I Believe Social Media Can Revolutionize the Finance Industry: Ujjawal Pahwa

Meet Ujjawal Pahwa, a versatile individual who seamlessly juggles multiple roles. As a Company Secretary, he has a profound passion for finance. Over the past two years, Ujjawal has channelled his expertise into crafting invaluable Instagram and YouTube content around personal finance and its intricacies.

Read the exclusive conversation to know more about Ujjawal's driving forces, insights into his creative content generation process, and his perspectives on effective financial management.

What inspired you to become a finance influencer, and what motivates you to continue sharing your knowledge and insights in this field?

After completing my Company Secretary internship, I realized I was not cut out for a desk job. I was frustrated that I had spent 2.5-3 years studying and interning only to find out that I didn't enjoy the work. I didn't want to file returns for someone else; I wanted to do something for myself. So, I left the field after obtaining my degree and membership number. But what now?

I decided to leverage my knowledge and experience by teaching CA/CS students. This boosted my confidence in public speaking, and I decided to create a personal brand on social media by sharing what I know. With years of experience in investing, it helped me take off.

What motivates me is that I can help thousands of people with their financial problems for free. I don't earn money from my followers but from brands that sponsor my content. Thus, it's one of the best revenue models out there.

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A post shared by Ujjawal Pahwa | Finance (@cs.ujjawalpahwa)

How do you stay up-to-date with the latest trends and developments in finance, and what resources do you rely on for your research?

I get most of my content ideas from my own experiences, conversations with clients or friends, and general misconceptions people have about investments. For example, early on in my content creation journey, a friend asked me whether he should do a SIP or invest in Mutual Funds. He didn't know that SIP is one of the ways to invest in MFs. This made me realize that there are probably many other people who are also confused about this, so I made a reel about it, and it was a huge hit.

I use Tickertape and MorningStar for research on stocks and mutual funds. I also follow business news and make it a point to read financial blogs regularly.

What are some of the most common misconceptions people have about finance, and how do you address those misconceptions in your content?

People have misconceptions about finance because everyone has different experiences with money and fintech products. If there are 100 people on social media, I bet 10 of them will have a misconception. This can quickly lead to a flood of negative comments, as one person's confidence in their opinion can lead others to believe that the content is wrong.

To deal with misconceptions, I try to be as clear as possible about my objectives in my reels. I also try to communicate my thoughts simply and pin any comments that I feel are important so that everyone can see them.

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What do you think are the most important skills for individuals to develop to be successful in managing their finances?

You might think that debt management, budgeting, saving, and investing are the most important things when it comes to personal finance. But I disagree. The most important thing is having the right mindset and discipline. If you don't have the right mindset, sticking to a budget, saving money, or investing wisely will be very difficult. You need to be willing to make sacrifices and make changes to your spending habits. You also need to be disciplined enough to stick to your plan, even when it's difficult.

Once you have the right mindset, you can start to learn the basics of personal finance. This includes understanding your financial position, setting financial goals, and creating a budget. You can also learn about debt management, saving, and investing. With the right mindset and discipline, you can take control of your finances and achieve your financial goals.

Here are some additional tips for developing the right mindset and discipline for personal finance: Set realistic goals, Be patient, and Don't give up.

How do you balance your investment strategies and personal financial goals with your responsibilities as a finance influencer?

My investment strategy is simple. I invest my money into things I understand. Whether it's business, asset class, or anything. I don't invest in Crypto because I don't get it or even talk about it on social media. Teach what you preach.

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A post shared by Ujjawal Pahwa | Finance (@cs.ujjawalpahwa)

What role do you see social media playing in the future of finance, and how do you think it will continue to evolve in the years to come?

Social media is already playing a major role in the finance industry, and its role is likely to grow in the years to come. Today, people are keen to learn financial topics from their favourite influencers. Further, influencers have tried to build a product (a course, book, etc.) around their content and sell it to the audience to create another source of income.

With tailored financial advice, fintech products being launched by finance influencers, and creating financial communities, I believe that social media has the potential to revolutionize the finance industry. It can be used to educate people about financial concepts, help them make better financial decisions, and provide them with personalized financial advice. As social media continues to evolve, I believe its role in the finance industry will only grow.