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THE PROCESS
4LTR Press uses a Student-Tested,
Faculty-Approved process to meet the
unique needs of each course.
Learn personal finance YOUR Way with PFIN6!
PFIN6’s easy-reference, paperback textbook presents course content
through visually engaging chapters as well as Chapter Review Cards that
consolidate the best review material into a ready-made study tool. With the
textbook or on its own, PFIN Online allows easy exploration of
PFIN6 anywhere, anytime — including on your device!

STUDENTS SAY INSTRUCTORS REQUIRE

Students
tudents taking personal finance come from a Those
hose teaching personal finance need a clear
variety of life stages and majors and desire a presentation of core concepts, in print and online,
combination of learning materials, from tips on that demonstrates their relevance to students.
using a financial calculator to regional salary PFIN6 continues to offer financial planning
statistics. Personal finance students told us they exercises at the end of each chapter to engage
wanted realistic scenarios to help them prepare and assess students. PFIN Online for PFIN6
for events in their own lives. PFIN6 addresses includes resources that can be easily assigned
the need for relevance in personal finance by to students.
answering the question “How
“ will this affect me?”
at the start of each chapter. INSTRUCTOR RESOURCES
AVAILABLE AT CENGAGE.COM/LOGIN:

STUDENT RESOURCES: All Student Resources

Visually-Engaging Chapters Assignable Chapter Readings and Assessments
Tear-
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ear-Out Chapter Review Cards LMS Integration
PFIN Online available at cengagebrain.com Instructor’s Manual
IInteractive Reading T
Test Bank
Practice Quizzes
P PowerPoint® Slides
IInteractive Figures Tear-
Tear
ear-Out Instructor Prep Cards
Flashcards
F
Videos
Spreadsheet Templates
S T

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 THE PFIN SOLUTION

Print
PFIN6
CH APT
A PT E R

+ Understanding the Financial

Planning Process

Online
CH APT
A PT E R

Using Financial Statements

and Budgets

PFIN6 delivers all the key terms PFIN Online provides the complete
and core concepts for the narrative from the printed text with
Personal Finance course. additional interactive media and the unique
functionality of StudyBits—all available
on nearly any device!

What is a StudyBit™? Created through a deep investigation of students’ challenges and workflows,
the StudyBit™ functionality of PFIN Online enables students of different generations and learning
styles to study more effectively by allowing them to learn their way. Here’s how they work:

WEAK RATE AND ORGANIZE

STUDYBITS
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WHAT’S understanding and
IMPORTANT use the color-coding
Create STRONG
to quickly organize
StudyBits your study time
as you highlight UNASSIGNED and personalize
text, images or your flashcards
take notes! and quizzes.

CORRECT
TRACK/MONITOR
PROGRESS
85% INCORRECT
Use Concept PERSONAL
ERSONALIZEZE QUIZZES
Tracker to decide Filter by your StudyBits
INCORRECT
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study time and just take chapter quizzes INCORRECT
study YOUR way! off-the-shelf.

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 PFIN6 © 2018, 2017 Cengage Learning
Randall S. Billingsley, Lawrence J. Gitman, ALL RIGHTS RESERVED. No part of this work covered by the copyright herein
and Michael D. Joehnk may be reproduced or distributed in any form or by any means, except as
SVP, GM, Science, Technology & Math: permitted by U.S. copyright law, without the prior written permission of the
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PFIN
B I L L I N G S L E Y/G I T MA N/ J O E H N K

6 BRIEF CONTENTS

PART 1 FOUNDATIONS OF FINANCIAL

PLANNING
1 Understanding the Financial Planning Process 2
2 Using Financial Statements and Budgets 28
3 Preparing Your Taxes 54

PART 2 MANAGING BASIC ASSETS

4 Managing Your Cash and Savings 84
5 Making Automobile and Housing Decisions 110

PART 3 MANAGING CREDIT

6 Using Credit 144
7 Using Consumer Loans 170

PART 4 MANAGING INSURANCE NEEDS

8 Insuring Your Life 196
9 Insuring Your Health 224
10 Protecting Your Property 252

PART 5 MANAGING INVESTMENTS

11 Investment Planning 276
12 Investing in Stocks and Bonds 308
13 Investing in Mutual Funds, ETFs, and Real Estate 340

PART 6 RETIREMENT AND ESTATE PLANNING

14 Planning for Retirement 370
15 Preserving Your Estate 398

Appendix A 424
Appendix B 425
Appendix C 426
Appendix D 427
adventtr/E+/Getty Images

Appendix E 428
Index 430

Brief Contents iii

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 CONTENTS

Part 1 3 Preparing Your Taxes 54

FOUNDATIONS OF 3-1 Understanding Federal Income Tax Principles 55

FINANCIAL PLANNING
3-2 It’s Taxable Income that Matters 59
3-3 Calculating and Filing Your Taxes 63
3-4 Other Filing Considerations 73
3-5 Effective Tax Planning 77

Part 2
JGI/Jamie Grill/Getty Images
MANAGING BASIC
ASSETS

1 Understanding the Financial

Planning Process 2
11-1 The Rewards of Sound Financial Planning

rCarner/Shutterstock.com
3
1-2 The Personal Financial Planning Process 6
1-3 From Goals to Plans: A Lifetime of Planning 13
1-4 The Planning Environment 19
1-5 What Determines Your Personal Income? 23

2 Using Financial Statements 4 Managing Your Cash and

Savings 84
and Budgets 28 4-1 The Role of Cash Management in Personal Financial
2-1 Mapping Out Your Financial Future 29 Planning 85
2-2 The Balance Sheet: How Much Are You Worth 4-2 Today’s Financial Services Marketplace 87
Today? 30 4-3 A Full Menu of Cash Management Products 90
2-3 The Income and Expense Statement: What We Earn 4-4 Maintaining a Checking Account 95
and Where It Goes 35
4-5 Establishing a Savings Program 101
2-4 Using Your Personal Financial Statements 38
2-5 Cash In and Cash Out: Preparing and Using
Budgets 40 5 Making Automobile and
2-6 The Time Value of Money: Putting a Dollar Value on Housing Decisions 110
Financial Goals 44 5-1 Buying an Automobile 110
5-2 Leasing a Car 116
5-3 Meeting Housing Needs: Buy or Rent? 118

iv Contents

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5-4 How Much Housing Can You Afford? 124
5-5 The Home-Buying Process 131 Part 4
5-6 Financing the Transaction 135
MANAGING
Part 3
INSURANCE NEEDS
MANAGING CREDIT

Rawpixel.com/Shutterstock.com
Mark Viker/Getty Images

8 Insuring Your Life 196

8-1 Basic Insurance Concepts 197
8-2 Why Buy Life Insurance? 198

6 Using Credit 144

8-3 How Much Life Insurance Is Right for You?
8-4 What Kind of Policy Is Right for You? 204
199

6-1 The Basic Concepts of Credit 144 8-5 Buying Life Insurance 213
6-2 Credit Cards and Other Types of Open Account 8-6 Key Features of Life Insurance Policies 216
Credit 150
6-3 Obtaining and Managing Open Forms of Credit 157
6-4 Using Credit Wisely 164
9 Insuring Your Health 224
9-1 The Importance of Health Insurance

7 Using Consumer Coverage 225

9-2 Health Insurance Plans 226
Loans 170 9-3 Health Insurance Decisions 232
7-1 Basic Features of Consumer Loans 170 9-4 Medical Expense Coverage and Policy
7-2 Managing Your Credit 177 Provisions 236
7-3 Single-Payment Loans 181 9-5 Long-Term-Care Insurance 241
7-4 Installment Loans 186 9-6 Disability Income Insurance 244

Contents v

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 10 Protecting Your Property 252
13-2 Types of Funds and Fund Services 350
13-3 Making Mutual Fund and ETF Investments 356
10-1 Basic Principles of Property Insurance 253 13-4 Investing in Real Estate 362
10-2 Homeowner’s Insurance 257
10-3 Automobile Insurance 263
10-4 Other Property and Liability Insurance 269
Part 6
10-5 Buying Insurance and Settling Claims 270
RETIREMENT AND
Part 5
ESTATE PLANNING
MANAGING
INVESTMENTS

Cathy Yeulet/123RF
Jan Stromme/Getty Images

14 Planning for Retirement 370

14-1 An Overview of Retirement Planning 371
14-2 Social Security 377

11 Investment Planning
14-3 Pension Plans and Retirement Programs 380
276 14-4 Annuities 389

15 Preserving Your Estate

11-1 The Objectives and Rewards of Investing 277
11-2 Securities Markets 283 398
11-3 Making Transactions in the Securities 15-1 Principles of Estate Planning 398
Markets 288
15-2 Thy Will Be Done . . . 403
11-4 Becoming an Informed Investor 294
15-3 Trusts 411
11-5 Online Investing 296
15-4 Federal Unified Transfer Taxes 414
11-6 Managing Your Investment Holdings 300
15-5 Calculating Estate Taxes 418

12 Investing in Stocks and 15-6 Estate Planning Techniques 420

Bonds 308 Appendix A 424

12-1 The Risks and Rewards of Investing 309 Appendix B 425
12-2 Investing in Common Stock 315 Appendix C 426
12-3 Investing in Bonds 326 Appendix D 427
Appendix E 428

13 Investing in Mutual Funds, Index 430

ETFs, and Real Estate 340

13-1 Mutual Funds and Exchange Traded Funds: Some
Basics 341

vi Contents

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 ABOUT THE AUTHORS
RANDALL S. BILLINGSLEY is a finance professor
at Virginia Tech. He received his bachelor’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 Billingsley 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 ad-
visors. Formerly a vice-president at the Association
for Investment Management and Research (now the
CFA Institute), Professor Billingsley’s published equity
valuation 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 Portfolio Manage-
ment, the Journal of Banking and Finance, Financial
Management, the Journal of Financial Research, and
the Journal of Futures Markets. Professor Billingsley
advises the Student-Managed Endowment for Educa-
tional Development (SEED) at Virginia Tech, which
manages an equity portfolio of about $5 million on be-
half 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 in-
vestment professionals for the CFA examinations. This
has afforded him the opportunity to explore and discuss
the relationships among diverse areas of investment anal-
ysis. 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 invest-
ment decision making and personal financial planning.
LAWRENCE J. GITMAN is an emeritus professor of fi-
nance at San Diego State University. He received his
bachelor’s degree from Purdue University, his M.B.A.
from the University of Dayton, and his Ph.D. from the
University of Cincinnati. Professor Gitman is a prolific
textbook author and has more than 50 articles appearing
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
in Financial Management, The Financial Review, the
Journal of Financial Planning, the Journal of Risk and
Insurance, the Financial Services Review, the Journal of
Financial Research, Financial Practice and Education,
the Journal of Financial Education, and other scholarly
publications.
His major textbooks include The Future of Business,
Sixth Edition, and The Future of Business: The Essen-
tials, Fourth Edition, both of which are co-authored with
Carl McDaniel; and Fundamentals of Investing, Twelfth
Edition, which is co-authored with Michael D. Joehnk
and Scott B. Smart. Gitman and Joehnk also wrote Invest-
ment Fundamentals: A Guide to Becoming a Knowledge-
able Investor, which was selected as one of 1988’s 10 best
personal finance books by Money magazine; Principles of
Managerial Finance, Sixth Brief Edition, and Principles
of Managerial Finance, Thirteenth Edition, both co-
authored with Chad J. Zutter; Foundations of Manageri-
al Finance, Fourth Edition; and Introduction to Finance,
co-authored with Jeff Madura.
An active member of numerous professional organi-
zations, Professor Gitman is past president of the Acad-
emy of Financial Services, the San Diego Chapter of the
Financial Executives Institute, the Midwest Finance
Association, and the FMA National 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 edu-
cation for the Financial Management Association, and
as director of the San Diego MIT Enterprise Forum.
Gitman 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. In addition to his ac-
ademic appointments at ASU, Professor Joehnk spent a
year (1999) as a visiting professor of finance at the Univer
Univer-
sity of Otago in New Zealand. He received his bachelor’s
and Ph.D. degrees from the University of Arizona and
his M.B.A. from Arizona State University. A Chartered
Financial Analyst (CFA), he has served as a member
of the Candidate Curriculum Committee and of the
Council of Examiners of the Institute of Chartered
Financial Analysts. He has also served as a director of the
Phoenix Society of Financial Analysts and as secretary/
treasurer of the Western Finance Association, and he was
About the Authors vii
 elected to two terms as a vice-president of the Financial
Management Association. Professor Joehnk is the author
or co-author of some 50 articles, five books, and numer
numer-
ous monographs. His articles have appeared in Finan-
cial Management, the Journal of Finance, the Journal of
Bank Research, the Journal of Portfolio Management,
the Journal of Consumer Affairs, the Journal of Financial
and Quantitative Analysis, the AAII Journal, the Journal
of Financial Research, the Bell Journal of Economics,
the Daily Bond Buyer, Financial Planner, and other
publications.
In addition to co-authoring several books with Lawrence
J. Gitman, Professor Joehnk was the author of a highly
viii About the Authors
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
successful paperback trade book, Investing for Safety’s
Sake. Dr. Joehnk was also the editor of Institutional
Asset Allocation, which was sponsored by the Institute
of Chartered Financial Analysts and published by Dow
Jones-Irwin. He was a contributor to the Handbook
for Fixed Income Securities and to Investing and Risk
Management, Volume 1 of the Library of Investment
Banking. In addition, he served a six-year term as ex-
ecutive co-editor of the Journal of Financial Research.
He and his wife live in Flagstaff, Arizona, where they
enjoy hiking and other activities in the nearby moun-
tains and canyons.
 ACKNOWLEDGEMENTS
In addition to the many individuals who made significant The editorial staff at Cengage Learning has been
contributions to the book by their expertise, classroom most helpful in our endeavors. We particularly wish
experience, guidance, general advice, and reassurance, to thank Steven E. Joos, the former Product Director,
we also appreciate the students and faculty who used the 4LTR Press; Laura Redden, Product Manager; Tricia
book and provided valuable feedback, confirming our Hempel, Content/Media Developer; Lauren Dame,
conviction that a truly teachable personal financial plan- Product Assistant, and Nadia Saloom, Content Project
ning text could be developed. Manager.
We are indebted to the academicians and practitio- Finally, our wives – Bonnie, Robin, and Charlene –
ners who have created the body of knowledge contained have provided needed support during the writing of this
in this text. We particularly wish to thank several people book. We are forever grateful to them.
who gave the most significant help in developing and revis-
ing it. They include Eric Johnson, ChFC, CLU, LTCP, of Randall S. Billingsley, FRM, CFA
StateFarm for his helpful insights on insurance products Virginia Tech
and planning; Professor Sam Hicks, CPA, of Virginia Tech, Lawrence J. Gitman, CFP®
for his thorough review of the entire book; Professor Hon- San Diego State University
gbok Lee, of Western Illinois University, for helpful obser
obser-
vations, and Thomas C. Via Jr., CLU, of Leonard L. Brown Michael D. Joehnk, CFA
Agency for his help on life and property insurance issues. Arizona State University

Acknowledgements ix

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
 1 Understanding the
Financial Planning
Process
LEARNING OBJECTIVES
After studying this chapter, you will be able to…

LO1 Identify the benefits of using personal financial planning techniques to manage your finances.

