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Money Guy Show

How Should You Pay for a Wedding?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 11 October 2021

⏱️ 47 minutes

🧾️ Download transcript

Summary

One of the biggest expenses outside of houses and cars is a wedding - so what's the best way to pay for it? We'll walk you through that question and more in today's Q&A episode! Subscribe on YouTube! Download FREE Financial Resources from the show Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, investing, taxing.

0:08.8

You've got financial questions, he's got financial answers.

0:12.4

It's Brian Preston, the money guy.

0:16.1

All right, Brian, this next question, this one is from Homer. Homer says,

0:24.1

how do I finance my wedding? Should I save an taxable account, a savings account, or take out a loan?

0:30.8

I don't want my merits to start off on a bad foot financially. I feel like we'd get this a lot.

0:36.4

Folks are getting, we did a show a couple of months ago, and we found that folks are getting married

0:42.0

later in later in life, right? And so one of the considerations that folks have is they're getting

0:46.1

married in their later 20s or early 30s is how are we going to pay for this? And what's the

0:50.6

appropriate way to pay for this? And what's the right mechanism to pay for this? What advice would

0:56.1

you give Homer? First, I want to know if Homer is your real name or if that's just your screen name

1:00.7

because you love the sense, because that's just a unique thing. Because you say we could get this

1:06.0

question all the time, not from Homer's ass. We don't get a lot of hovers as to it. But here's the

1:09.4

thing I think is interesting is that weddings are special. I mean, they are definitely something that

1:14.8

you want. It's a point in life, a transition point, a threshold of your life. But I think you have

1:19.7

to be careful of elevating it because it's one of those things where we will build stuff up so much

1:26.7

in our head. And then you get beyond it and you go, what was that worth it? Why did we? Because

1:32.4

and look, I'm going to let you give your experience sharing a minute, but I don't know if you want to,

1:36.1

how deep you want to go. I'll wear this. But it's weddings are one of those things that look,

1:40.9

I when my wife and I got engaged, her parents, you know, they didn't make a ton of money,

1:45.7

but they were very frugal and good. And their her dad started a custodial account investing a few

1:51.7

hundred, like a hundred bucks a month from like time she was born. I mean, her dad,

...

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