As the nation celebrates its 75th Independence Day on August 15, we take this opportunity to reiterate the concept of financial freedom in one’s life. Being financially independent will leave you with little space for self doubt and open massive doorways for self-discovery. It allows you to make choices on your terms. Needless to say, the concept of financial freedom resonates well with everyone. However, most people remain unsure about how much money should they set aside or invest in order to achieve this goal in life.
Achieving financial freedom is definitely easier said than done. Ever growing equity chasm makes it look like mission impossible. But a handful of young, highly motivated orators armed with the power of social media are working their way to make India financially literate and independent. Their core strength is the ability to speak the common man’s language. Besides, the social media ecosystem looks rather keen to embrace this communication breakthrough. The key to the success of personal finance influencers in India lies in their fine understanding of the audience and their needs.
Recently, millennials and Gen Z have developed serious interest in stock markets, investments and money matters, thanks to social media. This irreverent generation would rather follow social media than blindly heed parents preaching on money matters. Step in You Tube, Instagram and Twitter and interest levels turn robust. In pursuit of making India financially independent, several personal finance champions have put in consistent efforts over the past few years.
Money9 spoke to a few influencers about their journey and ambition to see a financially independent India.
Prasad Lendwe, who lost more than half the money borrowed from his sister to open a demat account, now runs a successful YouTube channel (with 1.54 million subscribers) for financial literacy.
“I am an engineer and an MBA dropout. Being ardent follower of finances and stock market, I always wanted to contribute to a larger community. Right from the start, I had the passion to invest but lack of financial knowledge became a roadblock. Therefore, I want to spread financial knowledge and help make India financially literate and independent,” he said.
Warren Buffett is one of the most successful investors of all time. Investors often follow his words of wisdom to steer through their investment journey. Varun Malhotra, director of Edge Institute for Financial Studies (EIFS) and a famous YouTuber, believes that Warren Buffett’s quotes have all the naswers to one’s financial queries. At the same time, he strongly endorses the concept of introducing finances to children at a younger age.
“Lack of financial literacy at school level is the reason why financial advisors and influencers like me are relevant today. The road to financial independence will become easier if children are exposed to money matters and finance management from a younger age. Financial literacy must become a part of our academic curriculum,” Malhotra suggested.
Rachana Phadke Ranade is yet another socioverse stalwart who makes personal finance videos on YouTube. She was a well accomplished chartered accountant who chose to work towards a larger goal of financial literacy in India.
Ranade on Money9
“I taught CA and MBA students for over 10 years. But one day, I stumped upon a news article that highlighted our country’s extremely poor rate of financial literacy. It was devastating and I decided to contribute my bit for financial penetration in India. Two year back, I turned to YouTube and started producing video content with a desire to serve my country in any way possible. The journey and response has been unbelievable,” Ranade told Money9.
Several other financial influencers like Pranjal Kamra and Anant Ladha amongst others have spoken to Money9 on the importance of financial freedom and the simple ways to achieve it in a series of interviews. May there be more power to the tribe as it grows. We celebrate their journey as co-passengers in its agenda to financialise India.
Needless to reiterate that the ultimate decision to invest should be taken under expert advice and after due diligence.
