Get the free Personal Financial Statement - Century Bank

TO: Century Bank of Kentucky, Inc. (Name of Lender) TYPE OF CREDIT PLACE AN X IN THE APPROPRIATE BOX Individual If you check this box, provide Financial Information only about yourself. Joint, with

How to fill out personal financial statement

How to fill out personal financial statement:

1. Gather all your financial documents and records such as bank statements, investment statements, tax returns, loan documents, and credit card statements.
2. Identify and list all your assets including cash, savings accounts, investment accounts, real estate properties, vehicles, and valuable possessions.
3. Calculate the current value or market price of each asset and record it in the corresponding section of the personal financial statement form.
4. List all your liabilities such as mortgages, car loans, student loans, credit card debt, and any other outstanding debts.
5. Determine the outstanding balance or amount owed for each liability and record it in the appropriate section of the form.
6. Calculate your net worth by subtracting your total liabilities from your total assets.
7. Provide detailed information about your income sources including salary, wages, bonuses, rental income, dividends, interests, and any other sources of regular income.
8. Disclose your monthly expenses including housing costs, utilities, transportation, groceries, insurance, debt payments, and any other regular expenses.
9. If applicable, provide information about any additional sources of income or expenses such as child support or alimony payments.
10. Keep the personal financial statement accurate and up to date by regularly reviewing and updating it with any changes in your financial situation.

Who needs a personal financial statement?

1. Individuals who are applying for a loan from a financial institution or mortgage lender may be required to provide a personal financial statement as part of the application process.
2. Business owners or entrepreneurs who are seeking funding or investments for their business often need to submit a personal financial statement to demonstrate their personal financial stability and creditworthiness.
3. High net worth individuals who want to evaluate their financial position, track their assets and liabilities, and plan for their future may find personal financial statements useful.
4. Professionals such as financial advisors, accountants, and estate planners may use personal financial statements to assist clients in making informed financial decisions and developing personalized financial strategies.
5. Individuals who are going through a divorce or legal proceedings related to child support or alimony may be required by the court to provide a personal financial statement to determine financial obligations and division of assets.

The personal financial statement serves as a comprehensive snapshot of an individual's financial status, helping them understand their net worth, income, and expenses. It is essential for various financial purposes and can provide valuable insights for financial planning and decision-making.

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