to pursue your dreams and goals in life? Is it owning a home in a certain part of
town, starting a company, being debt free, driving a particular type of car, taking
luxury vacations, or having a large investment portfolio? Today’s complex, fast-paced
world offers a bewildering array of choices. Rapidly changing economic, political,
technological, and social environments make it increasingly difficult to develop solid
financial strategies that will improve your lifestyle consistently. Moreover, the recent
financial crisis dramatizes the need to plan for financial contingencies. Today, a cou-
ple may need two incomes just to maintain an acceptable standard of living, and they
may have to wait longer to buy a home. Clearly, no matter how you define it, the
good life requires sound planning to turn financial goals into reality.
The best way to achieve financial objectives is through personal financial plan-
ning, which helps define financial goals and develop appropriate strategies to reach
them. We should not depend solely on employee or government benefits—such as
steady salary increases or adequate funding from employer-paid pensions or Social
Security—to retire comfortably. Creating flexible plans and regularly revising them is
the key to building a sound financial future. Successful financial planning also brings
rewards that include greater flexibility, an improved standard of living, wise spending
habits, and increased wealth. Of course, planning alone does not guarantee success;
but having an effective, consistent plan can help you use your resources wisely. Care-
ful financial planning increases the chance that your financial goals will be achieved
and that you will have sufficient flexibility to handle such contingencies as illness, job
loss, and even financial crises.
The goal of this book is to remove the mystery from the personal financial plan-
ning process and replace it with the tools you need to take charge of your personal
finances and your life. To organize this process, the text is divided into six parts as
follows.
• Part 1: Foundations of Financial Planning
• Part 2: Managing Basic Assets
• Part 3: Managing Credit
• Part 4: Managing Insurance Needs
• Part 5: Managing Investments
• Part 6: Retirement and Estate Planning

Chapter 1 | Understanding the Financial Planning Process 3

Success is most likely if your goals are: Realistic: Am I willing and able to do this?
Specific: What do I want to achieve? What is required Timely: What is my target date? What short-term
of me and what are my constraints? goals must be achieved along the way to achieve my
longer term goals?
Measurable: How much money is needed? How will
I know if I am succeeding?
Attainable: How can I do this? Is this consistent with
my other financial goals?
Source: Inspired by Paul J. Meyer’s, Attitude Is Everything, The Meyer Resource Group, 2003.

Each part explains a different aspect of personal financial planning, as shown in

Exhibit 1.1. This organizational scheme revolves around financial decision making
that’s firmly based on an operational set of financial plans. We believe that sound
financial planning enables individuals to make decisions that will yield their desired
results. Starting with Part 1—where we look at personal financial statements, plans,
and taxes—we move through the various types of decisions you’ll make when imple-
menting a financial plan.

1-1a Improving Your Standard of Living

With personal financial planning we learn to acquire, use, and control our financial
resources more efficiently. It allows us to gain more enjoyment from our income and
standard of living thus to improve our standard of living—the necessities, comforts, and luxuries we
The necessities, comforts, have or desire.
and luxuries enjoyed or
desired by an individual or
Americans view standards of living, and what constitute necessities or luxu-
family. ries, differently depending on their level of affluence. For example, 45 percent of
Americans consider a second or vacation home the ultimate symbol of affluence,
while others see taking two or more annual vacations or living in an exclusive
neighborhood as an indicator of wealth.
So our quality of life is closely tied to our standard of liv-
ing. Although other factors—geographic location, public fa-
cilities, local cost of living, pollution, traffic, and population
Financial
density—also affect quality of life, wealth is commonly viewed
Fact or
as a key determinant. Material items such as a house, car, and
Fantasy?
clothing, as well as money available for health care, educa-
An improved standard of living is tion, art, music, travel, and entertainment, all contribute to our
one of the payoffs of sound quality of life. Of course, many so-called wealthy people live
personal financial planning. Fact: “plain” lives, choosing to save, invest, or support philanthropic
The heart of sound financial plan- organizations with their money rather than indulge themselves
ning and effective money manage- with luxuries.
ment is the greater enjoyment of One trend with a profound effect on our standard of living
the money one makes by improving is the two-income family. What was relatively rare in the early
one’s standard of living. 1970s has become commonplace today, and the incomes of mil-
lions of families have risen sharply as a result. About 75 percent

4 Part 1 | Foundations of Financial Planning

This text emphasizes making financial decisions regarding assets, credit, insurance, investments, and retirement
and estates.

Financial Actions

Financial Basic asset decisions Financial

Plans Credit decisions Results
Insurance decisions
Investment decisions
Retirement and estate decisions

of married adults say that they and their mate share all their money, while some
partners admit to having a secret stash of cash. Two incomes buy more, but they also
require greater responsibility to manage the money wisely.

1-1b Spending Money Wisely

Using money wisely is a major benefit of financial planning. Whatever your income,
you can either spend it now or save some of it for the future. Determining your
current and future spending patterns is an important part of personal money man-
agement. The goal, of course, is to spend your money so that you get the most satis-
faction from each dollar.

Current Needs
average propensity Your current spending level is based on the necessities of life and your average pro-
to consume pensity to consume, which is the percentage of each dollar of income, on average,
The percentage of each dol- that is spent for current needs rather than savings. A minimum level of spending
lar of income, on average,
would allow you to obtain only the necessities of life: food, clothing, and shelter.
that a person spends for
current needs rather than Although the quantity and type of food, clothing, and shelter purchased may dif-
savings. fer among individuals depending on their wealth, we all need these items to survive.
Some people with high average propensities to consume earn low incomes and spend
a large portion of it on basic necessities. On the other hand, many “ultra-consumers”
choose to splurge on a few items and scrimp elsewhere; these people also exhibit high
average propensities to consume. Conversely, individuals earning large amounts quite
often have low average propensities to consume, in part because the cost of necessi-
ties represents only a small portion of their income.
Still, two people with significantly different incomes could have the same average
propensity to consume because of differences in their standard of living. The person
making more money may believe it is essential to buy better-quality items or more
items and will thus, on average, spend the same percentage of each dollar of income
as the person making far less.

Future Needs
A carefully developed financial plan should set aside a portion of current income
for deferred, future spending. Placing these funds in various savings and invest-
ment vehicles allows you to generate a return on your funds until you need them.
For example, you may want to build up a retirement fund to maintain a desirable

Chapter 1 | Understanding the Financial Planning Process 5

You can save more money by being purposeful in your • Avoid using credit cards with an annual fee.
spending. The number of no-fee cards with reward plans makes it
unnecessary to pay an annual fee.
• Cook at home more. Ease your way in by cooking at
home at least once a week. • Disconnect the landline phone. You may do just
fine with you mobile phones and no landline, which
• Make rather than buy your coffee. While a latte is
would save you some money.
great, we all know that it’s an expensive habit. Don’t stop
cold—just skip it as often as you can and make your cof- • Borrow books from the library and don’t buy
fee at home instead. them. Library cards are free and the book and media
selection is usually up-to-date.
• Take your lunch to work. Lunch with coworkers
may be the norm and a wise way to build helpful rela- • Don’t buy bottled water, bottle your own. Buy
tionships. So it may not be practical to take your lunch bottled water only occasionally just so you can get the
all of the time. But it will save you money to take your bottle to fill with your own water.
lunch at least occasionally.
• Drive your car a long time. Keep your car until the
• Avoid late fees by paying your bills on time. You repair costs and questionable reliability make it necessary
can have many bills like utilities paid automatically so to find a replacement.
there is no reason to pay late fees.
• Avoid ATM fees. Many banks do not waive ATM with-
drawal fees. Be sure to use ATMs that do not charge a fee.
Source: Adapted from Sam Baker of GradMoneyMatters.com, republished June 19, 2011, http://www
.dumblittleman.com/2008/01/30-easy-ways-to-save-money-and-no-you.html, accessed July 2015.

standard of living in your later years. Instead of spending the money now, you defer
actual spending until the future when you retire. Nearly 35 percent of Americans
say retirement planning is their most pressing financial concern. Other examples
of deferred spending include saving for a child’s education, a primary residence or
vacation home, a major acquisition (such as a car or home entertainment center),
or even a vacation.
The portion of current income we commit to future needs de-
pends on how much we earn and also on our average propensity
Financial to consume. About two-thirds of affluent Americans say they need
Fact or at least $5 million to feel rich. The more we earn and the less we
Fantasy? devote to current spending, the more we can commit to meeting fu-
ture needs. In any case, some portion of current income should be
A savings account is an example set aside regularly for future use. This practice creates good saving
of a tangible asset because it rep- habits.
resents something on deposit at a
bank or other financial institution.
Fantasy: A savings account, like
stocks, bonds, and mutual funds, is 1-1c Accumulating Wealth
an example of a financial asset—an In addition to using current income to pay for everyday living ex-
intangible, a “paper” asset. Real as- penses, we often spend it to acquire assets such as cars, a home, or
sets, in contrast, refer to tangibles— stocks and bonds. Our assets largely determine how wealthy we
physical items like houses, cars, and are. Personal financial planning plays a critical role in the accumu-
appliances.
lation of wealth by directing our financial resources to the most
productive areas.

