Family Money Coaching

  Is an adopted child more vulnerable to identity theft? Laura interviews Leslie Tayne from Tayne Law Group and the new author of Life and Debt about the unique challenges adopted children face, and how they can be protected from credit fraud.  The Social Security Number: where everything financial begins. Adopted children are more likely to have their Social Security number exposed to a larger number of people, especially if they’ve been in the foster care system, had a long stay in the hospital, or were taken care of by family members. The first step to prevent fraud with adopted children is to change a child’s social security number. This is a quick and easy process that only requires: Adoption decree Birth certificate Previous Social Security card How can you protect an older adopted child with potential credit problems? Leslie urges all parents to run a credit history on their adopted children with all three credit bureaus as a beginning protective measure. She also warns that people who steal Social Security Numbers know that you’ll be more vigilant about fraud in the beginning, so it is important to continue to monitor your adopted child’s credit.  Can a credit freeze solve the problem of fraud? A credit freeze can compromise a child’s ability to receive credit like student loans. If a child becomes an authorized user on one of your accounts, your linked accounts can be negatively impacted by their credit freeze, and vice versa. Leslie cautions against a credit freeze as a definite solution to fraud. She advocates for proactively protecting your information. Preventing credit card fraud after your child turns 18 Because a parent is not allowed to see their child’s credit information once they become a legal adult, it is important for a parent to have a Power of Attorney and authorization before that date. With firsthand experience, Leslie shares that teenagers simply don’t have the brain capacity to understand what you’re doing to help their credit. Teenagers haven’t figure things out and they just don’t care yet.  What can you do if your child already has a damaged credit history? First, inform the creditors about the fraud. Then file a police report about fraudulent activity. Often debtors do not want to file a claim if the theft was committed by a family member. If this is the case for you, you’ll have to settle or pay the debt. Leslie shares some bankruptcy alternatives for those who would like to avoid filing criminal charges.  What other financial concerns should adoptive parents be concerned about? Leslie cautions that international adoptions are not exempt from these kind of problems. She also discusses some of the potential complications about custodial bank accounts if you are having credit problems of your own.   If you loved this podcast, please subscribe and follow us for more conversations about the intersection of family, marriage, money, fertility and adoption. Are you ready to become a forever family? Schedule your judgement-free appointment today to talk with Laura about where you’re at in your financial journey, where you’d like to be, and how you’d like to get there. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

  Have you ever wanted to become an Airbnb host, but you didn’t know where to start? Laura Coleman at Family Money Coaching talks with Saffron, an active duty service member, about her side hustle renting out rooms in her house. Saffron shares some tips for increasing your booking chances, how to protect yourself as a homeowner, and how multiple sources of income can really turbo-charge your goals. Is your home in a great location for Airbnb? Saffron explains that capitalizing on popular local events are a great way to ease your way into Airbnb hosting. These are events that bring in a lot of traffic like: Local sporting events National parks  Iron Man The Paralympics Traveling doctors or nurses or interns Political conventions Nearby universities with international students Airbnb Amenities: how to guarantee return guests and great reviews Saffron talks about the preparation work that will make your Airbnb stand out. Make your home look like you’re going to sell it, and remember the little treats like snacks, drinks, and smaller scale shampoos and soaps. Many of these soap items can be purchased in bulk from Amazon. Providing your kitchen for your guests’ use is a huge amenity.  How do you protect yourself as a homeowner? Saffron suggests that you ask guests about themselves. Find out what they’re doing and where they’re going and the more forthcoming they are, the more you can trust that they’re legit. People who can instant book are frequent guests on Airbnb. Don’t be afraid of the renters and trust the system that’s in place to protect you. Put boundaries in place by making your cancellation policy aggressive, choosing your schedule carefully, and looking at renters’ recommendations from other people.  When is it time to create your own Airbnb business? If you rent for 14 days or less, you don’t count as a business. But if you’re ready to take your Airbnb hosting to the next level, be sure to file the right paperwork so that your tax bill doesn’t take you by surprise. What are some mistakes you made for saving up for adoption and fertility? Saffron encourages listeners to contribute the max to their HSA because you’ll never know when you need it for health problems. She recommends that couples adopting or going through fertility use multiple sources of income so that they can more confidently achieve their goal. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

