Maina Kageni talks about the drastic changes he had to make after a 30% pay cut.
Classic 105 radio presenter, Maina Kageni admitted he was at a tight spot, suffering a 30% pay cut and still paying up his insurers and meeting other expenses.
It came as a shock, not just to him but to Kenyans as well that the tough economic times were so bad that they warranted a pay cut on Maina and King’ang’i’s salaries, despite their competence.
Well, that was true and both sides of the divide had to take it in.
However, this simply translated in making certain constraints on your expenditures.
Hosting Faida Investment Bank CEO, Bob Karina, the established media personality weighed in on financial spending in the wake of COVID-19.
For Maina, he had to reach out to his bank and insurance companies, regarding his financial constraints, to 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. Like you said, the insurance companies, that was one of the things I did so that my pain is shortened each and every month.
The veteran radio presenter sought to explain about the Nairobi Securities Exchange (NSE), urging Kenyans that despite the common belief held about it, it did not cost as much effort.
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.
In fact, Maina stated that it was probably one of the best investment options, Kenyans had failed to take advantage of.
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.
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.
Further trashing the popular ‘betting’ practice among the youth, who only end up losing chunks of money to a few individuals.
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.
What changes have you made due to COVID?