LO2 Describe the personal financial planning process and define your goals. After finishing
this chapter go
LO3 Explain the life cycle of financial plans, their role in achieving your financial goals, how to deal
with special planning concerns, and the use of professional financial planners. to PAGE26 for

JGI/Jamie Grill/Getty Images

LO4 Examine the economic environment’s influence on personal financial planning. STUDY TOOLS
LO5 Evaluate the impact of age, education, and geographic location on personal income.

LO6 Understand the importance of career choices and their relationship to personal 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 revenues by 2037? And what if the
government decides to raise marginal tax rates to help cover the federal deficit? An
informed financial plan should reflect such uncertainties and more.
This chapter describes 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 overall personal financial plan.

2 PART ONE: Foundations of Financial Planning

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
1-1 THE REWARDS OF SOUND
FINANCIAL PLANNING
LO1 What does living “the good life” mean to you? Does
it mean having the flexibility 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 par
par-
ticular 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 financial crisis of 2008–2009
dramatizes the need to plan for financial contingen-
cies. No matter how you define it, the good life requires
sound planning to turn financial goals into reality.
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
The best way to achieve financial objectives is
through personal financial planning, which helps de-
fine your financial goals and develop appropriate strat-
egies to reach them. And being financially self-aware
provides more insight into the range of available fi-
nancial choices and their trade-offs. Your comfortable
retirement should not depend solely on employee or
government benefits—such as steady salary increases
or adequate funding from employer-paid pensions or
Social Security. 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, wiser 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. Careful financial planning
CHAPTER 1: Understanding the Financial Planning Process 3
 Exhibit 1.1
Organizational Planning Model
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

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 planning process and replace it
with the tools you need to take charge of your personal
finances. 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
Each part explains a different aspect of personal fi-
nancial planning, as shown in Exhibit 1.1. This orga-
nizational scheme revolves around financial decision
making that’s firmly based on an operational set of fi-
nancial plans. We believe that sound financial planning
enables individuals to make decisions that will yield
their desired results.
income and thus to improve our standard of living—the
necessities, comforts, and luxuries we have or desire.
Our quality of life is closely tied to our standard
of living. Although other factors—geographic location,
public facilities, local cost of living, pollution, traffic,
and population density—also affect quality of life,
wealth is commonly viewed as a key determinant. Ma-
terial items such as a house, car, and clothing as well as
money available for health care, education, art, music,
travel, and entertainment all contribute to our quality
of life. Of course, many so-called wealthy people live
“plain” lives, choosing to save, invest, or support phil-
anthropic organizations with their money rather than
indulge in luxuries.
One trend profoundly affecting our standard of liv-
ing is the two-income family. What was relatively rare
in the early 1970s has become commonplace today, and
the incomes of millions of families have risen sharply as
a result. About 75 percent of married adults say that they
and their mate share all their money. Two incomes not
only buy more, but they also require greater responsibil-
ity to manage the money wisely.

1-1b Spending Money Wisely

1-1a Improving Your Standard
of Living
With personal financial planning we learn to acquire, use,
standard of living the necessities,
comforts, and luxuries enjoyed or
desired by an individual or family
Using money wisely is a major benefit of financial plan-
ning. Whatever your income, you can either spend it now
or save some of it for the future. Determining your cur
cur-
and control our finan- rent and future spending patterns is an important part of
cial resources more effi- personal money management. The goal, of course, is to
ciently. It allows us to gain spend your money so that you get the most satisfaction
more enjoyment from our from each dollar.

4 PART ONE: Foundations of Financial Planning

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
Current Needs Your current spending level is based
on the necessities of life and your average propensity to
consume, which is the percentage of each dollar of in-
come, on average, that is spent for current needs rather
than savings. A minimum level of spending would allow
you to obtain only the necessities of life: food, clothing, and
shelter. Although the quantity and type of food, clothing,
and shelter purchased may differ among individuals de-
pending on their wealth, we all need these items to survive.
Some people with high average propensi-
propensi
ties to consume earn low incomes
and spend a large portion of it
on basic necessities. On the
Future Needs A carefully developed financial plan
should set aside a portion of current income for future
spending. Placing these funds in various savings and in-
vestment vehicles allows you to earn a return on your funds
until you need them. For example, you may want to build
up a retirement fund to maintain a desirable 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 press-
ing financial concern. Other
examples of deferred spending
include saving for a child’s ed-

canbedone/Shutterstock.com
other hand, individuals earn- ucation, a primary residence
ing large amounts quite often or vacation home, a major
have low average propensi- acquisition (such as a car or
ties to consume, in part home entertainment cen-
because the cost of ne- ter), or even a vacation.
cessities represents only The portion of current
a small portion of their in- income we commit to future needs
come. depends on how much we earn and also on our av av-
Still, two people with signifi- erage propensity to consume. Many affluent Americans say
cantly different incomes could have the same average they need at least $5 million to feel rich. And more gener
gener-
propensity to consume because of differences in their ally, most people say that it would take about twice their
standard of living. The person making more money current net worth to feel wealthy. The more we earn and
may believe it is essential to buy better-quality items or the less we devote to current spending, the more we
more items and will thus, on average, spend the same can commit to meeting future needs. Regardless of in-
percentage of each dollar of income as the person mak- come or wealth, some portion of current income should
ing far less. be set aside regularly for future use. Doing so creates
good saving habits and provides for your future needs.

Financial Planning Tips 1-1c Accumulating Wealth

BE SMART IN PLANNING YOUR FINANCIAL GOALS
In addition to using current income to pay for everyday liv-
ing expenses, we often spend it to acquire assets such as cars,
Success is most likely if your goals are: a home, or stocks and bonds. Our assets largely determine
Specific: What do I want to achieve? What is how wealthy we are. Personal financial planning plays a
required of me, and what are my constraints? critical role in the accumulation of wealth by directing our
Measurable: How much money is needed? How financial resources to the most productive areas.
will I know if I am succeeding? One’s wealth is the
Attainable: How can I do this? Is this consistent net total value of all the
items that the individual average propensity to consume
with my other financial goals? the percentage of each dollar of income, on
owns. Wealth consists of
Realistic: Am I willing and able to do this? average, that a person spends for current
financial and tangible as- needs rather than savings
Timely: What is my target date? What short-term sets. Financial assets are
goals must be achieved along the way to achieve wealth the total value of all items owned
intangible, paper assets
by an individual, such as savings accounts,
my longer-term goals? such as savings accounts stocks, bonds, home, and automobiles
Inspired by Paul J. Meyers, Attitude Is Everything, The Meyer and securities (stocks,
Resource Group, 2003. financial assets intangible assets, such
bonds, mutual funds, as savings accounts and securities, that are
and so forth). They are acquired for some promised future return
earning assets that are

CHAPTER 1: Understanding the Financial Planning Process 5

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
 Exhibit 1.2
The Average
A American, Financially Speaking
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)
Pooled investment funds (excluding money market) $80,000
Stocks 27,000
Bonds 94,500
Bank accounts/CDs 20,100
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, D.C., October 24, 2014. Data is for 2013. http://www.federalreserve.gov/pubs/bulletin/2014/pdf
/scf14.pdf, Tables 1–4, accessed September 2016.

held for their expected future returns. enough, you need personal financial
Tangible assets, in contrast, are physical Everyone—including planning. If you have enough money,
assets such as real estate and automobiles. recent college graduates, planning can help you spend and in-
These assets can be held for either con- young married couples, vest it wisely. If your income seems
sumption (e.g., your home, car, artwork, and others—needs inadequate, taking steps to plan your
or jewelry) or investment purposes (e.g., a to develop a personal financial activities will lead to an im-
duplex purchased for rental income). The proved lifestyle. Personal financial
financial plan.
goal of most people is to accumulate as planning is a systematic process that
much wealth as possible while maintaining considers the important elements of
current consumption at a level that provides the desired stan- an individual’s financial affairs and is aimed at fulfilling
dard of living. To see how you compare with the typical Ameri- his or her financial goals.
can in financial terms, check out the statistics in Exhibit 1.2. Everyone—including recent college graduates,
young married couples, and others—needs to develop

1-2 THE PERSONAL FINANCIAL

PLANNING PROCESS
tangible assets physical assets,
such as real estate and automobiles, that
can be held for either consumption or
investment purposes
personal financial planning a
systematic process that considers important
elements of an individual’s financial affairs
in order to fulfill financial goals
LO2 Many people mis-
takenly assume that per
per-
sonal financial planning
is only for the wealthy.
However, nothing could
be further from the
truth. Whether you have
a lot of money or not
a personal financial plan. Knowing what you need to ac-
complish financially, and how you intend to do it, gives
you an edge over someone who merely reacts to financial
events as they unfold. Just think of the example provided
by the financial crisis of 2008–2009. Do you think that
a financial plan would have helped in weathering the
financial storm?
1-2a Steps in the Financial
Planning Process
The financial planning process translates personal fi-
nancial goals into specific financial plans, which then

6 PART ONE: Foundations of Financial Planning

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
 Exhibit 1.3
The Six-Step Financial Planning Process
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.

help you implement those goals through financial

strategies. The financial planning process involves the
six steps shown in Exhibit 1.3.
You start with financial goals, formulate and im-
plement financial plans and strategies to reach them,
monitor and control progress toward goals through
budgets, and use financial statements to evaluate the
plan and budget results. This leads you back to rede-
fining your goals so that they better meet your current
needs, and to revising your financial plans and strate-
Patpitchaya/Shutterstock.com

gies accordingly.
Let’s now look at how goal setting fits into the plan-
ning process. In Chapters 2 and 3, we’ll consider other
information essential to creating your financial plans:
personal financial statements, budgets, and taxes.

1-2b Defining Your Financial Goals

Financial goals are the results that an individual wants effectively meet the major financial events in our lives.
to attain. Examples include buying a home, build- Your financial goals or preferences must be stated in mon-
ing a college fund, and achieving financial indepen- etary terms because
dence. What are your financial goals? Have you spelled money and the sat- financial goals results that an
them out? It’s impossible to effectively manage your individual wants to attain, such as
isfaction it can bring
buying a home, building a college fund,
financial resources without financial goals. We need are an integral part of or achieving financial independence
to know where we are going, in a financial sense, to financial planning.

CHAPTER 1: Understanding the Financial Planning Process 7

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
 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? 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 expect-
ing 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 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=23ce2ac179e81
58f7583c4e3f&id=86f42577bc&e=b50e826a9e, accessed September 2016.

The Role of Money About 75 percent of Americans cost when evaluating alternative qualities of life, spend-
believe that money is freedom. Money is the medium ing patterns, and forms of wealth accumulation.
of exchange used to measure value in financial trans-
actions. It would be difficult to set specific personal
financial goals and to measure progress toward achiev- Go to Smart Sites
ing them without the standard unit of exchange pro-
vided by the dollar. Money, as we know it today, is the Is getting the lowest price important to you? Where can
key consideration in establishing financial goals. Yet you search for the best prices? A highlight box in each
it’s not money, as such, that most people want. Rather, chapter of PFIN Online includes “Smart Sites,” a list of
we want the utility, which is the amount of satisfaction resources and sites that offer additional information on
received from buying quantities of goods and services topics in the PFIN text. Log in at www.cengagebrain.com.
of a given quality, that money makes possible.
People may choose one item over another because
of a special feature that provides additional utility. For
example, some people will pay more for a car with satel-
lite radio than one with only an audio player. The added
utility may result from the actual usefulness of the spe-
cial feature, from the “status” it’s expected to provide, or
from both. Regardless,
people receive varying
money the medium of exchange levels of satisfaction from
used as a measure of value in
similar items, and their The Psychology of Money Money and its utility
financial transactions
satisfaction isn’t neces- are not only economic concepts; they’re also closely
utility the amount of satisfaction sarily directly related to linked to the psychological concepts of values, emo-
received from purchasing certain
the cost of the items. We, tion, and personality. Your personal value system—the
types or quantities of goods and
services therefore, need to con- important ideals and beliefs that guide your life—will
sider utility along with also shape your attitude toward money and wealth

8 PART ONE: Foundations of Financial Planning

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
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 flex-
time rather than a higher-paying po-
sition that requires travel and lots of
overtime.
You may have plenty of money but
choose to live frugally and do things your
your-
self rather than hire someone to do them
for you. Or you may spend a high propor
propor-
tion of your current income on acquiring

zimmytws/Shutterstock.com
luxuries. Financial goals and decisions
should be consistent with your personal
values. You can formulate financial plans
that provide the greatest personal satis-
faction and quality of life by identifying
your values.
Money is an important motivator of personal be- in any relationship, including that with a partner,
havior because it has a strong effect on self-image. parents, or children. Most people are uncomfortable
Each person’s unique personality and emotional talking about money matters and avoid such discus-
makeup determine the importance and role of money sions, even with their partners. However, differing
in his or her life. You should become aware of your opinions on how to spend money may threaten the
own attitudes toward money because they are the ba- stability of a marriage or cause arguments between
sis of your “money personality” and money manage- parents and children. Learning to communicate with
ment style. your partner about money is a critical step in develop-
Some questions to ask yourself include: How im- ing effective financial plans.
portant is money to me? Why? What types of spend- The best way to resolve money disputes is to be
ing give me satisfaction? Am I a risk taker? Do I need aware of your partner’s financial style, consistently com-
large financial reserves to feel secure? Knowing the municate openly, and be willing to compromise. It’s
answers to these questions is a prerequisite for devel- highly unlikely that you can change your partner’s style,
oping realistic and effective financial goals and plans. but you can work out your differences. Financial plan-
Trade-offs between current and future benefits are ning is an especially important part of the conflict resolu-
strongly affected by values, emotions, and personality. tion process. You need to work together to develop your
Effective financial plans are both economically and financial goals.
psychologically sound. They must not only consider
your wants, needs, and financial resources but must
also realistically reflect your personality and emo- 1-2d Types of Financial Goals
tional reactions to money.
Financial goals cover a wide range of financial as-
pirations: controlling living expenses, meeting re-
tirement needs, setting up a savings and investment
1-2c Money and Relationships
program, and minimizing your taxes. Other impor-
The average couple spends between 250 and 700 tant financial goals include having enough money to
hours planning their wedding. While most couples live as well as possible, being financially indepen-
spend less than $10,000 on the big day, the average dent, sending children to college, and providing for
cost has risen to more than $32,000, depending on retirement.
where they live. But with all the hoopla surrounding Financial goals should be defined as specifically
the wedding day, many couples overlook one of the as possible. Saying that you want to save money next
most important aspects of marriage: financial compat- year is not a specific goal. How much do you want
ibility. Money can be one of the most emotional issues to save, and for what purpose? A goal such as “save

