Marriage makes you richer. No matter where you live, government data shows marriage is a good financial move. The Journal of Sociology explains:
What impact do marriage and divorce have on wealth? US data from the National Longitudinal Survey of Youth (NLSY79), which tracks individuals in their 20s, 30s and early 40s, show that over time single respondents slowly increase their net worth. Married respondents experience per person net worth increases of 77 percent over single respondents. Additionally, their wealth increases on average 16 percent for each year of marriage. Divorced respondents’ wealth starts falling four years before divorce and they experience an average wealth drop of 77 percent. While in percentage terms divorce hurts women more than men, the absolute difference is relatively small in the US.
So as you plan your wedding, you can do so knowing that your investment in your wedding celebration will be money well spent!
The Knot tells us that the average couple in the U.S. spends $33,931 on their wedding. But let’s put that number in perspective. The number varies wildly depending upon where you live. Here’s a sampling of the average cost of a wedding guest by state according to ValuePenguin:
California (Bay Area) $282
Illinois (Chicago) $351
North Carolina $199
Ohio (Cincinnati) $145
Ohio (Columbus) $153
Let’s face it, you’re getting married because you’re in love. And love is worth celebrating, whether your wedding costs you $15,000 or $50,000. But it’s kind of nice knowing that, according to the experts, your wealth is about to start increasing by 16% a year! Yes, your wedding budget is worth every penny.
Marriage makes you richer in every aspect of your life, including your pocket book. Not bad!
Speaking of your pocket book and wedding budgets, your single best investment is DJ entertainment provided by Big Daddy Walker Productions. Entertainment makes the event. The Knot says entertainment only accounts for ten percent of a budget, but it provides 90% of the fun!
If you’d like to better understand how marriage makes you richer, talk to your financial advisor. But if you want to know how entertainment makes your event richer, start with this website. Then call us 513-678-2107.
Congratulations on your upcoming wedding!