Paras Raichura walked away from a high-paying job in finance to build a digital marketing agency in London. A decade later, the risk has paid off.
After studying business and marketing at university in London, Mr Raichura, 37, worked in investment banking with a tier 1 bank for five years in Canary Wharf.
“I did that for a few years and quickly realised that I didn't want to have that life where I would be working for somebody and being only able to take 25 days off a year. I wanted to create something for myself, so I left my job, took a risk and set up my company,” he says.
“Coming from an Asian background, the focus was very much on stability and education while growing up.”
In 2015, the British citizen set up PNdigital, a digital marketing agency in the UK and expanded to the UAE in 2023. His company partners with brands in sectors such as real estate, e-commerce and hospitality to support their digital presence.
The chief executive now lives with his wife and two-year-old son in Downtown Dubai.
Did wealth feature in your childhood? What did you learn from it?
I've not come from a wealthy background, we were always just OK. The focus was on saving, which taught me discipline and respect for money. But based on what I know now, saving is important, but it's far more important to look at ways to grow your money. You don't generate wealth through saving. You generate wealth either through owning a company or investing in assets.
My father had a lot of knowledge about investing in the stock market. Just being around him when I was younger gave me knowledge that I wasn't aware of until I got older, and I was able to utilise it to make smarter investment decisions, challenging the idea of playing it safe and taking more calculated risks.
How did you first earn? What did your first job pay?
I did a paper round when I was eight years old and was paid £20 ($26.7) a week. I was up very early from Monday to Sunday and there was an element of discipline gained from doing that at such a young age.
Any early financial jolts?
Absolutely. As a student at university, I was in debt. When I left university, it was the struggle of finding a job and I didn't have money to support myself. When I later left my job to start my business, I got married at the same time. My wife and I started our married life, with both of us earning nothing, which was scary. There was a lot of pressure on us and many sleepless nights. But it made me more driven to make a success of the business.
How do you grow your wealth?
I invest in my company, stocks, bonds, a pension, real estate in the UK and a bit in crypto as well. I keep my portfolio very diversified. It's important to diversify your wealth and invest in different asset classes. I look at what assets I feel will grow over the next few years, and move my money around accordingly because diversification limits your risk.
Are you a spender or a saver?
I'm a disciplined spender. I do save and invest aggressively, but I'm also happy to spend on purchases as a reward and for enjoyment. Growing up in the environment I did, it was more about saving. So, I hold on a little bit to that in terms of building a safety net. But over the years, I learned that it's OK to spend. So, I've become a lot more open and OK about spending, but my main spending is on things for me and my family to do, and investments.
Have you been wise with money?
I believe I have. I know friends and family members who, for example, perhaps may not be as wealthy, but spend far more on extravagant purchases instead of investing money. I speak to friends that haven't invested and ask for my advice on things to invest in. I also have a financial adviser, which helps in certain situations.
However, not every decision works out. That's just life, but I ensure that of the decisions I make, the majority are for the better. If certain risks don't work out, it's OK, because I've built enough to invest in other areas where they can grow.
What has been your best investment?
Stocks in Nvidia and Qualcomm have given me more than five times returns, so those are my best investments. My business has also given me great returns.
Any cherished purchases?
A purchase that has given me a lot of satisfaction has been buying a Rolex watch. It’s quite dear to me because I was never able to afford anything like that until I started running my business and making a success of it. To be fine with spending a lot of money on a watch feels like a real sense of reward and achievement. I also cherish spending on travel experiences for my family as they are very satisfying.
Any financial advice for your younger self?
Don't be afraid to take risks and go against conventional expectations of what you should or shouldn't do. Trust that everything will work out and believe in your decisions. I can be incredibly hard on myself. There was a lot of stress and sleepless nights involved in us growing the business. When I look back, if my friend or family member was going through the same situation, I would be very supportive and encouraging towards them. I wasn't like that with myself.
Any key financial milestones?
I became a millionaire in pound terms at the age of 30 after I grew my business. That was a huge milestone for me, because I didn’t come from money. Being able to start generating wealth and buying things whenever I wanted was a big milestone for me.
What luxuries are important to you?
The luxury to be able to spend time with my family and people I care about while still growing my business, but it doesn't involve me as much as it used to.
What are your financial goals?
Continuing to pursue long-term financial freedom, sustainable wealth and the ability to invest in other meaningful businesses and opportunities, while maintaining a balance in life.