6 Part 1 | Foundations of Financial Planning

This financial snapshot of the “average American” gives you an idea of where you stand in terms of income, net worth,
and other measures. It should help you set some goals for the future.

Income and Assets

What Do We Earn? (median)
All families $ 46,700
What Are We Worth? (median)
All families 81,200
Home Ownership (median)
Value of primary residence 170,000
Mortgage on primary residence 115,000
How Much Savings Do We Have? (median) 80,000
Pooled investment funds (excluding money market) 27,000
Individual stocks 94,500
Bonds20,100
Bank accounts/CDs
Retirement accounts 59,000

Source: Adapted from Jesse Bricker, Lisa J. Dettling, Alice Henriques, Joanne W. Hsu, Kevin B. Moore, John
Sabelhaus, Jeffrey Thompson, and Richard A.Windle, “Changes in U.S. Family Finances from 2010 to 2013:
Evidence from the Survey of Consumer Finances,” Board of Governors of the Federal Reserve System, Washington,
DC, (October 24, 2014, data is for 2013), http://www.federalreserve.gov/pubs/bulletin/2014/pdf/scf14.pdf,
Tables 1–4, accessed July 2015.

wealth
The total value of all items
One’s wealth is the net total value of all the items the individual owns. Wealth
owned by an individual, consists of financial and tangible assets. Financial assets are intangible, paper assets,
such as savings accounts, such as savings accounts and securities (stocks, bonds, mutual funds, and so forth).
stocks, bonds, home, and They are earning assets that are held for the returns they promise. Tangible assets,
automobiles.
in contrast, are physical assets, such as real estate and automobiles. These assets can
financial assets be held for either consumption (e.g., your home, car, artwork, or jewelry) or invest-
Intangible assets, such as sav-
ment purposes (e.g., a duplex purchased for rental income). In general, the goal of
ings accounts and securities,
that are acquired for some most people is to accumulate as much wealth as possible while maintaining cur-
promised future return. rent consumption at a level that provides the desired standard of living. To see how
tangible assets you compare with the typical American in financial terms, check out the statistics
Physical assets, such as real in Exhibit 1.2.
estate and automobiles
that can be held for either
consumption or investment
purposes.

Test Yourself
1-1 What is a standard of living? What factors affect the quality of life?

1-2 Are consumption patterns related to quality of life? Explain.

1-3 What is average propensity to consume? Is it possible for two people with very
different incomes to have the same average propensity to consume? Why?

1-4 Discuss the various forms in which wealth can be accumulated.

Chapter 1 | Understanding the Financial Planning Process 7

Behavior Matters
Practicing Financial Self-Awareness

Are you aware of your financial behavior, its causes, and its consequences? For example, are you
routinely relying too heavily on your credit card, which puts you more in debt? Are you saving enough
to buy a new car or to fund your retirement? And the bottom line: Are you continuing the same financial
behavior you have in the past and yet expecting different results?
The first decisive step in taking control of your life is to be aware of what you’re thinking, feeling, and
doing. Be financially self-aware: observe your own thoughts, feelings, and behavior concerning your
finances. Take notes on things that affect how you feel and what you do about financial decisions.
Watch yourself and be honest about your feelings concerning money and your future.
Then ask yourself two critically important questions:
• Is the way I spend money consistent with what I believe? Financial planning that works is taking
the time to develop a plan that purposely lines up your values and your use of money.
• Have I clearly stated the financial goals that are important to me and, if so, what am I
doing today to make sure I achieve them? The heart of financial planning is determining where
you are today and where you want to be in the future. This implies the need for a financial plan: limited
resources sometimes bring painful trade-offs.
Source: Adapted from Carl Richards, “Practicing Radical Self-Awareness,” Behaviorgap.com. http://us2.campaign-archive1.com/?u=23ce2ac179e8158f
7583c4e3f&id=86f42577bc&e=b50e826a9e, accessed July 2015.

8 Part 1 | Foundations of Financial Planning

The financial planning process translates personal financial goals into specific financial plans and strategies, implements
them, and then uses budgets and financial statements to monitor, evaluate, and revise plans and strategies as needed.
This process typically involves the six steps shown in sequence here:

1. Define financial goals.

2. Develop financial plans and strategies to achieve goals.

3. Implement financial plans and strategies.

4. Periodically develop and implement budgets to monitor and control progress toward goals.

5. Use financial statements to evaluate results of plans and budgets, taking corrective action as required.

6. Redefine goals and revise plans and strategies as personal circumstances change.

1-2a Steps in the Financial Planning Process

If you take a closer look at financial planning, you’ll see that the process translates
personal financial goals into specific financial plans, which then helps you implement
those plans through financial strategies. The financial planning process involves the
six steps shown in Exhibit 1.3.
The financial planning process runs full circle. You start with financial goals, for-
mulate and implement financial plans and strategies to reach them, monitor and con-
trol progress toward goals through budgets, and use financial statements to evaluate
the plan and budget results. This leads you back to redefining your goals so that they
better meet your current needs and to revising your financial plans and strategies
accordingly.
Let’s now look at how goal setting fits into the planning process. In Chapters 2
and 3, we’ll consider other information essential to creating your financial plans: per-
sonal financial statements, budgets, and taxes.

1-2b Defining Your Financial Goals

financial goals Financial goals are the results that an individual wants to attain. Examples include
Results that an individual buying a home, building a college fund, or achieving financial independence. What
wants to attain, such as
buying a home, building a
are your financial goals? Have you spelled them out? It’s impossible to effectively
college fund, or achieving manage your financial resources without financial goals. We need to know where we
financial independence. are going, in a financial sense, to effectively meet the major financial events in our
lives. Perhaps achieving financial independence at a relatively early age is important
to you. If so, then saving, investing, and retirement planning will be an important
part of your financial life. Your financial goals or preferences must be stated in mon-
etary terms because money and the satisfaction it can bring are an integral part of
financial planning.

Chapter 1 | Understanding the Financial Planning Process 9

The Psychology of Money

Money and its utility are not only economic concepts; they’re also closely linked to the
psychological concepts of values, emotion, and personality. Your personal value sys-
tem—the important ideals and beliefs that guide your life—will also shape your attitude
toward money and wealth accumulation. If you place a high value on family life, you
may choose a career that offers regular hours and less stress or choose an employer who
offers flextime rather than a higher-paying position that requires travel and lots of over-
time. You may have plenty of money but choose to live frugally and do things yourself
rather than hire someone to do them for you. Or you may spend a high proportion of
your current income on acquiring luxuries. Financial goals and decisions should be con-
sistent with your personal values. You can formulate financial plans that provide the
greatest personal satisfaction and quality of life by identifying your values.
Money is an important motivator of personal behavior because it has a strong
effect on self-image. Each person’s unique personality and emotional makeup deter-
mine the importance and role of money in his or her life. Depending on timing and
circumstances, emotional responses to money may be positive (love, happiness, secu-
rity) or negative (fear, greed, insecurity). For example, some people feel satisfaction in
their work when they receive a paycheck. Others feel relief in knowing that they can
pay past-due bills. You should become aware of your own attitudes toward money
because they are the basis of your “money personality” and money management style.
Exhibit 1.4 explores attitudes toward money.
Some questions to ask yourself include: How important is money to me? Why?
What types of spending give me satisfaction? Am I a risk taker? Do I need large finan-
cial reserves to feel secure? Knowing the answers to these questions is a prerequisite
for developing realistic and effective financial goals and plans. For example, if you
prefer immediate satisfaction, then you will find it more difficult to achieve long-term
net worth or savings goals than if you are highly disciplined and primarily concerned
with achieving a comfortable retirement at an early age. Trade-offs between current
and future benefits are strongly affected by values, emotions, and personality. Effec-
tive financial plans are both economically and psychologically sound. They must not
only consider your wants, needs, and financial resources, but must also realistically
reflect your personality and emotional reactions to money.

1-2c Money and Relationships

The average couple spends between 250 and 700 hours planning their wedding.
While most couples spend less than $10,000 on the big day, the average cost has
risen to almost $30,000, depending on where they live. But with all the hoopla sur-
rounding the wedding day, many couples overlook one of the most important aspects

10 Part 1 | Foundations of Financial Planning

Our attitudes toward money influence how we spend, save, and invest. Which of the following attitudes toward
money best describes you? You may be predominately one type or a combination of types.

The Spender: You only live once

Spenders see shopping as entertainment. They would rather have something tangible than something intangible like
savings or an investment. Spenders have a hard time saving money.

The Builder: Make it so

Builders see money as a tool. They use money to achieve their goals and dreams. Examples include self-made
millionaires, entrepreneurs, corporate leaders, and dedicated hobbyists. Builders can miscalculate risks or ignore
the need for a margin of error. They may start projects simply for the challenge but not finish them as the next new
thing beckons.

The Giver: It’s better to give than to receive

Givers enjoy taking care of other people. They volunteer and give to charities. Givers commit their time, energy, and
money to their beliefs. Most givers simply enjoy making other people happy and doing good deeds. Givers sometimes
ignore their own needs, and their long-term financial plans can suffer as a result.

