BASIC PERSONAL FINANCE TRAINING

HRE MANG, PH.D.

1:30 PM, April 30, 2016. 

Lecture notes from presentation to Mizo Christian Church , Indianapolis, IN, USA.

Topics:

1)   American Credit system

2)   Savings: 401k, IRA, 403B, Stock, Mutual Fund

3)   Life Insurance: Whole/Term life insurance

4)   Home ownership: Loan, Insurance, tax,

5)   Church finance: Accounting, auditing, reporting

6)   Minister pay: Housing allowances, Pension plan, Life insurance, health insurance, tax

7)   Identity Theft

 

Luke 16:10 “One who is faithful in a very little is also faithful in much, and one who is dishonest in a very little is also dishonest in much.

 

America ram financial thu zirsuahnak le license neih zo mi pawl:

Investment License, Life Insurance license, Mortgage Loan Broker License, Real Estate Broker License, Family Financial Planning course.

 

 

 

A hnuailam pawl hi thutawi khaikhawm mia si.

 

AMERICAN LIFE BULPAK FINANCE THEIH TULMI TETE.

1.    CREDIT

US um tikah credit tha neih a tulnak, ziangtin credit tha neih asi timi tete a hnuailam vekin sim asi.

i)              Credit tha a tulnak

Inn lei tikah siseh auto lei tikah siseh loan lak ding tikah credit history an zoh ih credit score, history an zoh theu. Credit history, score a that lawngah loan lak theih asi.

ii)             Ziangtin credit tha tuah asi?

a.     Creidt card neih a tul. US um pekte pawl hrangah credit card neih a tul. Credit card neihmi hmangin thil lei tikah credit record a lang. Personal check le cash hmanmi pawl cu credit report ah a lang lo. Curuangah America um pek, loan lak tul leh ding pawl cun credit card tuah hrimhrim a tha. Credit card tuah tikah mi pakaht ih card pahnih hrawng neih asile a th ati asi. Pakhat neih khalin credit history build up theih asi.

b.     Credit card neih tikah fimkhur tulmi pawl cu credit lien over lo ding, due date hlan ah monthly bill pek ringring ding. Due date ah pek lo asile cawhkuan pek a tul ih credit line over asile cawhkuan a tul fawn. Credit card pek tlai tikah credit beauru ah report pek asi ih credit history a siat thei.

c.      Leiba pek lomi um lo ding. Leiba pek lo mi a um pang asile collection center ah an kuat ih collection center ah leiba kuamti pawl cu leiba pe thei lo tiah record a siat ter. Cui hlei ah leiba pek lomi,  pawl a um asile credit history a siat ter ih credit score a siat ter.

d.     Leiba tam tuk tikah credit a siat ter.

e.     Credit card hlei ah loan neihmi, auto loan, travel loan tvp pawl tla credit history ah a lang thei ih credit history a bawm in a siat ter thei fawn.

America ram um tikah credit history thate neih a tul. Inn lei tikah siseh motor lei tikah siseh loan lak duh tikah credit history an zoh theu asi.

Bulpak credit history hi kumtin a lak in zohnak a um ih a mal bik kumkhat voikhat tal zoh a tha: www.annualcreditreport.com ah kumkaht voikhat alak in zoh theih asi.

 

2.    Home ownership

i)              Inn lei maw, apartment ah um a tha?

Inn lei tikah loan thawn lei cio asi. Inn lei tikah a thatnak cu inn man pekmi pawl kha sumkhawl vek asi ih inn man pek tam poh le sumkhawl tam vek asi. Khatlamah laimi cu inn duhmi kan si ih mahte bulpak inn cu neih thei a tha asi.

ii)             Inn lei thei dingin ziangvek neihcia a tul?

a)    Credit score: Credit history a tha tikah loan lak theih asi. Loan lak thei dingin credut score, income, le leiba tam neih le neih lo an zoh theu asi. Innsang mi paziat an si ih income ziangzat an nei, ziangzat leiba pek ding an nei, timi pawl an zoh ih credit score a that ahcun thlatin pek thei ding zat an tuak ih loan cawi theih asi.

b)   Inn man.

