Get the free Personal Financial Statement - Drake Bank

Personal Financial Statement CONTACT YOUR REPRESENTATIVE AT THE BANK IF YOU HAVE ANY QUESTIONS REGARDING THE COMPLETION OF THIS FORM YOU MAY APPLY FOR A CREDIT EXTENSION OR FINANCIAL ACCOMMODATION

How to fill out personal financial statement

How to fill out personal financial statement:

1. Gather all necessary financial documents such as bank statements, tax returns, investment statements, and credit card statements.
2. Start by filling out your personal information, including your name, address, social security number, and contact information.
3. List all of your assets, such as cash, savings accounts, investments, real estate properties, and vehicles. Include their current market value.
4. Indicate your liabilities, including mortgages, loans, credit card debt, and any other outstanding debts.
5. Calculate your net worth by subtracting your liabilities from your assets.
6. Provide information on your income, including salary, dividends, rental income, and any other sources of regular income.
7. Include details of your monthly expenses, such as rent/mortgage payments, utilities, groceries, insurance premiums, and transportation costs.
8. Determine your monthly cash flow by subtracting your expenses from your income.
9. Sign and date the personal financial statement, certifying that the information provided is accurate and complete.
10. Review your personal financial statement regularly to track your financial progress and make any necessary adjustments.

Who needs a personal financial statement:

1. Individuals who are applying for a loan or a mortgage may be required to submit a personal financial statement to evaluate their creditworthiness and financial stability.
2. Self-employed individuals or business owners may need to complete a personal financial statement to assess their personal finances in relation to their business operations.
3. Individuals who are involved in legal proceedings, such as divorce or bankruptcy, may be required to submit a personal financial statement as part of the legal documentation process.
4. Some individuals may choose to create a personal financial statement as a tool for personal financial planning, budgeting, and goal-setting.

Remember to consult with a financial advisor or accountant if you need assistance in filling out your personal financial statement accurately and effectively.

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What is personal financial statement?

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

Who is required to file personal financial statement?

The requirement to file a personal financial statement varies depending on jurisdiction and specific circumstances. Generally, individuals who hold public office, candidates for public office, or individuals involved in certain financial transactions may be required to file a personal financial statement.

How to fill out personal financial statement?

To fill out a personal financial statement, you will need to gather information about your assets (such as cash, investments, and real estate), liabilities (such as loans and debts), income (such as salary and rental income), and expenses (such as living expenses and loan payments). This information can then be organized and recorded in the designated sections of the personal financial statement form.

What is the purpose of personal financial statement?

The purpose of a personal financial statement is to provide a comprehensive overview of an individual's financial situation. It helps individuals assess their own financial health, evaluate their ability to meet financial obligations, and provide transparency in certain situations where disclosure is required.

What information must be reported on personal financial statement?

A personal financial statement typically includes information about an individual's assets, liabilities, income, expenses, and net worth. Specific details may vary, but common items include cash balances, investments, real estate, loans, credit card balances, income sources, and monthly expenses.