Interested in Starting a Group Home for Foster Children?
Starting a group home for foster children can be incredibly rewarding. Both emotionally, spiritually and financially. However, it can also be sad, as often you will build a bond with the child who will usually only live at the foster home temporarily.
Although you may be interested in starting a foster home, you might be wondering why there is such a significant need or demand for foster homes. The answer is simple. Many people have children without taking the time to consider what needs they will have and if they can sufficiently caring for the children. If the children are not able to remain safely at their house with mom and dad, the state department will provide the child with an alternative family that will take care of them. This could be your family and home!
Plenty of Advantages
So foster group homes can provide a way to not only help out the children who need it most but also provide a substantial and very sustainable living. As you can see from the below link, starting a foster group home may not be as lucrative as potentially starting an ICF home or a recovery home, but it nonetheless can be incredibly rewarding – both spiritually, emotionally and financially. If you run a proforma, and you are, for example living in Texas, then you would receive $652 per child in your group home – foster home.
Assuming you had your entire home occupied with foster children, you would be paid $3,912 each month. Of course, you have operating expenses such as rent payments, taxes, food and other household expenses, but after subtracting everything, you would still be left with a real net income for your foster group home. The below link will take you to a webpage where you can look up the reimbursement rates that each state pays the owner of a group foster home on a per child basis. This is also known as the monthly placement rate.
Why Really Matters With Kids
Many people have questions about how to start a foster home for children, but before that, we need to look at one of the most important factors. Your Why. It is important to analyze why you want to do this. Is it purely for the money? If so, then this is probably not a good choice of business for you. However, if your why is due to you wanting to vastly improve the lives and living conditions of children in your particular state, then this may be a good start.
Maybe you have experienced being a foster child first hand, and you know how beneficial it was and want to give back by starting your foster group home. This would be another great reason. Maybe it is the combination of you wanting to help out children from abusive families while being able to quit your job and secure financial freedom on your terms. This is a great reason as well!
Nobody said that you couldn’t make money and do a lot of good at the same time! After all, that is what the United States of America is based on…..providing quality goods and services for others and being compensated for it as a result.
If you are looking for additional information on how to start a group home for foster children, halfway home, transitional living home, sober home, ICF/MR home, DADS Home or other type of care home for people with disabilities; check out our free course on starting your very own income-generating group home by clicking here or going to www.grouphomeriches.com and clicking on the free wealth building course.
If you want more detail on starting a group home for foster children… check out our membership site!
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