To know if you are master of your money ask yourself the following questions:

1. Is your credit card bill paid in full each month? Have you ever had to pay even a penny in interest? The answer to this question is critical, as one of the biggest parts of being master of your money is living within your means. Owing on a credit card, and not being master of your money makes you slave to interest.
2. Do you understand what a variable annuity is, and why it might be a good deal or a bad one? If you want to master your money you have to be able to understand the different things you can do with your money, and which options are sounder than others, and why. Without a clear understanding of how you can invest your money, then you can't do it properly.
3. Do you take everything financial "experts" say to be fact? While it is smart to pay attention to the experts in various facts, and on matters you do not understand as well, you can't always rely on the advice of others. You have to do what you can to learn what you need to about various financial aspects.
4. Do you know what kind of life insurance you should buy? Mastering your money means having an understanding of cost versus value, and understanding the fundamental differences between things like whole and term life insurance, and the value versus cost they present to you. This is just one example, there are many others where cost and value do not always line up.
5. Do you buy the worst house in the best neighborhood, or the best house in the worst neighborhood? Part of being master of your money is knowing what is going to hold value, and what is not. This applies to things beyond real estate, but real estate offers prime examples, and is a great place to exhibit what holds value and what does not.

You have to learn to master your money, and as you do so, you will be able to acquire wealth, and as you do so, live more securely and happily.