I like the product, but need to know how to address additional scenarios. May run 1 at a time, or 2 at most. What is the best way?

• a) expect Inheritance in 5 years from my mother
• b) Buy Vacation property as fractional ownership (cash)
• c) Gift to sons so they do not have to wait for some of their inheritance- would be cash or sell some investments
• d) Earlier Paydown of car loan - to reduce or stop payments (currently set up as loan)
• e) Spend a large deposit on a second home, with son to pay expenses

Thank you.

Hi,

Yes of course you can run multiple scenarios, that is what the MoneyReady App is all about! There are no limits to the number of changes you can make to scenarios.

The best way is to run one scenario, and save it by clicking the Save run & Scenario button just below the Timetable result. You’ll give that run a name and you can add comments so you can remember what it’s about. For example you could call you current scenario “Base scenario"

You can then make any changes to your current entries. For your examples:

• a) add an INCOME, not taxable, with start and end date the same date for the lump sum expected as inheritance and/or 
• b) add a  Property in RealEstate. Just enter your fraction.
• c) Enter the gifts to your sons as EXPENSES (again, with start and end date the same date for the lump sums)
• d) Edit the loan you entered and click Modify loan
• e) Either enter another Property in Real Estate, or just another EXPENSE gift to your son if you are just buying it for him.

You can make each change individually or in combination as you want the new scenario to be, then run it and save it.

Your saved runs will appear in your list of saved runs in your dashboard, and you can restore them. So you can run a), save it, then restore  “Base scenario”,

Then make the changes for b) and run that. Then restore Base scenario again, and  make change c) & d) for example, run and save that, etc...

You can compare the results of any two scenarios runs side by side, just select any 2 to compare in your list of saved runs.

You will also be able to restore and run them again with updated account values at a later date if you want.

You may want to download the eBook and read the sections on Saving, comparing and restoring scenarios for all the details. Then keep reading the SCANs section to learn how to generate parameter scans that will automatically run multiple scenarios at once for one or more parameters of a scenario.

Have fun with it!