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Thursday, 05 January 2017 17:55

Dave Says

Written by  Dave Ramsey
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What Dave has to say about a responsible wedding budget and transferring IRA to gold...

 

Q. In your opinion, what is the limit you can responsibly spend for a wedding if the people involved have debt?

 

A. The cost of the average wedding in America rose to $32,641 last year. But when it comes to what you can reasonably afford, I think it becomes relative to exactly how much debt you have and what kind of income we’re talking about.

 

If you have $5,000 in debt but you make $150,000 a year, stop worrying, pay off your debt, and save up for a great wedding. If you make $28,000 a year but you have $30,000 in debt, then you need to have a really minimal wedding. Anywhere from $3,000 to $5,000 would be reasonable in that kind of situation — and even then it’s going to be tight.

 

The more debt you have in relation to your income, the smaller your wedding expenses should be. A $32,000 wedding would be ridiculous for someone with a $28,000 income. But $28,000 is a below-average income, so you shouldn’t reasonably expect an average wedding in terms of cost. It really all boils down to ratios.

 

Just remember, the amount of money spent on the ceremony, reception and all that stuff isn’t what’s important. It’s the love that two people have for each other that makes the ceremony special and the marriage one that will last a lifetime!

 

 

Q. What are your thoughts on transferring an IRA over to gold?

 

A. Honestly, I think that’s about the dumbest thing a person could do. I hope I wasn’t unclear.

 

Gold is going down like a rock right now as people start to believe in the economy and the economic direction of this country again. The stock market indicates this is true, and in the process, gold becomes worth less and less. Gold is essentially a fear-based product, and the less fear that’s out there, the cheaper gold is.

 

That’s not how you want to fund your IRA. You want to fund it with something that has a long track record based on growth due to the performance of the companies involved — not someone’s greed or fear. Gold is a horrible investment, and I don’t own any except for one nice watch and a pair of cufflinks. That’s it!

Last modified on Thursday, 05 January 2017 18:04
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