We all have dreams. Some dreams take a lot of hard work or discipline, and some just take a lot of money. Adoption is one of those dreams that requires all three. For many it is not just a dream but a calling. There isn’t a question of if they will adopt but how. This week on The Pete the Planner Radio Show on 93 WIBC I talked to Brooke Randolph from MLJ Adoptions. She is not only the VP of Social Services, but she is also an adoptive mother. Listen to the clip below to hear her story.
Brooke taught me a lot in this segment. I’ve know several people that have adopted, but I didn’t know much about the specifics. From paperwork, to traveling, to accepting a child into your life, there are lots of pieces to consider. Even more awesome? Brooke did all this on her own.
Of course, I was most interested in the financial aspect. International adoptions can range anywhere from $24,000 – $42,000. That is one expensive dream. But many have done it before and many will continue to do it, so how are they affording adoption? Brooke suggested there are many ways to fund an adoption. Saving is the first obvious answer, but there are other creative ways to save money like fundraising, grants, and if you’re lucky an inheritance or donation. There is also a federal tax credit up to $12,000 and some states have an adoption tax credit (Indiana is developing one).
I love hearing about people who have achieved their dream, especially when it requires so much financial discipline. If you have a big dream don’t be scared off by the high cost. Think of it like any other financial goal. Set a time frame, make it realistic, and work hard.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.