CHAPTER 1: Understanding the Financial Planning Process 9

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
 Financial Planning Tips
COMMON MISCONCEPTIONS ABOUT FINANCIAL PLANNING
● A professional financial planner is an unneces-
sary expense. The answer depends on you. A lot of
good financial planning can be done on your own.
But honestly ask yourself: Do I have the discipline,
time, and financial experience to manage these
complicated tasks effectively and confidently? If the
answer is no, see a financial planner to get a realistic
idea of the planning process.
● A little credit card debt is just fine. Define “a little.”
A modest amount of credit card debt is OK. The prob-
lem is that for all too many people, “a little” leads to
a lot. As discussed in Part 3 of this book, “Managing
Credit,” credit card debt is often one of the biggest
problems in managing your personal finances. Just
consider the high interest rates of credit cards and
how easy it is to build up a big balance.
● I don’t need a budget because I have a general
idea of what I earn and spend. There is a natural
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 realistic and attainable. If you set
a savings goal too high—for example, 25 percent 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 integrity of your
financial plan at risk and be a source of ongoing finan-
cial frustration.
It’s important to involve your immediate family in
the goal-setting process. When family members “buy
into” the goals, it reduces the likelihood of future
conflicts and improves
the family’s chances for
goal dates target dates in financial success. After
the future when certain financial
objectives are expected to be
defining and approving
completed your goals, you can pre-
pare appropriate cash
10 PART ONE: Foundations of Financial Planning
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
tendency to overspend because expenses are easy
to underestimate without a formal budget. And if
you spend first and only save what’s left over, the
probability of achieving your financial goals is much
lower. Sticking to a budget is the key.
● Retirement is a lifetime away. While that may be
true, that doesn’t justify focusing only on short-
term goals like coming up with the down pay-
ment on a house. When retirement is a “lifetime
away,” that’s the time to exploit the compounding
of returns over a long period of time by taking full
advantage of retirement investments in your em-
ployer’s 401(k) plan and in IRAs. An early start can
put you well ahead.
Source: Adapted from Kimberly J. Howard, CFP®, CRPC, “Financial
Fiascos Every Young Couple with Debts Should Avoid,” NAPFA
Planning Perspectives, volume 6, issue 5, Sept/Oct 2011, www
.NAPFA.org, accessed September 2016.
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
more years? For example, saving for a vacation might
be a medium-priority, short-term goal, whereas buy-
ing 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.
1-2e Putting Target Dates
on Financial Goals
Financial goals are most effective when they are set with
goal dates. Goal dates are target points in the future
when you expect to have achieved or completed certain
financial objectives. They may serve as progress check-
points toward some longer-term financial goals and/or as
deadlines for others.
 EXAMPLE: Target Dates for Financial Goals
Austin and Clara Martin are both 28 and have been
married for one year. They have set financial goals of
buying a boat for $3,000 in 2019, accumulate a net
worth of $10,000 by 2023, and accumulate a net worth
of $50,000 by 2031.

Long-Term Goals Long-term financial goals should

indicate wants and desires for a period covering about

RomanR/Shutterstock.com
6 years out to the next 30 or 40 years. Although it’s dif
dif-
ficult to pinpoint exactly what you will want 30 years
from now, it’s useful to establish some tentative long-
term financial goals. However, you should recognize
that long-term goals will change over time and that
you’ll need to revise them accordingly. If the goals
long-term goals. Short-term planning should also include
seem too ambitious, you’ll want to make them more
establishing an emergency fund with at least six months’
realistic. If they’re too conservative, you’ll want to
worth of income. This special savings account serves as a
adjust them to a level that encourages you to make
safety reserve in case of financial emergencies such as a
financially responsible decisions rather than squander
temporary loss of income.
surplus funds.
Unless you attain your short-term goals, you proba-
Short-Term and Intermediate Goals Short-term fi- bly won’t achieve your intermediate or long-term goals.
nancial goals are set each year and cover a 12-month It’s tempting to let the desire to spend now take prior
prior-
period. They include making substantial, regular con- ity over the need to save for the future. But by making
tributions to savings or investments in order to accumu- some short-term sacrifices now, you’re more likely to
late your desired net worth. Intermediate goals bridge have a comfortable future. Worksheet 1.1 is a conve-
the gap between short- and long-term goals. And of nient way to summarize your personal financial goals. It
course, both intermediate and short-term goals should groups them by time frame (short term, intermediate,
be consistent with your long-term goals. or long term) and lists a priority for each goal (high,
Short-term goals become the key input for the cash medium, or low), a target date to reach the goal, and an
budget, a tool used to plan for short-term income and estimated cost.
expenses. To define your short-term goals, consider We have filled out the form showing the goals that
your immediate goals, expected income for the year, and Silas and Emily Nelson set in December 2017. The
Nelsons were married in 2013, own a condominium in
a Midwestern suburb, and have no children. Because
Silas and Emily are 28 and 26 years old, respectively,
DO IT NOW: Start a List of Your Financial Goals they have set their longest-term financial goal 33 years
Yogi Berra summed it up: “If you don’t know where from now, when they want to retire. Silas has just com-
you’re going, you might not get there.” And so it is pleted his fifth year as a marketing representative for
with your financial goals. Pick up some paper now and a large pharmaceutical company. Emily, a former el-
start a list of your financial goals. Maybe it’s as simple ementary school teacher, finished her MBA in May
as saving $25 by the end of the month or as lofty as 2016 and began working at a local advertising agency.
saving $200,000 for retirement by the time you’re 50. Silas and Emily love to travel and ski. They plan to
You’ll never achieve your goals if you don’t know what start a family in a few years, but for now they want
they are, much less know whether they’re realistic. Go to develop some degree of financial stability and in-
ahead and dream. List your goals (short-term, interme- dependence. Their short-term goals include purchas-
diate, and long-term) and start laying out how you’ll ing assets (clothes, furniture, and car), reducing debt,
get there. You can do it now. reviewing insurance, increasing savings, and planning
for retirement.

CHAPTER 1: Understanding the Financial Planning Process 11

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
 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)
Silas and Emily Nelson Date
December 27, 2017
Short-Term Goals (1 year or less)

Goal Priority Target Date Cost Estimate

Buy new tires and brakes for Honda High Feb. 2018 $ 500
Take Colorado ski trip Medium Mar. 2018 1,800
Buy career clothes for Emily High May 2018 1,200
Buy new work clothes for Silas Medium June 2018 750
Replace stereo components Low Sept. 2018 1,100

Intermediate Goals (2 to 5 years)

Goal Priority Target Date Cost Estimate

Start family High 2019 -
Take 2-week European Vacation Medium 2019–20 5,000
Repay all loans except mortgage High 2020 $ 7,500
Trade Focus and buy larger car High 2020 10,500
Review insurance needs High 2020 -
Buy new bedroom furniture Low 2022 4,000
Accumulate $100,000 net worth High 2022 -
Long-Term Goals (6 1 years)

Goal Priority Target Date Cost Estimate

Begin college fund for children High 2023 ? /year

Diversify/increase investment portfolio High 2024 Varies
Take Hawaiian vacation Low 2025 $ 10,000
Increase college fund contributions High 2025 -
Buy larger home High 2027 $ 250,000
Retire from jobs High 2050 ?

12 PART ONE: Foundations of Financial Planning

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1-3 FROM GOALS TO PLANS:
A LIFETIME OF PLANNING
LO3 How will you achieve the financial goals you set
for yourself? The answer, of course, lies in the financial
plans you establish. Financial plans provide the road
map for achieving your financial goals. The six-step fi-
nancial planning process (introduced in Exhibit 1.3) re-
sults in separate yet interrelated components covering
all the important financial elements in your life.
Some elements deal with the more imme-
diate aspects of money management,
such as preparing a budget to
help manage spending. Oth-
ers focus on acquiring major
assets, controlling borrowing, re- re
ducing financial risk, providing for
emergency funds and future wealth
accumulation, taking advantage 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 al- al
locate responsibility for money man-man
agement 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 house-
hold money is spent.
1-3a The Life Cycle
of Financial Plans
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 You need to plan ahead
regardless of age. Having extra re- and take steps to
sources to fall back on in an economic weather life’s financial
downturn or period of unemployment storms successfully.
should be a priority whether you are 25,
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
45, or 65. Some changes—a new job, marriage, children,
moving to a new area—may be part of your original plan.
More often than not, you’ll face unexpected “financial
shocks” during your life: loss of a job, a car accident, di-
vorce or death of a spouse, a long illness, or the need to
support adult children or aging parents. With careful plan-
ning, you can get through tough times and prosper in good
times. You need to plan ahead and take steps to weather
life’s financial storms successfully. For example, setting up
an emergency fund or reducing monthly expenses will help
protect you and your family financially if a setback occurs.
As we move from childhood to retirement age, we
go through different life stages. Ex Ex-
hibit 1.4 illustrates the various
components of a typical per- per
sonal financial planning life
cycle as they relate to these different
life stages. While the exhibit shows
more detail, the life cycle involves
three general stages: 1) wealth accu
accu-
mulation, 2) wealth preservation, and
3) wealth transfer. This exhibit pres-
pres
ents the organizing framework of
the entire financial planning pro pro-
cess. We will refer to it throughout
the book—and we suggest you do
so for the rest of your life.
As we pass from one stage of Mega Pixel/Shutterstock.com
maturation to the next, our patterns
of income, home ownership, and
debt also change. From early child child-
hood, when we rely on our parents
for support, to early adulthood,
when we hold our first jobs and start
our families, we can see a noticeable change in income
patterns. For example, those in the pre-retirement 45–64
age group tend to have higher income than those younger
than age 45. Thus, as our emphasis in life changes, so do
the kinds of financial plans we need to pursue.
New career strategies—planned and unplanned job
changes—may require that financial plans be revised.
Many young people focus on their careers and building a
financial base before marrying and having children. The
families of women who interrupt their careers to stay
home with their children, whether for six months or six
years, will experience periods of reduced
income. A divorce, a spouse’s death, or
remarriage can also drastically change
your financial circumstances. Many peo-
ple in their 30s, 40s, and 50s find them-
selves in the “sandwich generation”:
supporting their elderly parents while
CHAPTER 1: Understanding the Financial Planning Process 13
 Exhibit 1.4
The Personal Financial Planning Life Cycle
As you move through life and your income and living cost 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.
Wealth Wealth
Wealth accumulation
preservation transfer
Early High Pre- Family Pre- Retirement
childhood school family formation/ retirement
and inde- career
college pendence development Income

Retirement and estate planning

Tax planning
$

Employee benefit planning

Savings and investment planning

Liability and insurance planning

Asset acquisition planning

0
10 20 30 40 50 60 70 80 90
Age

still raising their own children and paying for college. And as a house). Chapters 4 and 5 focus on important con-
some people must cope with reduced income due to jobs siderations for managing liquid assets and other major
lost because of corporate downsizing or early retirement. assets such as automobiles and housing.

Liability and Insurance Planning Another category

1-3b Plans to Achieve Your
Financial Goals
Financial goals can range from short-term goals, such
as saving for a car, to long-term goals, such as saving
enough to start your own business. Reaching your partic-
ular goals requires different types of financial planning.
Asset Acquisition Planning One of the first catego-
ries of financial planning we typically encounter is asset
acquisition. We accumulate assets—things we own—
throughout our lives. These include liquid assets (cash,
savings accounts, and money market funds) used to pay
everyday expenses, investments (stocks, bonds, and mu-
tual funds) acquired to earn a return on our money, per-
per
sonal property (movable property such as automobiles,
household furnishings, appliances, clothing, jewelry,
home electronics, and similar items), and real property
(immovable property; land and anything fixed to it, such
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 or another—examples in-
clude education loans, car loans, credit card balances,
and so on. Our borrowing needs typically increase as
we acquire assets like a home, furnishings, and appli-
ances. 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. Manag-
ing credit effectively requires careful planning, which
is covered in Chapters 6 and 7.
Obtaining adequate insurance coverage is also essen-
tial. Like borrowing money, obtaining insurance is often
introduced relatively early in our life cycle (usually early in
the family formation stage). Insurance is a way to reduce

14 PART ONE: Foundations of Financial Planning

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
 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
college education, or for retirement. Individuals build
wealth through savings and subsequently making various
investments: common or preferred stocks, government

Shutter_M/Shutterstock.com
or corporate bonds, mutual funds, real estate, and so
on. The higher the returns on the investment of excess
funds, the greater the wealth they accumulate.
Exhibit 1.5 shows the impact of two different rates
of return on accumulated wealth. The graph shows that
if you had $1,000 today and could keep it invested at
4 percent, then you would accumulate a considerable
financial risk and protect both income (life, health, and
sum of money over time. For example, at the end of
disability insurance) and assets (property and liability in-
40 years, you’d have $4,801 from your original $1,000.
surance). Most consumers regard insurance as absolutely
Earning a higher rate of return provides even greater
essential—and for good reason. One serious illness or
rewards. Some might assume that earning, say, only
accident can wipe out everything you have accumulated
2 percentage points more (e.g., 6 percent rather than
over many years of hard work. But having more insurance
4 percent) would not matter much. But it certainly
than necessary can be costly too. We’ll examine how to
would! Observe that if you could earn 6 percent over
manage your insurance needs in Chapters 8, 9, and 10.
the 40 years, then you’d accumulate $10,286, which
Savings and Investment Planning As your income is more than twice as much as you’d accumulate at
begins to increase, so does the importance of saving and 4 percent. This powerful observation is important to

Exhibit 1.5
How a $1,000 Investment Grows over Time
Four or 6 percent: How big a deal is a 2-percent difference? The deal is more than twice the money over a 40-year period!
Through the power of compound interest, a higher return means dramatically more money as time goes on.
15,000

$10,286
10,000
Investment Value ($)

