Get the free PERSONAL FINANCIAL STATEMENT - Detroit Regional Chamber

OMB APPROVAL NO. 3245-0188 PERSONAL FINANCIAL STATEMENT As of U.S. SMALL BUSINESS ADMINISTRATION, Complete this form for: (1) each proprietor, or (2) each limited partner who owns 20% or more interest

How to fill out personal financial statement

How to fill out personal financial statement:

1. Start by gathering all relevant financial information: Before filling out a personal financial statement, make sure to gather all necessary financial information including bank statements, investment account statements, mortgage statements, credit card statements, and any other relevant documents.
2. List your assets: Begin by listing all your assets, such as cash, investments, real estate, vehicles, and any other valuable possessions. Include the estimated value of each asset.
3. Calculate your liabilities: Next, list all your liabilities, such as loans, mortgages, credit card debt, and any other outstanding debts. Include the exact amount owed for each liability.
4. Determine your net worth: To calculate your net worth, subtract the total liabilities from the total assets. This will provide you with a snapshot of your financial situation.
5. Include your income information: Enter details regarding your income sources, such as salary, bonuses, rental income, dividends, or any other sources of income. Include the exact amount earned from each source.
6. Detail your expenses: In this section, note down all your monthly expenses, such as rent or mortgage payments, utilities, transportation costs, groceries, insurance premiums, and any other recurring expenses.
7. Provide additional information: If required, provide additional information about your financial situation, such as business ownership, tax liabilities, or any other relevant details.

Who needs a personal financial statement:

1. Individuals applying for a loan: When applying for a personal loan, mortgage, or business loan, financial institutions often require a personal financial statement to assess the borrower's financial health and repayment capacity.
2. Small business owners: Personal financial statements are crucial for small business owners who may use it to secure business financing or demonstrate their financial stability to partners, investors, or potential buyers.
3. Professionals seeking licensure or certification: Certain licensed professionals, such as accountants, financial advisors, or real estate agents, may be required to submit a personal financial statement as part of their certification or licensure process.
4. Individuals undergoing divorce proceedings: In divorce cases, a personal financial statement is often required to determine the division of assets, liabilities, and spousal support.
5. Estate and financial planning purposes: Individuals planning their estate or seeking professional financial advice may need to provide a personal financial statement to assist in creating a comprehensive financial plan.

Remember, personal financial statements should be filled out accurately and honestly, as they provide a snapshot of your financial situation and may be subject to legal or financial scrutiny.

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