Money Guide Pro - What are you afraid of? Tutorial

In this tutorial we're going to go over the What are You Afraid of? scenario inside of Money guide Pro.

Once you log in to the Money Guide Pro software, you're going to be at the Snapshot View. If we scroll down to the bottom here, you'll see an icon called What are You Afraid Of? So to get here, we click this arrow and it's going to take us to this screen.

We're going to see all different terms of inputs. So inside this portal we're able to look at negative scenarios and see the impact that it has on our plan. So we can look at Inflation, Social Security Cuts, Low Investment Returns, What happens if I die early or live long, or have a health care event. So if we click on inflation here, we can say "What if base inflation goes up?"

So right now we have it at 2.5%. What would my plan look like if I bumped it up to 3.5%? And then it's going to rerun the Monte Carlo analysis. And it's going to calculate it based on a needs-only and then a needs-and-wants-only. Needs-only and needs-and-wants-only refer to the goal screens.

We have our Essential Needs and then we have our Needs-Plus-Our-Wants. So within each of these different tabs here we can change the assumption. So if we want to cut Social Security, what would that look like. If Social Security got cut by 50%, what would that do to my plan. We can see the potential impact. In this case, it would drastically change my plan.

Along this portal too, we can also look at these scenarios combined. So if I wanted to look at Social Security being cut and inflation, what you can do is you can lock this input by going over to the right and clicking on this lock button. And then now we can move to the any of the other tabs that we want to look at.

So I'll look at Social Security being cut by 25% and returns being dropped by 2%. And then I can see what impact does that have on my financial plan. So again, it hurts pretty badly here. So we have those locked. Now, to get rid of the locks, it's very simple. All you do is clear all values and then it's going to reset everything back to back to the default again here.

Another important thing to note is that nothing that we change inside the What are You Afraid of? Tab is going to change our financial plan. This is simply another version of the play zone, except to look at more of the negative side of things.