8,000 6% rate of return

6,000 $5,743

$4,801
4,000
$3,207 4% rate
$3,243 of return
$1,791 $2,191
1,000 $1,480

0 10 20 30 40
Years

CHAPTER 1: Understanding the Financial Planning Process 15

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
 keep in mind when comparing competing investment use various aspects of the tax code (such as depreciation
and savings alternatives. expenses) to legitimately reduce an investor’s tax liability.
As we’ll explore in Part 5 on managing investments, Tax planning considers all these factors and more. It in-
seemingly small differences in various investment man- volves looking at your current and projected earnings
agement fees can also translate into significant differ
differ- and then developing strategies that will defer and mini-
ences in net investment returns over long periods of mize taxes. Tax plans are closely tied to investment plans
time. The length of time you keep your money invested and will often specify certain investment strat-
is just as important as the rate of return egies. Although tax planning is most com com-
you earn on your investments. You can mon among individuals with high incomes,
accumulate more than twice as people with lower incomes can also
much capital by investing for 40 obtain sizable savings. We’ll ex ex-
rather than 30 years with either amine taxes and tax planning in
rate of return (4 percent or 6 Chapter 3.
percent). This is the magic
Retirement and Estate
of compound interest,
Planning While you’re still
which explains why it’s so
working, you should be

important to create strong
savings and investment hab-
its early in life. We’ll examine
compounding more fully in
Chapter 2, savings in Chapter 4,
and investments in Chapters 11,
12, and 13.
Employee Benefit Planning Your employer
may offer a wide variety of employee benefit plans, es-
pecially if you work for a large firm. These could include
life, health, and disability insurance; tuition reimburse-
ment programs for continuing education; pension, profit-
sharing, and 401(k) retirement plans; flexible spending
accounts for child care and health care expenses; sick
leave, personal time, and vacation days; and other mis-
cellaneous benefits such as employee discounts and sub-
sidized cafeterias or parking.
Managing your employee benefit plans and coor coor-
dinating them with your other plans is an important
part of the overall financial planning process. Espe-
cially in today’s volatile labor market, you can no lon-
ger assume that you’ll be working at the same company
for many years. If you change jobs, your new company
may not offer the same benefits. So your personal fi-
nancial plans should include contingency plans to re-
place employer-provided benefits as required. We’ll
discuss employee benefits in greater detail in this
chapter under Special Planning Concerns and in
Chapters 2 (planning); 3 (taxes); 8, 9, and 10 (insur-
ance); and 14 (retirement).
Tax Planning Despite all the talk about tax reform, our
tax code remains highly complex. Income can be taxed
as active (ordinary), portfolio (investment), passive, tax-
free, or tax-deferred. Then there are tax shelters, which
Angela Waye/Shutterstock.com
managing your finances to
attain those goals you feel are
important after you retire. These
might include maintaining your
standard of living, extensive travel,
visiting children, frequent dining at
better restaurants, and perhaps a vaca
vaca-
tion home or boat. Retirement planning
should begin long before you retire.
Most people don’t start thinking about retirement
until well into their 40s or 50s. This is unfortunate, be-
cause it usually results in a substantially reduced level
of retirement income. The sooner you start, the bet-
ter off you’ll be. Take, for instance, the traditional IRA
(individual retirement account), whereby certain wage
earners were allowed to invest up to $6,500 per year in
2016. We’ll look at IRAs and other aspects of retirement
planning in Chapter 14.
EXAMPLE: The Sooner You Start an IRA, the
Better If you start investing for retirement at age 40,
put only $2,000 a year in an IRA earning 5 percent for
25 years, you will have $95,454 at age 65. However, if
you start the same retirement plan 10 years earlier at
age 30, you’ll have $180,641 at age 65!
Accumulating assets to enjoy in retirement is only
part of the long-term financial planning process. As peo-
ple grow older, they must also consider how they can
most effectively pass their wealth on to their heirs, an ac-
tivity known as estate planning. We’ll examine this com-
plex subject—which includes such topics as wills, trusts,
and the effects of gift and estate taxes—in Chapter 15.

16 PART ONE: Foundations of Financial Planning

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
1-3c Special Planning Concerns
Students may not think that they need to spend much
time on financial planning—not yet, anyway. However,
the sooner you start, the better prepared you’ll be to
adapt your plans to changing personal circumstances.
Such changes include changing or losing a job, relocat-
ing to a new state, getting married, having children, be-
ing in a serious accident, getting a chronic illness, losing
a spouse through divorce or death, retiring, or taking
responsibility for dependent parents. These and other
stressful events are “financial shocks” that require re-
evaluation of your financial goals and plans.
Go to Smart Sites
Would you like to know about free educational programs
and tutorials on financial planning? The Federal Reserve
Bank of Chicago has put together a number of resources
for self-help on many topics.
Managing Two Incomes Did you know that the
earnings of the average dual-income family will add up
to more than $1 million over the wage earners’ lives?
Today, two-income couples account for the majority of
U.S. households, and many depend on the second in-
come to make ends meet. Often, however, a second
income doesn’t add as much as expected to the bottom
line. Higher expenses such as child care, taxes, clothing,
dry cleaning, transportation, and lunches may consume
a large part of the second paycheck. And two-income
families tend to spend what they earn rather than save it.
Spouses should decide together how to allocate in-
come to household expenses, family financial goals, and
personal spending goals. Will you use a second income
to meet basic expenses, afford a more luxurious lifestyle,
save for a special vacation, or invest in retirement ac-
counts? Some couples place all income into a single,
joint account. Others each contribute equal amounts
into a joint account to pay bills but retain individual dis-
cretion over remaining income. Still others contribute a
proportional share to finance joint expenses and goals.
In any case, both spouses should have money of their
own to spend without accountability. For examples of
managing two incomes, see the worksheets in Chapter 2.
Managing Employee Benefits If you hold a full-time
job, then your employer probably provides various em-
ployee benefits, ranging from health and life insurance
to pension plans. These valuable benefits can have a
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
Clownbusiness/Shutterstock.com
major financial impact on family income. Most Ameri-
can families depend solely on employer-sponsored group
plans for their health insurance coverage and also for a
big piece of their life insurance coverage and retirement
needs.
Today’s employee benefits packages cover a full
spectrum that may include:
▶ Health and life insurance
▶ Disability insurance
▶ Long-term care insurance
▶ Pension and profit-sharing plans
▶ Supplemental retirement programs such as 401(k) plans
▶ Dental and vision care
▶ Child care, elder care, and educational assistance
programs
▶ Subsidized employee food services
Some companies and industries are known for
generous benefit plans; others offer far less attractive
packages. In general, large firms can afford more ben-
efits than small ones can. Because employee benefits
can increase your total compensation by 30 percent
or more, you should thoroughly investigate your em-
ployee benefits to choose those appropriate for your
personal situation. Be sure to coordinate your benefits
with your partner’s to avoid paying for duplicate cov-
erage. Companies change their benefit packages and
many are shifting more costs to employees. Although
an employer may pay for some benefits in full, typi-
cally employees pay for part of the cost of group health
insurance, supplemental life insurance, long-term care
insurance, and participation in voluntary retirement
programs.
Due to the prevalence of two-income families and
an increasingly diverse workforce, many employers are
replacing traditional programs, where the company sets
CHAPTER 1: Understanding the Financial Planning Process 17
 Financial Planning Tips
PLANNING FOR CRITICAL LIFE EVENTS

Just like you, financial plans go through stages and
must adapt to changes over your lifetime. Here are
some of the critical life events that may make you re-
consider and possibly revise an existing financial plan.
● Death of a parent. The estate must be settled, and help
● Marriage. Finances must be merged, and there may
be a need for life insurance.
● Retirement. Hopefully, your financial plan provided
● Children. It’s time to start a college saving plan and
revise your budget accordingly. A will is needed that
makes provisions for guardianship if both parents
die while the children are minors.
● Divorce. Financial plans based on two incomes are
no longer applicable. Revised plans must reflect any
property settlements, alimony, and/or child support.
● Moving into middle age. Although having started
a savings and investing plan early in life should be
paying off, the number of working years is declining,
along with future earning ability. The shorter time
horizon implies that you may want to take less risk
by keeping less money in the stock market. While
the greater safety is appealing, the reduced expect-
ed returns are also sobering. In addition, this could
be the time to consider long-term care insurance for
possible use in retirement.
may be needed in managing a possible inheritance.
the amount needed to fund retirement. During re-
tirement, you will try to preserve your capital and will
rely on the income generated by your investments to
fund your living expenses. Although investment risk
should be reduced greatly, it cannot be eliminated
because inflation risk must be managed. Money will
be withdrawn from tax-deferred retirement accounts
but taxes will be due. The risk of increases in future tax
rates can be managed, in part, with Roth IRAs, which
are retirement accounts where your original contribu-
tions are not tax-deductible but your earnings on the
account are not taxed. Estate planning and long-term
care issues should also be addressed.

the type and amount of benefits, with flexible-benefit personal, local developments. The effects of recessions and
(cafeteria) plans. In flexible-benefit programs, the em- financial crises divide people into three groups: (1) those
ployer allocates a certain amount of money to each em- who are directly and severely hurt through job loss, (2) those
ployee and then lets the employee “spend” that money who are marginally hurt by reduced income, and (3) those
for benefits that suit his or her age, marital status, num- who are not directly hurt. If you are in either of the first two
ber of dependent children, level of income, and so on. groups, then you must make significant lifestyle changes to
These plans usually cover everything from child care to reduce spending. Even if you are in the last group, a re-
retirement benefits, offer several levels of health and cession affects you indirectly. For example, retirement ac-
life insurance coverage, and have some limits on the counts typically drop in value, and financial plans must be
minimum and maximum amounts of coverage. Within revised. And everyone’s expectations are at least temporar
temporar-
these constraints, you can select the benefits that do ily affected, which causes most people to be more cautious
you the most good. In some plans, you can even take about their expenditures during a recession or crisis.
part of the benefits in the form of more take-home pay The financial crisis of 2008 and 2009, and the subse-
or extra vacation time! quent long period of high employment, was a macroeco-
nomic challenge of historic, global proportions. It drives
Managing Your Fi- home the benefits of having a sound financial plan—and
flexible-benefit (cafeteria)
nances in Tough Eco- dramatized the cost of not having one. The precipitous
plans the employer allocates a
certain amount of money to each nomic Times Tough decline in stock and home prices, and the number of
employee and then lets the employee economic times can be people laid off from their jobs, made everyone think a lot
“spend” that money on the benefits due to broad macro- more about financial planning in general and how to sur sur-
that suit his or her age, marital status,
economic trends like a vive a financial crisis in particular. Although we all hope
number of dependent children, and
level of income recession, or they can that such broad crises will be rare, it is important to plan
be brought on by more for a possible recurrence. All of the financial planning

18 PART ONE: Foundations of Financial Planning

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
Another random document with
no related content on Scribd:
la mort de Jean, dit le Borgne de Mauny, et de Mathieu dit Le Monnier tués:
«in exercitu nostro Vasconie novissime preterito vel prope dictum exercitum.»
Arch, nat., JJ62, p. 505.
[88] Sur Agout des Baux, sénéchal de Toulouse, voyez plus haut, p. XVII,
note 68.
[89] D’après la rédaction de Rome (p. 310), les habitants de Monpezat ne
soutinrent pas de siége et se rendirent simplement à Derby. Cette dernière
version est plus vraisemblable que celle que Froissart, dans ses deux
premières rédactions (p. 91 et 309), avait empruntée à Jean le Bel (t. II, p.
41). Il est probable que la reddition de Monpezat, comme celle d’Aiguillon, fut
due à l’influence de Raimfroid, seigneur de Monpezat et co-seigneur
d’Aiguillon. Les donations dont nous avons vu plus haut que ce chevalier fut
comblé par Derby, donations qui furent confirmées par Édouard III le 4
septembre 1347 (Bibl. nat., mss. Bréquigny, t. XXVIII, fº 123) et le 20 août
1348, ces donations, dis-je, furent sans doute la récompense de ces deux
signalés services.
[90] Aujourd’hui Castelmoron-sur-Lot, Lot-et-Garonne, ar. Marmande. La
rédaction de Rome (p. 310) ne mentionne pas cette prise de Castelmoron par
Derby, racontée par Froissart d’après Jean le Bel qui l’attribue à une ruse
d’Alexandre de Caumont. Quoiqu’en dise M. Ribadieu (Les campagnes du
comte de Derby, p. 55, note 1), il y avait d’étroites relations entre Caumont et
Castelmoron, comme le prouve une donation faite le 21 janvier 1339 par
Jean, roi de Bohême, à Pierre de Galart, des biens que «... Arnaut de
Cautrain, rebelles du roy nostre sire à Caumont, a ou puet avoir ou lieu de
Chastiau Mauron.» Arch. nat., sect. hist., JJ63, fº 193, p. 247. D’après un
registre des délibérations communales d’Agen, Castelmoron fut pris par les
Anglais le 8 janvier 1347.
[91] Aujourd’hui Villefranche-du-Queyran, Lot-et-Garonne, ar. Nérac, c.
Casteljaloux.
[92] «Quant li contes Derby, dit Froissart (p. 93) eut fait sa volenté de
Villefrance, il chevauça vers Miremont, en raproçant Bourdiaus.» Ces
dernières expressions prouvent qu’il s’agit de Miramont, Lot-et-Garonne, ar.
Marmande, c. Lauzun.
[93] Lot-et-Garonne, ar. Marmande.
[94] Lot-et-Garonne, ar. Nérac.
[95] Cette expédition de Derby en personne dans l’Angoumois à la fin de
1345 et au commencement de 1346, est une erreur historique où Froissart a
été induit par la désignation chevaleresque et romanesque donnée par Jean
le Bel à Agen que le chroniqueur liégeois (t. II, p. 42) appelle «la cité
d’Agolem ou d’Agolent», sans doute en souvenir du siége fabuleux soutenu
dans cette ville par le sarrazin Agolant contre Charlemagne (v. plus bas, p.
XXIX, note 124). Du reste la prise d’Agen en 1345 par Derby dans Jean le Bel
n’est pas plus exacte que celle d’Angoulême dans Froissart. Il faut dire
toutefois que ce dernier chroniqueur a pris soin de se corriger lui-même, en
ne mentionnant pas ce siége et cette reddition imaginaires d’Angoulême dans
la dernière rédaction de ses Chroniques, c’est-à-dire dans le texte de Rome
(p. 311 à 313). Il appert de titres authentiques que le Limousin (Arch, nat.,
JJ76, p. 290), la Saintonge (Arch. nat., JJ76, p. 321, fº 195 et fº 166),
notamment les châtellenies de Soubise et de Taillebourg (Arch. nat., JJ77, p.
34) et même le Poitou (Arch. nat., JJ77, p. 51) et l’Angoumois (Arch. nat.,
JJ75, p. 6), il appert, dis-je, de plusieurs titres authentiques que le Limousin,
la Saintonge, le Poitou et l’Angoumois furent le théâtre d’escarmouches
nombreuses et d’hostilités continuelles entre Français et Anglais pendant les
derniers mois de 1345 et les premiers mois de 1346; mais il n’est nulle part
question du siége et de la prise d’Angoulême par les Anglais. Dans tous les
cas Derby, dont la présence à cette époque dans le Périgord, l’Agenais et le
Bordelais est attestée par les documents les plus dignes de foi, ne put diriger
en même temps, du moins en personne, les hostilités dans la Saintonge et
l’Angoumois.
[96] Quoique la rédaction de Rome, en général plus exacte que les autres,
mentionne la prise de Blaye par les Anglais (p. 311), il y a lieu de préférer ici
par exception la version des deux premières redactions (p. 94 à 96, 311) et de
Jean le Bel (Chroniques, t. II, p. 42). En effet, par un acte du 3 août 1348,
signalé et publié par M. Bertrandy (Études, p. 231, note 1), Édouard III donne
à Guillaume Sanche de Pomiers, en récompense de ses services, le lieu de
Mountasetz (aujourd’hui Montanceix, Dordogne, ar. Périgueux, c. Saint-Astier,
comm. Montrem), et cette concession doit durer: «... quamdiu locus de Blavia
in rebellione nostra persteterit.» Bibl. nat., mss. Bréquigny, t. XXVIII, fº 239.
[97] Pierre Clari, et non Boucicaut, comme le dit Froissart (p. 95), était
capitaine de Mortagne le 23 septembre 1345, car à cette date il reçut de Jean
Chauvel, trésorier des guerres, «... sur ses gages et de ses gens d’armes et
de pié ou dit lieu, sous le gouvernement de M. l’evesque de Beauvez,
lieutenant du roy ez parties de la Langue d’oc, Poitou, Xaintonge, Limousin et
lieux voisins, cent vingt trois livres tournois. A Pons, 23 septembre 1345.»
Bibl. nat., dép. des mss., Titres scellés de Clairambaul, au mot Clari. V.
Bertrandy, Etudes etc., p. 101.
[98] Sans doute Mirebeau ou Mirebeau-en-Poitou, Vienne, ar. Poitiers. Par
une charte inachevée et non datée, mais qui paraît être de la fin de 1345 par
la place qu’elle occupe dans un registre du Trésor des Chartes où presque
toutes les pièces remontent à cette date, Jean de Marigny, évêque de
Beauvais, lieutenant du roi en Languedoc, Poitou, Saintonge et Limousin,
accorde des priviléges aux habitants de Mirabel, en récompense de leur
fidélité. Arch. nat., sect. hist., JJ74, p. 564.
[99] Aulnay ou Aulnay-de-Saintonge, Charente-Inférieure, ar. Saint-Jean-
d’Angély. La résistance du château d’Aulnay est confirmée par des lettres de
Philippe de Valois accordées le 16 février 1348 (n. st.) en faveur de Pons de
Mortagne, vicomte d’Aulnay, pour la bonne garde et défense «... de son
chastel d’Aunay, assis à trois lieues près de Saint Jehan d’Angely, lequel nos
ennemis prendroient et assaudroient volontiers, et plusieurs fois se sont
efforciez de prendre et assaillir.» Bibl. nat., dép. des mss., Parlement 12, fos
293 vº et 294. V. Bertrandy, Études, p. 233.

CHAPITRE LVI.
[100] Cf. Jean le Bel, Chroniques, chap. LXVI, p. 35 à 37.
[101] L’arrêt de bannissement, entraînant la confiscation des biens de
Godefroi, est du 15 juillet 1344 (Arch. nat., sect. jud., X 8837, fº 204 vº). V.
Delisle, Histoire du château et des sires de Saint-Sauveur-le-Vicomte, p. 56 et
Preuves, p. 105. Valognes, 1867, in-8.
[102] L’exil de Godefroi semble avoir commencé au plus tard en 1343,
comme en témoigne une charte originale datée du château d’Aerschot, le 6
mai de cette année. Godefroi possédait cette seigneurie du chef d’Alix de
Brabant sa mère. V. Delisle, Ibid., p. 59 et Preuves, p. 96.
[103] Godefroi de Harcourt dut passer en Angleterre au commencement de
1345, car les lettres patentes par lesquelles Édouard III le prend sous sa
protection et spéciale sauvegarde, sont du 13 juin de cette année. V. Rymer,
Fœdera, vol. III, p. 44.
[104] Des lettres patentes datées de l’Écluse (en flamand Sluis) et
conservées à Londres, au Record Office, que M. Kervyn de Lettenhove a
publiées pour la première fois (Œuvres de Froissart, t. IV, p. 469 et 470),
prouvent qu’Édouard III n’avait plus, à la date de ces lettres, c’est-à-dire le 19
juillet 1345, le projet de faire du prince de Galles un duc de Flandre; mais il
serait peut-être téméraire d’en conclure, à l’exemple de l’érudit belge, que le
roi anglais et Jacques d’Arteveld n’avaient jamais conçu le projet que leur
prête Froissart.
[105] Édouard III s’embarqua à Sandwich pour l’Écluse le dimanche 3 juillet
1345 (Rymer, Fœdera, vol. III, p. 50). Nous voyons par une lettre d’Édouard III
au vicomte de Lancastre que son voyage à l’Écluse avait été nécessité par les
dangers qui menaçaient ses alliés en Flandre: «... ordinato nuper propter hoc
passagio nostro supra mare, propter aliqua nova subita quæ venerunt nobis,
super procinctu dicti passagii, de perditione terræ nostræ Flandriæ et
quorumdam alligatorum nostrorum, nisi illuc statim personaliter veniremus.»
Rymer, ibid., vol. III, p. 55.
[106] Le passage mis entre crochets appartient à la rédaction de Rome, la
seule qui mentionne (p. 317) le rôle actif joué par le duc de Brabant dans le
mouvement dont Jacques d’Arteveld fut victime. Cette addition du texte de
Rome est de tout point conforme à la vérité historique. Une alliance intime,
quoique secrète, fut conclue en 1345 entre le comte de Flandre et le duc de
Brabant; et la main de ce dernier tendit habilement tous les fils de la trame où
le grand agitateur des communes flamandes périt enveloppé.
[107] Ce Thomas Denis était sans doute de la même famille que Gérard
Denys, alors doyen du métier des tisserands. Deux lignes des Comptes de la
ville de Gand pour 1345, grattées avec soin et peut-être de la main de Gérard
Denys lui-même, constatent que ce personnage distribua des sommes
considérables aux ouvriers qui se mirent avec lui en grève (la grève ou le
ledig-gang était défendue par les lois de la commune). V. Kervyn de
Lettenhove, Œuvres de Froissart, t. IV, p. 472.
[108] Édouard III était de retour en Angleterre et débarqua à Sandwich le 26
juillet 1345. V. Rymer, Fœdera, vol. III, p. 53.
[109] L’alliance était redevenue étroite entre le roi d’Angleterre et les
bonnes villes de Flandre dès le 8 septembre 1345. En effet, à cette date,
Édouard III conclut un traité avec les communes flamandes sur la monnaie
d’or dite la Noble qui devait avoir cours en Flandre et même y être frappée à
son effigie (Rymer, Fœdera, vol. III, p. 59). Le 10 octobre de la même année,
il donne pleins pouvoirs à Guillaume de Stury, à Thomas de Melcheburn et à
Gilbert de Wendlynburgh, pour traiter de la confirmation des anciens traités
qui stipulaient l’hommage de la Flandre à Édouard III, et en retour le devoir
pour celui-ci de la protéger envers et contre tous (Rymer, ibid., p. 61).
[110] Staveren ou Stavoren, ville de Hollande, à l’extrémité S. O. de la
province de Frise, ar. de Sneek, c. d’Hindelopen, sur le Zuiderzée. D’après la
seconde rédaction (p. 105), l’expédition de Frise aurait commencé vers la
Saint-Remi (1er octobre); et d’après la troisième rédaction (p. 322), la bataille
de Staveren se serait livrée vers la Saint-Luc (18 octobre). Il résulte de
plusieurs documents authentiques et contemporains que l’affaire de Staveren
eut lieu en septembre 1345. V. Butkens, Trophées de Brabant, t. I, p. 433.
[111] Cette addition appartient en propre à la troisième rédaction et ne se
trouve que dans le manuscrit de Rome (p. 323).
[112] Belgique, prov. Hainaut, ar. Charleroi, sur la rive droite de la Haine.
Jeanne se remaria en 1347 à Wenceslas, duc de Luxembourg, frère de
l’empereur Charles IV et fils de l’héroïque Jean de Bohême; elle succéda à
son père Jean III dans le duché de Brabant en 1355. Lestinnes-au-Mont, dont
Froissart fut curé grâce à la protection de Wenceslas et de Jeanne, n’est qu’à
une lieue de Binche.
[113] Marguerite, impératrice des Romains, comtesse de Hainaut, Hollande,
Zélande et dame de Frise, n’avait pas encore pris possession de son comté
en mars 1346, car dans un acte qui porte cette date, on expose à un
personnage que l’on nomme serenissime domine (sans doute l’empereur
Louis de Bavière), la nécessité de faire arriver promptement l’impératrice
Marguerite sa femme, pour prendre possession des comtés de Hollande, de
Zélande et de la seigneurie des deux Frises (Archives du Nord, fonds de la
Chambre des Comptes de Lille, B 803).
[114] Le 25 juin 1346 (Rymer, Fœdera, vol. III, p. 83), Édouard III nomme
Thierri, seigneur de Montjoye et de Falkyngburgh (en français Fauquemont)
son arbitre et le charge de régler les difficultés qui menacent de s’élever (...
cum suboriri timeatur materia quæstionis) au sujet de la succession de
Guillaume, comte de Hainaut, pour la part d’héritage qui revient à la reine
Philippe sa femme. Ces difficultés, où Jean de Hainaut put prendre parti
contre Édouard III, contribuèrent peut-être à pousser le seigneur de
Beaumont dans le parti français. V. Rymer, ibid., p. 80.
[115] L’acte par lequel Jean de Hainaut, sire de Beaumont, se reconnaît
vassal du roi de France, à cause des biens donnés par le dit roi en foi et
hommage, est du 21 juillet 1346 (Cop. parch., Archives du Nord, fonds de la
Chambre des Comptes de Lille, B 804).
[116] Par acte du 21 juillet 1346, Philippe, roi de France, mande à ses
receveurs en Vermandois de payer à Jean de Hainaut, sire de Beaumont, une
rente viagère à lui donnée en foi et hommage (Orig. parch., Archives du Nord,
B 804). La pension que Jean de Hainaut toucha en Angleterre jusqu’à la fin de
1345, était de mille marcs.

