Get the free Personal Financial Statements - SaveAndInvest.org

Personal Financial Statements. Acknowledgement. This publication was made possible by a grant from the FINRA Investor Education Foundation. The FINRA ...

How to fill out personal financial statements

How to fill out personal financial statements:

1. Begin by gathering all relevant financial documents such as bank statements, investment statements, tax returns, and loan documents.
2. Create different sections for income, expenses, assets, and liabilities on the personal financial statement form.
3. In the income section, list all sources of income including salaries, wages, dividends, and rental income. Calculate the total income.
4. Move on to the expenses section and record all regular monthly expenses such as rent/mortgage, utilities, transportation costs, and groceries. Total up the expenses.
5. On the assets section, list all your assets like cash, savings, investments, real estate, and vehicles. Assign a value to each asset.
6. In the liabilities section, record all outstanding debts or loans such as credit card balances, student loans, mortgages, and personal loans. Assign a value to each liability.
7. Calculate the net worth by subtracting the total liabilities from the total assets. This will give you a snapshot of your financial standing.
8. Review the completed financial statement, ensuring all information is accurate and complete.
9. Consider consulting a financial advisor or accountant for guidance and to ensure accuracy.
10. Update your personal financial statement regularly to track changes in your financial situation.

Who needs personal financial statements:

1. Individuals seeking loans or credit: Lenders often require personal financial statements to assess an individual's financial health and repayment capacity before approving credit or loans.
2. Small business owners: Personal financial statements may be required when applying for business loans, particularly for sole proprietors or small business owners who have financial ties to their businesses.
3. Professionals applying for licenses or certifications: Some professions, such as brokers, agents, or financial advisors, may need to provide personal financial statements as part of the licensing or certification process.
4. Individuals going through divorce or separation: Personal financial statements can be helpful in divorce proceedings, providing a clear overview of assets, liabilities, and income, which can aid in property division and financial settlements.
5. Estate planning or wealth management purposes: Personal financial statements can assist in evaluating an individual's wealth and financial goals, aiding in estate planning, retirement planning, or wealth management strategies.

For pdfFiller’s FAQs

Can I create an electronic signature for signing my personal financial statements in Gmail?

Create your eSignature using pdfFiller and then eSign your personal financial statements immediately from your email with pdfFiller's Gmail add-on. To keep your signatures and signed papers, you must create an account.

How can I edit personal financial statements on a smartphone?

You can easily do so with pdfFiller's apps for iOS and Android devices, which can be found at the Apple Store and the Google Play Store, respectively. You can use them to fill out PDFs. We have a website where you can get the app, but you can also get it there. When you install the app, log in, and start editing personal financial statements, you can start right away.

How can I fill out personal financial statements on an iOS device?

Install the pdfFiller app on your iOS device to fill out papers. Create an account or log in if you already have one. After registering, upload your personal financial statements. You may now use pdfFiller's advanced features like adding fillable fields and eSigning documents from any device, anywhere.

What is personal financial statements?

Personal financial statements provide a snapshot of an individual's financial situation at a specific point in time, including assets, liabilities, and net worth.

Who is required to file personal financial statements?

Certain individuals such as elected officials, government employees, and individuals seeking loans or investment opportunities may be required to file personal financial statements.

How to fill out personal financial statements?

Personal financial statements are typically filled out by listing assets, liabilities, and net worth. This information can be organized using a standard form or template.

What is the purpose of personal financial statements?

The purpose of personal financial statements is to provide an overview of an individual's financial health and to help make informed financial decisions.

What information must be reported on personal financial statements?

Personal financial statements typically include information on assets (e.g. cash, investments, real estate), liabilities (e.g. loans, mortgages), and net worth.