Get the free PERSONAL FINANCIAL STATEMENT - CornerStone Bank

PERSONAL FINANCIAL STATEMENT SECTION 1 Applicant INFORMATION (Type or Print) SECTION 2 Co-applicant INFORMATION (Type or Print) Name Date of Birth Social Security # Date of Birth Social Security #

How to fill out personal financial statement

Who needs personal financial statement?

1. Individuals applying for loans or credit: Banks and financial institutions often require individuals to submit a personal financial statement when they apply for loans or credit. It helps them assess the applicant's financial situation and repayment capacity.
2. Entrepreneurs and business owners: Personal financial statements are essential for business owners who need to secure funding for their businesses. Lenders and investors may request this statement to evaluate the individual's personal financial health and potential risk factors.
3. Investors: Investors may request a personal financial statement from individuals seeking investment for their projects. This statement assists investors in understanding the individual's financial stability and their ability to manage their investments effectively.

How to fill out a personal financial statement?

1. Gather all necessary documents: Collect all relevant financial documents, including bank statements, investment statements, tax returns, property deeds, and insurance policies. These documents will provide accurate information for filling out the personal financial statement.
2. Identify your assets: List all your assets, including bank accounts, stocks, bonds, real estate, vehicles, and other valuable possessions. Include the approximate market value of each asset.
3. Determine your liabilities: Record all your debts and obligations, such as mortgages, credit card debt, student loans, and any outstanding loans. Specify the outstanding balance and monthly payment for each liability.
4. Calculate your net worth: Subtract your total liabilities from your total assets to determine your net worth. This figure represents your financial health and overall wealth.
5. Include income and expenses: Provide details of your regular income sources, such as salary, business profits, rental income, or investment returns. Additionally, list your monthly expenses, including rent or mortgage payments, utilities, groceries, transportation costs, and any other significant expenditures.
6. Include additional financial information: Some personal financial statements may require additional information, such as educational expenses, charitable donations, or any other exceptional financial details. Make sure to provide accurate and up-to-date information.
7. Review and update regularly: It is crucial to review and update your personal financial statement regularly to ensure accuracy. Update your document whenever there are significant changes in your financial situation, such as acquiring new assets, paying off debts, or experiencing a change in income.

Remember, when filling out a personal financial statement, it is essential to be honest, accurate, and thorough. Providing misleading or false information can have serious legal consequences and damage your financial credibility.

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What is personal financial statement?

A personal financial statement is a document that outlines an individual's financial position at a specific point in time.

Who is required to file personal financial statement?

Individuals who hold a public office or are in certain positions of authority may be required to file a personal financial statement.

How to fill out personal financial statement?

To fill out a personal financial statement, one must gather information about their assets, liabilities, income, and expenses and organize it into the designated format.

What is the purpose of personal financial statement?

The purpose of a personal financial statement is to provide transparency and accountability regarding an individual's financial situation.

What information must be reported on personal financial statement?

Information such as assets, liabilities, income, and expenses must be reported on a personal financial statement.