The Saver: A bird in the hand is worth two in the bush

Savers can accumulate significant wealth even on a modest income. They tend to be organized and to avoid money-
wasting activities. Although savers can be good investors, they can be too risk averse and prefer holding too much cash.
Such conservatism means that their investments often grow too slowly.

of marriage: financial compatibility. Money can be one of the most emotional issues
in any relationship, including that with a partner, your parents, or children. Most
people are uncomfortable talking about money matters and avoid such discussions,
even with their partners. However, differing opinions on how to spend money may
threaten the stability of a marriage or cause arguments between parents and children.
Learning to communicate with your partner about money is a critical step in develop-
ing effective financial plans.
Your parents should play an important role in your financial planning. As they
age, you may have to assume greater responsibility for their care. Do you know what
health care coverage and financial plans they have in place? Where do they keep
important financial and legal documents? What preferences do they have for health
care should they become incapacitated? Asking these questions may be difficult, but
having the answers will save you many headaches.
The best way to resolve money disputes is to be aware of your partner’s
financial style, consistently communicate openly, and be willing to compromise.
It’s unlikely that you can change your partner’s style, but you can work out your
differences. Financial planning is an especially important part of the conflict reso-
lution process.

1-2d Types of Financial Goals

Financial goals cover a wide range of financial aspirations: controlling living ex-
penses, meeting retirement needs, setting up a savings and investment program,
and minimizing your taxes. Other important financial goals include having enough
money to live as well as possible now, being financially independent, sending children
to college, and providing for retirement.

Chapter 1 | Understanding the Financial Planning Process 11

It’s important to make sure that your financial planning assumptions are realistic. Consider these common assumptions.

Assumption 1: Saving a few thousand dollars a year should provide enough to fund my child’s college
education.
Reality: The College Board reports that the average increase in tuition and fees over the last de-
cade has been 5 percent, which is about twice the rate of inflation. If this rate of increase
continues, the average 4-year cost of tuition and fees for a child born in 2014 will be
about $323,900 for a private school and $94,800 for an in-state public education. And that
doesn’t consider the cost of room and board. That’s more than a few thousand dollars to
save each year!
Assumption 2: An emergency fund lasting 3 months should be adequate.
Reality: Tell that to the average unemployed person in the United States in 2011 who looked for
work for over 9 months. While this is the longest average duration of unemployment since
1948, it would be wise to keep an emergency fund that covers 6 to 9 months.
Assumption 3: I will be able to retire at 65 and should have plenty to live on in retirement.
Reality: The average 65-year old man can expect to live to about 84 and a 65-year old woman can
expect to live to about 87. That planning horizon could easily leave you short on funding.
So it would be wise to determine how much you need to set aside to fund a realistic life
expectancy horizon. This might imply saving more now, retiring later, or working part-time
after retirement.
Assumption 4: I’m relying on the rule of thumb that I will need only 70 percent of my pre-retirement in-
come to manage nicely in retirement.
Reality: Like all rules of thumb, one size does not necessarily fit all. While it’s true that you won’t
have work-related expenses in retirement, you’re likely to have much higher health care
costs. And it’s important to consider long-term care insurance to protect against such high
costs. So betting on 70 percent could leave you short.

Sources: Adapted from http://www.savingforcollege.com/tutorial101/the_real_cost_of_higher_education.php, http://economix.blogs.nytimes.com/2011/06/03/

average-length-of-unemployment-at-all-time-high/, accessed July 2015.

Financial goals should be defined as specifically as possible. Saying that you want
to save money next year is not a specific goal. How much do you want to save, and
for what purpose? A goal such as “save 10 percent of my take-home pay each month
to start an investment program” states clearly what you want to do and why.
Because they are the basis of your financial plans, your goals should be real-
istic and attainable. If you set your savings goals too high—for example, 25 per-
cent of your take-home pay when your basic living expenses already account for
85 percent of it—then your goal is unattainable and there’s no way to meet it. But
if savings goals are set too low, you may not accumulate enough for a meaningful
investment program. If your goals are unrealistic, they’ll put the basic integrity of
your financial plan at risk and be a source of ongoing financial frustration. You
must also use realistic assumptions when setting goals. Exhibit 1.5 will help you do
a reality check.
It’s important to involve your immediate family in the goal-setting process. When
family members “buy into” the goals, it eliminates the potential for future conflicts
and improves the family’s chances for financial success. After defining and approv-
ing your goals, you can prepare appropriate cash budgets. Finally, you should assign
priorities and a time frame to financial goals. Are they short-term goals for the next
year, or are they intermediate or long-term goals that will not be achieved for many

12 Part 1 | Foundations of Financial Planning

Financial goals are not static; they change continually over a lifetime. Here are some typical long-term, intermediate, and
short-term goals for a number of different personal situations.

Personal Situation Long-Term Goals Intermediate Goals Short-Term Goals

(6+ years) (2–5 years) (1 year)
College senior Begin an investment Repay college loans Find a job
program Trade in car and upgrade Rent an apartment
Buy a townhouse to a nicer model Get a bank credit card
Earn a master’s degree Buy new furniture Buy a new stereo

Single, mid-20s Begin law school Begin regular savings Prepare a budget
Build an investment portfolio program Buy a new flat-screen
Save enough for a down Take a Caribbean vacation television
payment on a home Buy life insurance Get additional job training
Start a retirement fund Build an emergency fund
Reduce expenses by
10 percent

Married couple with Diversify investment Buy a second car Repaint house
children, late 30s portfolio Increase college fund Get braces
Buy a larger home contributions for children
Increase second income Review life and disability
from part-time to full-time insurance

Married couple Decide whether to Take cruise Buy new furniture

with grown relocate when retired Shift investment portfolio Review skills for possible
children, mid-50s Retire at age 62 into income-producing career change
Travel to Europe and the securities
Far East Sell house and buy smaller
residence

more years? For example, saving for a vacation might be a medium-priority short-
term goal, whereas buying a larger home may be a high-priority intermediate goal
and purchasing a vacation home a low-priority long-term goal. Normally, long-term
financial goals are set first, followed by a series of corresponding short-term and
intermediate goals. Your goals will continue to change with your life situation, as
Exhibit 1.6 demonstrates.

1-2e Putting Target Dates on Financial Goals

goal dates Financial goals are most effective when they are set with goal dates. Goal dates are
Target dates in the future target points in the future when you expect to have achieved or completed certain fi-
when certain financial
objectives are expected to
nancial objectives. They may serve as progress checkpoints toward some longer-term
be completed. financial goals and/or as deadlines for others.

Example: Target Dates for Financial Goals

Jim and Stacy Thompson are both 28 and have been married for one year. They have
set financial goals of buying a boat for $3,000 in 2018, accumulate a net worth of
$10,000 by 2022, and accumulate a net worth of $50,000 by 2030.

Chapter 1 | Understanding the Financial Planning Process 13

Short-Term Goals and Intermediate Goals

Short-term financial goals are set each year and cover a 12-month period. They in-
clude making substantial, regular contributions to savings or investments in order
to accumulate your desired net worth. Intermediate goals bridge the gap between
short- and long-term goals, and both intermediate and short-term goals should be
consistent with those long-term goals. Short-term goals become the key input for
the cash budget, a tool used to plan for short-term income and expenses. To de-
fine your short-term goals, consider your immediate goals, expected income for the
year, and long-term goals. Short-term planning should also include establishing an
emergency fund with at least 6 to 9 months’ worth of income. This special savings
account serves as a safety reserve in case of financial emergencies such as a tempo-
rary loss of income.
Unless you attain your short-term goals, you probably won’t achieve your inter-
mediate or long-term goals. It’s tempting to let the desire to spend now take priority
over the need to save for the future. But by making some short-term sacrifices now,
you’re more likely to have a comfortable future. If you don’t real-
ize this for another 10 or 20 years, then you may discover that it’s
Financial too late to reach some of your most important financial goals.
Fact or Worksheet 1.1 is a convenient way to summarize your per-
Fantasy? sonal financial goals. It groups them by time frame (short-term,
intermediate, or long-term) and lists a priority for each goal (high,
Personal financial planning involves
medium, or low), a target date to reach the goal, and an estimated
translating personal financial goals
into specific plans and arrangements
cost.
that put these plans into action. We have filled out the form showing the goals that Simon
Fact: Personal financial plans are and Meghan Kane set in December 2016. The Kanes were mar-
based on the specific financial goals ried in 2017, own a condominium in a Midwestern suburb, and
that you set for yourself and your have no children. Because Simon and Meghan are 28 and 26
family. Once in place, the plans are put years old, respectively, they have set their longest-term financial
into action using the various financial goal 33 years from now, when they want to retire. S imon has
strategies explained in this book. just completed his fifth year as an electrical engineer. Meghan,
a former elementary school teacher, finished her MBA in May

Do It Now
Start a List of Your Financial Goals
Yogi Berra summed it up: “If you don’t know where you’re going, you might not get
there.” And so it is with your financial goals. Pick up some paper now and start a list
of your financial goals. May be it’s as simple as saving $25 by the end of the month or
as lofty as saving $200,000 for retirement by the time you’re 50. You’ll never achieve
your goals if you don’t know what they are, much less know whether they’re realistic.
Go ahead and dream. List your goals (short-term, intermediate, and long-term) and
start laying out how you’ll get there. You can do it now.

