“The property which houses my clinic is on rent which I will have to vacate sooner or later. I had already taken a professional loan of ₹15.11 lakh when I started my practice. I needed money for setting up my dental clinic and also for meeting my personal financial goals,” Akshat Agarwal says.
Early investment journey
Gondia is also known as ‘Rice City’ due to the abundance of rice mills in the area. “People mostly invest in land and when they need money get into informal lending at a high interest rate. I did not want to do it,” he says.
After consultation with relatives and friends, Agarwal ended up investing in more than 10 mutual fund schemes. He also created a stock portfolio. “One of my friends connected me with a mutual fund distributor (MFD) who made me start systematic investment plans (SIPs) in mutual funds. A relative later told me that distributors get commission from mutual fund companies .My distributor had not shared details of the schemes in which I had invested. I did not know that I could track these investments by myself,” he says.
Meanwhile, Agarwal lost about ₹50,000 after dabbling in the stock markets in 2021. “I was clueless about how to set things right and I needed somebody to guide me,” he says.
A random google search landed him on the website of SahajMoney, a financial planning firm founded by registered investment adviser (RIA) Abhishek Kumar. Agarwal had no idea about Sebi-registered RIAs or fixed-fee financial planning model till then. To be sure, RIAs are authorized to impart unbiased financial advice and barred from earning commissions from the sale of financial products.
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“When I came to know that RIAs only charge a fixed fee for the advisory, I was impressed,” he says.
Personalized guidance was another big plus. “I had always preferred a personal tutor over coaching classes. And when Abhishek sent me an excel sheet in which I was supposed to share details of all my existing investments and also asked questions about my risk profile, it struck me that nobody had ever sought these details from me. The others would only push a product irrespective of whether it suited my risk profile or not,” says Agarwal.
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(Graphic: Mint)
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(Graphic: Mint)
End-to-end financial planning
RIAs follow a process before creating a financial plan. They seek details of existing savings, investments, liabilities, expenses and financial goals. They also analyse their clients’ risk appetite based on a few questions. It helps them allocate their funds in debt and equities in the right proportion. Not only do they recommend investment products, but also advise on loans, insurance and saving taxes.
Agarwal didn’t have much idea about insurance either. He did have a health insurance policy of ₹5 lakh coverage from a public sector insurer. “I wasn’t aware that insurance and loan advisory will be a part of the package,” he says. On Kumar’s advice, Agarwal bought a life insurance cover of ₹2.5 crore. His wife took a term life cover of ₹1.5 crore. She was paying an annual premium of ₹1.25 lakh for an unit-linked insurance plan, but surrendered the policy and replaced it with the term plan. Besides a family floater health insurance plan from a private insurer, Kumar also suggested that Agarwal buy professional indemnity insurance and property (clinic, machinery, fire) insurance.
The right direction
Kumar asked Agarwal to separate his personal and clinic expenses. “I opened a separate account for my business expenses and earnings. It gives me a visibility of how much I am earning and spending specifically for the clinic vis-à-vis my personal expenses,” he says.
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For instance, when he needed to buy medical equipment, he bought it on lease instead of dipping into personal savings. “Kumar suggested that there was no point in buying the machine as the technology will get obsolete in a couple of years,” he says.
Does he follow all advice from Kumar? Not really! “Agarwal wanted to buy a land on loan for his clinic. We initially asked him to defer the plan and focus only on building the corpus but when the couple insisted on it, we advised them to withdraw funds from the emergency corpus because they already had financial liabilities. Financial discipline was needed to move them away from excessive leverage. Moreover, being a small city, their expenses were limited against their cash flows. Their emergency corpus could be built again,” says Kumar.
Fees and process
Kumar charges ₹15,000 as first-time fixed fee to analyse a client’s finances, create a financial plan and recommend products. A renewal fee of ₹5,000 is charged after every six months to review the portfolio.
Did his fees deter the Agarwals? “The fee is surely lesser than the quality of financial advice they have given me,” he says. The process, however, could have been better. “I needed to fill up an excel sheet manually before they could on-board me. The sheet needs to get updated every time I get my portfolio reviewed,” he says.
The client implements the action plan by himself. “Abhishek shares with me relevant links but I make the investments myself. This contrasts with the MFD who had taken care of all the paperwork himself,” he says.
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The excel sheet problem, though, could be addressed through account aggregators (AAs). The aggregators act as an intermediary between financial information providers (FIPs) and financial information users (FIUs) and exchange customer data after taking their consent. “Once SahajMoney is live on AA as an FIU, I shall be able to automate the process for my clients. RIAs will be able to fetch the data directly from FIPs after getting client consent,” he says.
The Agarwals, meanwhile, have made up their mind to stay connected with SahajMoney for their long-term financial planning. Their goal is to retire in their late forties before which they want their son to study abroad.
My spreadsheet reviewed a WalletHub ranking of financial distress for the residents of 100 U.S. cities, including 17 in California. The analysis compared local credit scores, late bill payments, bankruptcy filings and online searches for debt or loans to quantify where individuals had the largest money challenges.
When California cities were divided into three geographic regions – Southern California, the Bay Area, and anything inland – the most challenges were often found far from the coast.
The average national ranking of the six inland cities was 39th worst for distress, the most troubled grade among the state’s slices.
Bakersfield received the inland region’s worst score, ranking No. 24 highest nationally for financial distress. That was followed by Sacramento (30th), San Bernardino (39th), Stockton (43rd), Fresno (45th), and Riverside (52nd).
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Southern California’s seven cities overall fared better, with an average national ranking of 56th largest financial problems.
