Get the free PERSONAL FINANCIAL STATEMENT - 1st Enterprise Bank

PERSONAL FINANCIAL STATEMENT Section A Name Date of Birth Applicant Information Social Security # Driver s License # Street Address City & State ZIP Work Phone Employer # of years Occupation Section

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Start by gathering all the necessary documents and information such as bank statements, mortgage statements, investment account statements, pay stubs, and any other relevant financial records.
2. Begin by listing your personal information including your name, address, contact information, and social security number on the form.
3. Provide detailed information about your assets such as cash, savings, investments, real estate, vehicles, and any other valuable possessions you own.
4. Calculate the current value of each asset and include additional details like account numbers, the names of financial institutions, and any outstanding loans or mortgages tied to those assets.
5. Move on to listing your liabilities, which include any outstanding debts or loans such as credit cards, student loans, mortgages, or car loans.
6. Provide specific details about your liabilities, including the outstanding balance, minimum monthly payment, interest rate, and the name of the creditor or lender.
7. Calculate your net worth by subtracting your total liabilities from your total assets. This will give you a clear picture of your current financial standing.
8. In addition to assets and liabilities, you may need to provide information about your income and expenses. This can include your current salary, bonuses, rental income, or any other sources of income, as well as your regular monthly expenses such as rent/mortgage payments, utilities, insurance, groceries, transportation costs, and any other significant expenses.
9. Ensure that all the provided information is accurate and up-to-date. Double-check the numbers and verify that you have included all relevant financial details.
10. Finally, sign and date the personal financial statement to confirm the accuracy of the information provided.

Who needs a personal financial statement:

1. Individuals applying for a loan or mortgage: Lenders often require a personal financial statement to assess the borrower's financial capability and determine the risk involved in lending money.
2. Small business owners: A personal financial statement may be necessary for small business owners who need to illustrate their personal financial situation when applying for business loans or seeking investors.
3. Those going through a divorce: In divorce proceedings, a personal financial statement helps determine the division of assets and liabilities between the separating parties.
4. Job seekers for certain positions: High-level executive positions or jobs in industries that deal directly with finances may require candidates to submit a personal financial statement to assess their financial stability and integrity.
5. Financial planning and investment purposes: Individuals seeking professional financial advice or planning for retirement may need a personal financial statement to analyze their current financial situation and make appropriate investment decisions.

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What is personal financial statement?

A personal financial statement is a document that outlines an individual's financial situation, including assets, liabilities, income, and expenses.

Who is required to file personal financial statement?

Individuals such as elected officials, government employees, and certain business owners are typically required to file a personal financial statement.

How to fill out personal financial statement?

A personal financial statement can be filled out by gathering information on assets, liabilities, income, and expenses, and organizing it into the required format specified by the governing body.

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, particularly in cases where conflicts of interest may arise.

What information must be reported on personal financial statement?

Information such as bank account balances, investment holdings, real estate properties, debts, income sources, and expenses must be reported on a personal financial statement.