Money Conversation

Reflection

on

Starting the Money Conversation – SP2024

First of all, I am fortunate to have the opportunity to join these wonderful courses on “Starting the Money Conversation” which enriched me with a lot of necessary knowledge about handling money for my family and my congregation. I am an immigrant pastor with 370 members who have no knowledge about financial system in the US. I have now many important things to teach them on how to better plan with their limited income for their future. I will give feedback on subjects which are more challenging at the present in our community.

1. Debt: It is a relief to learn that we are not alone in this, but different people handle their debts differently. I learnt: Pay first your debt which has highest interest. Do not take more debts which you do not have a certain way to pay back. My wife and I are arguing on this topic. My wife would like to pay off smaller debt like Best Buy credit without interest in 18 months than larger Citi credit debt which has 22% interest. Now that I can explain to her, we pay at least 128 dollars interest to Citi bank every month. I am glad we have a mortgage, a good debt, a good burden. No expensive car is necessary. Another problem for immigrant community is that of fake debt collector: fraud. As many of our people do not speak English well, and are afraid of debt collectors, they waste their money many a time. The lesson of verifying a phone call or a mail of debt collection and the lesson on how to deal debt collection that is owed will help us in the future.

2. Credit building: I know credit score is important, a good credit score is like having a down payment for financing. But it was a big mistake as for my family and community when we started checking our credit at the time of buying a car or a house. From this training, I learn how to develop a credit score and what channel to choose to do it. I realize the consequences of missing or delaying payments. One thing I like to suggest is to include the nature of co-sign, which is very common in immigrant community for their cars and their mortgages.

3. Saving: Before this learning, I though saving is not a possibility for low-income family. I like this statement: “Think about the bill that concerns you, thing that really matters for daily life.” We came from very poor country and we want all things that are not necessary for living. I learn that saving does not start with big amount of money, but little by little. Subtracting weekly expenses is the first way to be able pay bill on time and a way to start a saving plan little by little. This also makes me think what my wife and I will be when we retire. We arrived in the States at our mid-life starting new lives. There is no time to waste, to start planning for retirement by a good saving plan. This applies to all my church members.  On the eight tools related to saving diagram, I see the tax return. It is where I can talk to families about saving money than buying household thing with their return. Most of my church members have kids and are low income. They get money back during tax season. I will talk about saving for their kids’ college, their retirement, and I need to learn more on options for saving.

4. There is enough: It is true, there will not be a time we say we have enough if we cannot handle what we have wisely. Our children are consumed by consumerism. By revisiting the last session LIVE, I am inspired to an awareness that we need to teach our children and our congregation to learn to live with what God has given us. Instead of complaining all the time, which invites more worries and problems, we rather give thanks to God for the blessings. 

5. Testimonies: Pastor Forrest’s comment on some church members falling in debts just show up at church with their expensive cars is inspiring as well. That is exactly happening in my community. Pastor Oscar’s comment on the credit card is a constructive warning and the story of a family teaches us a good lesson that there is never late to start over again. 

6. Creating a program for young adults: I mark this, “Do not advice beyond your capacities. Instead refer yourself or people to financial specialists.” Honestly, I have never touched the subject of student financial loan because I do not know how. There are students who are struggling with their loans that we do not recognize. They are the young people who will be leaders soon. How do we help them with this issue? This is the last session and most challenging.

7: Group Sharing: I wish I could attend the last session. I would talk about the three servants in Matthew 25:14–30 to point out that the last person who do not know how to handle his money in hand needs to seek advice. Likewise, students with loans need help where church pastors can create a safe space for them to navigate where to get that help. It is good know that ABHMS has many resources and learning space for churches and community even for students going to colleges. I remind myself: Be connected to ABHMS for the sake of helping the young adults in your community. 

I will admit that my PhD program never talks about finance like we have been engaging about it in a basic detail in these courses. The learning experience will surely help me personally, pastorally, and to work with people who seek advice. As Jennifer finally remarks, this is not the last course for me, but the beginning to learn more to be more fruitful in my ministry.

Chan Thawng Lian

Church Pastor

Church Pastor and Associate Regional Minister of ABCMC

United Chin Christian Church

Wheaton, IL

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