14 Part 1 | Foundations of Financial Planning

Worksheet 1.1 Summary of Personal Financial Goals

Set financial goals carefully and realistically, because they form the basis for your personal financial plans. Each goal
should be clearly defined and have a priority, time frame, and cost estimate.

Personal Financial Goals

Name(s)
Simon and Meghan Kane Date
December 27, 2016
Short-Term Goals (1 year or less)

Goal Priority Target Date Cost Estimate $

Buy new tires and brakes for Ford Focus High Feb. 2017 500
Take Colorado ski trip Medium Mar. 2017 1,800
Buy career clothes for Meghan High May 2017 1,200
Buy new work cloths for Simon Medium June 2017 750
Replace stereo components Low Sept. 2017 1,100

Intermediate Goals (2 to 5 years)

Goal Priority Target Date Cost Estimate $

Start family High 2018 -
Take 2-week Hawaiian Vacation Medium 2018 – 19 5,000
Repay all loans except mortgage High 2019 7,500
Trade Focus and buy larger car High 2019 10,500
Review insurance needs High 2019 -
Accumulate $10,000 net worth High 2019 -
Buy new bedroom furniture Low 2021 4,000
Long-Term Goals (61 years)

Goal Priority Target Date Cost Estimate $

Begin college fund for children High 2022 ? /year

Diversify/increase investment portfolio High 2023 Varies
Take European vacation Low 2024 10,000
Increase college fund contributions High 2024 -
Accumulate $50,000 net worth High 2024 -
Buy larger home High 2025 250,000
Accumulate $100,000 net worth High 2034 -
Retire from jobs High 2049 ?

Chapter 1 | Understanding the Financial Planning Process 15

1-6 Explain why financial plans must be psychologically as well as economically sound.
What is the best way to resolve money disputes in a relationship?

1-7 Explain why it is important to set realistically attainable financial goals. Select one
of your personal financial goals and develop a brief financial plan for achieving it.

1-8 Distinguish between long-term, intermediate, and short-term financial goals. Give
examples of each.

1-3 From Goals to Plans: A Lifetime of Planning

How will you achieve the financial goals you set for yourself? The answer, of course,
LG3 lies in the financial plans you establish. Financial plans provide the roadmap for
achieving your financial goals. The six-step financial planning process (introduced
in Exhibit 1.3) results in separate yet interrelated components covering all the im-
portant financial elements in your life. Some elements deal with the more immediate
aspects of money management, such as preparing a budget to help manage spending.
Others focus on acquiring major assets, controlling borrowing, reducing financial
risk, providing for emergency funds and future wealth accumulation, taking advan-
tage of and managing employer-sponsored benefits, deferring and minimizing taxes,
providing for financial security when you stop working, and ensuring an orderly and
cost-effective transfer of assets to your heirs.
In addition to discussing your financial goals and attitudes toward money with
your partner, you must allocate responsibility for money management tasks and
decisions. Many couples make major decisions jointly and divide routine financial
decision-making on the basis of expertise and interest. Others believe it is important
for their entire family to work together as a team to manage the family finances.
They hold family financial meetings once every few months to help their children
understand how the household money is spent. These meetings also serve as a forum
for children to request a raise in allowance, a new bike, or funds for a school trip.
The entire family is involved in the decision-making process on how surplus funds
will be allocated.
Giving children an allowance is a good way to start
teaching them to budget and save. By setting their own
financial goals and taking steps to reach them, they will
develop their own money management skills.

1-3a The Life Cycle of Financial Plans

ARIEL SKELLEY/JUPITER IMAGES

Financial planning is a dynamic process. As you move

through different stages of your life, your needs and goals
will change. Yet certain financial goals are important re-
gardless of age. Having extra resources to fall back on
in an economic downturn or period of unemployment
should be a priority whether you are 25, 45, or 65. Some
changes—a new job, marriage, children, moving to a new
area—may be part of your original plan.

16 Part 1 | Foundations of Financial Planning

Exhibit 1.7 The Personal Financial Planning Life Cycle

As you move through life and your income patterns change, you’ll typically have to pursue a variety of financial plans.
For instance, after graduating from college your focus likely will be on buying a car and a house, and you’ll be concerned
about health and automobile insurance to protect against loss.

Family Formation/Career
Development (30– 45) Retirement 65+
Pre-family Pre-retirement
independence (20s) (45 – 60)

Early High Family Career Pre- Retirement

childhood school formation development retirement
and
college Income stream

Retirement and estate planning

Tax planning
Income

Employee benefit planning

Savings and investment planning

Liability and insurance planning

Asset acquisition planning

0
10 20 30 40 50 60 70 80
Age

Chapter 1 | Understanding the Financial Planning Process 17

1-3b Plans to Achieve Your Financial Goals

As discussed earlier, financial goals can range from short-term goals such as saving
for a new stereo to long-term goals such as saving enough to start your own business.
Reaching your particular goals requires different types of financial planning. Let’s
take a brief look at what each major plan category includes.

Asset Acquisition Planning

One of the first categories of financial planning is asset acquisition. We accumulate
assets—things we own—throughout our lives. These include liquid assets (cash, sav-
ings accounts, and money market funds) used to pay everyday expenses, investments
(stocks, bonds, and mutual funds) acquired to earn a return, personal property (mov-
able property such as automobiles, household furnishings, appliances, clothing, jew-
elry, home electronics, and similar items), and real property (immovable property;
land and anything fixed to it, such as a house). Chapters 4 and 5 focus on important
considerations for managing liquid assets and other major assets such as automobiles
and housing.

Liability and Insurance Planning

Another category of financial planning is liability planning. A liability is something
we owe, which is measured by the amount of debt we incur. We create liabilities by
borrowing money. By the time most of us graduate from college, we have debts of
some sort: education loans, car loans, credit card balances, and so on. Our borrow-
ing needs typically increase as we acquire other assets such as a home, furnishings,
and appliances. Whatever the source of credit, such transactions have one thing in
common: the debt must be repaid at some future time. How we manage our debt
burden is just as important as how we manage our assets. Managing credit effectively
requires careful planning, which is covered in Chapters 6 and 7.
Obtaining adequate insurance coverage is also essential. Like borrowing money, ob-
taining insurance is generally introduced relatively early in our life cycle (usually in the
family formation stage). Insurance is a way to reduce financial risk and protect both
income (life, health, and disability insurance) and assets (property and liability insur-
ance). Most consumers regard insurance as absolutely essential—and for good reason.
One serious illness or accident can wipe out everything you have accumulated over
many years of hard work. But having the wrong amount of insurance can be costly.
We’ll examine how to manage your insurance needs in Chapters 8, 9 and 10.

Savings and Investment Planning

As your income begins to increase, so does the importance of savings and investment
planning. Initially, people save to establish an emergency fund for meeting unexpected
expenses. Eventually, however, they devote greater attention to investing excess income
as a means of accumulating wealth, either for major expenditures (such as a child’s col-
lege education) or for retirement. Individuals build wealth through savings and the sub-
sequent investing of funds in various investment vehicles: common or preferred stocks,
government or corporate bonds, mutual funds, real estate, and so on. The higher the
returns on the investment of excess funds, the greater wealth they accumulate.
Exhibit 1.8 shows the impact of alternative rates of return on accumulated
wealth. The graph shows that if you had $1,000 today and could keep it invested at