However, Los Angeles had the state’s ugliest grade, ranking fifth-worst nationally for monetary distress. Then came San Diego at 22nd-worst, then Long Beach (48th), Irvine (70th), Anaheim (71st), Santa Ana (85th), and Chula Vista (89th).
Monetary challenges were limited in the Bay Area. Its four cities average rank was 69th worst nationally.
San Jose had the region’s most distressed finances, with a No. 50 worst ranking. That was followed by Oakland (69th), San Francisco (72nd), and Fremont (83rd).
The results remind us that inland California’s affordability – it’s home to the state’s cheapest housing, for example – doesn’t fully compensate for wages that typically decline the farther one works from the Pacific Ocean.
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A peek inside the scorecard’s grades shows where trouble exists within California.
Credit scores were the lowest inland, with little difference elsewhere. Late payments were also more common inland. Tardy bills were most difficult to find in Northern California.
Bankruptcy problems also were bubbling inland, but grew the slowest in Southern California. And worrisome online searches were more frequent inland, while varying only slightly closer to the Pacific.
Note: Across the state’s 17 cities in the study, the No. 53 average rank is a middle-of-the-pack grade on the 100-city national scale for monetary woes.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
The up-and-coming fintech scored a pair of fourth-quarter beats.
Diversified fintech Chime Financial(CHYM +12.88%) was playing a satisfying tune to investors on Thursday. The company’s stock flew almost 14% higher that trading session, thanks mostly to a fourth quarter that featured notably higher-than-expected revenue guidance.
Sweet music
Chime published its fourth-quarter and full-year 2025 results just after market close on Wednesday. For the former period, the company’s revenue was $596 million, bettering the same quarter of 2024 by 25%. The company’s strongest revenue stream, payments, rose 17% to $396 million. Its take from platform-related activity rose more precipitously, advancing 47% to $200 million.
Image source: Getty Images.
Meanwhile, Chime’s net loss under generally accepted accounting principles (GAAP) more than doubled. It was $45 million, or $0.12 per share, compared with a fourth-quarter 2024 deficit of $19.6 million.
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On average, analysts tracking the stock were modeling revenue below $578 million and a deeper bottom-line loss of $0.20 per share.
In its earnings release, Chime pointed to the take-up of its Chime Card as a particular catalyst for growth. Regarding the product, the company said, “Among new member cohorts, over half are adopting Chime Card, and those members are putting over 70% of their Chime spend on the product, which earns materially higher take rates compared to debit.”
Today’s Change
(12.88%) $2.72
Current Price
$23.83
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Key Data Points
Market Cap
$7.9B
Day’s Range
$22.30 – $24.63
52wk Range
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$16.17 – $44.94
Volume
562K
Avg Vol
3.3M
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Gross Margin
86.34%
Double-digit growth expected
Chime management proffered revenue and non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for full-year 2026. The company expects to post a top line of $627 million to $637 million, which would represent at least 21% growth over the 2024 result. Adjusted EBITDA should be $380 million to $400 million. No net income forecasts were provided in the earnings release.
It isn’t easy to find a niche in the financial industry, which is crowded with companies offering every imaginable type of service to clients. Yet Chime seems to be achieving that, as the Chime Card is clearly a hit among the company’s target demographic of clientele underserved by mainstream banks. This growth stock is definitely worth considering as a buy.
ROCHESTER, N.Y. — Student athletes are now earning real money thanks to name, image, likeness deals — but with that opportunity comes the need for financial preparation.
Noah Collins Howard and Dayshawn Preston are two high school juniors with Division I offers on the table. Both are chasing their dreams on the field, and both are navigating something brand new off of it — their finances.
“When it comes to NIL, some people just want the money, and they just spend it immediately. Well, you’ve got to know how to take care of your money. And again, you need to know how to grow it because you don’t want to just spend it,” said Collins Howard.
What You Need To Know
High school athletes with Division I prospects are learning to manage NIL money before they even reach college
Glory2Glory Sports Agency and Advantage Federal Credit Union have partnered to give young athletes access to financial literacy tools and credit-building resources
Financial experts warn that starting money habits early is key to long-term stability for student athletes entering the NIL era
Preston said the experience has already been eye-opening.
“It’s very important. Especially my first time having my own card and bank account — so that’s super exciting,” Preston said.
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For many young athletes, the money comes before the knowledge. That’s where Glory2Glory Sports Agency in Rochester comes in — helping athletes prepare for life outside of sports.
“College sports is now pro sports. These kids are going from one extreme to the other financially, and it’s important for them to have the tools necessary to navigate that massive shift,” said Antoine Hyman, CEO of Glory2Glory Sports Agency.
Through their Students for Change program, athletes get access to student checking accounts, financial literacy courses and credit-building tools — all through a partnership with Advantage Federal Credit Union.
“It’s never too early to start. We have youth accounts, student checking accounts — they were all designed specifically for students and the youth,” said Diane Miller, VP of marketing and PR at Advantage Federal Credit Union.
The goal goes beyond what’s in their pocket today. It’s about building habits that will protect them for life.
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“If you don’t start young, you’re always catching up. The younger you start them, the better off they’re going to be on that financial path,” added Nihada Donohew, executive vice president of Advantage Federal Credit Union.
For these athletes, having the right support system makes all the difference.
“It’s really great to have a support system around you. Help you get local deals with the local shops,” Preston added.
Collins-Howard said the program has given him a broader perspective beyond just the game.
“It gives me a better understanding of how to take care of myself and prepare myself for the future of giving back to the community,” Collins-Howard said.
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“These high school kids need someone to legitimately advocate their skills, their character and help them pick the right space. Everything has changed now,” Hyman added.
NIL opened the door. Programs like this one make sure these athletes walk through it — with a plan.