CHAPITRE LVII.
[117] Cf. Jean le Bel, Chroniques, chap. LXVIII et LXIX, p. 45 à 60.
[118] Jean, duc de Normandie, ne paraît avoir fait qu’une courte apparition
en Languedoc en 1345. Le 2 août de cette année, il était à Carcassonne (dom
Vaissète, Hist. de Languedoc, t. IV, p. 257). Le 8 août 1345, Philippe de Valois
nomme Pierre de Bourbon, comte de Clermont et de la Marche, son
lieutenant «en toutes les parties de la Langue d’oc et de Gascoigne»; c’est ce
Pierre de Bourbon qui apparaît à la tête des forces françaises dans le Querci
et l’Agenais depuis le 22 septembre 1345 (dom Vaissète, t. IV, p. 257) jusqu’à
l’arrivée du duc de Normandie. Pendant ce laps de temps, Jean, duc de
Normandie, se tient en Poitou, en Limousin, en Angoumois (à Angoulême
depuis le 24 octobre jusqu’au 7 novembre), en Touraine et en Berry. Le 22
décembre 1345, le duc de Normandie envoie Jean de Marigny, évêque de
Beauyais «... en Tholosain et ès parties de par delà pour certaines et grosses
besoignes.» Le duc de Normandie, étant à Loches le 17 janvier 1346, charge
l’évêque de Beauvais de convoquer les États du Languedoc à Toulouse; et
par lettres circulaires datées de Toulouse le 27 janvier 1346, Jean de Marigny
les convoque dans cette ville pour le 17 février suivant (dom Vaissète, t. IV, p.
257). Le duc de Normandie était encore à Châtillon-sur-Indre (Arch. nat.,
JJ68, fº 475; JJ75, fº 294 vº; JJ76, fº 246) et à Loches (JJ75, fº 248) dans les
premiers jours de février 1346.
[119] La première rédaction porte cet effectif à cent mille hommes (p. 109),
chiffre évidemment exagéré.
[120] Curieux détail d’histoire militaire fourni par la rédaction de Rome (p.
327) qui remonte aux premières années du XVe siècle.
[121] D’après Froissart (p. 109, 327 et 328), le duc de Normandie part de
Toulouse pour aller faire le siége de Miramont; d’après Jean le Bel, au
contraire (t. II, p. 46), il arrive du Poitou, du Berry et du Limousin. La date de
la Noël est une erreur ajoutée par le chroniqueur de Valenciennes au récit de
Jean le Bel. Le duc de Normandie n’apparaît dans le Midi qu’en mars 1346; il
est à Montauban le 22 (Arch. nat., JJ76, fº 158) et à Cahors le 13 de ce mois,
d’après les Chroniques manuscrites du Querci, par l’abbé de Foulhiac. V.
Bertrandy, Études etc., p. 288.
[122] L’objectif de Jean, duc de Normandie, dans cette campagne est
Aiguillon. Par conséquent, le Miramont dont il est ici question doit être
Miramont, Lot-et-Garonne, ar. Marmande, c. Lauzun, beaucoup plus
rapproché d’Aiguillon et plus important au point de vue stratégique que le
Miremont ou Miramont du Périgord (aujourd’hui Mauzens-et-Miremont,
Dordogne, ar. Sarlat, c. le Bugue).
[123] Froissart prend soin de nous dire dans sa seconde rédaction (p. 110)
qu’il s’agit ici de Villefranche en Agenais (aujourd’hui Villefranche-du-Queyran,
Lot-et-Garonne, ar. Nérac, c. Casteljaloux).
[124] Nous identifions «la cité d’Agolem ou d’Agolent» de Jean le Bel (t. II, p
42, 46 à 51) avec Agen. Froissart nous paraît s’être trompé en l’identifiant
constamment avec Angoulême que Jean le Bel écrit Angolesme (V. t. II, p.
268), comme l’exige l’étymologie. La paraphrase de «cité d’Agolant» pour
désigner Agen n’a rien d’étonnant sous la plume d’un chronTiqueur du XIVe
siècle, surtout quand il se complaît autant que Jean le Bel dans tout ce qui se
rattache de près ou de loin aux poëmes de chevalerie (V. t. II, p. 54, 110 etc.).
Or on sait que la chronique dite du faux Turpin mentionne la prise d’Agen par
Agolant qui soutint dans cette ville un siége contre Charlemagne, et cette
mention a même passé du faux Turpin dans les Chroniques de Saint-Denis
«Ensi vint Agoulans à tout ses os jusques à une cité de Gascoigne qui a non
Agenes, et par force la prist... Mès Kallemaine... vint près à quatre miles de la
cité d’Agenes où Agoulans et ses os estoit.» (Dom Bouquet, Hist. de France,
t. V, p. 288). Agolant figure toujours, dit Fauriel, comme roi d’Agen dans la Vie
de saint Honorat ainsi que dans une foule d’autres romans provençaux
perdus (Hist. litt., t. XXII, p. 238). Notre identification de la «cité d’Agolant»
avec Agen s’accorde, d’ailleurs, très-bien avec les circonstances
topographiques indiquées par Jean le Bel. La «cité d’Agolant» est voisine de
Villefranche, de Tonneins, de Damazan et d’Aiguillon (t. II, p. 42, 46 et 47);
elle est à une nuit de marche de Tonneins (ibid., p. 48): personne n’ignore que
toutes ces localités, fort éloignées d’Angoulême, sont à une assez faible
distance d’Agen.
Si le siége d’Agen, succédant à la prise de Villefranche et de Miramont, ne
présente aucune impossibilité géographique, la reddition de cette ville au duc
de Normandie avant le siége d’Aiguillon, c’est-à-dire avant le 10 avril 1346, ne
paraît pas plus fondée, au point de vue historique, que la reddition
d’Angoulême imaginée par Froissart; car le 5 avril 1346, les consuls d’Agen,
pressés de fournir un contingent au duc de Normandie, pour le siége
d’Aiguillon, motivent leur refus sur ce que les Anglais occupent plusieurs
localités de l’Agenais menaçantes pour leur ville, et entre autres Castelsagrat
(Arch. comm. d’Agen (BB 1) citées par M. Bertrandy, Études etc., p. 158).
[125] Le nom de cette localité est écrit Anchenis ou Anthenis dans Froissart
(V. p. 114, 332, 334 et 335), Antenis dans Jean le Bel (V. t. II, p. 50 et 51).
Comme cette localité, d’après ce dernier chroniqueur, est située sur le bord de
la Gironde, à peu de distance de Monségur-Gironde, d’une part, et d’Aiguillon,
de l’autre (V. t. II, p. 51), comme de plus Jean le Bel paraît ne faire de Thonis
pris par les Anglais (p. 42), et de Antenis repris par les Français (p. 48),
qu’une seule et même localité, il y a quelque raison d’identifier Antenis, qui
peut être une mauvaise lecture d’un copiste pour Thonis, avec Tonneins, chef-
lieu de canton du Lot-et-Garonne, ar. de Marmande. Quant à Froissart, il fait
évidemment d’Anthenis et de Thonis deux localités distinctes, puisque, après
avoir mentionné la prise d’Anthenis par des gens du duc de Normandie (p.
115 et 116), il raconte le siége et l’occupation de Thonis (Tonneins) par ce
même duc de Normandie (p. 119). A notre avis, Anthenis, en tant que localité
distincte de Tonneins, est purement imaginaire, et Froissart n’a été conduit à
en supposer l’existence que par une corruption du texte de Jean le Bel.
[126] Comme rien n’autorise à supposer qu’Agen soit jamais tombé au
pouvoir de Derby dans cette campagne, cette ville n’a pu être reprise par les
Français; mais, dans tous les cas, elle aurait été reprise avant le 3 février
1346, puisque dom Vaissète (Hist. gén. de Languedoc, t. IV, p. 258) analyse
le contenu de lettres données par le duc de Bourbon à Agen le 1er février
1346 (n. st.).
 [127] Lot-et-Garonne, ar. Nérac.
[128] Lot-et-Garonne, ar. Marmande.
[129] Lot-et-Garonne, ar. Agen. Nous ne connaissons aucun document qui
mentionne l’occupation de Port-Sainte-Marie par les Anglais et par
conséquent sa reprise par les Français à cette date. Au contraire, le duc de
Normandie, par acte daté d’Agen au mois d’août 1346, exempte de toute
espèce de tailles les habitants du Port-Sainte-Marie, en considération de leur
fidélité: «... habitatores ville Portus Sancte Marie, in fronteriis inimicorum
existentis, tanquam fideles et obedientes, fideliter, legaliter et diligenter
servierint...» (Arch. nat., JJ76, p. 239.) Une autre charte du mois de décembre
1347 mentionne une tentative de trahison aux Anglais réprimée
impitoyablement par les habitants eux-mêmes. Arch. nat., JJ76, p. 238.
[130] Jean le Bel (Chroniques, t. II, p. 53) dit «cent mille hommes» et l’on
retrouve ce chiffre, évidemment exagéré, dans la première rédaction (p. 340),
ainsi que dans un certain nombre de manuscrits de la seconde (p. 120). La
troisième rédaction réduit l’effectif des assiégeants à «soixante mille
hommes» (p. 344). Nous avons préféré comme le plus vraisemblable le chiffre
de cinq mille fourni par le plus grand nombre des manuscrits de la première
rédaction (p. 340).
[131] Tout en adoptant comme la plus exacte, relativement à la durée du
siége d’Aiguillon, la version de la troisième rédaction (p. 344), nous avons
substitué comme date du commencement de ce siége le mois d’avril au mois
de mars, car nous avons des lettres de Jean, duc de Normandie, datées de
Montauban le 22 mars (Arch. nat., JJ76, fº 158), et d’autres lettres du même
prince données en ses tentes devant Aiguillon en avril 1345 (Arch. nat., JJ68,
fº 448); or comme Pâques en 1346 tomba le 16 avril, et qu’à partir de ce jour
on commença à faire usage du millésime 1346, on peut en conclure que les
Français mirent le siége devant Aiguillon entre le 22 mars et le 15 avril.
[132] D’après Jean le Bel, le siége d’Aiguillon dura jusques au temps de
wahin (t. II, p. 53), c’est-à-dire jusqu’à l’automne. Froissart, dans ses deux
premières rédactions (p. 120 et 340) le fait durer jusqu’à la Saint-Remi (1er
octobre). La rédaction de Rome se rapproche davantage de la vérité. Il résulte
des lettres de Derby, publiées par Robert d’Avesbury (Hist. Ed. III, éd. de
1720, p. 142), que le siége d’Aiguillon fut levé «la dismenge proschein
devaunt le feste de seint Barthum,» c’est-à-dire le 20 août. D’un autre côté, la
dernière charte donnée par le duc de Normandie in nostris tentis ante
Aculeonem, qui est une prorogation de l’acte d’hommage dû au roi de France
par le comte de Foix, est datée du 19 août 1346 (Bibl. nat., mss. Doat, 189, fº
260). V. Dacier, éd. de Froissart, p. 275, note 2, et Bertrandy, Études etc., p.
345, note 1.
 [133] Sans doute Montréal-de-l’Aude, ar. Carcassonne.
[134] Aujourd’hui Fougax-en-Barrineuf, Ariége, ar. Foix, c. Lavelanet.
[135] C’est sans doute à l’assaut de ce pont qu’un chevalier gascon du parti
anglais, Alexandre de Caumont, fut fait prisonnier par Robert d’Augerans. Par
lettres du 7 juillet 1346, confirmées par Philippe de Valois le 19 septembre
1347, le duc de Normandie fit un don de 500 livres à Robert d’Augerans,
chevalier «en récompense de ses services, et que, de sa franche volonté, il
bailla et delivra au dit duc, Alexandre de Caumont, chevalier, ennemi du roy,
lequel il avoit pris à l’assaut du pont d’Aguillon, et duquel il euist eu grant
raençon.» Bibl. nat., Mss., Cabinet des Titres. V. Bertrandy, Études etc.,
p. 326.

