March 29

Have You Considered [the Cost of] Adoption?

Montelara-Demick Family

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:

Potencialmillonario.com

 

Article By  (Via PTMoney.com)

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.

Legal Fees

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.


About Emily Guy Birken
Emily Guy Birken is a former English teacher, and an excellent freelance writer. She’s also a stay-at-home-mom. She resides in Lafayette, IN, with her engineer husband and son. Emily’s thoughts on parenting and life in general are found at The SAHMnambulist.
Category: Uncategorized | 3 Comments »
January 12

Two Masters, Really?

Felix Cesar

By Felix A. Montelara

Author & Host of the Potential Millionaire

Matthew 6:24

English Standard Version (ESV)

24 “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.

 

In the last episode of Potencial Millonario, I talked to you about the strange taboo that exists about money- in that money is a topic that many people will avoid discussing until they are really in trouble with it.  Most financial problems could be solved early on with appropriate planning and budgeting, but because of the money taboo, many people will not ask for advice and will make dangerous decisions, such as taking out title loans, skipping payments, or hiding the problem from their family.  It is often only when a person becomes desperate that they will finally ask for help, and usually I find that most of the problems could have been avoided if they had asked sooner.  These financial problems can bring ruin to a marriage and destroy a family, causing people to lie to each other, hide the issues, and bring huge amounts of stress onto relationships.  Debt is a terrible master, and serving debt is like signing yourself over to servitude.  So I ask you, is money the problem, or is it the fact that people won’t talk about money, and therefore don’t understand money, that is the problem?  Friends, that is exactly why I began this radio program and website, this is why I wrote the book Potencial Millonario:  to help you understand your money and make it work for you!

In Matthew 6:24, it states, “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”  Let me make something clear: Money is not your master.  When you take my advice or follow my golden rules, or when you decide that you want to be financially free, or that you want to start saving money, or that you want to become wealthy, you are NOT serving your money.  You are NOT making money your master.

Potencial Millonario

Stop Worrying and Start Living

On the contrary, when you decide to have a responsible lifestyle in which you have a budget, an emergency fund, a savings account, when you save for what you want to buy instead of using credit, when you discuss money with your family and involve them in this process, when you do these things you are NOT serving money.  You are making your money serve you.  You are making your money work for you.  You are being a good steward of God’s bountiful gifts, you are taking the opportunities the God sets before you.  You are following God’s word as written in the over 100 verses in the Bible that deal with money.  So, my friends, when you are financially free you can serve God.

If you are in terrible financial trouble, if you are worrying day in and day out, if you are lying to your family, if you feel guilty because you cannot get a handle on these things- you need to ask yourself if you are serving money or serving God.  Is there time in your day, amidst your money worries and stress, to give time, thanks, and devotion to God?  Or do you instead find your discussion with God always starts with, “Why me?”  Friends, as Matthew 6:24 states, “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”  Be the boss of your money, make your money work for you, so that you can do God’s work.  You will love the financial freedom, you will love the relaxation that comes from knowing that you have control of your money.  This will free you to do the wonderful things that you are capable of with your God-given gifts and talents.

Footnotes: Matthew 6:24 Greek mammon, a Semitic word for money or possessions

 

Category: Uncategorized | No Comments »
December 6

Golden Rule #4 From The Book Potencial Millionaire- Spend Less Than You Earn

Banner WP

By Felix A. Montelara

Author & Host of:

Potencialmillonario.com

 

Spend less than you earn, Golden Rule #4

From Potencial Millonaro by Felix A. Montelara

I a moment I will tell you the secret to winning in the game of personal finances

The secret is that you have to generate more income than expenses . In other words you have to make more money versus the money you spend. Simple right?

A survey conducted by the American payrolls Association indicates that 72 % of families in the US would find it difficult to pay their monthly debts if their pay checks were stoped fr a short period of time .An example of this is  the recent Federal government closure  I received several calls for consultations people living paycheck to paycheck . These people were desperate because they could not make their monthly payments when their payroll salary stopped during the shutdown.  The folks asked what can I do now?  How can I prevent making late payments that will cost me more later?  I advised them  to communicate with  their lender and reach an agreement since this situation was temporary. I also advised that the ask family such as their parent to loan them money short term with the understanding that they would get reimbursed once the government reopened.

Now let’s talk about the situation where the discontinuation of your check or payroll salary is interrupted for an extended period of time, such disability without pay, a closure of the company, or an unexpected layoff.  Then the alternatives are different. These are the reasons why you have to spend less than you earn. Let’s take for example a family of four generating $5,000 a month. What do you think they would say if asked . How much do you spend each month? Most likely the answer is  going to be $ 5,000. Hey why not ?Now we have another family of four with an income of $6,500 per month. They are generating  $1,500 more than the first family What do you think will be the answer when they ask how much they spend each month? Yeah probably $6,500 . Why not?

No matter what the income of people it is our nature to spend de maximum of our income to maintain a certain lifestyle. In other words, people elevate their lifestyles as much as possible to the point of living beyond its what they earn, and accumulate substantial debts to kept that lifestyle. However it is a lifestyle you can not afford .

Then I wonder…

What happened to the extra $ 1,500 that was earned the second family ? Why can they not make ends meet. It’s simple they don’t have the millionaire mindset. The millionaire mindset is a philosophy that is accompanied very different lifestyle from the one described n this program  Nevertheless, the problem is evident  as the survey says 72% of our families live paycheck to paycheck. So, If you want to win with money the fundamental rule or what I call the secret with getting ahead financially is to spend less than you earn. This is true whether you are earning minimum wage  or you are making millions. This  may be common sense , but certainly not a common habit f most folks.

You have to educate yourself about the philosophy of the Millionaire Mind and apply the concepts like spending less than you earn. I ask do you have the millionaire mindset? and me know your opinion at 334 357 6410 and we will it along on the radio. But above all remember that we all have the potential millionaire within us.

Amonzon Book cover

Category: Uncategorized | 1 Comment »
December 6

Regla de Oro #4 del libro Potencal Millonario – Gaste menos de lo que se gana

Comprelo Ya... Potencial Millonario By Felix A. Montelara

 

By, Felix A. Montelara

Autor & Prodctor

Potencialmillonario.com

Author: Potencial Millonario

Author: Potencial Millonario

Regla de Oro # 4  del  libro Potencal Millonario

Gaste menos de lo que se gana

Les voy a decir el secreto para ganar en el juego de las fianzas personals  asi que busquen lapis y papel o su  tablet y computadras  para que tomen notas. El secreto es que  hay que generar mas ingreso que egresos.  En otras palabras hay que cobrar mas dinero versus el dinero que gastas.

Una encuesta realized por  la associacion de nominas de seldom Americana indica que el 72% de las las familias en los estads undios se les haria dificil para sus deudas mensuales si hubese una interupcion con su nomina regualar. Un ejemlpo de esto fue el reciente cierre del gobierno Federal. Yo recibi varias llamadas para consultas de persoans que viven de cheque a cheque . Estas personas se estaban desesperando por que no pudieron hacer sus pagos mensuales cuando la nomina del sueldo no le llego.  En las consultas me preguntaban que podian hacer?  Para evitar su defalco con sus deudores. Le aconseje que comunicaran con los deudres y llegaran a acuerds razonalbes ya que su stuacion ere temporera.

Ahora vamos hablar de la situacion donde la interupcion del check o su nomina de sueldo es por un tiempo extendido, ejemplo discapacidad sin paga, un cierre de la empresa, o smplemente un despido inesperado. Entonce la alternatives son diferentes.  Estas sn las rezones por la cual hay que gastar menos de lo que gana.

Vamos a tomar por ejemplo una familia  de cuatro quines generan  $ 5,000 al mes en ingresos . ¿Qué crees que dirían si les preguntamos .cuánto gastan cada mes ? Lo mas probable van a decir  $ 5,000. Logico no? Ahora , vemos otra familia  de cuatro  que que su ingreso es de $6,500 al mes . Ellos están generan $1500 dólares más que la primera familia ¿Qué crees sera la respuesta cuando les preguntemos cuánto gastan cada mes? Así es, $ 6.500 .

No importa cual sea el ingreso de personas es nuestra naturaleza gastar hasta capacidad máxima de sus ingresos para mantener un estilo de vida. En otras palabras, las personas elevan sus estilos de vida tanto como sea posible al punto de que viven más allá de sus de lo que ganan, y acumulan deudas considerable para  tener ese estilos de vida que financieramente hablando no puede permitirse .

Pregunto  ¿Qué pasó con el extra $ 1500 que la segunda familia genero  ? porqe no le llegan a fin de mes. Es simple no tienen la mentalidad millonaria. La mentaidad millonaria es un filosofia que van adjunto a us estilo de vidad muy diferente al del las familias descrtas por mi en este prorama. Y el problema es que como dice la encuesta el 72% de nuestras familias viven de cheque a cheque. La regla fundamental  lo que yo llamo el secreto es para salir adelante financieramente es gastar menos de lo que gana . Esto es cierto si usted se esta ganando un sal salario mínimo o si se gano la lotto con millones de dolares.

Puede ser el sentido común, pero ciertamente no es hábito común .  Uno tiene que educarse sobre la filosofía de la mente millonaria y aplicar los conceptos com el gastar menos que lo se gana. Les pregunto tiene usted la mentalidad millonaria ?  dejeme saber su opinion al 334 357 6410 y la pasaremos por a radio. Pero sobre todo recuerde que todos tenemos potencial Milonario.

Category: Uncategorized | No Comments »