web analytics
September 17, 2014 / 22 Elul, 5774
At a Glance
Blogs
Sponsored Post
Apartment 758x530 Africa-Israel at the Israel Real Estate Exhibition in New York

Africa Israel Residences, part of the Africa Israel Investments Group led by international businessman Lev Leviev, will present 7 leading projects on the The Israel Real Estate Exhibition in New York on Sep 14-15, 2014.



For Love or Money – The Real Cost of a Wedding

Doug Goldstein

When your child was a newborn baby, you probably thought that this moment would take forever to arrive. Think of all of the effort that you have put into your child over the years, with so many hopes and prayers that they would grow up to find a suitable spouse and one day you would proudly stand under the chuppah and watch the happy couple tie the knot.

Unfortunately, despite all of the hopes and dreams, many parents either don’t or can’t put so much effort into saving the money that goes into paying for the wedding. There could be many reasons for this. Maybe the parents didn’t think too much about it, and because the thought of a wedding always seemed so far away, they woke up too late and did not invest their money sensibly and in time. On the other hand, the parents may have tried their best to put money aside to pay for their children’s weddings, but try though they did, there was simply not enough. Perhaps their income was just not high enough, or maybe some other events happened within the family, like a sudden illness, that consumed all of their savings unexpectedly before they could be channeled into a wedding.

Unfortunately, another huge factor in this equation is peer pressure. Very often, families feel that they have to keep up with the Joneses in a big way. It becomes very important to them, for example, to hold the wedding in a certain, fancy hall. Even though the other hall down the road is large enough for their needs, “no one” gets married there because it is not quite as upmarket as the most popular hall in town, and therefore the parents feel the need to find the extra few thousand dollars that it costs to use the fancier place. And then of course, if you are using the fancy hall, then you can only take a fancy caterer, and so on and so forth.

Finding those extra dollars is not always so easy. And this is where the debt trap comes into play. As a financial adviser, I have often met families who are drowning in debt. To keep up appearances, they decide to borrow money from a loan fund. But when the time comes to pay off the debt, their financial situation has not suddenly improved. In fact, the additional expenses of the wedding have gobbled up most of their resources, and there is nothing left to pay back. So guess what happens? They go to another loan fund to obtain money to pay off the first debt … and so on and so forth until this unfortunate family falls even more deeply into a financial black hole.

Let’s go back to the beginning of this story. If the family had been content to make a more modest wedding, with fewer trimmings, they would not only have saved several thousand dollars, but they would have also saved themselves a lot of heartache.

Marriage is not meant to be a financial free for all, and using a topflight caterer will not guarantee anyone’s future happiness.

Before you decide to drown yourself in debts from banks, gemachim, and elsewhere, take a few steps back. Think about how much you really can afford to pay before taking on the bills, and where you are going to find the money. And once you know how much money you really have at your fingertips, decide which kind of wedding you are prepared to make.

For more information on how to plan a wedding wisely, read this article at the Profile Perspectives site.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “For Love or Money – The Real Cost of a Wedding”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
PLO / PA / Fatah leader Mahmoud Abbas.
PA Unity Government Not Unified
Latest Blogs Stories
Doug Goldstein

Why some countries are more economically successful than others? Tune in for the answer…

ethics

If not scared by God be scared by man; Hopefully ethics will integrate into lives for proper reasons

rgds

Smear campaigns by people with agendas other than justice do not faze him; He does what is right.

Even Muslims -- including a number of groups one might consider to be quite radical -- are distancing themselves from ISIS and declaring the group to be apostate.

Countries like Turkey, Europe and even the US have proven fertile ground for recruiting terrorists

How many times have you heard anti-semites spew words like Israel are Nazis, or what you are doing to the Arabs is worse that what the Nazis did to the Jews?!…

My blog, Israpundit, was hacked, and I had to move to a new domain…

There’s much confusion about the definition of Daas Torah; simply put it means the wisdom of Torah.

We’ll never be able to negotiate a true, lasting peace with the Arabs.Their aim is our destruction.

Now I live in a country where every shop in the food court is kosher! I can have anything I want!

Pashkevil: “Come out today and battle the Zionist Amalek and all the traitors in Nahal Haredi…”

Jordan: Only M.E. country with no historical basis and ruled by occupiers placed by European powers.

Why is an IRA a worthwhile account for retirement? And how can you use it to the best advantage?

Like the fighter pilot’s letter, I wonder if certain units are simply too sensitive to allow certain leftwingers to serve in, and to entrust in their hands the security of our country and our lives.

There is only one thing more tragic than experiencing a terror attack, and that is allowing those who attacked you to do it again!

Smuggling Gazans into Europe is cheaper than fighting with Gaza, and then rebuilding all the destruction.

This week’s parsha offers a new covenant; a covenant that speaks to national life unlike any other

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Why some countries are more economically successful than others? Tune in for the answer…

Doug Goldstein

Why is an IRA a worthwhile account for retirement? And how can you use it to the best advantage?

How do you reach the top of your profession, and are you always aware of your own talents?

How has the sudden growth in modern technology affected world economy and future employment levels?

Learn about Monte Carlo-not the place but simulator forbuilding a financial plan.

This week’s podcast discusses the need for transparency in international business dealings.

Life after 50? You better believe it! Tips on how to prepare and enjoy life after retirement.

Marriage is not just about emotional fidelity but about financial fidelity as well.

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/for-love-or-money-the-real-cost-of-a-wedding/2012/08/26/

Scan this QR code to visit this page online: