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A personal financial statement is a document that shows your personal assets and liabilities as well as your personal net worth. The equation here is that Assets minus Liabilities equals Net Worth. If you are married, the personal financial statement may be a combination of your assets and those of your spouse.
If you are presenting a business plan or business loan request to a lender, they will probably ask for a personal financial statement. In many cases, you may be asked to provide a personal guarantee for part of the loan, or you may have to pledge some of your personal assets to guarantee the loan. Sometimes this is called a collateral loan.
The personal financial statement will be required so the lender can see if you have enough assets and what kinds of assets you have. For example, if you are pledging investments (like an IRA or 401k), the bank will need to know the amount of the investment and where it is kept.
Sources: https://www.thebalancesmb.com/overview-of-personal-financial-statement-4148190
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