 Laura Coleman interviews Dr. Travis Parry, an international speaker and coach to financial professionals and entrepreneurs. They discuss their similar missions about helping people live their lives on purpose and with intention. They delve into how childhood experiences can shape the money stories we tell ourselves, and how we can address these stories with positive intention.  Dr. Parry discusses the pivotal moment his father’s death played in his career. Dr. Parry began his career in insurance. In his spare time, he devoured financial courses because he truly wanted to help people live their best financial life. After his father’s early death, his mom employed him to help organize the family’s finances. This transformative experience drove him back to academia so that he could learn about couples and how to truly help them.  The number one issue that couples fight about is….. Money! But it is NOT the number one issue that causes divorce. It is the most emotional issue in a marriage, more than sex or parenting. And couples simply don’t know how to talk about money. Laura and Dr. Parry share some ways that couples can discuss this sensitive subject. What shared values do couples need to have about money?  Dr. Parry talks about the importance of sharing similar parenting and religious values. He points out that how we worship in private is more important than how we worship in public in the context of a marriage. When couples share goals, especially financial goals, it will translate into increased happiness in their partnership.  Where do financial values come from? Laura and Dr. Parry discuss the roots of financial values. They talk about examining childhood memories of money, and the importance of talking to your spouse about your money beliefs. There can be a lot of negative emotions when talking about money: shame, fear, extreme privacy, and hoarding money. Dr Parry emphasizes that it isn’t WHAT you teach kids about money; it’s what you DO with money that will teach them.  How can you teach older adopted children about money? Laura and Dr. Parry discuss how much harder it can be to teach older adopted children about money because they may have already experienced poor money examples. Dr. Parry emphasizes that money should be about stewardship. Teaching this value will help children who struggle with hoarding or spending every penny they have. Religion and Money: How can we reconcile the two? Dr. Parry defines a value as a principle that defines your direction. A lot of religious values, including the misquoted scripture “Money is the root of all evil”, conflict with good financial principles. Dr. Parry shares some personal examples of conflicting religious and financial values that have affected a family’s relationship with money for generations.  --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

  Laura Coleman interviews Daniel Eck, a clinical professional counselor with 6 years of experience. They talk about how to keep a marriage strong during fertility. They discuss some of the unique emotional challenges that couples undergoing fertility deal with and Daniel suggests some healthy coping mechanisms.  How do husbands and wives come together as a team during fertility? In the beginning of a marriage, a couple may mistake their similar values as the same values. When they realize they will need to address fertility challenges, they may realize that they are not quite on the same page. How do couples navigate these difficult conversations and expectations? How to communicate when you feel all the feelings Daniel and Laura talk about assertive communication and the importance of meaning what you say. Daniel talks about the importance of leading with emotions, talking about how you feel, and asking for what you need from the other person. Laura gives some real life examples from her counseling experiences. What can you do when one spouse becomes disengaged? Daniel shares ideas for resolving separation mentality. He reminds listeners that as human beings, it’s okay to be emotional and irrational as we navigate these difficult conversations. He warns that no premarital counseling ever really prepares couples to go through fertility.  Focus on your fertility WHY Laura encourages couples to focus on the WHY behind their fertility journey. Daniel and Laura discuss the importance of becoming equal partners in a marriage, and avoiding the unhealthy parent/child or employer/employee relationship dynamics. Daniel talks about the importance of recognizing and acting on a partner’s “bids”.  Healthy Coping Mechanisms during fertility treatments Daniel shares how couples can deal with the stress of fertility by: Having regular, planned date nights Having scheduled check-ins with a partner Seeing things from a holistic viewpoint, Playing a board game Watching a movie Finding a way to have fun with your spouse Exercising regularly Accepting that you cannot control your life Embracing the ambiguity Daniel encourages couples to connect with others’ going through the same experiences. You are not alone as you experience fertility treatments. You can draw strength from other people in similar circumstances.  --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

