By Amos Wekesa

I wish I were an expert on this particular topic because I have realized many young people are chocking on them. Anyone under loan pressure can easily be compromised especially in the face of money something we must avoid like a plague.

Many young people I have spoken to blame pressures of the world and general ignorance about how loans operate. The best way to avoid loans is living below or within your means as a person. The other is creating a sustainable source of cash flow using savings.

Avoid comparing yourself to others! So and so has a new car, I must have one as well as an example. I have never owned a personal brand new car in my life as an individual and I sometimes sit in my friends brand new cars and yes, I am tempted but quickly brush it off.

Don’t borrow to invest in something you have no idea about or something you aren’t willing to invest in time personally. Don’t guarantee anybody’s loan because people change. I burnt my figures once and paid for somebody’s sins.

Don’t borrow for liabilities, phones, cars, flat tv etc that arent going to bring in cash. Think twice before you borrow to support a sinking business. I have borrowed twice. Once was for finishing off the Primate Lodge Kibale and another was a mortgage (hope its a right spelling).

I calculated payback and i shook my head. Ask as many questions as possible from experienced people before any borrowing and be willing to take the advice. Don’t borrow money for business then spend some of it on a liability and the balance for the intended business.

The liability increases the misery. Cultivate the culture of saving from every single cent earned. The English say look after your pennies and the pound will look after themselves….that means that little monies saved can be surprising.

The writer is the Owner, Safaris Uganda and Uganda Lodges Ltd