Get the free personal financial statement worksheet form - esd ny

INSTRUCTIONS TO ASSIST IN COMPLETING ATTACHMENT B PERSONAL FINANCIAL STATEMENT WORKSHEET This instruction sheet is intended to provide guidance on how to complete the Attachment B Personal Financial Statement Worksheet for the Division of Minority and Women s Business Development. The Personal Financial Statement Worksheet should be completed by all minority or woman business owners upon which Minority and Women Owned Business Enterprise MWBE c...

How to fill out personal financial statement worksheet

How to fill out a personal financial statement worksheet:

1. Start by gathering all your financial documents such as bank statements, investment statements, tax returns, and salary slips. This will provide you with accurate and up-to-date information for filling out the worksheet.
2. Begin with the section for personal information. Fill in your name, contact details, and any other requested personal information.
3. Move on to the assets section. List all your assets such as cash, bank deposits, investments, real estate properties, and vehicles. Write down their current market values accurately.
4. Proceed to the liabilities section. Include all your debts, such as mortgages, car loans, student loans, credit card debts, and any other outstanding loans. Write down the outstanding balances accurately.
5. Calculate your net worth. Subtract the total liabilities from the total assets. This will provide you with an overview of your financial standing.
6. Next, move to the income section. List all your sources of income, including salaries, dividends, rental income, and any other sources. Be sure to include accurate amounts and provide supporting documentation if necessary.
7. After listing your income, you need to document your monthly expenses. Categorize your expenses into groups such as housing, transportation, groceries, utilities, entertainment, and any other relevant categories. Be sure to include all expenses and provide accurate amounts.
8. Calculate your monthly cash flow. Subtract your total monthly expenses from your total monthly income. This will give you an idea of your disposable income or if you are running a deficit.
9. Review your financial statement for accuracy and completeness. Make sure all the numbers and information are correct before finalizing the worksheet.

Who needs a personal financial statement worksheet:

1. Individuals who are applying for a loan or mortgage would typically need to fill out a personal financial statement worksheet. Lenders often require this to assess an individual's financial health and determine their creditworthiness.
2. Entrepreneurs or business owners may also require a personal financial statement worksheet when applying for business financing. This helps lenders get an overview of the individual's personal financial situation, which can impact the approval decision.
3. Financial advisors or wealth managers may require their clients to complete a personal financial statement worksheet as part of the financial planning process. This allows them to understand the client's complete financial picture and provide appropriate recommendations and advice.
4. Even if you don't have an immediate need for a loan or financial advice, it can be beneficial to periodically fill out a personal financial statement worksheet to evaluate your overall financial health and identify areas for improvement.

Remember, accurately filling out a personal financial statement worksheet can help you gain a clear understanding of your financial situation and make informed decisions about your future financial goals.

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What is personal financial statement worksheet?

Personal financial statement worksheet is a document that provides an individual's financial details including assets, liabilities, income, and expenses.

Who is required to file personal financial statement worksheet?

Individuals who are applying for loans, mortgages, or financial assistance may be required to file a personal financial statement worksheet.

How to fill out personal financial statement worksheet?

To fill out a personal financial statement worksheet, individuals should gather information on their assets, liabilities, income, and expenses, and then input this information into the designated sections of the worksheet.

What is the purpose of personal financial statement worksheet?

The purpose of a personal financial statement worksheet is to provide a snapshot of an individual's financial situation, which can be used by lenders, creditors, or financial advisors to assess their financial health.

What information must be reported on personal financial statement worksheet?

Information such as assets (cash, investments, real estate), liabilities (loans, mortgages, credit card debt), income, and expenses must be reported on a personal financial statement worksheet.

When is the deadline to file personal financial statement worksheet in 2023?

The deadline to file personal financial statement worksheet in 2023 may vary depending on the lender or institution requesting the document. It is advisable to check with the specific organization for their deadline.

What is the penalty for the late filing of personal financial statement worksheet?

The penalty for late filing of a personal financial statement worksheet may include fines, delayed approval of loans or financial assistance, or other consequences depending on the lender's policies.

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