Sukhneet Wadhwa once saw her savings account as a safety net, built through the years of influencer work. But a recent divorce forced her to confront the reality. With her income tied solely to Instagram, she realized that keeping money idle in savings accounts wasn’t enough for long-term financial security. Her story highlights the growing need for influencers or content creators to plan beyond the immediate, navigating both personal finance and the uncertain social media landscape.
Wadhwa began her journey when Facebook was booming, and Instagram was still just a photo-sharing app. It was during this time she created her online persona, Miss Coco Queen, inspired by her love for Coco Chanel and Alexander McQueen. “Back then, I used to operate through blogs and Facebook posts, but there was no video,” she recalled.
Initially, making money was tough. Brands were hesitant about advertising on social media, and she spent much of her time convincing companies how she could add value. “For the first 3-4 years, I wasn’t earning much,” Wadhwa said . By 2016, however, things started looking up, with her income rising to about ₹2 lakh per month. “There were no stories or reels then, but all static pictures, and I was paid to post those and blog.”
Cut to 2020. The covid-19 pandemic fuelled an already booming influencer marketing industry, with the internet becoming a major source of entertainment. Wadhwa’s income surged as she took to 30-second reels, a shift from earlier practices.
She also started focussing on saving everything she earned. “Watching my money grow in my account made me happy,” she said, reflecting on her earlier approach, but admitted that it might have been due to her lack of financial awareness. That said, as a fashion influencer, much of her earnings went back into her business. Buying expensive accessories, and flying business class to international destinations weren’t just indulgences—but business expenses. “I had to showcase the kind of life I lived (to be acceptable to her target audience),” she explained. Her last big purchase was a Chanel handbag worth ₹4.5 lakh.
A few months ago, Wadhwa’s life took a turn when she separated from her husband after 11 years of marriage. The divorce had both emotional and financial impacts, forcing her to reconsider her approach to money.considering that her Instagram account, with 200,000-plus followers was not just a side gig, but her sole source of income. “Some people have alternative sources of income like a “rich husband”, but for me, it’s all my own,” she said with a chuckle.
Besides, she also noticed how quickly social media platforms could shift with new influencers replacing existing players overnight. “Facebook was big at one point, but it’s redundant now, TikTok was banned, and who knows what will happen to Instagram? I’m still making money, but tomorrow is uncertain.”
Most importantly, she recognized the need to plan for her son’s current and future expenses. “Raising a child is an expensive affair and will get even more so,” Wadhwa added. “I needed to have a plan for my child for his college education.” Her son, now five, have both parents for support. However, with no long-term financial goals in place, Wadhwa began her search for financial advice. That’s when Manmeet Singh Khurana, an Association of Mutual Funds in India (AMFI)-registered mutual fund distributor, reached out to her.
Wadhwa admits initially it was difficult to trust someone with financial matters, but Khurana’s work with her relatives gave her confidence to rely on him. He pointed out that her 3% annual return on savings wasn’t enough to keep up with inflation. “At that moment, it hit me that my money had to go out of my savings account.”
They decided to transfer most of her money into a diversified MF portfolio. “Before meeting Manmeet, I had more than ₹30 lakh in my savings account, but as of last month there was only ₹70,000.” However, she said that her current balance was due to delayed payments, and she usually maintains ₹10 lakh in her savings bank account at any given time. Her portfolio now includes large-cap, multi-asset, and flexi-cap funds, with no exposure to small and mid-cap funds. If she didn’t move to mutual funds, most of her money would have either been in her savings account or gone into LIC policies, said Khurana.
Though Khurana suggested she closes her LIC policies as ‘they don’t offer much return or meaningful term cover ’, she holds onto two LIC policies, on her father’s advice, treating them as a safety net. She also contributes ₹1.5 lakh annually to Public Provident Fund account for tax benefits and started investing in Equity-linked savings scheme (ELSS) funds following Khurana’s recommendation. “I can’t believe how much money was just sitting idle in my bank account,”
Having started her influencer career in 2013, Wadhwa has witnessed the highs and lows of the industry. “Social media has put my mental state in a tough spot, too. I see creators who started way after me with more followers, more projects, and more opportunities,” Wadhwa said at an event.
“Professionals with regular jobs have at least a safety net with government-backed savings schemes such as the Employees’ Provident Fund (EPF), as well as gratuity, but entrepreneurs (like Wadhwa) do not have any debt margin to fall upon,” added Khurana. “So, we dwelled on it for a couple of months and decided to buy an endowment insurance plan which offered a fixed payment after a certain number of years.”
Mint advises against mixing insurance and investments, as the policies often come with high costs. Traditional policies also typically don’t provide sufficient insurance or robust returns on investments.
