90k a year and no savings!!! (pay, credit, account, increase)
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I make 90k a year but I do not have any savings or retirement. I have been working for year and half after graduation but I have paid off my student loan 35k and paying for my younger brothers Tution. I am single and I wanted a reality check if I am making stupid a** decision of not having any savings so far. I plan to get married next year which will put in abt another 50k ( big Indian wedding ). I know I will be getting a raise in jan 2016 to abt 95k a year.
I make 90k a year but I do not have any savings or retirement. I have been working for year and half after graduation but I have paid off my student loan 35k and paying for my younger brothers Tution. I am single and I wanted a reality check if I am making stupid a** decision of not having any savings so far. I plan to get married next year which will put in abt another 50k ( big Indian wedding ). I know I will be getting a raise in jan 2016 to abt 95k a year.
$50k for a wedding when you have no savings of any kind? Yes, this is dumb. Don't do it, don't do it, don't do it!!!
$50k for a wedding when you have no savings of any kind? Yes, this is dumb. Don't do it, don't do it, don't do it!!!
Not an option. When it comes to culture, family, or religion, sometimes you just have to obey the customs. Nothing is worth being boycotted by family for the rest of your life. Thankfully the OP seems to be able to afford this one-time beast of an expense.
You make a lot for being a recent college grad. Just start with a small percentage contribution toward retirement, and increase it gradually. The more you contribute when you're young, the better.
Not an option. When it comes to culture, family, or religion, sometimes you just have to obey the customs. Nothing is worth being boycotted by family for the rest of your life. Thankfully the OP seems to be able to afford this one-time beast of an expense.
The problem with this way of thinking is, what's to say they won't demand the same thing for funerals and other ceremonies as the wedding? Is it really a one-time thing? What if OP gets divorced and re-marries? Another $50k?
Would a loving family really force you to spend your golden years eating dog food? It's hard to say but this seems a real risk.
OP can always just cancel the credit cards and then tell the family that a $50k wedding is impossible because there is no credit. It's not even a white lie as long as OP doesn't say the CC company closed the account. But in this case I would argue even a white lie could be justified if the alternative is to put your new household in grave financial danger.
A savings is number 1 priority to me, and important to anyone! You never know what could happen down the road or loosing job, illness ect. I say at least 20k in savings at all times (more possibly if you live in a higher cost of living area). I wouldnt get married until finances were in order, expecially if you HAVE to spend 50k (over half your yearly wages) on a wedding!
I think it's fine if you are just out of school, and you are obviously concerned about it. But, you did pay off your student loan, helped your brother. If you want to spend 50k on your wedding that is your choice. I would make sure with your boss first that your job is secure. You are an at-will employee and could be laid off in a moments notice, if that happened and you just finished spending 50k on a wedding without any savings what would you think?
I always suggest people have a savings account with "oh sh** money" set aside. "Oh sh** money" is for when surprises happen. Once you have that you should relax a bit on the savings, don't stop saving just relax on it (and of course plan for retirement).
I am familiar with Indian customs for large weddings, but not with who pays for them? Don't the parents of the bride or groom traditionally contribute?
The problem with this way of thinking is, what's to say they won't demand the same thing for funerals and other ceremonies as the wedding? Is it really a one-time thing? What if OP gets divorced and re-marries? Another $50k?
Would a loving family really force you to spend your golden years eating dog food? It's hard to say but this seems a real risk.
OP can always just cancel the credit cards and then tell the family that a $50k wedding is impossible because there is no credit. It's not even a white lie as long as OP doesn't say the CC company closed the account. But in this case I would argue even a white lie could be justified if the alternative is to put your new household in grave financial danger.
I surely would not expect you to understand Indian customs if you have never traveled to Asia or have frequent contact with people from Asia. You do not understand how families are structured in Asia. Just like religion, culture is something you do not rationalize. Except for you maybe , because you have a tendency to rationalize everything.
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