Get the free PERSONAL FINANCIAL STATEMENT - California United Bank

OMB APPROVAL NO. 3245-0188. EXPIRATION DATE: 09/30/2014. PERSONAL FINANCIAL STATEMENT. U.S. SMALL BUSINESS ADMINISTRATION. As of ...

How to fill out personal financial statement

How to fill out personal financial statement:

1. Start by gathering all of your financial documents, including bank statements, investment statements, tax returns, and any other relevant documents that provide information about your assets and liabilities.
2. Begin by filling out the section that requires your personal information, such as your name, address, social security number, and contact details. This section helps identify you as the owner of the financial statement.
3. Move on to the assets section, where you will list all of your valuable possessions such as real estate, vehicles, investments, and savings accounts. Be sure to provide accurate and up-to-date values for each asset.
4. On the liabilities section, list all of your outstanding debts, including mortgages, car loans, student loans, credit card balances, and any other financial obligations. Include the outstanding balance and the monthly payment for each debt.
5. Calculate your net worth by subtracting your total liabilities from your total assets. This will give you a clear picture of your financial position.
6. Make sure to double-check all the information you have provided and ensure that it is accurate and complete. Incorrect or missing information may affect the credibility of your personal financial statement.
7. Sign and date the financial statement to confirm its accuracy and truthfulness. Keep a copy for your records and submit any required copies to the relevant parties, such as financial institutions or potential lenders.

Who needs a personal financial statement?

1. Individuals applying for loans: Lenders often require a personal financial statement as part of the loan application process. This helps them assess the borrower's financial health and ability to repay the loan.
2. Small business owners: Personal financial statements are sometimes required by banks or investors when individuals are seeking funding for their small businesses. It helps evaluate the owner's personal financial situation in relation to the business.
3. High net worth individuals: Wealthy individuals may need personal financial statements for various purposes, such as estate planning, tax planning, or when seeking personal financial advice. It provides a comprehensive overview of their assets, liabilities, and net worth.
4. Individuals applying for certain professional licenses: In some professions, such as financial planning, insurance, or real estate, individuals may be required to submit a personal financial statement to demonstrate their financial responsibility and suitability for the role.

Remember to consult with a financial professional or attorney if you have any specific questions or concerns about filling out a personal financial statement.

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