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PERSONAL FINANCIAL STATEMENT TO: SECTION 1 INDIVIDUAL INFORMATION (Type or Print) SECTION 2 OTHER PARTY INFORMATION (Type or Print) Name Residence Address City, State & Zip City, State & Zip Position

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Start by gathering all the necessary financial documents, such as bank statements, investment statements, tax returns, and outstanding loan balances.
2. Begin with the basic personal information section, which includes your name, address, and contact details.
3. Provide details about your assets, such as real estate properties, vehicles, savings accounts, retirement accounts, stocks, and any other investments you own. Include their current market value or balances.
4. List your liabilities, including mortgages, loans, credit card debts, and any other outstanding debts you have. Include the outstanding balances and monthly payments for each.
5. Calculate your net worth by subtracting your total liabilities from your total assets.
6. Include information about your income, including your employment salary, any additional income from investments or side businesses, and any expected future income.
7. Detail your monthly expenses, including rent/mortgage payments, utilities, groceries, transportation costs, insurance premiums, and any other regular expenses.
8. Calculate your monthly cash flow by subtracting your total expenses from your total income.
9. Provide any additional information required by the financial institution or lender, such as a summary of your financial goals or explanation of any anomalies in your financial situation.

Who needs a personal financial statement?

1. Individuals applying for a loan: Banks and financial institutions often require a personal financial statement as part of the loan application process to assess your creditworthiness and ability to repay the loan.
2. Small business owners: Entrepreneurs or small business owners may need a personal financial statement when seeking business loans or raising capital for their businesses.
3. Individuals applying for scholarships: Some educational institutions or scholarship programs may require a personal financial statement to determine eligibility and financial need.
4. Professionals in legal proceedings: During divorce, bankruptcy, or other legal proceedings, individuals may be asked to prepare a personal financial statement to provide a clear picture of their financial situation.
5. High-net-worth individuals: Personal financial statements can also be useful for wealthy individuals to track their assets, liabilities, and net worth for personal wealth management purposes.

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What is personal financial statement?

A personal financial statement is a document that outlines an individual's financial position by listing 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 need to gather information on their assets, liabilities, income, and expenses, and then accurately report this information on the required form.

What is the purpose of personal financial statement?

The purpose of a personal financial statement is to provide a snapshot of an individual's financial situation and to help assess their financial health.

What information must be reported on personal financial statement?

Information such as assets, liabilities, income, and expenses must be reported on a personal financial statement.