Get the free PERSONAL FINANCIAL STATEMENT - AmeriCU Credit Union - americu

PERSONAL FINANCIAL STATEMENT Complete this form for (1) each proprietor, or (2) each limited partner who owns 20% or more interest and each general partner, or (3) each stockholder owning 20% or more

How to fill out personal financial statement

How to fill out a personal financial statement:

1. Start by gathering all the necessary information and documents such as bank statements, investment statements, tax returns, and loan documents.
2. Begin by filling out your personal information, including your name, address, contact details, and social security number.
3. Provide details about your assets, including any real estate properties you own, vehicles, investments, savings accounts, and retirement accounts. Include the current market value or balance of each asset.
4. List your liabilities, including any outstanding loans, mortgages, credit card debt, or other debts you owe. Specify the remaining balance, interest rate, and the minimum monthly payment for each liability.
5. Move on to your income section, where you need to provide information about your salary, wages, bonuses, and any other sources of income you receive. Include details about your employer, your job title, and the frequency of income payments.
6. Outline your monthly expenses, including housing costs, utilities, transportation, insurance premiums, loan payments, childcare expenses, groceries, entertainment, and any other significant expenses you have.
7. Calculate your net worth by subtracting your total liabilities from your total assets. This will give you a snapshot of your financial position.
8. Make sure to double-check all the information you have entered, ensuring that it is accurate and up to date.
9. Attach any supporting documents required by the financial institution or organization that requires the personal financial statement.
10. Sign and date the statement to certify that all the information provided is true and accurate.

Who needs a personal financial statement?

1. Individuals applying for loans: Banks and other financial institutions often require a personal financial statement from individuals seeking loans or credit. It helps them assess the borrower's financial health and repayment capacity.
2. Business owners: Entrepreneurs or business owners may need a personal financial statement when applying for business loans or attracting potential investors.
3. Investors or buyers: When individuals are planning to invest in a business or buy a significant share, they may request a personal financial statement from the business owner to assess the owner's financial stability and potential returns on investment.
4. Estate planning and divorce proceedings: Personal financial statements can be crucial in estate planning to determine the financial assets and liabilities of the deceased. They can also play a role in divorce proceedings, helping to divide assets and determine financial support payments.
5. Personal financial planning: Even if you don't necessarily need a personal financial statement for a specific purpose, it can still be a valuable tool for managing your finances. It provides an overview of your assets, liabilities, and net worth, allowing you to make informed decisions about budgeting, saving, and investing.

For pdfFiller’s FAQs

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?

Some individuals, such as public officials, may be required to file a personal financial statement as part of their job responsibilities.

How to fill out personal financial statement?

To fill out a personal financial statement, individuals must gather information on their assets, liabilities, income, and expenses, and provide accurate and detailed information on the form.

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 situation, which can be useful for assessing creditworthiness, financial planning, and making informed financial decisions.

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.

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