Inn man pek tikah loan thawn inn lei asi vekin principle loan, interest on loan, property tax, property insurance, mortagage insurance ti pawl hi loan company hnenah a hlawm in pek theu asi. Mahte pek tulmi dang tla cu electric man, tidai man, neighborhood association fees( a um asile), electric, gas (mi hrekkhat gas hmang hrangah), hi pawl hi a tlangpi thu in cemmi asi.

c)    Property insurance le motor insurance pawl hmunkhat ah tuah asile discount a um theu ih inn , motor tivek pawl hi insurance hmunkhat ah tuah asile a tha zet.

3.     Life insurance.

Life insurance cu thih tikah tantami hrangah asi. Nupi pasal, fate nei pawl hrangah a tul sinsin. Inn nei pawl tla inn man pe theh hrih lo pawl hrangah a tul zet. Life insurance a tlangpi thu in whole life, le term life ti in a um. Whole life policy cu thih tiang asilol, kum 90 tiang tivek in tarkung tiang policy asi. Term life insurance cu kum  10, 20, 30 tivek in kum bikhiah sung can hrangah life insurance lei asi. A um zia cu inn man pe rero lai pawl, fale cawm ding nei pawl, nupi pasal cawm ding helhkam ding nei pawl cakkhai, pawimawh thih hloh um pang sehla tanta mi fanau pawl sumpai lam ah an hai lo ding ten um ter thei dignin tumtah mi asi. Asinan life insurance lei tikah mai inn sang thlatin sumpai hman dingmi beibah khawp lei ding asilo. Company hnatuan nak ah hired hna nei pawl cu life insurance an pe cih theu nan hna tuannak cu a hmun lo ruangah life insurance ngai pawimawh thei cun pawnlam life insurance company ah lei thei ahcun lei a tha.

 

4.     Saving

America ram ahcun “pay yourself first” ti asi. Leiba na neih tla le nangmai hrang khawl hmaisa aw, “leiba le saihlum hnget thei a silo” tivek deuh asi. Hmailam saupi hrangah fimkhur ten sumpai khawl thiam cia a thupi zet. Sumpai khawl dan a phunphun:

i)              401k, IRA

Company ah hantuan nei pawl cu hired an si tikah 401k sumkhawl asi. 401k ret tikah a hlawknak cu tax pek hlan in sumkhawl asi, sumkhawltu pawl hrangah company in sum mi an bet (matching an tuah), sumkhawlmi cu nitin te stock market ah ret asi ih sumpai a pung rero. Lailam vokte vulh vekin nitin sumkhawlmi a rak thang rero thei asi. 401k cu pension account tiah ruat asi ih kum 59 ½ hlan ah lak asile regular tax hlei ah 10% tax penalty pek a tul. Asinan inn leinak, lole dam lo cakkhai hrangah sumsuah duh asile tax penaltu pek tullo in lak theih asi fawn.

 

Company ah “employee” in hna tuan loin mahte hnatuan pawl “self employed” asilole hnatuan nei lo tla sumpai neih ahcun pension hrangah IRA account ah sumpai khawl theih asi. IRA account ah retmi pawl cu tax pek hnu ah mai income sung ihsin pek asi ih nitin te sum ti punnakah ret asi tikah sum neih zat a thang rero thei asi.

 

 

ii)             Student saving account

Fate nauhak te nei hrangah student saving account onsak in kumtin thlatin sumpai malteten fale te an tum tikah an college hrang retsak cia theih asi. Cutin account neih asile sumkhawlmi cu tax pek tul lo asi.

 

iii)           Mutual fund, stock, bond, etc.

Investment ah sumpai ret duh asile stock, mutual fund, bond, tivek pawl lei theih asi. Mah rori in theih theh a tul lo ih a tuah tu, financial offier pawl in mi an tuahsak thei asi.

 

 

5.     CHURCH FINANCE

i)              Income

            Kawhhran in income neihmi cu kawhhran member pawl thawh khawmmi asi deuh theh ruangah sumpai laklutnak lam thu cu tampi sim lo mei sehla.

ii)             Account keeping

Kawhhran sumpai cu bank account ah thun theh hnu lawngah man siseh la a tha. Department dangdang in account a hranhran neih asi tla le Church Accountant lole treasurer hnenah financial report pek thei ringring a tha. Church sumpai a lut mi zaten record book sungah khum ringring thei tha. Sumlut cazin lawng si loin receipt pawl tiang record tha ten ret theh ding asi. Auditors pawlin sumpai an cek tikah sumlut sumsuak, verified theih dingin record felfai ten ret rignring a tha.

