Tuesday, September 16, 2014

Appalling Spending On Weddings In Hawaii

From today's Honolulu Star-Advertiser:
The cost of a wedding in...Honolulu averages $52,190, with couples spending an average of 72.19 percent of their household income on the big event.

That makes Honolulu weddings the most affordable in Hawaii, according to personal finance site NerdWallet.com.
Anyone who thinks getting married is proper justification for for a $52,000 party isn't grown up enough to get married.

$52,000? Seventy-two percent of household income? On average? This is the mark of a culture without functioning adults. If the parents are spending the lion's share it is even worse: they are old enough to know better. Instead they pass on their values of intergenerational irresponsibility, and wonder why they are impoverished when they retire.

Imagine what a gift of $50,000 to the immature couple, invested for 40 years at 4% would be worth at their retirement. OK, don't imagine, because I used an online compound interest calculator. 245,691.32. Looked at from a different perspective, what does a wedding expense of $50,000 at age 45 cost the parents in lost capital at 65? 110,835.76, and that is for one child's wedding, not two or three such examples of foolishness.

No wonder we have among the highest government debt per capita: We embrace a culture of childishness.

BTW: We spent less than $500 on our wedding, and it was lovely. We are also still happily married.

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1 Comments:

Blogger Justin Lawrence said...

In my opinion Hawaii is the best location for vows if you want to celebrate your vows in abroad. I also had destination wedding to Hawaii. Well a destination wedding requires a big budget but they are really awesome friends!! Isn’t it true?

Wednesday, February 4, 2015 at 7:58:00 PM HST  

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