There is speculation that Price William and Kate’s wedding will cost anywhere between $30 million to $50 million dollars. Now that is a royal wedding!
Surely, that’s a ridiculous amount of money for one day of fun with friends, family, and dignitaries no? It’s not like the British economy is doing much better than the US economy. Brexit is bad for business.
Surely $3 to $5 million would be more “reasonable” instead as the Royals plan for festivities surrounding their fine wedding date of Friday, April 29, 2011 at West Minster Abbey.
But really, with the average cost of a wedding in America hovering around $20,000 to $30,000 or a full 40%-60% of the median American household income, the Royal Wedding should be considered one of the cheapest weddings of all-time!
AMERICAN WEDDING EXPENSE EXTRAVAGANZA
A royal wedding is nice. But a regular wedding is nice too. I’ve been to around 20 weddings so far in my life and I loved every single one of them. Going to a wedding could be one of my favorite pass-times, unless they take longer than 5 hours to get to, and are on a cold or rainy day in the East Coast!
Nothing is more beautiful than being with loved ones as you celebrate what many say is the absolute best time in a couple’s life (yes, for many it goes downhill from there).
Who knows, if you’re a single beaver, you might be able to find another beaver looking for love as well. No venue is more ripe for love production than a wedding I must say!
Unfortunately, Americans are quite ridiculous when it comes to wedding expenses. $33,000 for a wedding? Come on! How can you spend on average $33,000 for a wedding if the average American household income is only $68,000? You don’t need a royal wedding to be happy.
Talk about debt hangover if I’ve ever heard of one. As with most things I read on the internet, I’m perplexed by the veracity of the $25,000 wedding cost figure. Do people really spend that much on a wedding? Is it all propaganda by the wedding industry to make the consumer spend this much? Maybe.
I started recounting the conversations I’ve had with couples who revealed their own wedding costs. The last three weddings I attended, which doesn’t include the rings or the honeymoon cost $95,000, $2,050, and $82,000 for an average cost of $59,500! That’s some high volatility there and I’ve gotta tell you that the $2,050 wedding was probably a tad more fun than the $95,000 wedding! My small sample set proves that $25,000 for a wedding may very well be the average. What say you?
THE 1/10th RULE LIVES ON
Everybody should know my 1/10th rule for car buying now. If not, it’s simply a guideline to spend no more than 1/10th your gross annual income on a car. Perhaps the 1/10th rule should also be employed for weddings.
Yes, a wedding is much more memorable than some stupid car. However, a wedding only lasts one day, whereas a shiny new BMW will last 4 years before it falls apart with electrical gremlins. You’ll also have probably at least 3 cars in your lifetime, but will probably only have 1 or 2 weddings instead.
If you make a nice American household income of $50,000, shoot to spend no more than $5,000 on your wedding. The couple above who spent $2,050 on their wedding makes $500,000 a year, or just 0.4% of their annual gross income.
But, back to the Royals. The Queen and her extended family are estimated to make $80 million a year. But they are worth some estimate $100 billion or much much. They are huge land barons. They can afford a royal wedding.
Some say their net worth is in the trillions! Hence, the Royals, with their $50 million wedding are only spending 1.2% of their estimated annual income if you put a 4% cap rate on a $100 billion net worth! A royal wedding that costs millions is no problem.
If the Royals are spending 1.2% of their income on their wedding, and my friends are spending less than 1% on their wedding with their paltry $500,000 a year incomes, surely you can spend 10X the percentage amount and still have a grand old time!
You won’t need to have to borrow money from Citibank, or worse yet, the Bank of Mom and Dad. You can start your marriage off right with no debt and plenty of freedom. Go for it. You know I’m right!
Readers, how much do you think is a reasonable absolute and percentage of gross income amount to spend on a wedding? Who do you think is more responsible for driving up wedding costs, the man or woman? Why do you think this is?