Latest news with #Achuthan
Time of India
a day ago
- Business
- Time of India
Bengaluru founder explains how some middle-class people are silently building big wealth, without you even noticing
Once considered the steady backbone of Indian society, the middle class is now standing at a financial crossroads. In a viral LinkedIn post, Bengaluru-based founder Shyam Achuthan paints a sobering picture of a group that was once defined by upward mobility — steady jobs, small luxuries, and the dream of a home — but is now teetering between two stark outcomes: growing wealthy or going broke. There's no middle ground anymore, he argues — and many are unknowingly choosing the wrong path. However, he points out that some are silently building wealth by making the correct choices. Achuthan highlights a growing trend of financial self-sabotage among the modern middle class. With Instagram-worthy lifestyles and EMIs eating up salaries, many are living to impress, not to improve. A Rs 50,000 salary vanishes fast when Rs 20,000 goes to rent, Rs 10,000 to EMIs, and weekend spending tops Rs 5,000, leaving little to nothing for real savings. It's a cycle of looking rich while staying broke, or worse, heading into debt. But not everyone is playing this dangerous game. A smaller, quieter segment of the middle class is making radically different choices — avoiding flashy purchases, skipping big weddings, choosing used cars, and investing aggressively. They might not look successful today, but they're building wealth that will outlast trends and timelines. While one half of the middle class flexes for likes, the other is compounding gains for long-term freedom. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like I Babysat My Grandkids Daily for Free. Then My Son Said I Was Owed Nothing, So I Snapped Back Beach Raider Undo Trying to keep up with the rich on a middle-class paycheck, Achuthan warns, is like entering an F1 race with a scooter. Sooner or later, you'll burn out. In today's world of inflation, layoffs, and AI disruptions, the divide is widening fast, and only those who act intentionally will move up. His advice is simple but urgent: cut lifestyle inflation , track every rupee, invest 20–30% of your income, and focus on building assets, not liabilities. Above all, learn about money — don't just earn it. The middle class isn't just shrinking — it's splitting. And the choices you make today will decide which direction you take tomorrow.
Yahoo
11-02-2025
- Business
- Yahoo
Convalt sued by Jefferson County Industrial Development Agency over unpaid $1.05 million loan
Feb. 10—WATERTOWN — The Jefferson County Industrial Development Agency has filed a lawsuit against Convalt Energy for failing to pay a $1,050,00 loan. On Monday, the JCIDA filed papers in state Supreme Court on the $1.05 million lawsuit alleging that Convalt failed to pay back a loan for constructing a 300,000-square-foot solar manufacturing plant on land that the economic development agency owns near the Watertown International Airport in the town of Hounsfield. In November, the JCIDA and Convalt parted ways after the company failed to fulfill its obligations on a land development agreement to build on the 88-acre site on Route 12F. According to the court papers, Convalt has defaulted on the loan. Marshall Weir, the JCIDA's CEO, declined to comment on the legal action against the company. "I really can't say anything at this point," he said. The JCIDA board talked about the lawsuit during a lengthy executive session at Thursday's February meeting. Contacted by phone on Monday afternoon, company president Hari Achuthan declined to comment, saying he was unaware the lawsuit was filed. "I have no idea," he said. "Maybe they did. I don't know. They did not notify us." According to court papers, Convalt failed to pay on the construction costs at the site, legal fees, costs and disbursements, "despite demands" by the JCIDA. The legal papers list Convalt Energy, Convalt Manufacturing LLC, Acco Investment Group and Achuthan as defendants. The JCIDA has learned that Achuthan is now seeking to build the solar manufacturing plant in Colorado Springs. Six weeks ago, Convalt was awarded $6.25 million in funding from the Colorado Economic Development Commission to build the plant there. Achuthan has promised to pay back the loan to the JCIDA. The project was once billed as the largest economic development project in Jefferson County's history. The JCIDA board decided in November not to renew the land development agreement after continued delays. Plans were announced in February 2021 for Convalt, then a New York City-based renewable energy company, to invest $650 million in the project that would manufacture solar panels, initially creating hundreds of jobs but projected to employ thousands over time. A sister company, DigiCollect, would also build a facility in the airport industrial park. Achuthan has blamed a glut of solar products into the U.S. from China and deep cuts in product prices, harming the feasibility of the large project. He has also indicated that it was taking more time to obtain financing for the project.
