Episode #44 - Adoption & Finances: How To Prepare Successfully
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Adoption can be an emotionally and financially-taxing experience. If you’re considering adoption, then Laura Coleman is your expert. She has both personal experience and also a business helping others prepare for adoption.
Listen in for (1) Laura’s story, which might make you question your assumptions, and (2) everything else you need to know about adoption!
Some pointers:
Prior to adoption, identify what type of adoption you want. Then, you can research and discover the vehicle that will get you there.
As an example, let’s say you’d prefer a domestic adoption. Then, you can find an appropriate agency and see how much it costs. From there, you can build your funding plan. Laura even helps people build and create multiple sources of income to make this dream come true!
There are many ways to raise money toward funding an adoption or fertility journey. Some ideas include grants, fundraising, borrowing, and side hustles AKA additional income streams. Laura’s Preparing Financially For Adoption Course helps walk you through the entire process.
Stay until the end to hear how $30k got Laura nowhere, but $2,700 led to adopting 3 children!
A few highlights:
Couples often fight about money, but an adoption or fertility journey adds an entire layer to that. Her best advice to maintain your relationship? Have a “date night” fund and commit that focused 1:1 time. This will help you grow toward each other, even during the most emotional or tumultuous times. [11:40]
If you have a high-deductible medical insurance plan, you’re eligible for a Health Savings Account (HSA). This is a great place to stuff savings in preparation for your future adopted child’s potential unknown medical needs. [15:55]
The general assumption is that adoptions are expensive. This is in part due to that there may be some physical or medical needs that come with an adopted child. However, there is help out there! For example: tax credits; Medicaid; and other ways to structure your finances so that you can maximize the utility of any benefits offered to you. [16:40]
Links:
Want to level up your game around money in your relationship? My free quiz will help you learn your Couple’s Money Personality Type AND how you can grow from there!
Adam Kol
I am a Couples Financial Coach who loves helping couples get on the same page, minimize their financial stress, and build healthy financial futures. As a Certified Mediator, a Lawyer, and a former Financial Advisor, I offer private coaching and programs so that you can have the teamwork, peace of mind, and financial freedom that you want and deserve.
