Average wedding today is $30,000 (What if you invested that money instead?) (pay, accounts)
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A relative is planning her wedding. It is going to be a big event where they invite well over 100 of their closest and personal friends and about 50 relatives. Expected cost will be about $30,000. When I told her that spending that much money for a one-day event, she directed me to the Internet and showed me that $30,000 is about average. See link below for information on the average wedding cost in 2018.
(Yes, I know you spent way less than that and so did I, but that is not important to relatives.)
She has the $30,000 sitting in a savings account today ready to spend on the wedding.
I told her that assuming a stock market investment doubled every seven years, if they took that $30K and put it in the stock market instead, that nice wedding may be worth $500,000 in thirty years. That would allow them to retire at age 55 and live a life of leisure for the next 30 years. She told me I was crazy.
(If you would have invested $30,000 in a total stock market fund in January 1988, it would be worth $632,089 today- 30 years later. Future returns could be more or less, who knows.)
$30K for a day of utter bliss and memories that last a lifetime or about $500k 30 years from now?
A relative is planning her wedding. It is going to be a big event where they invite well over 100 of their closest and personal friends and about 50 relatives. Expected cost will be about $30,000. When I told her that spending that much money for a one-day event, she directed me to the Internet and showed me that $30,000 is about average. See link below for information on the average wedding cost in 2018.
(Yes, I know you spent way less than that and so did I, but that is not important to relatives.)
She has the $30,000 sitting in a savings account today ready to spend on the wedding.
I told her that assuming a stock market investment doubled every seven years, if they took that $30K and put it in the stock market instead, that nice wedding may be worth $500,000 in thirty years. That would allow them to retire at age 55 and live a life of leisure for the next 30 years. She told me I was crazy.
(If you would have invested $30,000 in a total stock market fund in January 1988, it would be worth $632,089 today- 30 years later. Future returns could be more or less, who knows.)
$30K for a day of utter bliss and memories that last a lifetime or about $500k 30 years from now?
I believe it, more or less.
But offer her some consolation - let her do a $5k wedding and tell her the amount if she invested the $25k. I don't see the value of having NO wedding celebration at all - it IS a special day. But within reason.
People get crazy going to extremes when they could be satisfied, and better off by doing something in the middle. If you tell someone they can't do ANY of what they want it's then that they rebel and want to go all-out crazy.
So much depends on their circumstances. Do they have a house? Do they have other savings? Do they have jobs that enable them to pay the bills and put some aside? If they're well-fixed with a house, minimal or no student loan debt, other savings and good jobs, why not? It's not what I did, but we each have our "splurge" categories. It's having too many of them that can get you into trouble.
By the way, assuming an average of 3% annual inflation, $500K in 30 years will buy what $200K buys now. If you retired on $200K right now and took out the maximum safe withdrawal amount every year, that's 4%, or $8,000. Not exactly a cushy retirement.
I believe when my kids get married, it will be more than $30k. I spent almost more than $20k, 30 years ago, for about 50 people, small wedding. I think for an average wedding, not luxurious, it would be at least $50k for 100.
Last edited by NewbieHere; 11-28-2018 at 10:51 AM..
The thought of spending $30K or more on a wedding was just silly in the eyes of my wife and I. Our wedding cost us $3K, and we were fine with that despite people telling us we should do x, y or z which just made the cost go up and up.
We already owned a home, good jobs, no debt, good net worth, but we still thought spending that much was not a smart move, so we put money towards some home renovations, and into investment/retirement/529 accounts instead. Just seemed to make more sense vs spending it on a party.
my sons wedding was 80k . that got a 3 way split between us , him and the inlaws . my daughter got 25k toward hers but she had a destination wedding that eliminated 2/3 of the guests . my other son did not want a wedding so he got the 25k instead .
I personally don't want a traditional wedding. I'll be just as happy going down to the courthouse & getting married. I'd much rather save & have more money for my married life.
So I hate those comments about how if you invest it you would have XYZ in 30 years.
Basically you can make that argument for every single expenditure you make. If you invest the 5K to go to Europe in 30 years you'll have ____
If you don't have kids the money you save over 30 years you could have____
At some point in people's lives you actually have to live. isn't that the point?
Now I had a big wedding, lol sort of had to, when you have some thing like 20 first cousins that you grew up with on your side alone, you either have a big wedding or you elope.
People here make it sound like it's an either/or situation. My late hubby and I got married in our early 20's, we were working, we dropped about 18K on our wedding (30 years ago) and managed to have money for our "married" life. We did it the old fashion way, we went to work every day.
I personally don't want a traditional wedding. I'll be just as happy going down to the courthouse & getting married. I'd much rather save & have more money for my married life.
what you don't plan on working?? the 30 grand is it forever??
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