Need advice: Parents planning for weddings
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Topic: Need advice: Parents planning for weddings
Posted By: refin93
Subject: Need advice: Parents planning for weddings
Date Posted: Aug/12/2021 at 9:03am
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I have had a few conversations with clients lately who want to start preparing for their kid’s weddings. Would love to get some expert opinions. 1. How are parents typically saving for life events like this? 2. What kinds of financial products are best for this? 3. Has anyone seen any technology tools that help parents save for and disperse funds to their kids for weddings? 4. What are some of the biggest pain points for the parents in this process? How can I help them avoid these? Thanks in advance! |
Replies:
Posted By: mindtech
Date Posted: Aug/12/2021 at 9:14am
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I don't think you get what we do here. We're asset gatherers..... and we generate revenue. Tell your clients to take out a loan to pay for the wedding
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Posted By: B24
Date Posted: Aug/12/2021 at 9:17am
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Not sure if you're serious. Most of my clients just pay for the weddings. I'm in an area where you are probably looking at $25-50K for a typical wedding, and most of my clients have that without having specifically saved for it. Obviously, weddings can get WAY more expensive, but that's typically the case with families that have plenty of money. I think with most of us, we work with clients that have enough money, at a time in their lives when expenses are their lowest and incomes highest (think late 50's, early 60's), that they can just pay for a wedding outright, even it if means financing it on a credit card for a few months.
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Posted By: WarPig
Date Posted: Aug/12/2021 at 9:28am
Do you work with alot of Inidan families? For anyone else I just can't see this as being an issue ------------- If you invite me to lunch, I'll report you. |
refin93 wrote:Posted By: Spaceman Spiff
Date Posted: Aug/12/2021 at 10:18am
As to wedding planning - it’s simple - give the kids a budget that makes sense for the parents and tell them that’s the limit. If mom and dad are struggling to hit their own financial goals taking out a loan or spending crazy money on a 20 minute ceremony and a big party is just dumb. If they want to spend more than the budget, it’s out of their pocket. Most parents, at least with my clients, don’t think about saving for a wedding until their kids are teenagers. So your investments need to be conservative. If you want to keep it simple use a target date fund. Wedding planning isn’t typically one big check. It’s a lot of smaller checks over the entire process, so ease and liquidity are important. I just did all this with one of my top 5 clients, so it’s pretty fresh in my mind. Alternatively - have the parents tell the kids what the budget is and that they can either spend it on the wedding or they can have it for honeymoon, first house, college planning, or whatever they want. The wedding might get a lot cheaper pretty quickly.
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Posted By: knuk
Date Posted: Aug/12/2021 at 11:03am
go to XYPN and ask there. Or bogleheads.
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Posted By: Wet_Blanket
Date Posted: Aug/12/2021 at 7:09pm
------------- The true 🤡 was the Biden voter all along. |