Watch out… something BIG is brewing at PHIR Wealth.
Watch out… something BIG is brewing at PHIR Wealth.
Our objective is to facilitate financial literacy and easy access to financial services. It should aim at imparting knowledge to enable financial planning, inculcate saving habits and improve the understanding of financial products leading to effective use of financial services by the common man. Financial literacy should help our customers to plan ahead of time for their life cycle needs and deal with unexpected emergencies without resorting to debt. We would like to support their economic security aided by use of our banking services to enable them to become wealthy.
A combination of financial awareness, knowledge, skills, attitude, and behaviour needed to make sound financial decisions.
Digital financial literacy combines the skills needed to navigate financial services with the skills to use digital technologies.
Depending on the user’s proficiency, technology such as internet browsers and mobile devices may help or hurt access to financial tools. Someone with low skills in technology may struggle to access an online bank account.
A list of financial records and important financial papers that need to be kept safe is given below. It can be used as a starting point to create a personalized record keeping list for yourself/your household. Use basic filing system—paper or electronic—to maintain and access these records easily
The banks as a providers of financial services, have an inherent gain in the spread of financial literacy, as it would help them capture the untapped business opportunities by small customers. Banks must provide a bouquet of banking services comprising of a small overdraft facility, variable recurring deposit account, KCC, remittance facilities to the account holders in order to make the accounts transactional. The provision of adequate credit is also important not only in the interest of the customer, but also for the banks as the income earned through interest would make the exercise a commercially viable proposition.
Capital market instruments are financial assets that are traded in the capital markets. These instruments represent ownership in a company or debt owed by an entity. They are used by investors to invest in businesses and governments, with the aim of generating returns on their investments. Capital market instruments are typically long-term investments and are traded in the secondary market. Capital market instruments are subject to regulatory oversight by financial authorities to ensure transparency, fairness, and investor protection. Investors should be aware of the regulatory environment governing these instruments.
Investing in real estate is a long-term strategy to potentially help to build wealth and generate income. Real estate is often an individual’s largest asset. Real estate serves as a robust, tangible investment tool offering capital appreciation, regular rental income, and tax benefits, often acting as a hedge against inflation. Investors can utilize leverage through financing to acquire properties, aiming for long-term growth and portfolio diversification away from volatile stocks.
The national pension system is a pension plan by the Government of India to provide financial security and stability during old age, when people don’t have a regular source of income. It is open to all citizens of the country between the ages of 18 and 60 on a voluntary basis
Insurance is an arrangement through which one can plan for the continuation of income when certain events like disasters, illness, accident, death, or old age may disrupt one’s ability to earn his/her Livelihood.
Universally, the insurance business is classified into life insurance and general insurance. Life insurance policies are termed as benefit policies of protection and are normally considered to be a means of protecting one’s family against the unforeseen circumstance of death of the earning member.
The general insurance industry provides many benefits to society by offering financial protection to individuals, families, businessmen and industries, in the event of unforeseen catastrophes, losses to their assets and property.
Focus on “Risk Mitigation” rather than just investment.
A HUF (Hindu Undivided Family) is a unique legal and tax entity that pools together and manages family wealth and investments. It is a family unit that comprises lineal descendants of a common ancestor and is treated as a person and separate tax entity. That is the beauty of this arrangement (if you’re a Hindu, Sikh, Jain, or Buddhist), since forming an HUF may help you get considerable tax savings.
You can split your income, double your exemptions (since HUFs have separate PANs and file tax returns independently) under various sections, and deploy/manage investments for collective gains.
Cyber Security Awareness is celebrated worldwide to safeguard our digital identities and transactions. This long awareness drive has grown with the rise in cyber-crime incidents worldwide, especially during and after the COVID-19 pandemic. People have become digitally savvier and have been using online banking and digital payments. This has also made them more prone to online financial frauds and scams like impersonation, vishing, phishing, and identity theft.
Therefore promoting awareness is the only way to protect individuals. Here are details of various types of cyber frauds.
Crisil Ratings rates a large number of financial sector entities, including banks and non-banking financial institutions, housing finance companies, securities firms. This entails assessment of six major parameters: capital, resource raising ability, asset quality, management, earnings, and liquidity. In addition, Crisil Ratings also assesses instrument-specific risk factors, and has developed ratings framework and methodologies to evaluate the same.a
Building trust by showing users where to go when things go wrong.For Banking, RBI for capital market SEBI, for insurance IRDAI and for PF, PFRDA.
