Book review: Take charge of your money

Book review: Take charge of your money

John Ntende REVIEWED BY MAUREEN NAKATUDDE

AUTHOR: JOHN NTENDE (THE MONEY ENGINEER)

With the effects of Corona Virus pandemic lockdown still looming large, John Ntende’s "Take Charge of Your Money," book can help uplift people from their financial predicament. There is no doubt that the pandemic has put people in more debt than ever before. Even those who didn’t lose jobs are choking under the heavyweight of dependants.

Rescue yourself from debt

Ntende’s book says no matter the situation, you can rescue yourself and break loose from the chains of debt. He was once there and he chose to raise his head above and was freed from the debt trap. The book says you are the captain of your sailing financial ship and you have all the capabilities in the world to redeem it.

Like many people, the money engineer was heavily in debt. "I couldn’t explain to anyone how I spent the money," he intimates. "I was constantly struggling to finish the month with some cash left behind."

Moreover, Ntende did not have any savings or any investment strategy and records of expenditure, no wonder his balance sheet was lacking.

Be your own personal Chief Financial Officer (CFO)

While analyzing his financial life and thinking that he would die in poverty one day if he continued in that path, the author decided to do something. He became his own personal Chief Financial Officer (CFO). "I decided to start recording each and everything relating to my finances," he says.

Ntende had to reconstruct his balance sheet and find out what his liabilities and assets were. Having figured that out, he then embarked on the journey of cutting his expenditures with the sole aim of paying debts and saving a percentage of his salary. This helped him to pay the numerous small debts he had accumulated with individuals, banks and salary loans over some period. Currently, he is debt-free and his book is a practical guide on how to leave a debt-free life.

Live below your income and get a better paying job The book advises that the only way people can live out of debt and thrive is by living below their income. Not only that, they can also get well paying jobs by being excellent in what they do such that they are merely sought after."The easiest way to stand out from the crowd is to consistently deliver results in […]

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