One of the reasons why I have started Rich Girls Club in the first place, was to unite girls, who are determined to be successful and financially independent. Some of the girls already achieved a lot in their lives and others just start their exciting journey, but nevertheless each of them has high standards and expectations.
But of course we live among people and some of them can make you feel bad about your dreams of money and better lifestyle. This is why it is very important to be surrounded by like-minders and learn from girls who share the same interests and goals. I was really happy today, when I stumbled upon a short interview with personal finance expert Suze Orman, where she shared 5 tips for women who want to be financially independent. I love what she says about money: “Money is the freedom to LEAVE any situation that you no longer want to be in.” Powerful, isn’t it?
Here is what else I have learned from Suze Orman:
1 – Take control
It is very important to be true to yourself and realize that your financial future is in your hands. Make a commitment to be in charge of your own life and take responsibility for your financial destiny. You need to really want it!
2 – Reality check
Make an audit of your current finances. You need to know exactly how much money you have coming in and out each month. Even if you realize after audit that you are spending much more than you earn. Only by being completely honest and aware of your present financial situation that you can start your journey to wealth.
3 – Debt = Bondage
Suze Orman says that it is crucial to pay off all your credit card debts before you start paving your way to rich and abundant life. Debt will always prevent you from achieving your financial goals. Start with paying off the debt that charges the highest interest rates first.
4 – Protect your future
It is always very important to make sure that you protect your future finances and make sure that your loved ones are also taken care of. Here is the list of documents, that Suze Orman recommends you have in place:
- A will
- A living revocable trust
- An advance directive
- A durable power of attorney for healthcare
5 – You + me = three
When you’re in a relationship, it’s essential to have three accounts:
two individual accounts and a joint account for shared expenses.
And the final suggestion by Suze Orman: “Don’t put it off! There is no better time to start taking responsibility for your financial freedom.”
This was just my interpretation of the interview, here you can find the video and the full list of tips. If you liked the ideas shared by Suze Orman, you might also find a lot of useful information on her website.
So, rich girls, what do you think about these tips? Maybe you have your own ideas and secrets on the subject to share with us all? Just leave your thoughts and opinion in the comments below!
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