Get the free PERSONAL FINANCIAL STATEMENT - Missoula Federal Credit Union - missoulafcu

PERSONAL FINANCIAL STATEMENT APPLICANT Please complete in INK Please Select One Answer for Each Question Do you have any outstanding judgements? YES NO Name: Birthdate: Member Number: SSN: Address:

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Start by gathering all the necessary documents and information. This includes your bank statements, investment statements, tax returns, and any other financial records that may be relevant.
2. Begin by filling out the personal information section. This includes your name, address, contact information, and social security number.
3. Move on to the assets section. List all of your assets, such as cash, bank accounts, stocks, bonds, real estate, vehicles, and any other valuable possessions. Provide the current value of each asset.
4. Next, fill out the liabilities section. This includes any outstanding debts you have, such as mortgages, loans, credit card balances, and other liabilities. Include the outstanding balance and 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 standing.
6. Provide details about your income. This includes your salary, wages, bonuses, alimony, child support, rental income, and any other sources of income. Be sure to include both gross and net income.
7. In the expenses section, list all of your monthly expenses. This includes rent or mortgage payments, utilities, groceries, transportation costs, insurance premiums, and any other regular expenses. It's important to be thorough and include all your expenses.
8. Finally, review and double-check all the information you have provided. Make sure everything is accurate and up to date.

Who needs a personal financial statement?

1. Individuals applying for loans: Banks and financial institutions often require a personal financial statement from individuals seeking loans, whether it's for a mortgage, personal loan, or business loan. This statement helps lenders evaluate the borrower's financial position and determine their creditworthiness.
2. Small business owners: When seeking funding for a business, lenders may request a personal financial statement from the owner or guarantor to assess their personal financial situation and ability to repay the loan.
3. High-net-worth individuals: Wealthy individuals may need a personal financial statement for estate planning purposes, tax planning, investment decisions, or for providing financial information to their financial advisors.
4. Individuals applying for scholarships or grants: Some scholarship programs or grants may require applicants to submit a personal financial statement to assess their financial need and eligibility for financial assistance.
5. Individuals going through divorce or legal proceedings: Personal financial statements can be used in divorce proceedings to determine assets and liabilities and aid in the division of marital property.

It's important to note that the specific requirements for a personal financial statement may vary depending on the purpose and the requesting organization. Therefore, it's recommended to consult the guidelines provided by the entity requesting the statement and seek professional advice if needed.

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What is personal financial statement?

A personal financial statement is a document that outlines an individual's financial situation, including assets, liabilities, income, and expenses.

Who is required to file personal financial statement?

Certain individuals, such as public officials, candidates for public office, and employees in certain positions, may be required to file a personal financial statement.

How to fill out personal financial statement?

To fill out a personal financial statement, individuals typically gather information on their assets, liabilities, income, and expenses and input that information into the designated form.

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, particularly for those in positions of public trust.

What information must be reported on personal financial statement?

Typically, a personal financial statement will include information on assets, liabilities, sources of income, and expenses.