January, 2014

How do I prepare a Personal Financial Statement? | The First National Bank Blog

January 28th, 2014
How do I prepare a Personal Financial Statement? | The First National Bank Blog image

The start of a new year is an excellent time for a “fiscal checkup.” Begin by preparing a personal financial statement (PFS). The PFS is a relatively simple document that lists what you own (assets) and what you owe (liabilities). When you are finished, you will have computed your personal net worth. If you already have a PFS, it’s a good idea to update your numbers annually. Compare your results with the previous year’s PFS. This will help determine if you are headed in the right financial direction. Ideally, your net worth will increase over the years as the value [ read more ]