Budgeting and Financial Planning

Take some time to think about your personal financial needs and resources. You need to consider how well you will be able to support yourself during the business start-up. Use the Personal Balance Sheet and Cost of Living Budget as tools to get a good picture of your financial situation.

Personal Balance Sheet

Assets                                                                                                                                   

Cash - checking accounts

Cash - saving accounts

Notes/Contracts owed to you

Certificates of Deposit

Life Insurance (cash value)

Securities - stock, bonds

Real Estate (market value)

Vehicles (market value)

Individual Retirement Plans, etc.

Other Assets (specify)

Total Assets

$_________________

Liabilities                                                                                                                              

Current Bills You Owe

Mortgages on Real Estate

Loans You Owe

Taxes You Owe

Other Liabilities

Total Assets

$_________________

Net Worth                                                                                                                              

         Total Assets minus Total Liabilities=

$_________________

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