![]() For someone inexperienced in financial planning, a personal financial statement is an excellent point, to begin with, because it helps you understand your financial situation at the moment as well as your future options. As mentioned earlier, PFS is normally goal-oriented and helps one reach her or his financial objectives, especially for young individuals entering the workforce for the first time. What are the Uses of Personal Financial StatementsĪ PFS (personal financial statement) can be an extremely helpful tool in planning out a person's finances. ![]() ![]() Although one can create more elaborate personal financial statements, this article focuses on understanding and developing an uncomplicated version. The income statement section lists out all stock variables affecting an individual's economic situation. The balance sheet module of a PFS sheet presents your liabilities and assets, or net worth. A PFS usually constitutes an income statement and a balance sheet section. ![]() These financial statements are usually objective-oriented and can help families or even individuals reach their financial goals. Definition of Personal Financial StatementĪ PFS is known to be documentation or a set of documentation that summarizes an individual's or family's financial situation at a given instant. ![]()
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