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PERSONAL FINANCIAL STATEMENT Name Address Spouse Name (if coborrower or guarantor) Address City, State, Zip Code City, State, Zip Code Date of Birth Date of Birth SS # SS # Home Phone Business Phone

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 bank statements, investment statements, tax returns, pay stubs, loan statements, and any other relevant financial documents.
2. Begin filling out the personal information section of the statement. This typically includes your name, address, contact information, and social security number.
3. Move on to the asset section of the statement. List all your assets, such as cash, bank accounts, investments, real estate, vehicles, and any other valuable possessions. Include the current market value or estimated worth of each asset.
4. Proceed to the liabilities section. List all your debts, such as mortgages, credit card balances, student loans, auto loans, and any other outstanding loans or liabilities. Include the remaining balance, monthly payments, and interest rates for each debt.
5. Calculate your net worth by subtracting your total liabilities from your total assets. This will give you an overview of your financial situation and overall wealth.
6. Fill out the income section of the statement. Include your employment income, rental income, investment income, and any other sources of income. Be thorough and accurate with the amounts and provide documentation if necessary.
7. Proceed to the expenses section. List all your monthly expenses, such as rent or mortgage payments, utilities, groceries, transportation costs, insurance premiums, loan payments, and any other regular expenses. Be as specific as possible and include average amounts if the expenses fluctuate.
8. Calculate your net income by subtracting your total expenses from your total income. This will give you an understanding of your cash flow and how much money you have available each month.
9. Finally, review your personal financial statement for accuracy and completeness. Make sure all the numbers add up correctly and double-check that you haven't missed any assets, liabilities, income, or expenses.

Who needs a personal financial statement?

1. Individuals who are applying for loans, such as mortgages, personal loans, or business loans, may be required to submit a personal financial statement to the lenders.
2. Entrepreneurs or small business owners may need a personal financial statement when seeking financing or investors for their business.
3. Individuals going through divorce proceedings may need to fill out a personal financial statement as part of the divorce settlement process.
4. Financial advisors or planners may request a personal financial statement from their clients to assess their financial health and provide tailored financial advice.
5. Individuals who want to track their own financial progress and have a comprehensive overview of their net worth, income, and expenses can also benefit from creating a personal financial statement.

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What is personal financial statement?

A personal financial statement is a document that provides an overview of an individual's financial situation by listing assets, liabilities, income, and expenses.

Who is required to file personal financial statement?

Certain public officials, candidates, and employees are required to file personal financial statements as mandated by law.

How to fill out personal financial statement?

To fill out a personal financial statement, one must gather all relevant financial information, including bank statements, investment accounts, debts, and income sources, and input the 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, helping to prevent conflicts of interest or unethical behavior.

What information must be reported on personal financial statement?

On a personal financial statement, one must report details about assets (such as real estate, vehicles, and investments), liabilities (such as loans and mortgages), income sources, and expenses.