18 Part 1 | Foundations of Financial Planning

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Exploring the Variety of Random
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καϑάπερ καὶ ἐπὶ τῶν σωλήνων εἴρηται. Μετὰ δὲ τὸ σπεῖσαι πρώτως
τὸν Auövvoov δεήϊσει κυμβάλων καὶ τυμπάνων κτύπον γενέσϑαι.
Γίνεται δὲ καὶ τοῦτο οὕτως" ἐν τῇ κάτω βάσει. ἐν n εἶσι καὶ οἱ τροχοί.
ἀγγεῖον τίϑεται ἔχον σφαιρία μολιβᾶ συρρέοντα εἰς τὸν πυϑμένα. ἐν
δὲ τῷ πυϑμένι τρῆμα γίνεται εὐλύτως δυνάμενον δέξασϑαι τὰ
σφαιρέα. κλειϑρίον ἔχον ἀνοιγόμενον ὑπὸ τῆς δπάρτου. ea [4 c \ w
14 [4 ’ ὅταν δέῃ. ὑπόκειται δὲ τῷ τρήματι τυμπάνιον ἐπικε’ = \ (4 2.
/ 1 2 ΄ κλιμένον καὶ τούτῳ ἐξήφϑω κυμβάλιον. ἐχπίπτοντα οὖν τὰ
σφαιρία κρούσει πρῶτον τὸ τυμπάνιον καὶ ἐκ 1 νίκην AG: κίνην T 6 ἢ
οὖν γίνεται Τ ἐπειλείσϑω α 8 ἀποδεδόσϑω ἃ: ἀποδεδέσϑω Μ 9
χατεχέσϑω sive κατέχεται Brinkm. 11 f. ὑπό. sed οὗ p. 152,6 14
κρυπτέσϑω M: κριπτέσϑω ἃ καὶ om. Τ' 16 πρῶτον M 18 τούτου T
καταβάσει G. cf.p.396, 8, sed v. Heron. Mens. 16 p. 192,6 ed. Hu. 20
μολιβδᾶ M 22 ἀποιγόμενον T 23 δέη AG (ex δεήσει corr. A): δεήσει T
ἣ 15
DIE AUTOMATENTHEATER HERONS V. ALEXANDRIA. 389
umdreht und damit die Flüssigkeit (weiter) fliefsen kann. Wenn
dagegen Bacchus sich umgewendet hat und auf dem | anderen
Altare das Feuer angezündet ist, so mu[s wiederum | der Wein und
die Milch fliefsen. Des Bacchus Drehung 5 macht so einen Halbkreis
aus. Man bohre diametral entgegengesetzt den Löchern τ, s andere
Löcher ß, y; und von β führe eine Röhre β δ nach 06, von γ eine
andere Ye nach vo. Wenn also nach der Drehung des Bacchus die
Löcher &, & gegenüber ‚ß, y liegen, so öffnet man den Ver10 schlufs
ἃ τ wieder, und Wein und Milch fliefsen in gleicher Weise. [Der
Verschlufs wird dadurch geöffnet, dals eine zweite Schnur den Hahn
nach der anderen Seite!) dreht.')] Die Röhren g6, Ψῶ müssen durch
eine kleine, hohle Säule am Tempel unter dessen Basis führen, damit
sie nicht sichtbar 15 sind. Bacchus dreht sich aber zugleich mit der
auf dem Tempeldache stehenden Nike auf folgende Weise. Man lasse
durch das Dach eine mit der Nike verbundene Achse ς & hinab, die
sich leicht um einen Zapfen & dreht, und man leite eine um sie
gewickelte Schnur vermittelst einer Rolle ἢ 20 nach der Basis des
Tempelchens und mittels einer Rolle ϑ' nach dem überstehenden
Ende des Cylinders yd. Wenn man nun den ÜCylinder yd dreht, wird
man die um die Achse ‚s ζ laufende Schnur abwickeln und zugleich
Nike und Bacchus drehen. Deren Drehung erfolge aber nach
derselben Richtung. An Umfang sei die Achse ς ξ (bez. ihre Welle)
dem Cylinder yd gleich, damit Nike und Bacchus zu gleicher Zeit
unverändert in ihre frühere Stellung zurückkehren. Um diese
Bewegung automatisch zu machen, wickle man eine andere Fig. 9b.
Kette um den hervorstehenden Teil des Cylinders γὸὃ und leite sie
über eine Rolle μ nach einem Gewichte m Der an dem Gewichte
befestigte Ring halte 1) ‘Seite’ ist nach Vermutung übersetzt, da der
griechische Text verderbt ist. Der ganze Satz ist interpoliert. S. die
Einleitung zu Figur 94. 8 en ἃ
390 HP&2NOZ AAESANAP. ΠΕΡῚ ATTOMATOIOIHTIKH2.
τούτου ἀποπίπτοντα εἷς τὸ κυμβάλιον τὸν ἦχον ἀποτελέσει. δύναται
δὲ μέσον διάφραγμα λαβὸν τὸ ἀγγεῖον δύο χώρας ποιῆσαι, ὥστε ἐν
ἑκατέρᾳ εἶναι σφαιρία (xal) τὰ μὲν ἐν τῇ μιᾷ χώρᾳ τὸν πρῶτον ἦχον
ἀποΚΑ Pl Sys en τς Fig. 95}. 71T? τελεῖν, τὰ δὲ ἐν τῇ ἑτέρᾳ τὸν ἑξῆς.
κλειϑρίου ὁμοίως ἀνοιχϑέντος. | XV Eins δὲ δεῖ τὸ περιστύλιον
στεφανωθῆναι τὸ Ev τῇ βάσει.
DIE AUTOMATENTHEATER HERONS V. ALEXANDRIA. 391
dieses mit Hilfe einer Hand (Cheir, zweier handartig gebogenen
Stifte, Fig. 94b) und eines Abzuges (Schasteria), | wie er bei den
Katapulten verwendet wird, (oben) zurück, | damit das Gewicht
(erst) niedersinkt und Bacchus und - 5Nike umdreht, sobald der
Abzug von einer Schnur losgemacht (zurückgezogen) ist. Auch die
Schnur ἡ 8 leite man versteckt durch eine andere kleine Säule, wie
es schon bei den Röhren angegeben wurde. XIV Nach der ersten
Spende, des Baechus soll Cymbeln- Cymbelnschall 10 schlag und
Trommelklang erschallen. Ευνε τ 0 Dies macht man
folgendermalsen. In dem unteren Raume des Sockels, in welchem
auch die Räder sind, wird ein Gefäfs mit kleinen, nach dem Boden
hin zusammenrollenden Bleikugeln aufgestellt. In den Boden 15 wird
ein Loch gebohrt, welches die Kugeln leicht aufzunehmen vermag,
und mit einem kleinen Schieber (Verschlufs) versehen, der von der
Schnur im richtigen Augenblicke geöffnet wird. Unter dem Loche
steht eine kleine Trommel angelehnt, und daran sei ein kleines
Becken befestist. Fallen nun die Kugeln heraus, so schlagen sie 2
zuerst auf die kleine Pauke und rufen, indem sie von dieser auf das
Becken springen, den Schall hervor. Wenn das Gefäls in der Mitte
eine Scheidewand bekommt, kann es zwei Kammern bilden, so dafs
in jeder Kugeln sind 35 und die in der einen den ersten Schall
hervorbringen, die in der andern den nächsten, nachdem in
ähnlicher | Weise ein Schieber geöffnet ist. XV Nun mufs das Peristyl
(ἃ. h. die Pilaster) an SBekränzung dem Unterbau bekränzt werden.
ce ee 30 Das macht man so. Man stelle sich vor, dafs der 2 äulseren
Brüstung (Rahmen) «ßyd (Fig. 95a) auf dem viersäuligen Unterbau
innen ein anderer Rahmen e$n®% entspreche, so dals der Raum
zwischen den beiden Rahmen nach unten leer (Fig. 95b) ist. Es wird
aber eine recht35 eckige Guirlande (Geflecht aus Kränzen), in
beliebiger, | 2 [-] 4 καὶ inserui 5 χληϑρίου T
[Ὁ ΧΥῚ en 392 HPQ2NOZ AAESANAP. ΠΕΡῚ
ATTOMATOIIOIHTIKHZ2. Γίνεται δὲ οὕτως" νοείσϑω τὸ ϑωράκιον τὸ
ἐπιχείμενον ἐν τῷ τετραστύλῳ τὸ ABIA ἔχον ἐντὸς ἕτερον ϑωράκιον
τὸ EZHO, ὥστε τὴν μεταξὺ τῶν δύο χώραν ϑωρακίων κενὴν ἐκ τοῦ
