Classic 105 radio presenter Maina Kageni on Sunday, May 17, opened up on how he was adjusting after taking a 30% pay cut due to the economic downturn occasioned by the Covid-19 pandemic.
Kageni had hosted Faida Investment Bank CEO Bob Karina on his online show, where they discussed life and money, with finances an issue weighing heavily on the minds of many during the pandemic.
With Kageni being one of the most sought after media personalities in the country thanks to his morning show alongside comedian Daniel 'Churchill' Ndambuki aka Mwalimu King'ang'i, it came as a surprise to many to hear that he was also facing tough times.
Kageni revealed that he, among other workers, had been hit with a 30% pay cut, forcing him to take measures to ensure he remains in a good financial position.File image of radio presenter Maina Kageni hosting his show on Classic 105
The presenter revealed that he had reached out to his bank as well as insurance companies, explaining that if one failed to do so, they would assume you were doing fine.
He was echoing the sentiments of Karina who advised Kenyans to engage their banks and other financial institutions they are involved with to reschedule various payments including insurance premiums.
"Like us, we were chopped 30%! The first thing I did, first of all, was call my bank and tell them we need to reschedule some stuff.
"Like you said, the insurance companies, that was one of the things I did so that my pain is shortened each and every month," Kageni stated.
The presenter went on to attempt to demystify investing on the Nairobi Securities Exchange (NSE), noting that it was a great option for Kenyans to grow their financial portfolio.
"If there's one thing that's always been a mystery it's been securities, it's been the stock market. People imagine that you've got to be extremely wealthy to invest there.
"That you've got to have tonnes and tonnes of cash, you've got to know a great brokerage who can get you the best deals. But that's not essentially true," he noted.
Karina agreed with Kageni, noting that the entry barrier for investment in stocks was not as difficult as some thought, contrasting it with sports betting popular among many Kenyan youth.
"The stock market is the easiest place to come in. Easiest in the sense that the minimum number of shares you can buy in the stock market is only 100.
"So, if a 100 is the minimum, you look at the prices of the shares, and if a share is trading at a shilling, it means you only need Sh100. With 1,000 shillings, you have more than enough.
"If you come to the stock market, it's not like going to the casino or sports betting. Because sports betting, only a few people make money. The rest of the people betting lose money. They lose it day in, day out," he stated.
Watch Kageni's conversation with Karina below:
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