Speaking from my experience, adopting was frustrating and expensive; but taking care of our children in this world is the best feeling ever. The Potencial Millionaire mindset can make anything possible. Why? Adopting is the right thing to do.
Felix A. Montelara
Author & Host of:
Having children is an expensive prospect. A recent USDA study calculated that it will cost new parents $235,000 to raise children from birth to age 18—and that figure does not include college costs.Unfortunately, that number will be even higher for those who become parents through adoption. Prospective parents may realize that there is a cost associated with adopting a child, but it may shock them to discover just how much they will need to have budgeted before they are able to bring their new family member home.In honor of National Adoption Month, here is a break down of the costs associated with adopting a child:
Three Types of Adoption
According to the Child Welfare Information Gateway, there are three ways to bring an adopted child home: public agency adoption, which generally works to place foster children into forever homes, private adoption, and inter-country adoption. Each of these adoption methods have their own particular costs, although there are some costs you can expect to pay no matter what route you take to adoption. Those universal adoption costs include home study expenses and legal fees.
Home Study Expenses
All prospective parents must go through a home evaluation or study before they can be put on the waiting list for a child. These home studies help the adoption facilitator or social worker to determine if the prospective parents are qualified to take a child into their home. Though completely necessary, this can be a frustrating process for adoptive parents—and an expensive one.
Home studies can cost parents between $1000 and $3000 for private and inter-country adoption. If you are adopting through a public agency, the home study fee can be lower—around $500—or waived, since public agencies are generally trying to find homes for older foster children or kids with special needs.
Some private and inter-country adoption agencies will include the cost of the home study in the overall fees for the adoption.
Nearly all adoptions must be finalized in court, and inter-country adoptions can have some legal requirements on the foreign end as well. While some jurisdictions in America will allow adoptions to be finalized without an attorney, most adoptive parents will have to hire a lawyer for their legal needs. The Child Welfare Information Gateway estimates legal fees will cost between $500 and $6000:
“The cost for court document preparation can range from $500 to $2,000, while the cost for representing adoptive parents in an uncontested adoption can range from $2,500 to $6,000.”
However, those parents who are adopting foster kids through public agencies will usually find that their state makes cost allowances for their legal fees. These cost allowances should cover most or all of their attorney fees.
Public Agency Adoption Costs
These adoption agencies are usually working to place foster children, older children, or children with special needs, although some infants do get adopted through public agencies. Since these agencies are working to find the best home for children who may be more difficult to find parents for, the costs associated with this type of adoption tend to be low or waived. Public agencies do not want to put any obstacles in the way of these children finding homes.
However, there are still costs associated with this type of adoption, including travel expenses and lawyer’s fees. Altogether, parents adopting through a public agency can expect to spend $2500 or less, including the home study expense and legal fees.
Private Adoption Costs
There are two ways to go through a private adoption: through a private agency or independently. If you use a private agency to adopt, you can expect that agency will charge a fee of anywhere from about $5,000 to $40,000, which will cover the costs of the home study, counseling for the birth parent, adoptive parent training, and social work services. Private agencies will sometimes offer a sliding scale of fees, dependent on the adoptive parents’ income.
Independent adoption is when adoptive parents locate a birth parent on their own, and use an adoption lawyer to facilitate all of the necessary paperwork. Costs for an independent private adoption can include everything from advertising (to find a birth parent) to allowable medical expenses for the birth mother to legal fees. The laws of your state may prohibit or cap some of these expenses, as laws differ from state to state. Independent adoptions can cost between $8,000 and $40,000, although the average cost is between $10,000 and $15,000.
Independent adoption costs can fluctuate much more than those through a private agency, and adoptive parents may not have their costs reimbursed in the case of a birth mother changing her mind.
Inter-Country Adoption Costs
Adopting a child from another country adds more complexity to the paperwork you need to do in order to bring your child home. International adoption agencies generally charge fees of approximately $15,000 to $30,000, although many international agencies also offer sliding fee scales.
Related podcast: “I started a freelance photography business to help fund my international adoption.”
The costs of inter-country adoptions can include immigration processing and court costs, a required donation to the foreign orphanage, parent travel expenses, translation fees, foreign legal fees, foreign agency fees, passport fees, and sometimes medical and foster care of the child.
The Bottom Line
There are several programs available for adoptive parents to help defray these costs, but any parent looking into adoption should expect to write some fairly big checks before the adoption process is complete.
It’s a frustrating fact of life that adoption is expensive. But every parent I know would say that holding their child for the first time was a priceless experience.
Potencial Millonario en WIQR 1410am / The Potential Millionaire on 1410am Radio
Félix A. Montelara expone el conocimiento que lo llevara a estar libre de deudas cambiando para siempre su futuro.
A traves del programa de radio le ayudaremos a clarificar sus objetivos financieros familiares y les ayudaremos a prevenir el fracaso financiero que puede ocurrir al carecer de conocimiento o planificación. Evite las “trampas del dinero”, crecera su entendimiento acerca del crédito, el control de deudas y aprender a determinar como ahorrar y llevar a cabo sus sueños. Usted aprendera a ser como el “Vecino Millonario” y aprenderá como uno se convierte en un individuo con buena condición financiera. Se le proporcionará algunos consejos para que formen un plan monetario familiar para su hogar.
Felix is the author of the book Montelara Potential Millionaire . Felix is an expert on the subject of personal finances and is now on radio.
The radio program Potencial Millonario, is dedicated to educating the listener through some basic rules regarding the administration and management of money.
Felix A. Montelara has become debt free, which has forever changed his future. Now he wants to share this knowledge with others.
This radio prgram will help listeners clarify their family financial goals and help them prevent financial failure that can happen due to lack of knowledge or planning . Avoid the “money traps” and grow your understanding about credit and debt. Listeners can learn to be like the ” Millionaire Next Door” and learn how one becomes an individual in good financial condition. The program will provide some tips to form a plan for your home, family, and money .
Felix A. Montelara
334 357 6410
- Success- PotencialMilonario.com and the Radio Program Visited In 50 Countries. (potencialmillonario.com)
The Senate voted to pass a bill which will reopen the U.S. Federal government. The bill will raise the debt limit and President Obama has spoken about the vote. Excellent.
Now if you were one of the 800,000 furloughed employees, what is our take away besides the obvious. I ask, could you have gone two more weeks with the uncertainty of not receiving a paycheck? Let’s not talk about another month without one. I received numerous calls and comments via e-mail around the issue of not having enough money to pay the bills. And that was only after the first pay period which had several paid days missing.
My advice was simply, “You will have to borrow from a family member or make payments by using a credit card until the shutdown ends.” As you know, this is not what we want to do. We would rather receive a paycheck and make our payments on time. However, this shutdown should make you change how you handle your money. If you were not able to make payments out of your savings, you are not managing your money well and that needs to change in the future.
In my book upcoming book Potential Millionaire the third golden rule is, “Establish an Emergency Savings Fund.” This will prevent you from having to borrowing in case of another shutdown, which could happen again. Being self-reliant financially is always a great thing. If you are like me and have saved for a rainy day congratulations. You are part of 25% of America household that learned to manage you money.
Here is an excerpt from Potential Millionaire on the subject of Emergency funds:
“The unexpected can happen at any time. This is the importance of saving some money for an emergency. You never know what can happen with your work, family, health, among other things. So it’s smart to be financially prepared by having an emergency fund. An emergency fund is savings that you keep separate from your other accounts. Only when it is absolutely necessary is it used in case of true necessity. By stumbling you learn to walk, but it is not that simple. Starting an emergency fund is like the first year of a child’s life. They must strengthen their muscles and develop coordination. With the passage of time the child learns to rollover, sit, and crawl subsequently standing and will start walking. However, some will take more time to reach this achievement. This process will have a series of challenges and skills that require great efforts on your part. As you learned in chapter three, there are habits and attitudes that you must adapt if you want to have new and exciting experiences in winning with money. Once you overcome the challenge of obtaining and completing an emergency fund you will be on the road to financial freedom.
If you attempt to run without knowing how to walk, rest assured that frustration will come and failure will soon be upon you.”
Remember we are all Potential Millionaires
Felix A. Montelara
Author: Potencial Millonario
- Senate Leaders Reach Agreement to End Fiscal Impasse (bloomberg.com)
Government Shutdown- Day 8- CNN: “President Obama called Speaker Boehner offering to negotiate an end to the shutdown. The president said he is willing to negotiate, but only “after the threat of government shutdown and default have been removed.” In other words, nothing’s changed.”
Well, for me things have changed. I was recalled to my office along with all other Criminal Investigators in the agency. I may keep reporting on the shutdown, I’m not sure. The house passed HR 89 to retro pay all furloughed employees; let’s see how that progresses. I have not worked on my book today, but here is an excerpt:
- “If you are like me, you may have invested a lot of time and money learning how to craft your calling. You learn how to control situations and survive in dangerous situations. As law enforcement professionals, you make every effort to win and make sure that you go home at the end of every shift. You train well and even pay for training provided by the best in our law enforcement community. You learn the laws applicable for the job, You practice your officer survival systems and you become proficient with the weapons of your trade. While you work so hard at becoming the best law enforcement officer possible you neglect other aspects of your lives. ”
Felix A. Montelara
Author: Potential Millionaire
Shutdown news (as I see it)- The first weekend went by uneventful. The House, Senate, and the Obama Administration are dead locked in negotiating; Only if they get everything they want. President Obama says he would consider some concessions on Obama Care. So, lets see what happens this week.
Personally things went as normal as can be this weekend. Today , Day 7, I took kids to school, went to the gym, and continued working on my book, here is and excerpt:
most people ignore these simple strategies. However, it is said that you should have saved at least three to six months of your monthly expenses as an emergency fund. The majority of people do not have at least $1,000 in liquid savings. The Brookings Institute, in a recent paper called, “Financially Fragile Households: Evidence and Implications” indicates an alarming inability among U.S. families to deal with ordinary financial emergencies, such as a major car repair. The Brookings Institute found that nearly half of those surveyed answered that they could “probably or certainly not” figure out a way to find $2,000 in case of a financial emergency. Only one-fourth with middle to lower income said they definitely could find a way to make the payment. Surprisingly, nearly one quarter of those with $100k-$150k household income reported they wouldn’t be able to find $2,000. According to the Brookings Institute, those who believed they could come up with the money to cover a financial emergency would use a combination of relying on family and friends, using alternative credit, increasing their work hours, working part-time, using savings, and selling personal belongings.
NOTE: My layoff may end by midnight and I should back to work in the morning. If happens there will be on final post on this subject.
Felix A. Montelara
- How To Survive Layoffs and Furloughs – Part 2 (everythinggirlslove.com)