Money Talk With Slater

Making Money Across the Board

Monthly archives "January 2020"

The Amount of Money Required for Adoption (Part I)

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Cost is an important factor when considering adoption.

The cost with adoption is something each hopeful adoptive parent ponders. Most folks understand that adoption can be expensive but aren’t really sure what it entails. Hopeful adoptive parents come to the subject with numerous concerns, so it’s understandable if you fret about how much it costs to adopt a child.

It can be a difficult question to answer, but it’s good when people ask. Adoption professionals are committed to total transparency when it comes to the practical aspects of the process, like how much it costs to adopt a baby with an agency. 

With hopeful parents, they deserve to understand precisely what adoption is going to cost, why that cost is and what services they are getting in return. While some adoption pros try to put extra fees in the footnotes, most won’t do that. If you’re considering adoption and you’re pondering how much it costs to adopt, you’ve come to the right place.

How much does adoption cost?

It would be great if someone could just tell you a true set amount that adoption will cost, but it is not that simple. You can, though, give you a cost average for every type of adoption and some specific factors affecting cost for that adoption type.

Bear in mind, that with both international and domestic adoptions, you are probably eligible for the federal adoption tax credit (unless you go over the income limits) and possibly eligible for state adoption tax benefits and employee benefits, all of which will help counterbalance the adoption cost.

Many children adopted from foster care qualify for a monthly adoption subsidy until the child is 18, in-state college tuition, and Medicaid.  The adoptive parents will probably be eligible for a tax credit that is not dependent on expenses acquired.

How Much You Will Need to Start a Business (Part II)

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Finance

The financial services sector entails insurance brokers, financial advisors, and other money-savvy experts. If you count yourself one of them and want to work a business in this sector, you can expect to spend around $50,000 with start-up costs.

The real estate business is an impressive choice.

Real Estate

Have a desire to flip homes or even run your own rental business? The real estate sector is now a popular second career choice for many folks. Start-up costs can differ based on which area of real estate you go into, but cost $80,000 on average.

Restaurants

It’s no wonder why food services businesses cost around $130,000 to get going. Despite its popularity as a business venture, an eatery needs a huge upfront investment.

To reign in the costs of hiring a large staff and acquiring space, think about a food truck and then scaling up to a brick-and-mortar place. You can even choose to franchise your business later if it succeeds.

Entrepreneurship is exciting, but running your own business full-time without the correct financial footing can leave you with disappointments. Here’s how hopeful business owners can get ready.

Making the change from side hustle to running your own full-time business is a huge move. You get more control and freedom over your projects. However, you have total responsibility for your own financial future.

If you currently have a side business or are a freelancer, and you are pondering whether to make the move to becoming a full-time entrepreneurial, preparing your finances can ease pressure and help you focus on building your business. 

One of the worst areas to get under control when you’re first beginning a full-time business is your cash flow. It might take time to drum up business or your clients to pay you. There might be unexpected startup costs from purchasing equipment to licensing your business.

Money in the bank is the largest asset that self-employed entrepreneurs can have. It helps you get through client storms, dry spells and lessens stress which helps you concentrate on building your business.