Financial Presiding: A Short Primer

I am often asked to explain the difference between Providing and Presiding with regard to finances. The answer is simple.

Providing requires you to hold a steady job and earn enough to provide your family with the necessities of life.

Presiding requires leadership and planning, which means you must have a complete understanding of your finances — present and future.

To see how rate as a financial Presider, take this short test:

A SELF-DIAGNOSTIC TEST TO DETERMINE IF YOU ARE ON THE RIGHT TRACK AS A FINANCIAL PRESIDER

1. I know my monthly expenses and net worth. 
2. I have a proactive financial plan that addresses my goals and objectives and is inclusive of an investment plan, an insurance plan, a retirement plan and an estate plan. 
3. I have addressed the most tax effective way that I can save money. 
4. I have a plan for putting money aside for investment each month. 
5. I  have a will. 
6. I understand what taxes will be payable upon my death or understand what probate fees are. 
7. I  know if I have the appropriate insurance coverage (life, disability, med/dental, business, long term care, critical illness) nor do I know if I am getting the best insurance rates. 
8. I have insurance to cover medical and service costs in my golden years (critical illness and or long term care). 
9. I know what my retirement plan will be worth when I retire or how much money I will need post retirement to live the lifestyle I desire. 
10. I know what my legal rights/obligations are in terms of my business associates or my life partner. 

Scoring
10: Strong Financial Presider: Congratulations. You have a proactive financial plan for prosperity. 
8-9: Financial Presider: Pay attention to the red flags you have circled. Your personal financial plan needs to be revisited.
6-7: Weak Financial Presider: You do not have a financial plan in place and if you continue on this path expect to go down the road to financial trouble.
5 or less: Financial non-Presider: You are in imminent danger of financial problems. Get help now! You are failing as a Financial Presider

self-test written by Irene Segal 

—————

 Dr. John Alexander is an expert on marriage relationships and the author of The Sigma Male: What Women Really Want. To learn more about importance of the Sigma Roles in marriage, visit his website, subscribe to his blog, “like” his page on Facebook, and follow him on Twitter.