As mentioned, we were in $1,000,000 worth of debt. Over half that was a mortgage, and another good portion was student loans and the remainder was auto loans and consumer debt.
We were also not saving a whole lot towards retirement. We were living paycheck to paycheck and so the only retirement savings we were doing was the mandated contribution to my husband’s state retirement fund. That worked out to be between 5-7% of our total income.
We were aware of the costs of private adoption. We opted to foster-adopt because we felt we had the love and financial ability to add to our family. At the time, the cost was not a part of the equation.
The unexpected benefit, however, was that because we chose to adopt a foster child, our adoption costs were zero. In addition, because all our children are considered either “high risk” and/or special needs, they receive a small monthly subsidy until each of them reaches 18.
One adoption led to four through a series of events that began with our first adopted son’s mother having two additional children after our son was born, who were also placed in foster care. We ultimately were not able to keep his brothers. But having them with us for a time did open our hearts to the idea of more.
As fate would have it, there were two other little boys who needed a permanent family around the same time my son’s brothers left us. We met them and fell in love with them immediately and were on the path to adopt them in a matter of weeks. Our last baby came as a surprise when the mother of the two boys we were in the process of adopting had a third baby. We were asked if we wanted him as well. We felt that if we were able, we should keep siblings together. And so within four days of the baby being born, he was ours and was added to our existing adoption plan.
It was an incredible journey and though it was not our original intention to adopt four children, we are so grateful we said “YES”.
I had 4 boys too – but I made mine! :). I’m impressed that you decided to adopt them after having two of your own.
I know that your home will be full of noise, movement and laughter – and that you’ll be constantly climbing onto the roof to retrieve balls!!
That’s wonderful! Yes, we are always retrieving or repairing something. They are FULL of energy. Thank you for listening to our journey.
Thanks for introducing us to Wendy, LSF!
and thanks for sharing your Story Wendy.
I am reading a lot about Abundance Mindset (v Scarcity Mindset) and I think that your story is a shining example of living that philosophy right from the heart.
I think your bravery to start your own practice (and know when to close it), move state, adopt and even to sell your house and rent is fantastic. I wish I had your pragmatism!
A lot to think about here, particularly real estate investing as a means of bolstering passive income – something I have veered away from for a while here.
I will also be checking out your blog to see how you are getting on.
Shaun
Thank you for reading Shaun. Having an abundance mindset has, for sure, colored our outlook on life in this latter part of our lives. Real estate investing is not for everyone – but for those of us beginning this journey when we are older, I do think it is a good idea to think outside of the box and then take action that aligns with our overall objectives and risk level. Good luck to you!
We’re late starters with 4 children. I’m 46 and my husband is 42. We’re just starting to get serious about FI. In the past year and a half, we’ve cut our credit card debt from over $40,000 to about $24,000 and went from renting to buying a home on 2 acres. Our mortgage is less than our rent was, and we’re working on growing a food forest. We’re not saving much yet because we’ve had major health expenses over the past year, but we’re working on getting the credit card debt down to zero. I’m able to work from home and I homeschool my kids, so in a way I already feel pretty free – just need to make it even more sustainable!
I can’t tell you how much I’ve always loved Wendy’s story, and how thrilled I was to see her featured here! Wendy—you are such an inspiration, in so many ways.
I still don’t know how you manage to parent six children! Clearly, you and Curt do an amazing job of it. Everyone looks so happy and they’re all thriving. What a lovely, beautiful family you’ve created.
Yay for you and your many incredible accomplishments, Wendy! Keep sharing your story and giving others hope and motivation.