CHAPITRE LVIII.
[136] Cf. Jean le Bel, Chroniques, t. II, chap, LXX et LXXI, p. 61 à 75.
[137] Édouard III, dans une lettre du 6 mai 1346 où il demande des prières
et actions de grâces pour les succès remportés en Guienne par le comte de
Lancastre qui lutte contre des forces écrasantes (magnum et superimmensum
exercitum), annonce qu’il va partir à la tête d’une armée pour porter secours à
son lieutenant. V. Rymer, Fœdera, vol. III, p. 81.
[138] Le 25 juin 1346, Édouard III nomme son fils Lionel régent du royaume
pendant son absence. V. Rymer, ibid., p. 84.
[139] Édouard III mit à la voile le dimanche 2 juillet. V. Rymer, ibid., p. 85.
[140] L’embarquement eut lieu à Portchester où divers actes signalent la
présence du roi d’Angleterre à partir du 20 juin 1346 (Rymer, p. 83 à 85).
Portchester, village du comté de Southampton, situé sur la côte septentrionale
du havre de Portsmouth, à une lieue de cette dernière ville, avait au moyen
âge un port très-important aujourd’hui comblé par des atterrissements. Le 2
juillet au soir, Édouard III était à l’île de Wight, et c’est à dater de ce moment
que le sceau spécial, en usage en cas d’absence du roi, fut remis à la
chancellerie.
[141] La flotte anglaise était revenue à son point de départ le 10 juillet,
comme le prouve une charte datée de ce jour et donnée par Édouard III en
pleine mer, en vue de l’île de Wight, pendant un arrêt de sa traversée (Rymer,
Fœdera, vol. III, p. 85). Le lendemain 11 juillet, le roi anglais expédia encore
une charte datée du port de Sainte-Hélène, dans l’île de Wight (aujourd’hui
St-Helens, à la pointe orientale de l’île), avant de mettre à la voile pour Saint-
Vaast-de-la-Hougue où il débarqua le lendemain 12 juillet.
[142] La seconde rédaction est la seule où Froissart nous montre Philippe
de Valois opposant dès le début à l’envahisseur des moyens de défense
proportionnés à l’attaque (p. 357). D’après les autres rédactions (p. 137 et
138, 367 et 368), ces préparatifs furent faits après coup et quand il était déjà
trop tard. On remarquera qu’ici comme en beaucoup d’autres endroits, la
seconde rédaction, représentée par le manuscrit d’Amiens, est la plus
favorable à la France en général et à Philippe de Valois en particulier. Il est
certain que Philippe de Valois fit rassembler, à Harfleur et à Caen, un assez
grand nombre de gens d’armes sous les ordres de Raoul, comte d’Eu et de
Guines, connétable de France. Le rôle de la retenue de ces gens d’armes,
parmi lesquels figure le comte de Flandre, nous a été conservé par une copie
de De Camps, portef. 83, fos 472 à 475, au Dép. des mss. de la Bibl. nat.
[143] Manche, ar. Valognes, c. Quettehou. D’après la seconde rédaction, le
débarquement d’Édouard III à Saint-Vaast aurait eu lieu le jour de la
Madeleine, c’est-à-dire le 22 juillet (p. 357). Nous voyons par une lettre de
Michel de Northburgh, clerc et conseiller d’Edouard III, qui accompagna le roi
anglais dans cette expédition, lettre rapportée textuellement par Robert
d’Avesbury (Hist. Ed. III, p. 123), que ce débarquement se fit le mercredi 12
juillet. D’après la seconde rédaction aussi, Robert Bertran, à la tête de deux
mille combattants, aurait essayé de s’opposer à ce débarquement, et il aurait
été mis en déroute après un combat acharné où il aurait reçu une blessure et
perdu l’un de ses fils (p. 357 et 359); mais il n’y a pas lieu d’ajouter foi à ce
prétendu combat dont les deux autres rédactions et surtout Michel de
Northburgh ne disent pas un mot. Édouard III trouva à Saint-Vaast onze
navires dont huit étaient munis de châteaux devant et derrière; il y fit mettre le
feu. Le roi d’Angleterre se tint six jours en cet endroit depuis le mercredi 12
jusqu’au mardi 18 juillet; ce temps fut employé à reposer les troupes, à
débarquer les chevaux et à cuire du pain pour l’armée (Hist. Ed. III, p. 123 et
124).
[144] Pendant que l’armée anglaise campait à Saint-Vaast, une partie de la
flotte se rendit le vendredi 14 juillet devant Barfleur. Les habitants avaient pris
la fuite; les Anglais mirent le feu aux maisons ainsi qu’à neuf navires munis de
châteaux devant et derrière et à deux crayers en bon état qu’on trouva dans
le port, sans compter un certain nombre de petits bateaux. Michel de
Northburg, qui rapporte ces détails (Hist. Ed. III, p. 124), estime que Barfleur
est aussi important que Sandwich (port du comté de Kent, situé à quatre
lieues N. de Douvres, assez important au moyen âge, mais aujourd’hui
obstrué par des alluvions).
[145] D’après Michel de Northburgh (Ibid., p. 127), ce fut la flotte anglaise,
et non l’armée de terre qui, après la prise de Barfleur, alla brûler la ville et
l’abbaye de Cherbourg. Le clerc d’Édouard III dit, comme Froissart (p. 134 et
135), que les Anglais ne parvinrent pas à s’emparer du château de
Cherbourg.
 [146] C’est le mardi 18 juillet, d’après Michel de Northburgh, qu’Édouard III
partit de Saint-Vaast pour aller à Valognes, où il passa la nuit et où il trouva
beaucoup de provisions.
[147] Michel de Northburgh ne mentionne pas Montebourg. Jean le Bel,
auquel Froissart a emprunté cette indication, paraît s’être trompé, en plaçant
Montebourg avant Valognes dans l’itinéraire suivi par Édouard III. Il existait, il
est vrai, dès le moyen âge, une route se dirigeant directement de Saint-Vaast
sur Montebourg; mais Édouard III, qui s’avançait du nord au sud, dut passer à
Valognes avant d’aller à Montebourg.
[148] D’après Michel de Northburgh, Édouard III partit de Valognes le
mercredi matin 19 juillet, et, après avoir marché une grande journée, arriva le
soir au Pont-d’Ouve (aujourd’hui hameau de la comm. de Saint-Côme-du-
Mont, Manche) que les habitants de Carentan avaient détruit pour s’opposer à
la marche des Anglais, Édouard III fit reconstruire ce pont pendant la nuit, et
entra le lendemain jeudi 20 juillet dans Carentan, qui n’est qu’à une lieue
anglaise du Pont-d’Ouve. On y trouva vivres et viandes en abondance, mais
le roi d’Angleterre ne put empêcher qu’une grande partie de la ville ne fût
brûlée. Michel de Northburgh compare Carentan, pour l’importance, à
Leicester (chef-lieu du comté de ce nom, à 32 I. N. N. O. de Londres, dont
cinq églises anciennes attestent l’importance, dès le moyen âge).
[149] Le roi d’Angleterre partit de Carentan le vendredi 21 juillet d’après
Michel de Northburgh (Ibid., p. 124 et 125), et fit une halte, mais d’un jour
seulement, et non de trois comme le dit Froissart, sur le bord d’une rivière, en
un village où se trouve un pont que les habitants de Saint-Lô avaient rompu.
Cette rivière est certainement la Vire, puisqu’on voit, par une lettre d’Édouard
III à Thomas de Lucy, que le pont dont il s’agit ici est Pont-Hébert (Manche,
ar. Saint-Lô, c. Saint-Jean-de-Daye). Le roi d’Angleterre fit rétablir ce pont,
traversa la Vire, lui et son armée, le lendemain samedi 22 juillet, et vint
camper tout près de Saint-Lô. Les habitants de cette ville avaient commencé
à la mettre en état de défense; mais les gens d’armes qu’ils y avaient
rassemblés quittèrent la place, à l’approche des Anglais, sans même attendre
l’arrivée des ennemis. Ceux-ci entrèrent dans Saint-Lô et y trouvèrent bien
mille tonneaux de vin, sans compter une foule d’autres richesses. Michel de
Northburgh estime Saint-Lô plus important que Lincoln (chef-lieu du comté de
ce nom, à quarante-trois lieues N. de Londres; cette ville était, au moyen âge
et avant les guerres civiles, une des plus riches et des plus populeuses de
l’Angleterre).
[150] D’après Michel de Northburgh, il fallut trois journées de marche aux
Anglais pour aller de Saint-Lô à Caen. Édouard III quitta Saint-Lô le dimanche
23 juillet et passa sa journée dans une abbaye que Michel de Northburgh ne
nomme point (Cerisy-l’Abbaye), pendant que ses gens portaient le ravage par
tout le pays environnant, à cinq ou six lieues à la ronde. Les lundi et mardi 24
et 25 juillet, le roi anglais poursuivit sa marche et campa chaque soir dans les
villages; il arriva devant Caen le mercredi 26 juillet, à trois heures après-midi.
[151] «Caame, dit Michel de Northburgh, est la ville plus grosse que nulle
ville d’Engleterre horspris Loundres.» (Robert d’Avesbury, Hist. Ed. III, p. 126
et 127.)
[152] Quoique cette abbaye fût entourée de murs crénelés et bastilles, les
moines l’avaient abandonnée à l’approche des Anglais. (Ibid., p. 125 et 126.)
[153] D’après Michel de Northburgh (Ibid., p. 125), et les Grandes
Chroniques de France (éd. de M. P. Paris, t. V, p. 453), Guillaume Bertran,
évêque de Bayeux, frère du maréchal de France Robert Bertran, était au
nombre des défenseurs du château de Caen.
[154] Froissart s’est trompé en donnant dès 1346 à Jean, sire de
Tancarville, vicomte de Melun, le titre de comte qui ne lui fut conféré par le roi
Jean que le 4 février 1352. (Arch. nat., JJ81, p. 85, fº 101.)
[155] Cette flotte, d’après Michel de Northburgh, était composée d’environ
deux cents navires qui cinglèrent vers Rothemasse (lisez: Roche Massé,
aujourd’hui la Roche de Maizy, Calvados, à l’embouchure de la Vire), pendant
que l’armée de terre marchait sur Saint-Lô; les gens d’armes qui montaient
ces navires faisaient des descentes continuelles sur le rivage, pillant et
brûlant le pays à deux ou trois lieues dans l’intérieur. Quand l’armée de terre,
maîtresse de Saint-Lô, reprit sa marche sur Caen, la flotte anglaise quitta le
mouillage de la Roche de Maizy et mit à la voile pour Ouistreham (Calvados,
ar. Caen, c. Douvres), à l’entrée de la baie de Caen. De la Roche de Maizy à
Ouistreham, sur une étendue de côtes de vingt-six lieues anglaises, cette
flotte captura et brûla soixante onze navires de guerre français avec château
devant et derrière, vingt-trois crayers, sans compter une foule de petits
bateaux de vingt et un à trente tonneaux de vin (Hist. Ed. III, p. 127).
[156] Par cette rivière qui keurt parmi le ville de Kem, qui porte grosse
navire (p. 145), Froissart semble entendre le bras de l’Orne, où venait se jeter
l’Odon, un peu avant l’intersection des rues Saint-Pierre et Saint-Jean, et qui,
entourant d’eau de tous côtés le quartier autrefois appelé pour cette raison île
Saint-Jean, le séparait de la vieille ville. Ce bras a été comblé depuis le
dernier siècle dans sa partie S. E., entre l’ancien pont Millet et l’église Saint-
Pierre, mais sa partie N. O., entre le quartier Saint-Jean et le faubourg Saint-
Gilles, sert aujourd’hui, comme au temps de Froissart, de port à la ville de
Caen. Michel de Northburgh, d’accord sur ce point avec notre chroniqueur, dit
que, du côté de l’eau où sont situées les abbayes de Saint-Étienne et de la
Trinité, il ne resta de défenseurs que dans le château. D’où l’on peut conclure
que la partie évacuée fut la vieille ville, dont les habitants cherchèrent un
refuge et essayèrent de se retrancher dans l’île Saint-Jean. Le continuateur
de Nangis dit, de son côté, que le combat eut lieu au milieu de la ville, à
l’entrée du pont et un peu au-dessus, en face de l’église Saint-Pierre. Enfin,
d’après la version très-vraisemblable des Grandes Chroniques de France, le
comte d’Eu et le sire de Tancarville ne sortirent du château qu’au milieu de
l’action et pour seconder l’énergique résistance des habitants. Il résulte de
tous ces témoignages concordants que le fort du combat eut lieu au passage
du bras de l’Orne le plus rapproché du château et à l’assaut de l’ancien pont
Saint-Pierre.
[157] Ce que dit Froissart de la lâcheté présomptueuse des bourgeois de
Caen en cette circonstance est une erreur grossière empruntée à Jean le Bel
(Chron., t. II, p. 72 et 73). Nos gens, dit Michel de Northburgh «... avoient mult
affeare, et les Fraunceys defendèrent le dit pount fortment et eaux portèrent
mult bien...» (Hist. Ed. III, p. 126.) La vérité est que les habitants de Caen, en
essayant de défendre contre une puissante armée leur ville, alors
complétement ouverte, firent preuve d’un courage intrépide et poussé jusqu’à
la témérité. Du côté des Français, cent chevaliers environ et cent vingt ou
cent quarante écuyers furent faits prisonniers avec le comte d’Eu et le sire de
Tancarville; il y eut également beaucoup de morts, mais on n’en put savoir le
chiffre exact, parce que les cadavres gisaient épars par les rues, maisons et
jardins, et qu’ils furent dépouillés sur-le-champ de leurs vêtements par la
rapacité des vainqueurs.
[158] «Et nul gentil homme mort des noz, rapporte Michel de Northburgh,
fors qe un esquier qe fust blescé et morust deux jours après.» Cette dernière
phrase n’est point précisément en contradiction avec ce que dit Froissart du
dommage éprouvé par l’armée d’Édouard III à la prise de Caen; car, si un
seigneur seulement succomba, les pertes en archers et simples gens d’armes
purent être relativement assez considérables. N’oublions pas d’ailleurs que la
lettre de Michel de Northburgh, clerc d’Édouard III, est un bulletin de victoire
rédigé au point de vue de l’effet que l’on voulait produire en Angleterre; or on
sait que le silence sur les pertes des vainqueurs, ou du moins l’atténuation de
ces pertes, est une habitude constante dans les documents de ce genre.
[159] Le comte de Huntingdon, qui s’était battu à la prise de Caen, ayant
été atteint de la fièvre à la suite de ce combat, dut regagner l’Angleterre, où il
porta la fameuse convention du 23 mars 1338 entre le roi de France et les
seigneurs normands au sujet d’une invasion en Angleterre, dont on avait
trouvé le texte dans le sac de Caen. Jean de Strafford, archevêque de
Canterbury, donna lecture de cette convention dans le cimetière de l’église
Saint-Paul, la veille de l’Assomption, 14 juillet 1346, devant toute la population
de Londres assemblée, pour surexciter le patriotisme des Anglais contre la
France. (Hist. Ed. III, p. 130 à 136.)
 [160] Bayeux se rendit le jeudi 27 juillet, c’est-à-dire le lendemain de
l’arrivée d’Édouard III à Caen. V. Hist. Ed. III, p. 127 et 128.
[161] Édouard III passa par Lisieux où il délivra le 3 août à Annibal de
Ceccano, cardinal évêque de Frascati, et à Étienne Alberti, cardinal prêtre des
Saints Jean et Paul, des lettres de sauvegarde dont le texte a été publié par
Rymer (Fœdera, vol. III, p. 88). Nous voyons par une lettre du confesseur
d’Édouard III, dont Robert d’Avesbury cite un fragment (Hist. Ed. III, p. 128 et
129), que ces cardinaux, chargés par le pape de traiter de la paix entre les
deux rois, échouèrent complétement dans leur mission.
[162] Philippe de Valois fit rassembler à Rouen des forces imposantes et les
chargea de se tenir sur la défensive en gardant la rive droite de la Seine et en
détruisant à l’avance tous les ponts sur le passage de l’armée anglaise. Ce
plan permit à Édouard III de ravager impunément toute la rive gauche du
fleuve. V. Hist. Ed. III, p. 129.

