Influencers are part celebrities, marketeers, content creators, planners, accountants, strategists and the list goes on. Even though they are ruling the smart screen, competing actively for span of attention, growing their subscribers, actively voicing their opinions in their niche and global issues, life of an influencer is not all glam, glitter and cool vibes 

Income is dependent on views, followers and engagement. The more popular they are, the better brand endorsement deals they can fetch. A lot of their brand associations are a result of tie-ups with PR and marketing communication agencies. With masses and content relevance and popularity deciding their brand value, their income is as volatile as stock markets. You never know what changes will the next minute or the next day bring. 

How should you as an influencer go about financial planning? Read on to find out tips that will help you navigate the financial journey of life. 

• Save before you spend, create an emergency fund

A common mistake newbies make is not saving enough for gloomy times. Uncertainties like pandemic are rare but you never know when they knock on your door. You have to account for good and bad times. Start with building an emergency corpus for 3 months, elevating it to 6 months and eventually a years time. This emergency fund needs to cover your everyday expenses as well as a portion as reserve to meet unaccounted expenditure.  

2. Insure yourself. Health is the real wealth

Have enough insurance in your portfolio to secure the future of your loved ones, in your absence. If this is your only source of income, it becomes even more crucial to protect your dependent. Insurance not only accounts for an untoward occurrence but also factors accidents, partial disability or critical illness. 

3. Eye on Retirement at all times

Your ultimate goal is to achieve financial freedom and live comfortable without a financial burden on your chest. Whether you plan to work even in your retirement years because it is your passion or you plan to retire early and make influencing a side hustle, you need to start planning for your retirement without a further delay. 

4. Investing is not the same as savings 

Investing is parking your money, so that it works for you and grows year on year. This could be through an aggressive approach via equities or mutual funds or risk averse approach by investing in fixed deposits, bonds and PPF. No matter what and how you choose to invest, you need to ensure your investments are growing in parallel to inflation rate and eventually you’re able to save and meet your short term and long-term goals.

5. You need to plan your taxes

Maximizing your investment to optimise your tax payments is equally important. If taxation and its laws are new to you, you should take help of a professional to guide you the right way to go about it. 

6. Pay yourself 

Have a ton of business expenses? You need to upgrade for equipment for better videos, purchase props, attend networking events, travel for work? Your bills are mounting as well? No matter what’s on your radar as a thumb rule, you need to pay yourself to be able to invest, save and financially secure yourself. However you need to also ensure you’re not sinking a hole in your funds, accruing debts to build on your passion. 

7. Hire an expert

You’re already performing plenty of tasks. Financial planning requires a dedicated approach. From taking stock of your current finances, assets, liabilities to planning for all your goals, investing, retirement planning, succession planning to tracking and navigating your financial journey smoothly. Make this ride an easier one, hire a trusted, well-versed financial planner to ease off the burden and make this process a rewarding one.