- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Saving for Future Weddings?
Posted on 5/25/24 at 8:39 am
Posted on 5/25/24 at 8:39 am
So I have 4 daughters(11, 8, 5, 5) and sitting on some extra cash right now.
I’ve been brainstorming about what to do with the extra cash and a thought was get a head start on wedding savings for them.
I’m assuming a high yield savings account ,index funds thru brokerage account, etc are the only vehicles available but wanted to ask the MT about any strategies, if any, that may have been used for kid’s future weddings
TIA
I’ve been brainstorming about what to do with the extra cash and a thought was get a head start on wedding savings for them.
I’m assuming a high yield savings account ,index funds thru brokerage account, etc are the only vehicles available but wanted to ask the MT about any strategies, if any, that may have been used for kid’s future weddings
TIA
This post was edited on 5/25/24 at 8:40 am
9
Posted on 5/25/24 at 8:47 am to hottub
quote:
I’ve been brainstorming about what to do with the extra cash and a thought was get a head start on wedding savings for them.
Instead of saving for the wedding use the funds for helping them with the down payment on their first home.
Posted on 5/25/24 at 9:03 am to Paul Allen
quote:
Instead of saving for the wedding use the funds for helping them with the down payment on their first home.
Why? What if he wants to host a nice wedding?
Posted on 5/25/24 at 9:52 am to PhiTiger1764
If we are being honest and consider this a true financial board then there needs to be some considerations of best use for any monies- probabilities should also come into his decision of what to do with the “extra” money.
Those probabilities are that statistics show that at least 50% of all marriages end in divorce.
With 4 girls that would mean at least 1/2 will get divorced.
Thus, a more prudent thing to do with this money would be split the money and future savings for weddings and going toward down payments of houses for the 4 of them.
Smaller scale weddings plus money for down payments. That’s what I would do.
Otherwise you have possibly pissed away money on weddings that 1/2 of which will end in divorce.
I would also gift this money strictly to my daughters and not make it a joint gift prior to the nuptials.
If possible, I would also try to get them into a house before they marry. That way that particular house is always in their name. They can always marry and keep their original house as a rental in their name.
Those probabilities are that statistics show that at least 50% of all marriages end in divorce.
With 4 girls that would mean at least 1/2 will get divorced.
Thus, a more prudent thing to do with this money would be split the money and future savings for weddings and going toward down payments of houses for the 4 of them.
Smaller scale weddings plus money for down payments. That’s what I would do.
Otherwise you have possibly pissed away money on weddings that 1/2 of which will end in divorce.
I would also gift this money strictly to my daughters and not make it a joint gift prior to the nuptials.
If possible, I would also try to get them into a house before they marry. That way that particular house is always in their name. They can always marry and keep their original house as a rental in their name.
Posted on 5/25/24 at 10:32 am to hottub
frick all that nonsense.
how about teach her to invest and trade so she can fund what she wants after or before marriage. do it together? do a business together? that is how you help her.
and yes i have 2 girls
how about teach her to invest and trade so she can fund what she wants after or before marriage. do it together? do a business together? that is how you help her.
and yes i have 2 girls
This post was edited on 5/25/24 at 11:05 am
Posted on 5/25/24 at 10:34 am to PhiTiger1764
quote:
Why? What if he wants to host a nice wedding?
waste of money and shite priorities.
Posted on 5/25/24 at 11:10 am to Covingtontiger77
quote:
Those probabilities are that statistics show that at least 50% of all marriages end in divorce.
With 4 girls that would mean at least 1/2 will get divorced.
You're looking backwards at the statistics.
Rather than preparing for divorce with that generation, i would prepare for 1 or 2 to never get married. Maybe 3.
Posted on 5/25/24 at 11:11 am to Fat Bastard
quote:
how about teach her to invest and trade so she can fund what she wants after or before marriage.
How on earth are these mutually exclusive?
Posted on 5/25/24 at 11:46 am to PhiTiger1764
Yeah. I mean we all have stuff we spend money on that aren’t absolute necessities or investments. I’d hate to live life never spending on something I considered fun. This board can be a drag.
Posted on 5/25/24 at 11:46 am to hottub
quote:
,index funds thru brokerage account,
I would just do this.
And good on you for planning for your daughters and their special day. Ignore the haters on here.
Posted on 5/25/24 at 11:58 am to notiger1997
quote:
Ignore the haters on here.
ignore commies like you
it is called different priorities and perspectives dipshit
This post was edited on 5/25/24 at 12:06 pm
Posted on 5/25/24 at 12:00 pm to GeauxTigers123
quote:
I’d hate to live life never spending on something I considered fun.
like u never do that GTFO
Posted on 5/25/24 at 12:03 pm to hottub
S&P index fund.
When they set a wedding date move to high yield savings.
When they set a wedding date move to high yield savings.
Posted on 5/25/24 at 12:06 pm to Fat Bastard
quote:
ignore commies like you
This isn't the OT so you can just frick off with comments like this. I am nothing like a commie.
Posted on 5/25/24 at 1:00 pm to notiger1997
quote:
notiger1997
Posted on 5/25/24 at 1:03 pm to hottub
I’ve done one wedding and almost cried at what I spent. Can’t imagine dealing with 4 stacked up like that. Definitely start saving and good luck.
Posted on 5/25/24 at 1:04 pm to Fat Bastard
quote:
how about teach her to invest and trade so she can fund what she wants after or before marriage. do it together? do a business together? that is how you help her.
I am and will continue to help them understand, invest, build, manage THEIR money and wealth, however, my wife and I would like to have a nest egg of OUR money to gift them on their wedding day.
ETA: Thanks for the insight. I have 7 kids total(two sets of twins changes your family planning) and fortunately have the extra cash to put aside now. If they get married, great the money is there. If they elope or don’t get married, great the money is there for a house.
This post was edited on 5/25/24 at 1:12 pm
Posted on 5/25/24 at 2:11 pm to hottub
I would not do anything different or unique saving for a possible set of weddings. Just save as normal through a taxable brokerage so that you can access the dollars if you choose / need them for a weddings.
I had an amazing wedding but it was way more over the top because my MIL wanted / funded it. I would have never spent the amount of money that she did but it meant a lot to her.
I had an amazing wedding but it was way more over the top because my MIL wanted / funded it. I would have never spent the amount of money that she did but it meant a lot to her.
Posted on 5/25/24 at 5:53 pm to hottub
I’d focus on retirement savings.
Weddings are getting out of hand.
Bribe them to go the the Justice of the Peace.
Weddings are getting out of hand.
Bribe them to go the the Justice of the Peace.
Posted on 5/25/24 at 10:20 pm to hottub
If you haven't fully funded a Roth IRA for both you and your wife do that first. You can always withdraw your contributions without penalty to pay for things like weddings. If you can't do a Roth consider a back door Roth. If that doesn't make sense, do a Roth conversion. You can get that after five years penalty free (same with back door Roth).
That way, if you get to wedding day and find out you can easily cash flow the weddings, you've got more money in your Roth, which is almost, but not always, a good thing.
That way, if you get to wedding day and find out you can easily cash flow the weddings, you've got more money in your Roth, which is almost, but not always, a good thing.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News