κάτω μέρους ὑπάρχειν. γενηϑὲν ὃὲ πλέγμα ἐκ στεφάνων
ἱτετραγώνων πλοκῇ οἵᾳ ἐάν τις βούληται καὶ πρὸς τὴν ὕψιν
εὐαρμόστως καὶ τοῦτο πτυγὲν ἐγχρύπτεται εἰς τὸν εἴρημένον μεταξὺ
τῶν ϑωρακίων τόπον τὰς ἄνω ἀρχὰς ἐξημμένας ἔχον ἐκ τοῦ
ϑωρακίου. καὶ ἵνα μὴ αὐτόucTov κχαταφέρηται, σανίδιον ἐπίμηκες
ἁρμόζον τῷ μεταξὺ τῶν ϑωρακίων τόπῳ καϑ' ἑκάστην πλευρὰν τοῦ
ϑωρακίου γίνεται. ὥστε ἐπιπωμάσαι τὸ πλέγμα καὶ συσχεῖν εἰς τὸ
ἄνω μέρος. ἵνα δὲ μὴ αὐτόματα τὰ σανίδια ἀποπίπτῃ. ἐκ τῆς μιᾶς
πλευρᾶς τῆς εἰς τὸ ἐντὸς τοῦ ϑωρακίου μέρος στροφωμάτια εὔλυτα
λαμβάνει. ἵνα ὅταν ἐπιπωμασϑῇ., ἐκ τοῦ ἑτέρου μέρους ἐπιστρεπτῷ
κόρακι κατέχηται, ὥστε μὴ ἀνοίγεσϑαι. ἐκ δὲ τοῦ ἑτέρου μέρους τοῦ
κόρακος ἀγκύλη σπάρτου περιτίϑεται. ἥτις ταϑείδσης τῆς σπάρτου
καὶ τοῦ κόρακος ἐπιστραφέντος ἀποπίπτει. καὶ οὕτως τὸ πλέγμα
καϑίεται. ἕξει δὲ τὸ πλέγμα εἰς τὰ κάτω μέρη βαρύλλια μολιβᾶ
ἐχδεδεμένα πρὸς τὸ ταχέως καταφέρεσθαι. Τὸ λοιπὸν δὲ δὴ
καταλείπεται ὑποδεῖξαι. πῶς αἱ Βάκχαι χορεύουσι κατὰ τὸν δέοντα
καιρόν. Γίνεται οὖν καὶ τοῦτο οὕτως" ὃ ναΐσκος ὃ στρογγύλος. ἐν ᾧ
ἐστιν ὃ Διόνυσος. στυλοβάτην ἐχέτω στρογγύλον χαὶ λεῖον κατὰ τὸ
ὕψος. ἔστω οὖν οὗτος ὁ ABI'A' περὶ δὲ τοῦτον περικείσϑω ἴτυς ἡ 1 ἢ
δὲ {καὶ τοῦτον. cf.p. 889, 92. 888,18. 396,10 1-3 ϑωράκιον ...
ἕτερον om. G, add. 6 τηρ. 5 f. τετράγωνον 6—7 f. εὐαρμόστῳ 7
ἐκκχρύπτεται T 9 ἔχον Fr. Haase 10 13 20 25
DIE AUTOMATENTHEATER HERONS V. ALEXANDRIA. 393
aber dem Auge gefälliger Form geflochten; und zwar wird diese
zusammengefaltet und in dem genannten Raume zwischen den
beiden Rahmen versteckt gehalten, indem ihre oberen Enden an den
Rahmen gebunden sind. Damit 3 5 sie nicht von selbst herunterfällt,
wird ein kleines, längliches Brett, das in den Zwischenraum zwischen
den Rahmen pafst, auf jeder Seite des Rahmens angebracht, um die
Guirlande zu verdecken und nach oben zusammenzuhalten. Damit
die Bretter nicht von selbst herunterfallen, erhalten sie auf der einen
Seite im Innern des Rahmens leicht drehbare Scharniere, damit sie,
wenn sie zugeklappt sind, auf der anderen Seite durch einen
drehbaren Winkel (Körax, Haken) festgehalten werden, so dals sich
nicht (von selbst) öffnen können. Auf der anderen 4 Seite des
Winkels legt man die Öse einer Schnur herum, welche abfällt, sobald
die Schnur gespannt und der Winkel gedreht ist. Und so wird die
Guirlande heruntergelassen. Unten werden an die Guirlande kleine
Bleikugeln gebunden, damit sie schnell herunterfällt. ‚VI Es bleibt
nun noch das Übrige zu zeigen, nämlich Tanz der 21 wie es kommt,
dafs die Bacchantinnen zu rechter ie ger a Zeit tanzen. Dies wird
folgendermalsen ausgeführt. Das runde Tempelchen, in dem
Bacchus steht, sei mit einem runden 25 und am Rande glatten
Säulenstand (Stylobatstufe) versehen; das sei «aßyd (Fig. 96a). Um
diesen liege ein 1 o 1 σι 1) Vgl. auch die allerdings ungenaue
handschriftliche | Figur 96d in der Einleitung. in. schedis
Schoenianis: ἔχων a 10 ἁρμόζον M,: ἁρμόξη ἃ 14 ἀποπίπτει T 15
ἐκτὸς α 17 κατέχεται ἃ, corr. ΕὟ. Haase in schedis Schoenianis f. un
(αὐτόματα» 18 μέτρους T 19 περιτίϑεται.... σπάρτου om. T,, add. T,
21 τὸ om. T 22 μολυβδᾶ M 23 δὲ supra scr.G δὴ in litura, ἡ ex δὲ (9)
et‘ ex” corr., A 24 an χορεύσουσι 25 ὃ (ante στρογγύλος) om. T 27
τὸ ὕψος: an κρόταφον" cf. 394, 2. 360, 8 28 οὗτος om.T 6AG: τὸ T
τοῦτον ex τούτων corr. AT: τούτων ἃ
394 HPQ2NOZ AAESANAP. ΠΕΡῚ ATTOMATOIIOIHTIKHE,
EZHOKAMN couoory τῷ στυλοβάτῃ, ὥστε εὐλύτως 2 περὶ αὐτὸν
στρέφεσθαι. περὶ δὲ τὸν χρόταφον τῆς KAMN περιφερείας
ἐντετορνεύσϑω σωλήν, ἐν ᾧ σπάρτος ἐπειληϑεῖσα ἐγκεκοιμίσϑθω
[eis τὸ βάϑος τοῦ σωλῆνος]. ἧς ἡ μὲν μία ἀρχὴ κεκρούσϑω δι᾿ 5 φ
s< N UN ὦ Fig. 96b. NT 5 NÄRER = _ Fig. 96. ἐπιούρου Eis τὸ βάϑος
τοῦ σωλῆνος. ὥστε μηκέτι ἐκ8 σπᾶσϑαι" ἡ δὲ ἑτέρα διὰ τροχίλου
ἀποδεδόσϑω εἰς τὸ κάτω μέρος τοῦ ϑωρακίου καὶ ἐπειλήσϑω εἰς
ἕτερον σωλῆνα ἐνόντα ἐν τῷ τυμπάνῳ, ᾧ συμφυὴς ἔστω ἄξων
εὐλύτως στρεφόμενος. τῷ δὲ ἄξονι περιειλήσϑω ἑτέρα 10 σπάρτος
καὶ ἀποδεδόσϑω εἰς τὴν λείαν. συμβήσεται οὖν ταϑείσης τῆς περὶ τὸν
ἄξονα σπάρτου ἐπειλεῖσϑαι
DIE AUTOMATENTHEATER HERONS V. ALEXANDRIA. 395
Ring εξηϑκλμν (Fig. 96b), welcher zu der Stufe palst, so dafs er sich
leicht um ihn dreht. Rings in den äulseren 2 Rand #Auv drechsle
man eine Rille, auf welche eine Schnur gewickelt werde. Diese bette
man in die Tiefe 5der Rille.. Das eine Ende der Schnur stofse man
mit Hilfe eines Nagels tief in die Rille, so dafs sie nicht wieder
herausgezogen werden kann. Das andere Ende leite man mittels
einer Rolle (Fig. 96b und 96c) (innen) nach dem unteren Teile der
Brüstung und wickle es in 10 eine andere Rille, die sich in einer
Welle befindet, mit welcher eine leicht drehbare Achse verbunden
sei. Um die Achse sei eine andere Schnur geschlungen und (von da)
nach dem Gegengewichte geleitet. Ist nun die um 3 die Achse
laufende Schnur gespannt, so wird die Folge 15 sein, dafs die Schnur
von dem Ringe sich (mitteis der Rolle) auf die mit der Achse
verbundene Welle wickelt und dafs so die Bacchantinnen tanzen.')
Da sie nun zweimal tanzen müssen, so ist die um die Achse
geschlungene Schnur mit einer quergezogenen, lockeren Schlinge
ver20 sehen, um die Bacchantinnen mittels des lockeren Teiles der
Schnur zum Stehen zu bringen; ist die Schnur aber gespannt,
werden sie wieder tanzen. Die Bacchantinnen sollen nämlich auf
dem genannten Ringe stehen. 7 Alle Schnüre aber, die aus dem
unteren Raume ‚Versteckte . . nbrıngun 25 des Sockels nach dem
Gegengewichte geleitet werden, der Schnüre. müssen unsichtbar
sein. Fig. 91. 1) Dieser Tanz ist zunächst als ein Umkreisen des
Tempels zu denken, wie ja überhaupt der antike Tanz in erster Linie
ein Reigentanz war. Indessen ist wohl bei den bacchischen Tänzen
eine Umdrehung des Tänzers um sich selbst nicht völlig
ausgeschlossen. ‘Fig. 96a zeigt daher, wie es möglich war, die
Bacchantinnen sich auch um sich selbst drehen zu lassen. 1
στυλωβάτους Tı 3 ἐντετορνευέσϑω a: corr. Fr. Haase in schedis
Schoenianis 4—5 εἰς τὸ βάϑος τοῦ σωλῆνος delevi cf.p.394,6 ὅ ἧς
Α6: εἰς Τ 1 ἀποδεδόσϑω ἃ: ἀποδεδέσϑω M 8 ἐπειλείσϑω M 9 ἢ ἔν τῳ
10 εὔλυτος Τ περιειλείσϑω Μ' 11 ἀποδεδόσϑω ἃ: ἀποδεδέσϑω Μ
396 HP2NOZ AAEZANAP. ΠΕΡῚ ATTOMATOIIOIHTIKHY. ἐπὶ
τὸ συμφυὲς αὐτῷ τύμπανον τὴν ἐκ τῆς ἴτυος | 260 σπάρτον καὶ
οὕτως χορεύειν τὰς Βάκχας. ἐπεὶ οὖν ΧΥΠ ιθ 3 δὶς αὐτὰς δεῖ
χορεῦσαι. ἔχει χάλασμα διαμεμηρυμένον ἡ περὶ τὸν ἄξονα σπάρτος.
ὅπως στάσις γένηται τῶν Βακχῶν διὰ τοῦ χαλάσματος. ταϑείσης δὲ
αὐτῆς πάλιν χορεύσουσιν" ἐπικείσονται γὰρ τῇ εἰρημένῃ ἴτυν αἱ
Βάκχαι. Ὅσαι δὲ σπάρτοι ἐκ τῆς κάτω βάσεως εἰς τὴν λείαν
ἀποδίδονται. δεῖ ταύτας ἀφανεῖς ὑπάρχειν. Γίνεται οὖν καὶ τοῦτο
οὕτως" ἔστω γὰρ τὸ στόμα τῆς σύριγγος. ἐν n ἐστιν ἡ λεία, τὸ ABIA,
καὶ καϑείσϑω διὰ τοῦ ἐν τῇ σύριγγι στόματος διάφραγμα κατὰ τὴν EZ
εὐϑεῖαν ἀπολαμβάνον τὸ JE διάστημα ὅτι στενότατον. ἡ μὲν οὖν
κέγχρος ἐμβληϑήσεται εἷς τὴν EB χώραν, αἱ δὲ σπάρτοι ἐκ τοῦ
κάτωϑεν μέρους ἀνενεχϑήσονται eig τὴν TAEZ χώραν καὶ
ἀποδοϑήoovraı εἷς τὴν λείαν τὴν ἐν τῇ ABZE χώρᾳ διὰ τροχίλου᾽
οὕτως γὰρ ἀφανεῖς ἔσονται πᾶσαι αἱ κάτωϑὲεν ἀναφερόμεναι
σπάρτοι. ἐπεὶ οὖν πολλῶν κινήσεων γινομένων καὶ τῆς τοῦ πλινϑίου
πορείας πολλῆς ὑπαρχούσης ἀνάγκη [μὴ] ἐξαρκεῖν τὸ τῆς σύριγγος
ὕψος, δεῖ καὶ τοῦτο μηχανήσασϑαι. πρὸς μὲν οὖν τὸ μῆκος τῆς
πορείας δύνανται οἱ περὶ τὸν ἄξονα δύο τροχοὶ αὐξανόμενοι πολὺ
μῆκος παρέχειν ἢ τὸ τοῦ ἄξονος πάχος ἔλασσον γινόμενον" ἅπαξ γὰρ
τοῦ ἄξονος στραφέντος κινηϑήσεται τὸ πλινϑίον τηλικαύτην δδὸν
ἡλίκη 1 αὐτὸ G 12 καϑείσϑω α: καϑίσθω AT 14 στενότατον scripsi:
στεγνότατον ἃ 10 ἀνενεχϑήσονται Μ: ἀνεχϑήσονται ἃ: ἐνεχϑήσονται
Fr.Haase in schedis Schoenianis 18 αἵ om. T 20 πολλῆς: μεγάλης
Brinkm. 21 un a, delevi: μὲν M, Paris. suppl. 11 ἐξαρχεῖν T 25—
398,2 an ἅπαξ ... ποιεῖν del.? v. proleg. ad fig. 97 μ᾿ 0
10 15 20 25 30 DIE AUTOMATENTHEATER HERONS V.
ALEXANDRIA. 397 ᾿ς Das erreicht man auf folgende Weise. Es sei
nämlich die Öffnung’) des Kastens, in welchem sich das
Gegengewicht befindet, «ßyd (Fig. 97). | Fig. 97. wichtskastens
ausreichen. vorrichtung zu machen. Durch seine Mündung lasse man
eine Scheidewand in der Richtung der geraden Linie εξ mit möglichst
engem Abstande de hinab. Die Hirse wird nun in den Raum εβ
geschüttet, die Schnüre aber werden von unten nach dem Raume
γδεΐζ geführt und mittels einer Rolle nach dem Gegengewichte
indem Raume αβζε geleitet. So werden nämlich alle Schnüre, die von
unten nach oben gehen, unsichtbar sein. Trotzdem nun viele
Bewegungen auszuführen sind und die Fahrt des Radkastens lang
ist, mufs doch die (geringe) Höhe des GeDaher ist noch folgende
HilfsWas die Länge der Fahrt 3 (Strecke) betrifft, so kann die
Vergröfserung der beiden 1) Diese Öffnung liegt natürlich oben.
Unsere Figur giebt aber um der Deutlichkeit willen eine
Seitenansicht, auf welche wir die Buchstabenbezeichnung
entsprechend übertragen haben. 9
398 HP&NOZ AAESANAP. ΠΕΡῚ ATTOMATONOIHTIKHE.
EoTiv ἡ τοῦ ἑνὸς τροχοῦ περιφέρεια. διὸ εὐλόγως μείξονας αὐτοὺς
δεῖ πειρᾶσϑαι ποιεῖν. XVII οὐ μὴν ἀλλὰ καὶ οὕτως δυνατόν ἐστι.
Νοείσϑω γὰρ τὸ τοῦ ἄξονος πάχος τὸ 48. ἡ δὲ 961 τοῦ συμφυοῦς
αὐτῷ τροχοῦ | περιφέρεια ἡ IL, καὶ 5 ὑπερκείσϑω ἕτερος ἄξων ἐν
κνώδαξιν εὐλύτως στρεφόμενος. οὗ τὸ πάχος ἔστω τὸ ΕΖ. τούτῳ δὲ
συμφυὲς Fig. 98. ἔστω τύμπανον τὸ ΗΘ. καὶ περὶ μὲν τὸν AB ἄξονα
σπάρτος περιειληϑεῖσα ἀποδεδόσϑω περὶ τὸ ΗΘ τύμπανον. ἐκ δὲ τοῦ
ΕΖ ἄξονος ἑτέρα σπάρτος ἐκδεϑεῖσα 10 καὶ ἐπειληϑεῖσα ἀποδεδόσϑω
διὰ τροχίλου τοῦ K eig τὴν ἐν τῇ σύριγγι λείαν τὴν 4. συμβήσεται
οὖν ἅπαξ στραφέντος τοῦ ΕΖ ἄξονος ὀλίγον μὲν μέρος τῆς σύριγγος
κενοῦσϑαι. τοσοῦτον ὅση ἐστὶν ἡ τοῦ EZ ἄξονος περιφέρεια, τὴν δὲ
ἐκ τοῦ AB ἄξονος σπάρτον 15 | τῷ
5 VI 10 15 το ς DIE AUTOMATENTHEATER HERONS V.
ALEXANDRIA. 399 Räder an der Achse oder die Verkleinerung des
Achsenumfanges eine recht lange Fahrt herbeiführen. Bei einer
einzigen Achsenumdrehung wird nämlich der Radkasten einen so
grolsen Weg zurücklegen, als die Peripherie des einzelnen Rades
ausmacht. Deshalb muls man verständigerweise die Räder gröfser zu
machen suchen.) Indessen bietet sich noch folgende Möglichkeit. Die
ÜberMan denke sich nämlich «ß (Fig. 98) als Umfang "Wwannae der
Achse, γὸδ als Peripherie des damit verbundenen Fie- 98. Rades.
Darüber liege eine andere Achse, die sich leicht um Zapfen dreht’und
deren Umfang e£ sei. Mit dieser sei eine Welle (Radtrommel) 7%
verbunden. Um die Achse «ß wickle man eine Schnur und leite sie
um die Welle n®. An die Achse εζ binde man eine andere Schnur,
wickle sie darauf und leite sie mittels einer Rolle z nach dem
Gegengewichte A in dem Gewichtskasten. Wenn nun die Achse εζ
eine einzige Drehung macht, so ist die Folge, dafs nur ein kleiner Teil
des Hirsekastens geleert wird, nämlich so viel, als die Peripherie der
Achse e£ ausmacht, und dafs die von der Achse αβ kommende
Schnur sich einmal auf die Welle 7% wickelt, welche gröfser ist als
die Achse αβ. Daher wird die Achse «ß wiederholt mitsamt dem
Rade yd gedreht, und daraus ergiebt sich eine bedeutende Länge
der Fahrt. Doch mufs man sich merken, dals es eines gröfseren
Gewichts (= einer grölseren Kraft) bedarf, weil die gröfseren
Wellen?) von den kleineren?) bewegt werden. Dies wird nämlich
gerade durch die Hebel?) 1) Vgl. in der Einleitung die Bemerkung zu
Fig. 97. 2) Wie n® von εξ. 3) Man erwartet eigentlich “durch die
Ungleichheit der Durehmesser oder besser der Radien’ statt “durch
