Simplified Personal Financial Statement

Assets

• Cash – Checking: Money with a very high liquidity, including but not limited to cash and checking account.
• Cash – Savings: Money available in a savings account, it usually has a slightly higher return in comparison to a savings account, but it is often less liquid, with some form of deposit and withdrawal restrictions.
• Securities – Debt, equity, derivative securities: A variety of financial securities that range from stocks, bonds, GICs, mutual funds, index funds, futures, forwards, swaps, etc.
• Life Insurance: Insurance policy amount on the life of the insured.
• Personal Property: Personal belonging ranging from jewellery, furniture, collectibles, etc based on current expected market value.
• Retirement Fund: Resources available for retirement outside the items listed in other segments.
• Real Estate: Value of real estate owned by the individual.
• Other Assets: Any other asset not previously listed in any other segment.

Liabilities

• Short-term Debt: Financial liabilities such as short-term credit card debt, most payday loan instruments, accounts payable and others that are expected to be paid within a short period of time.
• Mortgage / Rent: Mortgage or rent commitment that the individual incurs.
• Transportation Loans & Leases: Loans or leases associated with one’s mode of transportation. It can mean a car, motorbike, bike, boat, snowmobile and more.
• Long-term Credit Card: Credit card debt that has surpassed its short-term expectancy. This segment can be changed to refer to another type of debt that has gone beyond its expectation.
• Student Loan: Borrowed money used to help support the payment of education certificates, courses, degree, books, and sometimes living expenses.
• Health Care Loan: Borrowed money used to support one’s health care needs which can range from prenatal care to end-of-life care.
• Unpaid Taxes: Tax commitments that have yet to be paid to the respective government entity.
• Other Liabilities: Any other liability that has not been listed in previous segments.