"Cryptocurrencies are here to stay, but don't invest until you thoroughly understand the market": says Finfluencer Neha Nagar

Cryptocurrency is definitely a fragile market. Especially after the govt decided to charge 30% tax on any income made through transfer of cryptos or any virtual digital assets, the uncertainty factor has definitely gone further up. Giving her take on this particular market, Finfluencer Neha Nagar said that the RBI is definitely trying to keep the private cryptocurrencies at bay. As far as investing in crypto is concerned, she says that it took her a lot of time to understand what it actually is. She said that one should be very careful when it comes to investing in cryptocurrencies as many of the tokens make several bogus claims as well which can prove fatal. "My advice, take 3 months minimum to understand this market and go for it once you see there is a long term prospect."

Neha also gave her take on the importance of investing in Mutual Funds in this financial climate. She opined that it is safer to start with investing in Blue Chip or large cap Mutual Funds. "It is safer to put money into Tata, Reliance, and such big corporations who have given good returns consistently over the years." Moreover, she opined that instead of lump sum, one should invest through SIPs. She added that if someone doesn't have a lot of financial responsibilities or has a good amount of disposable income, than that person can look towards investing into the midcap and small cap funds. In case of people who are sole earners and have a lot to take care care of, Blue Chip funds are the best option.

When asked how time taking is the preparation process to curate videos on specific concepts of finance Neha stated that topic selection takes a lot of time as it is rather senseless to straightaway tell people to invest in mutual funds without explaining what mutual funds actually are. She added that the videos can't be just simple direct explainers, they need to have that extra 'creative' element otherwise they'll come out very dry. "If you ask me what is cryotocurrency and give me 10 minutes to explain, it will be a lot easier as compared to explaining it in just 30 seconds," she said.

When asked why did she take up a topic like Finance in the quest to be a digital influencer, Neha said that she was actually preparaing for CA, but couldn't clear it, so she thought of doing something else. She did her MBA after that and got placed in IIFL Securities where she learned about investing in stock market. However, after one year she desired to do something of her own. The Finfluncer started her Tax Firm which is into ITR, GST. However, Covid struck and the business was going nowhere so she though of exploring something else.

She realized that people were using their phones a lot more, browsing a lot more and almost 90% of the content on social media platforms was about entertainment. Not a lot of people were educating others about finance or financial tech, so she went for it. "I started making video on taxation, ITR, GST, and after just a few videos I got a million hits and I was pleasantly surprised." She said that this affirmed her faith that there is an audience for financial content online.

Published on: Monday, February 14, 2022, 06:01 PM IST