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Building Your Scenario: Introduction
What you will learn in this section
- Logging into your account
- Understanding the Course and the Software
- What you will need to build your scenario
Creating a personal financial scenario is the first step in taking control of your financial future. In this section, we will guide you through the process of building your own personal financial scenario using our innovative software. By inputting your personal information, goals, and expectations, you'll gain a clearer understanding of your financial situation and the steps you need to take to achieve your dreams. You will also see how easy it is to create scenarios in StartingOutPlan, allowing you to model other complex scenarios on the fly in the future. This particular lesson will focus on the very basics: logging in and making sure your scenario is set up accurately.
1. Let's get started. First, we need to make sure that you are logged into the system. You should have received an invitation link to your Personal Financial Scenario. It should look like this:
Once you have clicked on this link, you will be asked to create a password. This will take you to the log in screen where you will be asked to enter your log in and password. Once you have done that, you will be ready to start customizing your Personal Financial Scenario.
Set Password
Log In
Now, you should be logged into StartingOutPlan and looking at your Client Profile Page (as seen below). If you are not able to complete the two steps that get us to this point, you should STOP and email the help desk. Explain, what you are seeing and any details that may help us get you set up faster.
2. Understanding the Course and the Software
This is the Client Profile Page, your home base. You can access all aspects of your personal financial scenario from this page. In the next lesson, we will focus on the Household section, We will then are focusing on the basics, so we will be working with the Household module, located in the center of the page. We will delve into the other modules individually in later lessons.
We understand that life is full of changes, and our software is designed to accommodate these shifts. If you anticipate moving to a different location in the future, whether for work, family, or personal reasons, you can incorporate these plans into your financial scenario. This is important because the cost of living, tax rates, and other financial factors can vary significantly from one place to another.
Similarly, if you expect your income to change in the future, such as receiving a promotion, changing careers, or starting a business, you can include these projections in your plan. By considering potential income growth or fluctuations, you'll be better prepared to make informed decisions about saving, investing, and spending.
As you create your personal financial scenario, we'll provide guidance and explanations along the way. Our goal is not only to help you build a comprehensive financial plan but also to empower you with the knowledge and understanding necessary to make sound financial decisions throughout your life.
The financial literacy course is designed to work with our software. We believe that we are the only software on the market that can do the modeling required to accurately depict a typical family with many years and many changes still to come in their lives. You will earn about financial literacy by modeling things from your own financial life. By the end of the course, you should have greater familiarity with your own financial details as well as the ways that you can use financial literacy to your advantage in improving the rest of your life.
4. What you will need to build your scenario
The detail that you want to provide for your personal financial scenario is up to you. Our software is designed to accomodate as much detail as you want to provide. Obviously, the more detail and the more accuracy you can provide will lead to more detailed and accurate scenarios. Do your best to gather documents or access online data as much as possible as we go through lessons. Learning is most efficient when we can make personal connections to knowledge and see how it works in our own personal lives.
That being said, feel free to play around and use "ballpark" numbers until you feel comfortable. You can always update your personal financial scenario and run different models.
