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PERSONAL FINANCIAL STATEMENT Submitted to: Hartford Economic Development Corporation (Hence) Greater Hartford Business Development Center, Inc. (GH BDC) IMPORTANT: Read these directions before completing

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Begin by gathering all relevant financial documents, such as bank statements, investment account statements, and loan statements.
2. Organize these documents chronologically and categorize them according to assets, liabilities, income, and expenses.
3. Start with the assets section, detailing all your financial holdings such as cash, savings accounts, investments, real estate, and vehicles. Include their current values and any outstanding balances or loans associated with them.
4. Move on to the liabilities section, listing all debts you owe, including mortgages, credit card balances, student loans, and any other outstanding loans. Provide details such as interest rates, monthly payments, and remaining balances.
5. In the income section, record all sources of income, including your job salary, investments, rental income, and any other additional income streams. Specify the amounts and frequency of each source.
6. Next, outline your monthly expenses. Include categories such as housing, utilities, transportation, insurance, groceries, and entertainment. Provide accurate figures by either averaging your expenses over several months or including specific amounts if they are consistent.
7. Calculate your net worth by subtracting your total liabilities from your total assets. This will give you a clear picture of your financial standing.
8. Finally, review your personal financial statement for accuracy and completeness. Make sure all figures are up-to-date and that you have disclosed all relevant information.

Who needs a personal financial statement?

1. Individuals seeking loans: Banks and financial institutions often require personal financial statements as part of the loan application process. This allows them to assess the borrower's financial health and ability to repay the loan.
2. Entrepreneurs and business owners: When starting or expanding a business, personal financial statements may be required by lenders or investors to evaluate the entrepreneur's personal financial situation and determine their level of risk.
3. Professionals applying for certain licenses: Some professions, such as financial advisors or brokers, may require individuals to submit personal financial statements as part of the licensing process. This helps regulatory bodies ensure that licensees have the necessary financial stability and ethics to operate in these fields.
4. Individuals applying for insurance: Certain insurance policies, such as life insurance, may require applicants to submit personal financial statements. This helps insurance companies assess the likelihood of a claim and calculate appropriate premiums.
5. Individuals evaluating their financial health: Even if not required by any institution, individuals can benefit from creating a personal financial statement to gain a comprehensive view of their financial situation, track their progress, and make informed decisions for their financial goals.

For pdfFiller’s FAQs

What is personal financial statement?

A personal financial statement is a document that provides information about an individual's financial status, including assets, liabilities, income, and expenses.

Who is required to file personal financial statement?

Certain individuals, such as public officials, may be required to file a personal financial statement as part of their regulatory obligations.

How to fill out personal financial statement?

Personal financial statements can be filled out by detailing all assets, liabilities, income, and expenses accurately and truthfully.

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 health and help assess their ability to meet financial obligations.

What information must be reported on personal financial statement?

Information that must be reported on a personal financial statement includes all assets owned, all liabilities owed, all sources of income, and all expenses incurred.

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