  Join Laura Coleman from Family Money Coaching as she talks with Chelsie from Morgan’s Mighty Macs about her fertility journey and its unexpected and emotional detour into adoption and fostering. How do you decide on a fundraiser for IVF? Chelsie talks about how she decided on a fundraiser, even though she’d never made macrons before! Her determination to master the cookies is key to her story to overcoming any obstacle for a baby. She experimented with flavors and currently offers these airy cookies sandwiched by frosting: Death by chocolate Apple cinnamon S’mores Fruity Pebbles Mint Chocolate  Banana Chocolate Pistachio Caramel Apple Banana Foster Tequila Sunrise Peppermint And more! She offers them through her Facebook page Morgan’s Mighty Macs and also through local bakeries.  What do you do when your whole world is changed by your family members’ decisions? Chelsie was living a full and busy life. She was working, going to school, and working on her IVF fundraiser in the evenings when she got an unexpected phone call during class one day. Chelsie learned that her 8 month old half sister had actually been in foster care from birth, and not in the care of the baby’s mother, as she had been led to believe.  Suddenly, Chelsie’s fertility plan became an adoption and fostering plan. She had to prepare for a home study, baby-proof her apartment, and deal with the different money needs that an adoption brings up.  Going with the flow can help you stay positive while you’re on your journey Chelsie’s describes the emotional rollercoaster of deciding to adopt and the change in her life plan with positivity. The macrons were a hobby for Chelsie, but now they’re a business. She credits her husband’s flexibility and support for making the cookies and adoption possible.  If you’re interested in additional ways to fundraise for IVF or adoption, you can find a great list of resources on our website.  --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

  Join Laura Coleman at Family Money Coaching as she interviews Melody Johnson about how to prepare for an international adoption. Melody shares that adopting internationally is a huge financial, emotional, and time investment, but that it is worth it when you hold that child in your arms. Creating a Vision for the Adoption Process Melody explains why she chose the Philippines to adopt from. She explains how important choosing an adoption agency is and what to look for in an international adoption agency. Melody and Laura discuss key parts of the vision for the adoption process, including: ● What kind of lifestyle you want for your family ● What experiences you want your child to have ● How finances will play a part in your life before, during, and after the adoption process International Adoption Obstacles Melody explains some of the adoption obstacles that she didn’t know about, including: ● Misunderstanding the adoption fees and how they’re paid ● What the expectations are for each process ● How important it is to have a good relationship with your agency so that they can explain the fees ● Why it’s important to have a specific fund or account for the adoption ● Why having a timeline will help you know how much needs to be saved and when Making Your HSA Work For You Laura and Melody share how saving money in an HSA is important, and why you should start using it BEFORE you adopt. Strengthening the Marriage Will Pay Dividends Melody gives some ideas about how she grew closer to her husband in a fun way during the adoption process. She explains why communication styles matter when discussing finances. Melody shares how she sets aside time every week to discuss finances with her husband and how it’s helped her marriage. Surprise Income Obstacles Melody discusses how a job change will affect the adoption home study. Laura and Melody discuss the stress of working while trying to adopt, and how that affects your career. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

The 5 Love Languages do affect your personal spending and during fertility and adoption, it's key to understand that, in order to strengthen your marriage. Laura Coleman, Financial Coach and Host of Family Money Coaching talks with Devon Baeza, The Fertility Finance Coach about how the 5 Love Languages affected them during fertility and adoption. Tune in to hear how you can help your spouse/partner, using their love language, during your fertility or adoption process. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

Ashley and her husband Josh experienced 2 miscarriages and shortly thereafter were referred to a friend's cousin to adopt a set of twins. This is their story as told by Ashley. Listen for the 5 Ways to Overcome an Adoption Scam at the end.  --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