die Hebel’. Bekanntlich verhalten sich bei der mechanischen
Übertragung 3 καὶ om. T 4 τοῦ AG: σοῦ T 5 αὐτῷ seripsi: T) αὐτοῦ ἃ
(αὖ A) 7 τούτη (sic) T 9 περιειληφϑεῖσα T 10 ἑτέρα AT: ἕτερος G 13
στραφέντος Scripsl: στρέφοντος ἃ: ἀποστραφέντος Leid. Scal. 45
(om. ἅπαξ). cf. p. 396, 25—26
400 HPS2NOZ AAESANAP. ΠΕΡῚ ATTOMATOIOIHTIKHE.
ἅπαξ ἐπειλῆσαι τὸ ΗΘ τύμπανον μεῖξον ὃν τοῦ AB ἄξονος. ὥστε
πλεονάκις τὸν AB ἄξονα στραφῆναι σὺν τῷ TA τροχῷ καὶ διὰ τοῦτο
πολὺ μῆκος τῆς πορείας 3 γίνεσϑαι. εἰδέναι μέντοι χρή, ὅτι μείζονος
λείας προσδεῖται διὰ τὸ τοὺς μείζονας κύκλους ὑπὸ τῶν ἐλασσόνων
κινεῖσθαι" ταῦτα γὰρ διὰ τῶν μοχλίων δὴ ἔστι. καὶ τὰς ἄλλας δὲ τὰς
ἔξωϑεν τῆς πορείας κινήσεις δυνατόν ἔστι μεγάλας οὔσας διὰ μικρῶν
διαστημάτων 4 ἐπιτελεῖσϑαι" ἐὰν γὰρ ἡ κινοῦσα τὸ ὄργανον τοῦ
ΖΊιονύσου σπάρτος περὶ μείζονας κύκλους ἀποδιδῶται. ἡ ὃὲ εἰς τὴν
λείαν περὶ ἐλάσσονας ἄξονας καὶ συμφυεῖς ὄντας τῷ μείζονι,
καϑάπερ καὶ ἐπὶ τῆς πορείας ὑπεδείξαμεν. ΧΙΧ σχΖύναται δὲ καὶ
ἄλλως ἥ τε ἐπιπορεία καὶ ἡ ἀποπορεία γίνεσϑαι καὶ ai ἔξωϑεν {τῆς
πορείας κινήσεις. Ἔστω γὰρ τὸ τῆς σύριγγος στόμα τὸ 48 ΓΖά
διαπεφραγμένον δυσὶ διαφράγμασι δι’ ὅλου τοῦ ὕψους 262 τῆς
σύριγγος τοῖς κατὰ τὰς EZ, ΗΘ εὐϑείας. | ὥστε διὰ τοῦ μεταξὺ τόπου
τῶν διαφραγμάτων τὰς κάτω σπάρτους ἀναφέρεσϑαι καὶ
ἀποδίδοσθαι εἷς τὰς λείας. 2 ἡ μὲν οὖν ἐν τῇ ABEZ σύριγγι λεία τήν
Te ἐπι1 ἐπειλῆσαι AG: ἐπειλεῖσαι Τ': f. ἐπειλεῖσϑαι (eis) 2 ὥστε AG:
ὡς τὰ T 4—5 προσδεῖται ἃ: an προσδεῖν sed ef. Kühner Gr. I 255 5—
6 τοὺς μείζονας κύκλους TE. cf. Heron. Mech. II 7 Dioptr. p. 334, 23
Vinc., Philon. Mech. Synt. p- 59,16 ed. R. Schoene, Pappi Collect. p.
1068, 20 ed. F. Hultsch 6 f. κινεῖσϑαι, (ὅταν περὶ τὸ αὐτὸ κέντρον
κυλίωνται» f. γὰρ δὴ διὰ τῶν μοχλίων tr. μοχλικῶν δῆλά ἐστι Brinkm.
9—13 an ἐὰν γὰρ... ὑπεδείξαμεν del.? v. proleg. ad fig. 98 9 γὰρ om.
M, Paris. suppl. 11: an γὰρ del.? sed cf. Vahlen Aristot. poet. p. 128°
n om. T 9—10 τοῦ Διονύσου del. Brinkm. 10 ἀποδίδωται codd.,
correxi 12 f. μείζονι RER 15 {τῆς πορείας» inserui. cf. lin.” 16—17
διαπεφραγμένων 18 τοῖς AT: τῆς α 921 τε AG: δὲ Τ' 15
DIE AUTOMATENTHEATER HERONS V. ALEXANDRIA. 401
ermöglicht. Aber man kann auch, vom Fahren abgesehen, die
anderen Bewegungen trotz längerer Dauer auf kleine Entfernungen
ausführen, wenn z. B. die Schnur, welche den 4 Apparat mit dem
Bacchus (5. 5. 389, 23. 391, 4) bewegt, 5 um grölsere Wellen
geschlungen wird, aber die für das Gegengewicht bestimmte um
kleinere Achsen, welche mit der grölseren Welle verbunden sind, wie
wir es schon beim Fahren gezeigt haben. XIX Die Hin- und Rückfahrt
und die Bewegungen Die Hin10 am Orte lassen sich noch anders
ausführen. we Es sei nämlich die Mündung des Gewichtskastens syn
en) αβγὸ (Fig. 99a und 99b) durch zwei Scheidewände der ganzen
Länge des Kastens nach in der Richtung der graden Linien ed, 7% so
abgeteilt, dafs die Schnüre von ı5 unten durch den zwischen den
Scheidewänden befindlichen Zwischenraum hinaufgehen und nach
den Gegengewichten geleitet werden. Folgendermafsen wird das
Gegengewicht 2 in dem Kasten «ßs& sowohl die Hin- als die
Rückfahrt bewirken und das in ηϑγδ die übrigen Bewegungen. Es 20
sei nämlich # (Fig. 99a) das am Boden des Gewichts- pe Auckastens
«ße befindliche Loch, durch welches die an Hirse ausläuft, das in ἡ γ
δ aber A. Für beide werde am Orte. ein kleiner Schieber (Fig. 99b
und 99c) gemacht, "is-”au.99b. der sich leicht verschieben läfst. Soll
nun der Radkasten 3 25 hinfahren, so schieben wir den Schieber ($)
des Loches x τ ΟΡ ee DEE TE N πος ςππ ν αοςι Ναειυὐυυειιν οι τσ σε
nn oder Übersetzung beim Rade an der Welle Kraft und Last
umgekehrt wie ihre Radien. S. Herons Mechanik II 7, MüllerLehmann
Grundrifs der Physik® S.14. Nun gilt aber auch für den zweiarmigen
Hebel das Gesetz, dafs sich Kraft und Last umgekehrt wie die
Hebelarme verhalten. Vgl. auch Herons Mechanik I 24. 32—34. S.
175, 15. 188—192 de Vaux. Es bleibt also sachlich dasselbe, wenn
Heron ‘Hebel’ (= Hebelarme) statt “Radien’ sagt. Vgl. Mechanik IT 8.
Schon Philon von Byzanz hatte das Prinzip der Übersetzung in seiner
Hebellehre [ἐν τοῖς MoyAıroig] behandelt. In welchem
Zusammenhange Heron es erörtert, s. in der Einleitung zu Figur 98.
1) Die genauere Beschreibung der rekonstruierten inneren
Bewegungsvorrichtung nebst Figur 99c s. in der Einleitung zu Ἢ
Figur 99. 5 Heronis op. vol.I. ed. Schmidt. 26 ξ
4 ὧι 402 ἩΡΩ͂ΝΟΣ ΑΛΈΞΑΝΔΡ, ΠΕΡῚ
ATTOMATOIIOIHTIKHE. πορείαν ποιήσεται καὶ τὴν ἀποπορείαν. ἡ δὲ
ἐν τῇ ΗΘΙ 4 τὰς ἄλλας κινήσεις οὕτως" ἔστω γὰρ τὸ μὲν ἐν τῷ
πυϑμένι τῆς ABEZ σύριγγος τρῆμα. δι’ οὗ ἡ κέγχρος ἐχρέει. τὸ K, τὸ
δὲ ἐν τῇ HOTA τὸ ΜΛ. ἑκατέρῳ δὲ κχλειϑρίον γεγονέτω δυνάμενον
εὐκόπως παράγεσϑαι. ὅταν οὖν μέλλῃ πορεύεσϑαι τὸ πλινϑίον.
παράξομεν τὸ τοῦ Καὶ τρυπήματος χλειϑρίον. ὥστε ἀνοιχϑῆναι. χαὶ
ἵνα (un) εὐθέως δρμὴν λαβὸν τὸ πλινϑίον κινηϑῇ., ἕξει ἡ σπάρτος ἣ
ἐκ τῶν [ὑπὲρ] τροχῶν ἀποδιδομένη εἰς τὴν λείαν χαλασμάτιον. καὶ
δῆλον ὅτι χρόνος τις ἔσται ἀποστάντων ἡμῶν πρὸ τοῦ κινηϑῆναι τὸ
πλινϑίον. τοσοῦτος ὅσον ἦν τὸ τῆς σπάρτου χάλασμα. ὅταν δὲ δέῃ
στῆναι τὸ πλινϑίον καὶ τὰς ἄλλας ἐπιτελέσαι κινήσεις. ἔτι
ἐπιπορευομένου αὐτοῦ σπάρτος τις ἐπισπάσεται τὸ πρὸς τῷ A
κλειϑροίον καὶ ἀνοίξει αὐτό. καὶ πάλιν, ἵνα μὴ πορευομένου ἕτέρα
γένηται κίνησις. ἕξει χάλασμα καὶ ἡ ἐκ τῆς ἑτέρας λείας ἐχδεδεμένη
σπάρτος. (ἥτις ταϑεῖσα ἐπισπάσεται καὶ τὸ πρὸς τῷ K κλειϑρίον.) καὶ
οὕτως στήσεται τὸ πλινϑίον. αἱ δὲ ἄλλαι ἐπιτελεσϑήσονται κινήσεις.
ὅταν οὖν πάλιν δέῃ ἀποπορεύεσϑαι 4 κέγχρος AG: χέχρος T ἐκρέει
AG: Zungen, ἢ ex εἰ corr., T 8 un inserui 9 ὑπὲρ seclusi 20 ἔτι AG:
ἐστι T τὸ 5
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