Personal financial statement

Personal financial statement,

Definition of Personal financial statement:

  1. A personal financial statement is a document or spreadsheet outlining an individual's financial position at a given point in time. A personal financial statement will typically include general information about the individual, such as name and address, along with a breakdown of total assets and liabilities.

  2. The statement is useful for tracking goals and wealth. It is also often required when applying for credit.

  3. Document or spreadsheet detailing assets and liabilities you personally have, without the inclusion of any business related assets or liabilities.

How to use Personal financial statement in a sentence?

  1. I wondered if there was a personal financial statement that I could look at and see how much money had been spent.
  2. Income and expenses can be included, but ideally, these are placed on a separate sheet called the income statement.
  3. Personal financial statements are helpful for tracking wealth and goals, as well as applying for credit.
  4. Subtract liabilities from assets to see the net worth. A positive net worth shows that the person has more assets than liabilities.
  5. The personal financial statement lists all assets and liabilities of an individual or couple.
  6. You may want to take a look at your personal financial statement every once and awhile to figure out where you can improve.
  7. My wife and I had to complete a personal financial statement for our accountant to evaluate and suggest potential ways for us to better manage our money.
  8. Net worth can fluctuate over time as asset and liability values change.

Meaning of Personal financial statement & Personal financial statement Definition