Based on the current situation or expectation for the future, prepare a financial plan proposal contained one or more financial goals for Tony Fernandas. You are required to include the following contents in your financial plan base on the following process:

Step 1: Determine Your Current Financial Situation (10 marks)

1. Develop a list of the current assets and liabilities. Assets are things you own that have value, while liabilities are the values of the things you owe.
2. Calculate your current net worth. Total your assets, then subtract your total liabilities from this figure. The resulting number is your current net worth. Your current net worth represents the starting point for your personal financial plan.
3. Track your income and expenditures, or cash flows. Doing so will enable you to more carefully study how you currently spend your money the habits that have led to your current net worth.