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Message
Bloomberg: $30k wedding equals $62k in retirement
Posted on 6/16/14 at 9:26 pm
Posted on 6/16/14 at 9:26 pm
Bloomberg makes the argument for elopement. This may have been better suited for the Money Board, but I figured the marriage hating OT(who most seem to be married), would have fun discussing this one.
LINK
quote:
With a $30,000 average tab, the highest since theKnot.com began its annual wedding survey in 2007,
quote:
50-something couple who pay for a child’s wedding are kissing away far more than the bride. A $30,000 tab spent today could be $62,000 of much-needed retirement security 15 years from now, assuming a 5 percent annualized return.
quote:
To be fair, the Wedding Report, statistics-keeper of all nuptial cost minutiae, showed that in 2013 parents footed the entire bill for just 14 percent of weddings. It's still the parents of the bride that most often kick in for wedding costs -- 61 percent of them did in 2013. But 41 percent of the groom's parents also contributed, so parents of teenage grooms-to-be may want to start saving now.
quote:
Eight in 10 brides and grooms contribute to wedding expenses -- the Wedding Report estimates they kick in about half of the cost. Nearly 30 percent of couples used an existing credit card to cover some wedding costs in the latest survey. Another 7 percent got a new credit card just for the occasion and 9 percent took out a loan.
LINK
This post was edited on 6/16/14 at 9:30 pm
15
Posted on 6/16/14 at 9:27 pm to southernelite
Nice fricking link, Cy.
Posted on 6/16/14 at 9:28 pm to southernelite
The divorce costs more
Posted on 6/16/14 at 9:29 pm to southernelite
Link?
Posted on 6/16/14 at 9:30 pm to The Third Leg
My bad, herky
Posted on 6/16/14 at 9:32 pm to southernelite
Live together (cheaper than divorce with no common law in LA) or hit up the justice of the peace or whatever.
$30K for a one day event is fricking stupid.
Yes, ladies, I know I am very romantic.
$30K for a one day event is fricking stupid.
Yes, ladies, I know I am very romantic.
Posted on 6/16/14 at 9:35 pm to stout
quote:
$30K for a one day event is fricking stupid.
For most, it's probably the best day of miserable lives, and they'd probably find some other way to blow the 30 grand, anyway.
Posted on 6/16/14 at 9:36 pm to southernelite
I'd be willing to bet 95% of guys would rather pocket the cash and skip the wedding.
Meanwhile 95% of women would want the wedding.
Meanwhile 95% of women would want the wedding.
Posted on 6/16/14 at 9:37 pm to southernelite
$30K could buy a lot more happiness spread out over time vs that one day.
They would just use it to for down payments on a house, cars, and a boat they can't afford to begin with so they can keep up with their friends who are also in massive crippling debt.
quote:
and they'd probably find some other way to blow the 30 grand, anyway.
They would just use it to for down payments on a house, cars, and a boat they can't afford to begin with so they can keep up with their friends who are also in massive crippling debt.
Posted on 6/16/14 at 9:39 pm to stout
or meth in this area....
Posted on 6/16/14 at 9:39 pm to stout
quote:
They would just use it to for down payments on a house, cars, and a boat they can't afford to begin with so they can keep up with their friends who are also in massive crippling debt.
You must specify that you're talking about people who don't already have these things/can't afford them.
Plenty of people (or their parents) can comfortably afford a $30k wedding. Not all.. not even probably "most".. but plenty.
This post was edited on 6/16/14 at 9:40 pm
Posted on 6/16/14 at 9:40 pm to southernelite
If that's it, you may as well spend it and enjoy the hell out of the party
Posted on 6/16/14 at 9:41 pm to stout
My dad offered my sister 10k to go to Vegas to get married. Plus flying the mother and father of the groom out there. She turned it down. Wedding cost 25k and they are now divorced. Dumbass women.
Posted on 6/16/14 at 9:43 pm to southernelite
Call me crazy but I think a couple should live together 2-4 years before marrying just to see if it'll work out.
Posted on 6/16/14 at 9:43 pm to southernelite
quote:
$62,000 of much-needed retirement security
Pshhh
Posted on 6/16/14 at 9:45 pm to LouisianaLady
quote:
Plenty of people (or their parents) can comfortably afford a $30k wedding. Not all.. not even probably "most".. but plenty.
I disagree. I too know plenty of people can pay for them but that doesn't mean they can truly afford them.
You need to read up on the average American millionaire. They don't do shite like $30K weddings, expensive vehicles, live in McMansions, etc. and they are retiring early and enjoying life because of this.
No middle class person should spend that much on a wedding IMO unless they want to work until full retirement age and hope and pray that their 401K is worth a shite and no medical issues or emergencies come up that makes them have to borrow against it.
This post was edited on 6/16/14 at 9:46 pm
Posted on 6/16/14 at 9:47 pm to stout
Excluding this past Saturday, every wedding I've been to in the past 3 years was easily afforded by the families 
hell, several were given by retired parents doing fine.
Maybe it's just coincidence.
hell, several were given by retired parents doing fine. Maybe it's just coincidence.
Posted on 6/16/14 at 9:50 pm to LouisianaLady
You're 100% missing the point and also assuming the parents are just fine. You have no way to know that for a fact.
Also, who is to say the aging parents won't need that money back soon for medical cost or something?
Also, who is to say the aging parents won't need that money back soon for medical cost or something?
Posted on 6/16/14 at 9:59 pm to stout
Who is this average millionaire that you're reading about and where can I read about him and how he manages his affairs? Because the ones I've encountered, primarily on the east coast, threw absurd weddings, one over $300,000.
Much like the thirty thousand OP figure, averages are fun. I'm happy to let you know the average figure is likely not what is spent by those earning at the median household income, which would be as middle class as you could get.
Lies, damned lies, and statistics.
Much like the thirty thousand OP figure, averages are fun. I'm happy to let you know the average figure is likely not what is spent by those earning at the median household income, which would be as middle class as you could get.
Lies, damned lies, and statistics.
Posted on 6/16/14 at 10:02 pm to The Third Leg
You've never read books like The Millionaire Next Door?
LINK
You can google "average American millionaire" or any variation and there are thousand of links with statistical data that will back up what I am saying.
Just because you know a few that spend tons of money doesn't mean they all do. There are exceptions to every rule.
LINK
You can google "average American millionaire" or any variation and there are thousand of links with statistical data that will back up what I am saying.
Just because you know a few that spend tons of money doesn't mean they all do. There are exceptions to every rule.
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