Don't Worship At Bank of America

Shannon is in the middle of adopting a special needs daughter from South Korea. They need $22,000 to finish the adoption. Where do they get the rest of the money other than what they're already doing?

QUESTION: Shannon in Kentucky is in the middle of adopting a special needs daughter from South Korea. She’s available to come home right now, and they’re raising money to bring her. However, they have $10,000 in debt now after several Murphy visits. They need $22,000 to finish the adoption. Where do they get the rest of the money other than what they’re already doing?

ANSWER: I’m a huge fan of adoption. I’m a huge fan of what you’re doing. If you can pull it off while paying nothing extra on your house and nothing extra on your debt and get the baby home, that’s fine. You’ve been through this before, so you know there’s a vast difference in cost on foreign adoptions. You know that some people pay way too much. You’ll get a huge tax credit. I wouldn’t do an interest-free loan.

As soon as she gets home, you guys have got to get rid of this debt, and you’ve got to get your emergency fund built back up and get yourself some decent cash cars. You’re going to stay on beans and rice for a while yet.

I don’t care how far your husband drives. You’ve got to quit borrowing money or you’re going to be in debt for the rest of your life. If every time you have a problem debt is your provider, then debt’s always going to be your provider. You might as well worship at Bank of America. You’ve got to stop that. You’ve got to quit figuring out a way that it’s okay that we are in a big enough crisis to do this. Other than that, yeah, I would put all of this on hold temporarily, and try to get the adoption done because you’re so far into it now. If you were just discussing the idea, I would say knock out the debt before you move into it. You’re pretty far into this one. If you pull the plug at this stage of the game, you’re going to lose what you’ve put in so far and maybe this child. In this case, I probably would do what you’re doing. But no more debt! No more debt! Stop it!

Jump-Start Your Goals!

Jump-Start Your Goals!

Get our 8-Day JUMP START series and weekly newsletter that are packed with articles and tools to help you win with money.

Learn to Beat Debt

Take Control of Your Money!

The best way to get out of debt and take control of your money is to make a plan! Financial Peace University is that plan!

Find a Class

Thank You!

Your 8-Day Jump Start is on its way to !