When we adopted all 3 of our kids, we had so many questions about the adoption tax credit. Can we claim our new toddler on our taxes? What is considered a qualified adoption expense? How do I maximize the adoption tax credit to its fullest? I don't have a tax liability, can I still claim my adoption tax credit. In today's episode, I tracked down our accountant, Daniel Peterson, CPA, before his busy season started and I asked him 20 Questions About Adoption. He even gave me some bonus material at the end.   Find out how you can use the Adoption Tax Credit to it's fullest in today's Family Money Coaching podcast episode. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

 You've saved up the money for fertility, but are you using it to your advantage? In today's podcast Financial Coach, Laura Coleman, discusses how to utilize your Health Savings Account to your advantage during fertility. Learn what you can use the money for, how you can fund your HSA, and the benefits of using your HSA vs FSA. Don't let money leave your hands without first making sure you've used all of your money tricks.  --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

Guest, Devon Baeza and Host, Laura Coleman discuss the book You Are A Bad*** At Making Money by Jen Sincero. How can our thoughts, money stories, and a Money Journal help us reach our financial goal for preparing for adoption and fertility? Finally, learn how to pronounce Devon's last name.  --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

Zeke and Shanda Arter, owners of the Maple Street Biscuit Co. in Chattanooga, TN recognized the financial burden that couples have as they seek to adopt. Listen to today’s episode where we discuss how Zeke got the idea to start the Little Biscuit Adoption Fund, how their employees donated the first money to the project, and how you can participate in someone’s adoption journey. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

Adopting and going through fertility is stressful enough and then we add the money equation to the mix. Studies show that the wounds from money-related arguments can feel more painful than other types of arguments. Join Family Money Coaching as we teach you the 5 Techniques for Better Money Conversations from the Love & Money curriculum. Be sure to subscribe, so you don’t miss out on the other 4 lessons. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

When you are told you are going to need $20,000 for fertility or adoption, the first response is, where are we going to get that money? For many, your 401(k) is your biggest asset. Before you raid your 401(k) to pay for adoption and/or fertility, listen to this podcast interview as Financial Coach, Laura Coleman discusses what to consider such as opportunity costs, taxes, our different money pots, and future values. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

Did you know that your Money Personality affects your decision about whether to do IVF, IUI, natural cycle IVF, or not to do fertility at all? Listen to the raw and real conversation about how a Saver and Spender made their decisions during the fertility process. Interview with Devon Baeza, a fertility financial coach and Laura Coleman, AFC a financial coach that prepares couples financially for adoption and fertility. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

Melinda Simmons talks about how they raised $36,000 towards the adoption of a little boy named Ezra that they are matched with from China. Listen to the unique ways they raised money including $15,000 from Chipstarter. If you think it’s impossible to find the money for your adoption; think again. Melinda and her husband are a great example of adopting DEBT FREE! They look forward to bringing Ezra home. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

Listen to Wendy, a criminal defense attorney, talk about how she and her husband Curtis, a special education teacher, decided to expand their family and help children that needed a Forever Family. Wendy and her husband adopted 4 boys through foster care. We talk about their journey through foster care to adopt 3 brothers including some heartbreak about losing siblings of their other son. When they got married and had 2 kids, they didn't set out to adopt, but they felt the calling to expand their family of 4 to a family of 8. We discuss the financial aspects of adopting through foster care including an adoption stipend and healthcare benefits after adoption. Wendy discusses the need for a community to help you as you join the foster care community. Check out www.familymoneycoaching.org for links to the topics we discuss in this podcast. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support

Learn how Lauren, a mom of 6 started Hope4One Ministries in hopes of giving support to other adoptive and foster families. They start a campaign to raise funds for their adoption grant Give One Save One on November 4th. Lauren and her husband adopted 3 children, 2 international and 1 domestic. We talk about some of the financial challenges of raising money, how they were successful, and what they do as a family to focus on DOING instead of getting THINGS. Lauren has created a non-profit to help foster families receive 1 week of clothes for new placements. She is building a community of support for families that may have felt alone in their journey. If you are looking for ways to fund your adoption, listen to some ideas that Lauren was successful with and how you can apply for Hope4One's grant. --- Support this podcast: https://podcasters.spotify.com/pod/show/laura-coleman/support