Get the free Personal Financial Statement - 1stsourcecom

Personal Financial Statement To: 1st Source Bank P.O. Box 1602 South Bend, Indiana 46634 IMPORTANT: Read the directions and check appropriate box(BS) before completing this statement If you are applying

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Begin by gathering all relevant financial documents, such as bank statements, investment statements, and credit card statements.
2. Organize the documents into categories, such as income, expenses, assets, and liabilities.
3. Calculate your total income by adding up all sources of income, including salaries, bonuses, dividends, and rental income.
4. List your regular monthly expenses, such as rent or mortgage payments, utility bills, insurance premiums, and transportation costs.
5. Identify any outstanding debts or loans you have, such as student loans, credit card debt, or outstanding balances on car loans.
6. Determine the value of your assets, including real estate, vehicles, investments, and retirement accounts.
7. Subtract your liabilities (debts) from your assets to calculate your net worth.
8. Review the statement for accuracy and make any necessary adjustments.
9. Sign and date the personal financial statement.
10. Keep a copy of the statement for your records.

Who needs a personal financial statement?

1. Individuals who are applying for a loan: Lenders often require a personal financial statement to evaluate the borrower's financial health and assess their ability to repay the loan.
2. Business owners and entrepreneurs: A personal financial statement may be necessary when applying for business loans or seeking investors.
3. High-net-worth individuals: Wealthy individuals may use personal financial statements to track their assets, liabilities, and net worth for estate planning purposes or to assess their financial goals.
4. Individuals seeking financial advice: Working with a financial planner or advisor often involves sharing personal financial statements to receive personalized advice and guidance.
5. Individuals involved in legal proceedings: Personal financial statements may be required in divorce cases, bankruptcy proceedings, or other legal matters to assess the individual's financial standing.
6. Job applicants in certain fields: Some employers, particularly in financial or managerial positions, may request a personal financial statement as part of the hiring process to evaluate the candidate's fiscal responsibility.

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What is personal financial statement?

A personal financial statement is a document that outlines an individual's financial position by detailing their assets, liabilities, income, and expenses.

Who is required to file personal financial statement?

Individuals who hold public office, government officials, or candidates running for political office are often required to file a personal financial statement.

How to fill out personal financial statement?

A personal financial statement can be filled out by listing all assets, liabilities, income, and expenses in the appropriate sections of the form provided by the relevant authority.

What is the purpose of personal financial statement?

The purpose of a personal financial statement is to provide transparency and accountability regarding an individual's financial situation, especially for those in public office.

What information must be reported on personal financial statement?

The information that must be reported on a personal financial statement typically includes details about assets, liabilities, income sources, and expenses incurred by the individual.