We all dream of being financially free, but most of us don't know where to start
or don't believe it's truly possible. Well, I'm here to tell you it is! To find
out how we can all become the masters of our own financial destiny, we caught up
with personal finance expert Suze Orman.

Suze is on a one-woman-mission
to help liberate women from their financial bondage and live the life of their
dreams.

Think you can't get money smart? Think again! Suze breaks down
the 5 essential steps to financial freedom. Get out your pen and paper ladies;
your bank account is never going to look the same again!

Money is your
paper ticket to freedom

Before you change your spending and saving habits
it's essential you rethink what money really means. For many of us it might be a
new car, a new pair of shoes or even a vacation. Suze offers a wake-up call:
"Money is the freedom to LEAVE any situation that you no longer want to be
in."

It could be an abusive relationship or simply an unfulfilling one.
It could be a job that you don't want to stay in. No matter what aspect of your
life, having money means you have the power to do what you want when you want.
Excited? Let's get started…

Step 1: Take control
It's time to
look inwardly instead of externally for your ticket to financial freedom. Stand
tall and say out loud:
I WANT to be the financial powerhouse I was MEANT to
be
I WANT to be the master of my own financial freedom.
I WANT to be in
control of my own life.
The first step is taking responsibility for your
financial destiny.

Step 2: Reality check!
It's time to start
getting honest with your money; how much is REALLY coming in and how much is
REALLY going out?

Suze says that from her experience most people come up
between $1,000-$1,500 short each month. And while it's often confounding to look
at the cold hard figures, it's only by doing a complete and honest audit of your
current financial situation that you can begin your journey toward financial
freedom.

Step 3: Debt = bondage
If you don't have financial
freedom in your life, chances are you do have credit card debt. Suze warns us
that debt is bondage and will always prevent you from achieving financial
freedom. Before you start building your wealth or assets, it's essential you pay
off your credit card debt as soon as possible. Start with paying off the debt
that charges the highest interest rates first and funnel all of your extra
income into getting yourself in the clear.
How one blogger worked his way out
of $21,000 in debt

If you are tempted to use a credit card, try a
pre-paid debit card instead, like the one Suze Orman created called the Approved
Card. It works by pre-loading money from your own account, so you only ever
spend what you have and never spend money you don't have.

Step 4:
Protect your future
Most of us are so busy trying to make money in the
moment, we don't think about our financial future or about protecting our loved
ones. Suze recommends you have the following "must-have documents" in
place:
A will
A living revocable trust
An advance directive
A
durable power of attorney for healthcare

Step 5: You + me =
three

When you're in a relationship, Suze says it's essential to have
three accounts.
Two individual accounts -- since you came into the
relationship as independent people with financial histories -- and a joint
account for shared expenses.

If you and your partner's earnings are
different, find a way to make the contribution to the joint account
proportionate to your respective incomes.
Finally, don't put it off! There is
no better time to start taking responsibility for your financial freedom. As my
mother always says, "easy now, hard later" or "hard now, easy later"…the choice
is yours.'