CHAPITRE LIX.
[163] Cf. Jean le Bel, Chron., t. II, chap. LXXI et LXXII, p. 75 à 80.
[164] D’après Michel de Northburgh (Hist. Ed. III, p. 136), Édouard III arriva
à Poissy la veille de l’Assomption (14 août) 1346.
[165] Le château de Montjoie était situé dans la forêt de Marly; il venait
d’être démoli lorsque Ducange publia son Dictionnaire. V. cet ouvrage au mot
Mons Gaudii.
[166] Le premier soin d’Édouard III, dès qu’il fut arrivé à Poissy, fut de faire
travailler à la reconstruction du pont rompu par les Français, pont dont il avait
besoin pour passer sur la rive droite de la Seine. Un certain nombre de gens
d’armes à la tête des contingents fournis par les villes environnantes et
notamment par la Commune d’Amiens, essayèrent, sans doute suivant l’ordre
du roi de France, de s’opposer à cette reconstruction. Cette tentative échoua:
les Français furent repoussés, après avoir perdu cinq cents des leurs, par le
comte de Northampton (Hist. Ed. III, p. 136 et 137). Telle est la version de
Michel de Northburgh rapportée par Robert d’Avesbury. La mention des gens
d’armes de la Commune d’Amiens dans ce récit, d’ailleurs un peu différent de
celui de Froissart, indique clairement que le clerc d’Édouard III a voulu parler
de la même affaire que Jean le Bel (Chroniques, t. II, p. 77) auquel le
chroniqueur de Valenciennes a emprunté cet épisode. Seulement, nous
voyons, grâce au témoignage d’un témoin oculaire et, qui plus est, d’un
ennemi, que Jean le Bel s’est trompé en reprochant durement à Philippe de
Valois (p. 76) de n’avoir rien fait pour s’opposer à la reconstruction du pont de
Poissy par les Anglais; et Froissart a eu raison de ne pas reproduire les
critiques injustes et passionnées adressées à cette occasion par le
chroniqueur liégeois au roi de France.
 [167] D’après Michel de Northurgh (Hist. Ed. III, p. 137), Édouard III partit
de Poissy pour s’avancer en Beauvaisis et passa la Seine le 16 août, le
lendemain de l’Assomption. Philippe de Valois fut grossièrement dupe d’une
feinte d’Édouard III, auquel l’archevêque de Besançon vint apporter à Poissy
des lettres de défi de la part du roi de France. Ces lettres de défi, datées de
Saint-Denis le 14 août 1346, ne nous sont connues que par une mauvaise
traduction latine conservée à Oxford; et elles ont été publiées par M. Kervyn
de Letthenhove (t. IV de son édition de Froissart, p. 496 et 497). Dans ces
lettres, Philippe de Valois proposait la bataille à son adversaire, soit entre
Saint-Germain-des-Prés et Vaugirard, soit entre Francheville et Pontoise, pour
le jeudi, le samedi, le dimanche ou le mardi suivant. Le rusé monarque
anglais, voyant à qui il avait affaire, se contenta de répondre pour le moment
de vive voix qu’il se disposait à prendre le chemin de Montfort (Montfort-
l’Amaury, Seine-et-Oise, ar. Rambouillet), où on pouvait le venir chercher. En
même temps, pour donner plus sûrement le change sur la direction qu’il était
résolu à prendre, l’habile stratégiste chargeait son fils le prince de Galles,
établi à Saint-Germain-en-Laye, de menacer l’ouest et même le sud de Paris,
comme si les Anglais eussent voulu passer la Bièvre et la Seine en amont de
Paris: de là les incursions à Saint-Cloud, à Boulogne et à Bourg-la-Reine. Le
roi de France tomba dans le piége que son adversaire lui tendait: il alla se
poster avec le gros de ses forces au pont d’Antony pour défendre le passage
de la Bièvre au moment même où le roi anglais, exécutant, le mercredi 16
août, un rapide mouvement rétrograde, franchissait la Seine sur le pont refait
de Poissy. Le lendemain jeudi 17 août, quand le tour fut joué, Édouard III
adressa de Grandvilliers une hautaine et ironique réponse aux lettres de défi
de Philippe de Valois où il lui dit: «... nous ne sommes mie avisés d’estre
tailliés par vous, ne de prendre de vous lu et jour de bataille.» Ces curieuses
lettres d’Édouard III à Philippe de Valois, dont le texte est, comme on le voit,
en français, sont conservées dans les Archives du collége de Corpus Christi,
à Cambridge; elles ont été publiées, d’après une copie de M. Snell, par M.
Kervyn de Lettenhove (t. IV de son édition de Froissart, p. 497 et 498). Une
collation de ce document, faite par M. Riley, apporte au texte de M. Kervyn
d’importantes corrections (t. V de son édition, p. 551). Cf. Grandes
Chroniques, éd. in-12, t. V, p. 457, et le continuateur de Nangis, éd. de
Géraud, t. II, p. 199.
[168] Jean le Bel (Chron., t. II, p. 77) et tous les manuscrits de Froissart, à
l’exception de celui de Rome, appellent cette abbaye Saint-Messien. Cette
leçon n’est pas aussi absolument mauvaise qu’on pourrait le croire au premier
abord, car les restes de saint Messien (sanctus Maximianus) reposaient à
côté de ceux de saint Lucien, son compagnon, dans l’abbaye de ce nom, de
l’ordre de Saint-Benoît, diocèse et ville de Beauvais. En réalité, le feu ne fut
mis qu’au faubourg de l’Hôtel-Dieu et n’atteignit que très-faiblement l’abbaye
de Saint-Lucien.
[169] Oise, ar. Beauvais, c. Marseille-le-Petit.
[170] Cet évêque était le belliqueux Jean de Marigny, qui fut promu l’année
suivante à l’archevêché de Rouen. V. Gallia christ., t. IX, col. 721.
[171] Oise, ar. Beauvais. D’après Michel de Northburgh (Ibid., p. 137 et
138), un engagement fut livré à Grandvilliers entre l’avant-garde de l’armée
anglaise et des gens d’armes de la maison du roi de Bohême. Les Anglais
eurent d’abord le dessous et perdirent Thomas Talbot; mais ils reprirent
bientôt l’avantage grâce à un renfort amené par le comte de Northampton.
Les Français eurent douze morts, huit blessés et furent poursuivis jusqu’à
deux lieues d’Amiens.
[172] Oise, ar. Beauvais, c. Grandvilliers.
[173] Somme, ar. Amiens. Michel de Northburgh ne parle ni de l’incendie de
Saint-Lucien et des faubourgs de Beauvais ni de la halte à Milly. D’après le
clerc d’Édouard III (Ibid., p. 137), le roi anglais passa à Poix le lendemain de
son départ de Poissy et n’y coucha point; cette place fut prise par l’arrière-
garde de son armée, malgré les efforts de trois cents Français qui périrent en
la défendant. D’après l’auteur de l’Histoire des maieurs d’Abbeville (p. 321),
Oulphart de Ghistelles, chevalier flamand au service d’Édouard III,
commandait les Anglais qui s’emparèrent du très-fort château de Poix.
[174] Somme, ar. Amiens, c. Molliens-Vidame, à trois lieues et demie O. N.
O. d’Amiens et à la même distance S. E. d’Abbeville.
[175] Aujourd’hui Nampty-Coppegueule, Somme, ar. Amiens, c. Conty.
Froissart reproduit un passage de Jean le Bel dont voici le texte: «Il (Philippe
de Valois), se loga en une ville qu’on appelle Copegueule, qui siet à trois
lieues prez de la cité d’Amiens...» Les copistes de Froissart prenant le
premier u de Copegueule pour un n, le second u pour un i ou un y, et
réunissant la dernière syllabe de ce mot: le, aux deux mots qui suivent: qui
siet, ont été conduits à forger un nom de lieu imaginaire: Copegney ou
Copegni le-qui-siet, imprimé d’ordinaire dans les éditions antérieures et aussi
dans la nôtre: Copegni l’Equisiet. Copegny l’Equisiet est purement fictif et ne
provient que d’une mauvaise lecture de trois mots de Jean le Bel: Copegueule
qui siet; en réalité ce n’est pas autre chose que Copegueule, localité placée,
comme le dit Jean le Bel, à environ trois lieues d’Amiens et à cinq ou six
lieues d’Airaines où campait Édouard III. Le nom de cette localité, située
précisément sur la route de Beauvais à Amiens que suivait Philippe de Valois,
est défiguré sur la carte de Cassini sous la forme Coppeguette, mais il a été
rétabli sous sa vraie forme sur la carte de l’état-major (feuille de Montdidier),
et il s’est conservé jusqu’à nos jours dans le nom de la commune de Nampty-
Coppegueule.
[176] Aujourd’hui Longpré-les-Corps-Saints, Somme, ar. Abbeville, c.
Hallencourt.
[177] Somme, ar. Abbeville, c. Ailly-le-Haut-Clocher. Le pont de l’Étoile
(Somme, ar. Abbeville, c. Picquiguy) ayant été rompu, les Anglais essayèrent
vainement de passer la Somme en amont d’Abbeville à Hangest et à Pont-
Remy, où ils furent repoussés par le roi de Bohême. (Histoire chronologique
des maieurs d’Abbeville, p. 321.)
[178] Somme, ar. Abbeville, c. Hallencourt.
[179] Somme, ar. Abbeville, c. Ailly-le-Haut-Clocher.
[180] Somme, ar. Amiens.
[181] D’après Jean le Bel (Chron., t. II, p. 80 et 81), le roi de France alla
directement de Coppegueule (aujourd’hui Nampty-Coppegueule) à Airaines,
sans passer par Amiens.
[182] Le Vimeu, ancien pagus Vimnaus, s’étendait entre la Somme et la
Brêle; Saint-Valery-sur-Somme en était la ville principale.
[183] Aujourd’hui hameau de la comm. d’Offoy, Somme, ar. Péronne, c.
Ham.
[184] Somme, ar. Amiens, c. Oisemont.
[185] Aujourd’hui Mareuil-Caubert, Somme, ar. et c. Abbeville. Cette localité
est à quelque distance de la rive gauche de la Somme, à une demi-lieue au
sud d’Abbeville; il n’y avait pas d’abbaye proprement dite, comme l’indique
Froissart, mais seulement un prieuré dépendant de l’abbaye de Breteuil.
L’église de Saint-Christophe de Mareuil figure en 1164 au nombre des biens,
situés dans le diocèse d’Amiens, dont l’évêque Thierri confirme la possession
à l’abbaye de Breteuil, au diocèse de Beauvais. V. le Gallia Christiana, t. X,
Instrumenta, col. 263.
[186] Une attaque fut aussi dirigée contre Abbeville par le comte de
Warwick et Godefroi de Harcourt, mais elle fut vigoureusement repoussée par
le mayeur Colard Le Ver, V. Hist. d’Abbeville, par F. C. Louandre, éd. de 1844,
t. I, p. 222 et 223.
[187] Somme, ar. Amiens, à quatre lieues au sud d’Abbeville. Le grant
hospital dont parle Froissart était une commanderie de Saint-Jean de
Jérusalem. M. Joachim Ambert, auteur d’une assez volumineuse dissertation
sur la bataille de Crécy (Paris, 1845, petit in-8 de 144 pages avec une carte)
croyant que ces mots: grant hospital désignent un hospice, croit retrouver cet
hospice dans un enclos situé à Vismes qui porte aujourd’hui le nom de
Maladrerie (V. p. 71 de son mémoire). On est exposé à ces méprises quand
on croit pouvoir interpréter les textes en ancien français sans avoir appris
suffisamment cette langue. Charles V, accordant en novembre 1372 certains
priviléges à Oisemont en Vimeu, dit qu’il lui a été exposé «par nostre amé et
féal conseiller le prieur et les frères de l’ordre de l’ospittal de Saint-Jehan de
Jherusalem ou prieuré de France, et leurs hommes et subgiés les habitants
de la ville d’Oysemont en Vimeu, que, vint et six ans a ou environ, ladite ville,
laquelle estoit lors moult notable et bien peuplée, et y avoit bon marchié deux
jours chascune sepmaine, et en laquelle nostre prevost de Vimeu tient son
siège et ses plais deux fois la semaine, fut pieça, quant les Anglois ennemis
de nostre royaume chevauchèrent par ledit pais en venant de Normandie à
Calais.... arse, gastée et destruite, et pluseurs des habitans d’icelle les
aucuns mors, et les autres prins et raenconnès par les dis ennemis.» (Arch.
nat., JJ103, fº 142 vº, p. 304.)
[188] Saint-Valery-sur-Somme, Somme, ar. Abbeville.
[189] Passage de la Somme situé entre Abbeville et Saint-Valery, à une
lieue et demie de l’une et l’autre de ces villes, en face des communes de
Noyelles-sur-Mer et de Port-le-Grand, sur la rive droite, de Mons et de
Saigneville, sur la rive gauche. Ce passage, autrefois le seul guéable en aval
d’Abbeville, tire son nom, d’après Froissart, d’un amas de marne blanche qui
forme à marée basse un atterrissement au milieu du cours de la rivière; il a
été appelé quelquefois par corruption Blanquetade. «Cassini s’est trompé, dit
M. F. C. Louandre, en plaçant le gué de Blanquetaque à l’embouchure de la
Somme, au-dessus du Crotoy. Ce que les marins nomment Blanquetaque,
c’est-à-dire tache blanche, est le point le plus apparent de la falaise crayeuse
qui forme, au-dessus de Port-le-Grand, une longue bande de couleur blanche.
C’est donc à douze ou quinze cents mètres environ, à l’aval de ce village, que
nous devons placer l’endroit où se trouvait ce passage. Sur tous les points de
la Somme, depuis Port-le-Grand jusqu’au Crotoy, le fond de la rivière est
mobile comme ses flots: chaque marée le creuse ou l’exhausse
alternativement; mais le gué de Blanquetaque n’a jamais varié. Dans les
longues guerres du moyen âge, il a toujours servi de passage aux
nombreuses armées qui ravagèrent le pays. Aujourd’hui, comme au temps de
Gobin Agache, ce gué «est à gravier de blanche marle, fort et dur, sur quoi on
peut fermement charrier.» Mais maintenant le fleuve est entièrement guéable
depuis Port-le-Grand jusqu’à Noyelles.» (Dissertation sur la bataille de Crécy,
par F. C. Louandre, dans la Revue anglo-française, t. III, p. 248). Le rédacteur
des Grandes Chroniques est d’accord avec la tradition immémoriale du pays
sur la position du gué de Blanquetaque: «il (le roi d’Angleterre) laissa son
disner et s’en desparti et s’en ala à Saigneville, au lieu qui est dit
Blanchetache» (éd. in-12, t. V, p. 459 et 460); Saigneville (Somme, ar.
Abbeville, c. Saint-Valery-sur-Somme) est situé sur la rive gauche de la
Somme, précisément en face de Noyelles et de Port-le-Grand.
[190] D’après Michel de Northburgh (Hist. Ed. III, p. 138), Édouard III passa
la Somme le jour de la Saint-Barthélemy (24 août) 1346.
[191] Somme, ar. Abbeville, c. Ailly-le-Haut-Clocher.
[192] Somme, ar. Abbeville. Rue, sur la rive gauche de la Maye, se
composait de deux paroisses, l’une sous le titre du Saint-Esprit, et l’autre sous
celui de Saint-Wulphy.
[193] Aujourd’hui Montreuil-sur-Mer, chef-lieu d’arrondissement du Pas-de-
Calais.
[194] Somme, ar. Abbeville, c. Rue.
[195] D’après Michel de Northburgh, le roi de France avait ordonné cinq
cents hommes d’armes et trois mille gens des Communes pour garder le
passage. Le combat fut acharné, puisque deux mille gens d’armes furent tués
du côté des Français; en outre, beaucoup de chevaliers et d’écuyers furent
faits prisonniers, et ceux qui parvinrent à s’échapper furent poursuivis
jusqu’aux portes d’Abbeville.
[196] La rédaction d’Amiens ou seconde rédaction est la seule, comme l’a
fait remarquer M. Rigollot, qui mentionne (p. 398) cette blessure de Godemar
du Fay (V. Mémoires de la Société des antiquaires de Picardie, t. III, p. 140).
Godemar du Fay, qui avait sous ses ordres Jean de Picquigny, le sire de
Caumont et Jean du Cange, trésorier des guerres, paraît avoir recommencé
le combat entre Noyelles-sur-Mer et Sailly-le-Sec (Somme, ar. Abbeville, c.
Nouvion-en-Ponthieu), sur la route d’Abbeville, où l’on découvre encore
journellement, disait M. Seymour de Constant en 1831, des sarcophages
entourés d’une grande quantité d’ossements épars. (V. Mémoire sur le plan et
la position des deux armées à la bataille de Crécy, par le baron Seymour de
Constant, p. 12. Abbeville, 1831, in-18 de 46 pages, avec une carte). Jean du
Cange, que nous voyons chargé de défendre avec Godemar du Fay les
passages de la Somme, devait connaître à fond le pays, car l’abbé de Corbie
ayant demandé la permission d’établir un système de ventailles (écluses) en
certains relais de la Somme et de faire payer un droit aux navires profitant de
ces écluses, Philippe de Valois enjoignit en mars 1343 «à son amé vallet
Jehan du Cange» de faire une enquête (Arch. nat., JJ74, p. 427, fº 246).
L’insuccès de l’affaire de Blanquetaque ne fit encourir aucune disgrâce à Jean
du Cange, qui était trésorier des guerres et gouverneur du comté de Ponthieu
en décembre 1346 (Arch. nat., JJ100, fº 51, p. 151.)
[197] Aujourd’hui Noyelles-sur-Mer, Somme, ar. Abbeville, c. Nouvion-en-
Ponthieu. Noyelles est à deux lieues et demie N. O. d’Abbeville. D’après M. F.
C.T198 Louandre (Hist. d’Abbeville, éd. de 1844, t. I, p. 227), la plaine entre
Noyelles et Port s’appelle encore aujourd’hui Blanquetaque.
[198] Froissart, en disant que la comtesse d’Aumale était sœur de Robert
d’Artois, reproduit une erreur de Jean le Bel (Chron., t. II, p. 84). Catherine
d’Artois, qui, dans un vidimus du 12 février 1347 où elle confirme la charte de
commune de Ponthoile, prend le titre de «dame de Noyelles et de Pontoilles,»
veuve en 1342 de Jean II de Castille-Ponthieu, comte d’Aumale, était fille, et
non sœur, de Robert d’Artois. Blanche sa fille, mariée en 1340 à Jean de
Harcourt, était nièce de Godefroi de Harcourt. (Bibl. nat., dép. des mss.,
collection de dom Grenier, vol. 214, fº 250.)
[199] Michel de Northburgh parle en ces termes de la prise et du pillage du
Crotoy: «Et mesmes le jour (jeudi 24 août) mounsignour Hugues le
Despenser prist la ville de Crotoie, et luy et sa gent tuèrent illesques quatre
cens hommes d’armes et tendrent la ville et trouvèrent graunt plenté du
vituailles» (V. Robert d’Avesbury, Hist. Ed. III, p. 138). Les archives du Crotoy
ne furent pas plus épargnées que les habitants, car Philippe de Valois,
confirmant en décembre 1346 une charte de priviléges octroyée en 1209 par
Guillaume, comte de Ponthieu et de Montreuil, motive ainsi cette confirmation:
«comme par souffiants relation nous soit apparu que les lettres et priviléges
de Crotoy et de Maioc aient esté arses ou perdues par la venue du roi
d’Angleterre nostre ennemi ou de ses gens, ou mois d’aoust derrain passé.»
Arch. nat., JJ100, fº 51, p. 151.
[200] D’après Michel de Northburgh, Édouard III se tint sur le bord de la
Somme pendant toute la journée du jeudi 24 août, et même il y coucha dans
la nuit du 24 au 25, afin d’être en mesure d’empêcher le roi de France qui le
suivait de passer à son tour au gué de Blanquetaque; mais Philippe de Valois
n’osa tenter le passage en face de toute l’armée anglaise et prit la direction
d’Abbeville.
[201] D’après le clerc d’Edouard III, le roi anglais passa la journée du
vendredi dans la forêt de Crécy; il y a donc lieu de penser que passant par
l’ancien chemin Vert et par Forest-l’Abbaye (Somme, ar. Abbeville, c.
Nouvion-en-Ponthieu) il traversa la forêt de Crécy dans la partie comprise
entre le Titre et la vieille ferme sise à Crécy qu’on nomme le Donjon.

CHAPITRE LX.
[202] Cf. Jean le Bel, Chron., t. II, chap, LXXII, p. 85 à 93. Aux études
spéciales sur la bataille de Crécy déjà citées dans les notes qui précèdent,
nous croyons utile d’ajouter l’indication des ouvrages suivants qui nous ont
été obligeamment communiqués par notre confrère M. A. Demarsy: