Ep. 55: Howard faces the financial ramifications of adopting a child

Meet Howard

Age: 34

Howard’s main concerns, in his own words:

I make a little more than $60,000 a year. My wife does not work outside the home and we recently (2 years ago) adopted our daughter from Bulgaria. At the same time, we’ve paid off all our debt except for our house. Our entire adult life has been either saving up for the adoption or paying off our debt, and now that we’re there…we have no idea what to do. We know that we’ll eventually retire, but at the same time we want to save for our daughters college. We have no idea if we’re on pace for all of that, and no idea as to what our financial goals should be.

What we cover in this episode:

  • Supporting a family on $60,000 a year
  • Dealing with the ramifications of a $45,000 adoption

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