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PERSONAL FINANCIAL STATEMENT Name: Business Phone: Residence Address: Residence Phone: City, State, ZIP: Other Phone: Business Name of Applicant: ASSETS LIABILITIES Cash on Hand and In Bank Accounts

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Start by gathering all necessary financial documents such as bank statements, investment statements, credit card statements, mortgage documents, and tax returns.
2. Begin by filling out the personal information section, which includes your name, address, phone number, and social security number.
3. Provide details about your employment history, including your current job and salary, as well as any additional sources of income such as investments or rental properties.
4. List out all your assets, including cash on hand, savings accounts, checking accounts, investments, real estate properties, vehicles, and any valuable personal belongings like jewelry or artwork. Include their current values.
5. Deduct any liabilities you have, such as mortgages, car loans, student loans, credit card debt, or any other outstanding debts.
6. Calculate your net worth by subtracting your liabilities from your assets. This will give you a clear picture of your overall financial standing.
7. Provide information on your monthly expenses, including rent or mortgage payments, utilities, insurance premiums, groceries, transportation costs, and any other regular expenses.
8. Make sure to include information about any outstanding tax liabilities you may have, including any pending audits or disputes with tax authorities.

Who needs a personal financial statement:

1. Individuals who are applying for a loan or mortgage from a financial institution often need to provide a personal financial statement as part of the application process. This allows the lender to evaluate the applicant's financial health and ability to repay the loan.
2. Entrepreneurs or business owners who are seeking investment or financing for their businesses may also need to provide a personal financial statement, especially if they are applying for a loan personally guaranteed by their own assets.
3. Individuals who are going through a divorce or legal separation may need to prepare a personal financial statement to assess the division of assets and liabilities between both parties.
4. Some individuals may choose to create a personal financial statement for their own personal financial planning purposes, to track their net worth and monitor their financial progress over time.
5. High-net-worth individuals or those with complex financial situations may require a personal financial statement to provide to their tax advisors or estate planning attorneys for tax planning, estate planning, or asset protection purposes.

For pdfFiller’s FAQs

What is personal financial statement?

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

Who is required to file personal financial statement?

Public officials, candidates for public office, and certain government employees are usually required to file personal financial statements.

How to fill out personal financial statement?

To fill out a personal financial statement, you must gather all your financial information, such as bank statements, investment accounts, debts, and other financial documents, and then accurately report it on 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, especially for those in public office or positions of authority.

What information must be reported on personal financial statement?

Information that must be reported on a personal financial statement includes assets, liabilities, income sources, and any other relevant financial information.

How do I make changes in personal financial statement?

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