How Should You Pay for a Wedding?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 11 October 2021
⏱️ 47 minutes
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Summary
Transcript
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| 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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