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  • A bank or other lending institution will require you to submit a personal financial statement when you apply for any type of loan. The process of preparing a personal financial statement is also an important self-assessment tool, forcing you to take an honest look at what you own and what you owe. The act of doing so can steer you toward more responsible financial behavior and put you on track to meet your financial goals.

    Assets

    Your financial statement should detail all of your personal assets. List everything you own, and everything that is owed to you. Include any property you own, money in the bank, investments, life insurance policies with a cash-in value, money owed to you, retirement savings, stocks and bonds, and personal property such as automobiles. Assign a monetary value to each item that you have listed, one that you can verify and substantiate. Add the numerical value that you have assigned to each of your personal assets to calculate the total value of your personal assets.

    Liabilities

    You personal financial statement should also include an accounting of everything you owe. List all of your personal liabilities. Include outstanding loans, unpaid taxes, unpaid bills, outstanding amounts on your mortgage, accounts payable for your business and any notes that are payable to banks or individuals. Provide the dollar amount of each and calculate the total amount of your liabilities.

    Documentation

    Provide supporting information and documentation for the amounts you have listed. Include information about your job, including your employer's name and your salary. Detail your other sources of income. List each note on which you owe money, including the name of the person or institution who holds the note. Provide the name of your life insurance carrier and your policy number. List each piece of property that you own, as well as all of your stocks and bonds. Provide any additional information that would enable a legal or financial institution to verify the items that you have listed in the previous sections.

    Source:

    SBA.gov: Personal Financial Statement

    Inc.com: Personal Financial Statement Form

    US Bank: Personal Financial Statement Form

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