Sell The Car And Finish The Adoption
Darren and his wife decided to adopt a year and a half ago. They're still working their way out of debt, but they're at the point where they have to pay for the adoption now. How do they pay this bill?
QUESTION: Darren in Detroit and his wife decided to adopt a year and a half ago. They’re still working their way out of debt, but they’re at the point where they have to pay for the adoption now. The fee they need to pay is about $18,000. They’ve already put in $2,000. They have $4,200 in debt left with two mortgages as well. How do they pay this bill now?
ANSWER: Dude, I don’t have any magic wands. I can’t make $18,000 appear out of nothing. Only banks can do that. You’re at a crossroads. You’re faced with delaying the adoption or going into debt—unless you’ve got something you could sell.
Sell the car. Drive a beater and have a baby. You’re not going into debt for the adoption. You’re going into debt to keep your car. The way I answer questions here is what would I do? I can tell you one of the most rewarding things I have ever done in my life short of my walk with Christ is raising children. It’s absolutely fabulous. I recommend it for anyone. It’ll wreck your world in a wonderful way.
I strongly recommend if you want to adopt that you do it, and I would never even think about trading a car for a kid. And there’s no way Dave Ramsey’s going to tell you to go into debt. I’ve managed to make it 20 years on the air and never told anyone to borrow money. It’s not going to change here so you get to keep your car. You entered into an agreement—a process—that you don’t want to step out of, and I don’t blame you, by the way. In the middle of that, you had a heart change. You wouldn’t go buy a new car for $20,000 on debt right now with the information you have. It’s basically the same discussion we’re having. If you were driving a beater, you wouldn’t go borrow money to buy a new car with the information you have right now. The good news is we actually found a way to solve this problem. It’s a very uncomfortable method, but I’ve got to tell you there is no possible way I’m going to tell you to borrow money, and there’s no possible way I’m going to tell you your car is a better buy than that kid. I think you can scrape together the rest of the money. You can pull this off without borrowing a dime. Have a big garage sale, put a bunch of stuff on Craigslist, and sell your car. Do the adoption. Or don’t, but that’s your decision. You can do whatever you want to do. You’re an adult. But just because you once thought that borrowing money was a good idea and now you no longer do doesn’t mean we’re going to go back and go, “Oh! This is once. That all changes.” No, it doesn’t.