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PERSONAL FINANCIAL STATEMENT Cumberland Bank & Trust 2034 Wilma Rudolph Blvd P.O. Box 30008 Clarksville, TN 37040 IMPORTANT: Read these directions before completing this Financial Statement, and check

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Start by gathering all your financial documents, such as bank statements, investment statements, tax returns, and credit card statements.
2. Create a list of your assets, including your cash savings, investments, real estate, vehicles, and any valuable possessions.
3. Calculate the total value of each asset and write it down in the appropriate section of the financial statement.
4. Move on to listing your liabilities, such as mortgages, loans, credit card debts, and any other outstanding debts.
5. Determine the outstanding balance for each liability and include it in the corresponding section of the financial statement.
6. Calculate your net worth by subtracting the total liabilities from the total assets. This will give you an overview of your current financial position.
7. Provide additional information about your income, including your salary, bonuses, rental income, and any other sources of revenue. Write down the amounts and specify their frequency (monthly, annually, etc.).
8. Include your expenses, such as rent/mortgage payments, utilities, groceries, transportation costs, entertainment expenses, and any other recurring or significant expenses.
9. Subtract your total expenses from your total income to determine your monthly or annual cash flow.
10. Review the entire financial statement to ensure accuracy and completeness.
11. Sign and date the statement to indicate that the information provided is true and accurate to the best of your knowledge.

Who needs a personal financial statement?

1. Individuals applying for loans or mortgages often need to provide a personal financial statement to demonstrate their financial stability and repayment capacity.
2. Business owners who are seeking funding or investors may be required to submit a personal financial statement in addition to their business financials.
3. Some insurance companies request personal financial statements as part of the underwriting process for life insurance or disability insurance.
4. High-net-worth individuals or those with complex financial portfolios may use personal financial statements to track their assets, liabilities, and net worth for wealth management purposes.
5. Individuals or couples going through divorce proceedings may need to prepare a personal financial statement to determine the division of assets and liabilities.
6. In some cases, individuals may choose to create a personal financial statement to gain an overview of their financial situation, set goals, and track their progress over time.

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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?

Individuals who hold certain public offices or positions are required to file a personal financial statement.

How to fill out personal financial statement?

Personal financial statements can typically be filled out electronically or on paper, following the specific instructions provided by the governing body.

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 holdings and interests.

What information must be reported on personal financial statement?

Personal financial statements typically include information on assets, liabilities, sources of income, and any financial interests or relationships that could pose a conflict of interest.