There are two types of personal financial statements:
A balance sheet’s purpose is to show the assets you own and the liabilities you owe at a particular moment in time. When calculated, the positive assets and negative liabilities will show your net worth.
A personal cash flow statement measures your cash inflows and outflows in order to show you your net cash flow for a specific period of time.
How We Deliver
Individuals tend to create personal financial statements for one of two reasons. Either they love numbers and want to track expenses and income in order to know what makes their finances tick, or they are meeting with a lender or an investor who will want to review financial statements. Either way, we help individuals think through assets and income to create a snapshot in time that ascertains your net worth and cash flow that will help you meet your objectives.
How You’ll Benefit
- Clear understanding of your personal financial picture, which forms a baseline for either growth strategies, wealth preservation, or both.
- You’ll be able to obtain better financing terms with a clear and concise personal financial statement. With Nichols, you will know that every dollar has been accurately accounted for.