This archive report was first published on 18 May 2020.
Financial Struggles Amidst COVID-19 ¶
As the COVID-19 pandemic took a toll on the economy, radio presenter Maina Kageni found himself facing a 30% pay cut. Despite his competence, he was not immune to the financial struggles that many Kenyans were experiencing.
Speaking on Classic 105, Maina revealed that he had to reach out to his bank and insurance companies to reschedule his financial obligations and avoid getting hit hard every month.
"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," Maina said.
He emphasized the importance of financial planning and management, especially during difficult economic times. Maina also used the opportunity to educate his listeners about the Nairobi Securities Exchange (NSE), debunking the common myth that investing in the stock market requires a lot of money.
"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," Maina explained.
He highlighted that the minimum number of shares that can be bought in the stock market is only 100, making it an accessible investment option for many Kenyans.
"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 KSh 100. With 1,000 shillings, you have more than enough," Maina said.
He also cautioned against the popular practice of sports betting, which he described as a casino-like activity where only a few people make money, while the rest lose.
"If you come back 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. The lose it day in, day out," Maina said.
