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Financial experts advice Paul Ogada, SportPesa Mega Jackpot winner how he should spend his cash

Paul Ogada is the latest man to join Kenya’s millionaires' club after bagging a whopping Sh230 million in the SportPesa Mega Jackpot.

This is the highest amount ever won by a single person in the jackpot competition, beating Samuel Abisai’s record of Sh221 million.

Ogada won these millions by correctly predicting the outcome of 16 football matches. He was later established as the winner after a draw was conducted in Nairobi since the 17th game was postponed.

He was picked up by a grey Limousine accompanied by a SportPesa motorcade to the excitement of residents who couldn’t hide their joy for the Kibera man.

Einstein Kihanda, CEO of IECA Lion Asset Management, gave some advice to Ogada on how he should spend his money and avoid poverty for the rest of his life.

As quoted on The Standard, Kihanda acknowledged that Ogada was still a young man with a lot of time on his hands.

Here is the CEO’s advice to the new millionaire:

“He is a young man with time. He can put 70 per cent of his winnings in good stocks as well as in some Treasury bills and bonds. Then he can put the rest in a money market fund since he will need some liquid cash.

Cyntonn Investments Investment Analyst Caleb Mugendi said Ogada should talk to a financial adviser in order to guide him on what the right investments to make are. “Basically, if he is young and does not have liquidity obligations, he can go for asset classes that will bring higher returns, such as stocks and real estate. These investments also tend to be long term,” said Mugendi as quoted in The Standard.

He also added that if the winner is old, with larger obligations and conservative, he can choose fixed incomes, e.g, Treasury bills or bonds.

The main point was that Ogada should seek financial advice before he starts spending his money.