Wow! ANY young person under 21 (and some older) can pick up this book and use all of the author’s experiences to establish a solid foundation to set up their finances. It would make a great graduation gift! It’s an easy read, a book that won’t feel like ATLAS SHRUGGED in the reader’s hands. It won’t feel like something they will have to slog through. It’s chock FULL of great advice and financial wisdom from one who has been there. I HIGHLY recommend it! -Amazon Review
Ronnie Lee abides by the mantra, “I came into this world alone with an umbilical cord around my neck choking me out. I will step out of this world on my own as well!”
With this individualistic perspective and a burning desire to take over the world, Ronnie has authored this book – ‘Know Money, No Problem,‘ with a determined approach to inspiring people from all walks of life to take up their finances responsibly. Having been pushed into the real-life, practical world at a tender age, Ronnie learned to battle at various fronts and stood steadfast in the face of adversity. What life taught him is that if you do not meticulously take up important matters in life, they will take a toll on your mental and financial life. His life is an ideal precedent of how he turned the tables over in his favor.
‘Know Money, No Money’ by Ronnie Lee is a must-read! It is one of the most value-adding reads, which helped me better manage my daily living expenses in a more financially responsible way. The tips given in it are very action-oriented and insightful and have helped me get back on track with my finances. This book is an ideal guide to assist people to live within their means. Common sense is usually not applied to our daily lives and leaves our families financially strapped.
To be able to manage your finances, it is important that you understand your money and the various aspects of managing debt. Fostering a positive relationship with money is fundamental to living a stress-free life. Some surefire and practical takeaways that readers can take from this book include:
- Manage your money matrix: learn to spend within your means and learn to strike a balance between the stand-by amount (balance), what you owe (liabilities), and what is due to you (Income).
- Hold on to your money: Know the worth of your money a few years down the road.
- Spend money wisely: Prioritize the areas where you need to spend and do not give in to impulsive buying or things you don’t need.
- Manage your debt: Understand the pros and cons that come with short-term and long-term debt.
Making your money work for you requires you to build on a strong foundation and expand your savings through sustainable investments. An emergency fund can be a lifesaver in times of financial crisis.
I feel that Ronnie’s wonderful work is beneficial for everyone who is looking for some useful tips to manage their expenses according to their income. Without being aware of the loopholes that are holding you back, you can never be in a position to manage your finances more responsibly. Hence, the first step is to proactively take up your finances and stay on top of your expenses. It will also inspire and motivate you to come out of your debts and spend wisely. I liked how he has talked about saving money for the future and emphasized being careful while planning your budget. This way we can be sure of not spending more than our income, and never run out of money.
I believe that this masterpiece of Ronnie’s is a great way to sort your financial priorities and strike the perfect balance between your savings and expenditure. Financial literacy doesn’t come overnight, and you must make every possible effort in your jurisdiction to keep your finances in check and lead a financially responsible life. You need to tweak your approach as per your situation.
“A penny saved, is a penny earned.” ~Benjamin Franklin