 

iii)           Budgeting

Kumtin kum thawk ah kumkhat hrang budget tuah in kawhhran pi sumlut ding budget siseh kumkhat sung sumhman dingmi pawl tuah cia thei a tha fawn. Department then pawl hrangah siseh zianghrangah ziangzat hman asi ding timi ret cia asile Executive committee decision tul nawn loin financial policy neih mi vekin budget sung ihsin tuanvo neitu in hmansuah theih asi.

 

 

iv)           Reporting

Treasurer in thlatin voikhat church leadership team hnenah financial statement report pek thei a tha. Sumlut sumsuak report pek ringring a tha. Sumpai thu ah transparent zet in sumpai a lut a suak piakhat khal kawhhran leadership team hnenah report pek a tha ih kawhhran mipi hnenah kumkhat voikhat tal a mal bik report tha ten pek a tha.

v)             Auditing

Kawhhran auditors in a mal bik kumkhat ah voikhat, a cang thei asile thla 6 voikhat audit tuah thei a tha. Auditor in sumlai sumsuak pawl receipt pawl thawn cekfel theh ding asi. Sumlut sumsuak cazin, receipt, le bank record pawl bank statement ah zoh in cekfel, audit tuah theh ding asi. Auditors pawlin kawhhran leadership team le kawhhran mipi hnenah report, cipciar pek ding asi. Kawhhran mipi pawlin kawhhran sumlut sumsuak cazin zoh duh, cekfel duh tikah transparent in zoh theih in cazin felfai neih thei ringring a tha.

 

vi)           Saving.

            Kawhhran sumpai neihmi pawl khawl thei mi a um asile saving account neih a tha. Bond, security products pawl ah sum tipunnak hrangah ret a tha. Kum reipi ret lo tla le hman lawk lo dingmi sumpai neihmi pawl cu regular checking ah ret lo in saving account ah ret thei asile sum tipun nak ah ret asile kawhhran hrang thathnemnak asi.

vii)          Pastor pay

Pastor pay hi US ram ih mil in pek thei a tha. Thenhra thenkhat hi a cang thei tawk in thildang ah hmang loin pastor pay le rawngbawlnak ah hman asi le a tha. OT san lai ahcun thenhra thenkhat cu levy miphun pawl hnenah pek a rak si theu. Asinan NT kawhhran tampi cun pastor hnenah pe theh loin rawngbalwnak dangdang ah hmana si. Sumpai mipi thawhsuah mi pawl cu kawhhran danbu vekin kawhhran mipi pawl lungkim tlangnak lamzin ah mipi thinlung thiangten hman thiam a thupi.

Pastor pay pek tikah then thiam a thupi: basic pay, housing allowance, life insurance, health insurance, pension pay, utilities allowance, book allowance, family allowance, tvp pek thiam a thupi zet. IRS in pastor pawlin an ngahmi sumpai lak ihsin housing allowance cu tax free ah an tuahmi asi. US ahcun kawhhran pawlin an tuah sak theu mi cu pastor pay basic pay hleiah health insurance, life insurance, pension, utitilies allowance, book allowance pawl pek cih thei a tha.

 

 

 

 

 

 

6) Identity Theft

 

Nan bulpak thu hla, suahni, social security numbat, address, phone numbat pawl hi a tul lo pi in mi hnenah pek ding asilo. A bik takin phone thawn theih lo mi in an dil tikah zohman pek dah lo ding asi. A tlunih na thu hla pawl an theih asile nah min in credit card, bank account la an ong thei ih na hrangah thiltha lo a suak thei. A thlunih na bulpak thu pawl umnak cahnah pawl tla fimkhur ten kilhim ding asi. Hi pawl umnak cahnah cu hnawmpung sungah hlawn menmen ding asilo.

 

Na banks tatement, credit card statement pawl zoh ringring aw. Na theih lo mi leiba, thilri leimi a um pang asile credit history check in credit beauru ah report pek lohli ding asi. A tul lopi in liankuan siseh cemnak lo dingin mahte kilhim awk thiam ding a thupi. Kumkhat voikhat tal na credit na cek theu asile a tha. A lak in ceknak a um. www.annualcreditreport.com ah cek theih rignrign asi.

 

 

 

 

Qs & As.