Personal Financial Statement
As an entrepreneur, navigating the complexities of financial management is crucial for the success of your business. A key tool in this endeavor is the Personal Financial Statement (PFS). A PFS is a comprehensive overview of your individual financial situation, encompassing your assets, liabilities, income, and expenses.
Why is a PFS Important?
- Net Worth: If you’ve ever heard of “net worth,” a PFS is the tool you need to measure your own wealth. NewTown wants every Maconite to build greater wealth, and that process starts with making a PFS.
- Financial Clarity: A PFS provides a clear and concise snapshot of your overall financial health, allowing you to identify areas of strength and opportunities for improvement.
- Goal Setting: With a clear understanding of your financial position, you can set realistic and achievable financial goals, whether it's saving for a down payment on a home or planning for retirement.
- Informed Decisions: A PFS empowers you to make informed financial decisions, such as evaluating loan options or investing in your business.
What Does a PFS Include?
- Assets: Assets represent the things you own, including cash, savings, investments, real estate, and personal belongings.
- Liabilities: Liabilities represent the things you owe, such as mortgages, car loans, student loans, and credit card balances.
Ready to make your PFS?
Click below to download NewTown’s free template. When you click the button, you will be prompted to make a copy. Once you make a copy, the sheet will be added to your Google Drive to edit freely.