In this episode of Vector's Well Balanced podcast, senior wealth advisor Joe Grochowski discusses the financial planning aspects of weddings, particularly focusing on how parents can support their children while managing their own retirement plans. We explore the rising costs of weddings, the importance of budgeting, and the emotional significance of these events.
7 Key Takeaways:
- The average cost of a wedding is trending upwards. $30K+ on average.
- Parents often want to help make their child's wedding special.
- Planning for the costs of a wedding should ideally start in advance.
- Begin assessing available financial resources for wedding expenses.
- Avoid tapping into retirement funds or high interest debt for wedding costs.
- Setting a realistic budget that includes some overages.
- Planning for milestone events can enhance the joy of the occasion.
Chapters:
- 00:00 Introductions and Setup
- 00:42 Scenario: Kids Get Married. Mom & Dad Spend.
- 01:04 Planning for Wedding Expenses
- 03:18 Bucket Base Approach to Planning
- 04:58 Avoid High Interest Loans
- 06:39 Setting Aside the Funds
- 09:21 Start Early - Final Thoughts
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vectorwealth.com/start - vectorwealth.com/regulatory All content discussed in our podcasts, videos, or related blog articles are for informational purposes and should not be construed as individualized financial advice. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation of a strategy or investment. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed.
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