Volvo Repair: 1985 740 Trubo, head gaskets, burning oil

Question
My car is smoking so bad also smells I am so humiliated to drive it. It has vacuumed leeks I am just not sure where they all go. Or where to start I have been told head gaskets to my turbo going out. Their is a round thing with an adjustment on it but it seems to be adjusted all the way out. I live on a fixed income. My son is in army, so my dad has been helping me he has owned Volvo for 15 years now just the 240 series' so if you could PLEASE help I would so much appreciate it.

Answer
   Michelle, what colour is the smoke? If it's white and has a "sweet" smell, probably headgasket. If it's black and burning oil smelling, probably the turbo seals. Leave the "round thing" alone or put back where it was set originally. HTH

Merry Christmas

Mark