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1436 W. Randolph Street, Ste. 300 Chicago, Illinois 60607 P: 312.275.3000 F: 312.275.8450 www.accionchicago.orgPersonal Financial Statement Please complete one Personal Financial Statement for each

How to fill out personal financial statement

How to fill out personal financial statement

1. To fill out a personal financial statement, follow these steps:
2. Start by gathering all your financial information, including assets, liabilities, income, and expenses.
3. List all your assets, such as cash, investments, real estate, vehicles, and valuable possessions. Include their current market value.
4. List all your liabilities, such as credit card debts, loans, mortgages, and any other debts you owe. Include the outstanding balances.
5. Calculate your net worth by subtracting your total liabilities from your total assets.
6. Provide detailed information about your income, including your salary, wages, rental income, business income, and any other sources of income. Specify the frequency and amount of each source.
7. List all your monthly expenses, including housing costs, utilities, transportation costs, insurance premiums, loan repayments, groceries, entertainment expenses, etc.
8. Total your income and expenses separately to determine your monthly cash flow.
9. Consider including additional information such as your financial goals, investment strategies, and any significant financial events or changes.
10. Review the completed personal financial statement for accuracy and completeness.
11. Keep your personal financial statement updated regularly to track your financial progress and make informed decisions.
12. Remember, it is important to consult with a financial advisor or accountant for personalized guidance in preparing your personal financial statement.

Who needs personal financial statement?

1. Personal financial statements are useful for various individuals and entities, including:
2. - Individuals who want to assess their overall financial health and track their progress towards personal financial goals.
3. - Individuals applying for loans or mortgages, as lenders often require a personal financial statement to evaluate the borrower's creditworthiness and ability to repay.
4. - Investors and lenders who need to evaluate the financial stability and potential risks of a person or business before making investment or lending decisions.
5. - Divorce attorneys and courts to determine the financial standing of individuals during divorce proceedings, alimony, or child support disputes.
6. - Individuals involved in estate planning to understand their net worth and plan for the distribution of assets after death.
7. - Business owners and entrepreneurs who need to provide personal financial statements as part of loan applications, investor pitches, or partnership agreements.
8. These are just a few examples, but anyone who wants a comprehensive view of their financial situation can benefit from preparing a personal financial statement.

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What is personal financial statement?

A personal financial statement is a document that outlines an individual's financial position by detailing their assets, liabilities, and net worth.

Who is required to file personal financial statement?

Certain officials or public figures may be required to file a personal financial statement, such as government officials, candidates for public office, or employees in certain industries.

How to fill out personal financial statement?

To fill out a personal financial statement, individuals typically list their assets, such as cash, investments, and real estate, as well as their liabilities, such as debts and loans. They then calculate their net worth by subtracting their liabilities from their assets.

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 to disclose any potential conflicts of interest or financial obligations.

What information must be reported on personal financial statement?

Information that must be reported on a personal financial statement typically includes assets like homes, cars, and investments, as well as liabilities like mortgages, loans, and credit card debt.