Get the free PERSONAL FINANCIAL STATEMENT - Farmington Bank

Member FDIC PERSONAL FINANCIAL STATEMENT SECTION 1 PERSONAL INFORMATION Applicant Name (Print): Name (Print): Residence Street Address Residence Street Address City State Zip Code Other Party Home

How to fill out personal financial statement

How to fill out personal financial statement:

1. Start by gathering all relevant financial documents, including income statements, bank statements, investment statements, and debt statements.
2. Begin with the personal information section, including your name, address, and contact details.
3. Provide details about your employment or business, including your occupation, employer, and job title.
4. List all your assets, including cash, investments, real estate, vehicles, and valuable personal belongings. Provide accurate valuations for each asset.
5. Outline your liabilities, which include debts such as mortgages, student loans, credit card balances, and outstanding taxes.
6. Calculate your net worth by subtracting your liabilities from your assets.
7. Include information about your income, detailing all sources such as wages, self-employment income, investments, and any other streams of revenue.
8. Declare your expenses, including monthly bills, loan payments, insurance premiums, and living costs.
9. Provide an overview of your financial goals and objectives.
10. Sign and date the personal financial statement.

Who needs personal financial statement:

1. Individuals applying for a loan or mortgage often need to provide a personal financial statement to demonstrate their financial capability to repay the loan.
2. Business owners may require a personal financial statement as part of their application process for business loans or investment opportunities.
3. Investors or financial advisors might request a personal financial statement to assess an individual's financial situation before making investment recommendations.
4. Divorcing couples may need to complete a personal financial statement as part of divorce proceedings to determine the division of assets and liabilities.
5. Individuals seeking financial planning or retirement advice can benefit from preparing a personal financial statement to evaluate their current financial status and develop personalized strategies.

It is crucial to consult with a professional, such as a financial advisor or accountant, for specific guidelines and assistance in filling out a personal financial statement.

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What is personal financial statement?

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

Who is required to file personal financial statement?

Individuals who hold certain positions or offices may be required to file a personal financial statement, such as government officials, board members, or individuals running for public office.

How to fill out personal financial statement?

To fill out a personal financial statement, individuals can use templates provided by financial institutions or government agencies, or they can create their own by detailing their assets, liabilities, income, and expenses.

What is the purpose of personal financial statement?

The purpose of a personal financial statement is to provide transparency and insight into an individual's financial situation, helping to identify potential conflicts of interest or sources of financial support.

What information must be reported on personal financial statement?

Information that must be reported on a personal financial statement includes assets such as real estate, investments, and personal property; liabilities such as loans or debts; income sources; and expenses.