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PERSONAL FINANCIAL STATEMENT 563 William Latham Drive Bourbons, IL 60914 Information as of: Phone: 8159377447 Fax: 8159377443 www.cwcu.com I intend to apply for Individual Credit We intend to apply

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Gather all relevant financial documents and information, such as bank statements, investment statements, income statements, and debt information.
2. Begin by filling out your personal information section, including your name, address, contact details, and social security number.
3. List all your assets, including cash, savings accounts, investments, real estate, vehicles, and any other valuable possessions you own.
4. Provide accurate and up-to-date information about your liabilities, such as mortgages, credit card debts, student loans, and any other outstanding loans.
5. Calculate your net worth by subtracting your total liabilities from your total assets.
6. Next, detail your monthly income from all sources, including salaries, wages, dividends, rental income, and any other forms of revenue.
7. Deduct your monthly expenses, which may include housing costs, utility bills, transportation expenses, insurance premiums, loan payments, and any other regular expenditures.
8. Determine your monthly savings or disposable income by subtracting your monthly expenses from your monthly income.
9. In the final section, summarize your financial goals, objectives, and plans for the future.
10. Review the completed personal financial statement to ensure accuracy and completeness before submitting it.

Who needs personal financial statement?

1. Individuals who are applying for a loan or mortgage from a financial institution may be required to provide a personal financial statement to assess their creditworthiness and ability to repay the borrowed funds.
2. Business owners or entrepreneurs seeking funding or investors for their ventures often need to submit a personal financial statement to demonstrate their financial stability and commitment.
3. High net worth individuals or those with significant assets may use a personal financial statement to track their wealth, evaluate their financial health, and strategize for the future.
4. Individuals going through divorce proceedings or estate planning may need to prepare a personal financial statement as part of the legal process.
5. Financial planners or advisors may ask their clients to complete a personal financial statement as a foundation for developing personalized financial strategies and recommendations.
6. Students applying for scholarships or financial aid might be required to submit a personal financial statement to assess their eligibility for assistance.
7. Anyone interested in gaining a better understanding of their financial situation, setting financial goals, or making informed financial decisions can benefit from completing a personal financial statement.

For pdfFiller’s FAQs

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 government positions or are running for political office 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 report these details on the provided form.

What is the purpose of personal financial statement?

The purpose of a personal financial statement is to provide transparency about an individual's financial situation, particularly for those in positions of public trust or running for office.

What information must be reported on personal financial statement?

Typically, a personal financial statement requires reporting on assets such as real estate, investments, bank accounts, liabilities such as loans and debts, income sources, and expenses.

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