All About the Personal Financial Statement

By keeping tabs on your finances, you can create a secure and fulfilling  future. That’s where a personal financial statement comes in.

At its core, a personal financial statement offers an overview of where  you stand financially at any point in time. It can help you succeed in  various aspects of your life.

– Take out a loan – Apply for financial aid – Make a guarantee – Design a retirement, estate, college savings, or other financial plan

Why You Need a Personal Financial Statement

When you see your net worth, you’ll realize that many of your previous and future behaviors affect that figure.

How a Personal Financial Statement Can Change Your Money Habit

Your balance sheet is an overview of your personal net worth and will list all of your assets and liabilities.

Balance Sheet

Your income statement will consist of your salary, bonuses, and commissions.

Income Statement

You can use a cash flow statement to figure out if you’re on the right path to building wealth and meeting your goals.

Cash Flow Statement

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