Personal Financial Statement Instructions
Personal financial statements show the net worth of an individual. To establish net worth, you deduct the total amount of an individual's liabilities from his assets. The Small Business Administration requires loan applicants to complete personal financial statements and most banks require them for business loans. Commercial banks require guarantors of large loans to provide an updated statement form every year and some even require this quarterly. Banks use these statements as part of the underwriting process.
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Instructions
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Conduct an online search for a personal financial statement sample form. Many websites, including SBA.gov, have printable forms for general use. If you cannot print a form, you can create your own on your computer or on a notepad. In the top section, list your name, address and the name of your business. On the left side of the page, list your assets. On the right, list your liabilities.
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Gather your most recent bank statements. Find or print out statements for your individual retirement accounts, 401k accounts and life insurance policies with cash value. If you have a brokerage account, call your broker and ask for a current account value. Estimate the value of your house and any other property you own. You can use electronic home value calculators on such websites as Zillow.com or Chase.com to get an idea of your home's market value. Use the Kelley Blue Book website to establish the market value for any vehicles you own. Add up your assets and write the total at the bottom of the asset list.
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Find your mortgage statements and credit card statements. Call your bank to find out how much you owe on your vehicle loans. If you have any other personal loans or lines of credit, find out the balances. If you have any outstanding loans against life insurance policies, certificates of deposit, brokerage accounts or other personal assets, report them as installment loans on the personal financial statement form. Add up your liabilities and write the total at the bottom of the liabilities list. Deduct the total amount of your liabilities from your assets to determine your net worth.
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Tips & Warnings
Most banks also require you to complete your income information. Look at your most recent tax returns to find your salary and any rental, dividend or other type of income you receive. Enter all of this information on the personal financial statement. Under legal claims and judgments, include any payments you are required to make for alimony or child support.
Never exaggerate income or understate debts.
