Couples receive a bounty of gifts on the occasion of their exchanging vows. Guests sometimes choose to give money instead of purchasing items off a registry. According to wedding industry experts, cash givers hand over around $160. If many friends and family attend, this amount can add up to an impressive figure. Rather than spending dough on frivolous fun, couples should make financial choices that lead to prosperity and happiness.
Establishing a Venture
One savvy application of wedding funds is founding a business. Creating a startup remains a huge undertaking, yet it may set the stage for massive profits. Self-funding sidesteps the danger of taking out a costly business loan. Perhaps as important, going into business together offers a multitude of relationship-strengthening benefits. One spouse supporting the other’s entrepreneurial passion can be equally powerful.
Opening a brick-and-mortar shop imposes tons of overhead on business owners. Designing an online company is more affordable and can be done quickly, especially with today’s web-based shopping solutions. It takes approximately seven business-creation stages before the average enterprise turns functional. Building an event planning company only takes six. Online resources are there to aid the process. Search the web for advice on how to write a business plan and select an operational structure. Carefully consider your venture’s name and location, as you’ll have to register with the state. Have an operating agreement in place before opening your doors. Also, secure a tax ID, and acquire all needed permits and licenses from the outset.
Starting a Retirement Plan
Retirement planning is essential for all. Wedding money can go toward initiating a retirement setup that works for you. Apply an aggressive investment strategy at the inception, and gradually turn more conservative as you approach retirement. Don’t forget the advantages that come with hiring a financial advisor.
Purchasing Real Estate
Buying a house is a rite of passage for married couples. Now may be the perfect time to make a down payment on a dream nest. Homeownership helps secure a bright financial future, as home equity doesn’t simply go away. Selling at the right time could significantly fatten your wallet.
When going on the market, there’s much one can do to improve bids. Besides thoughtful staging and an attractive asking price, upgrades and repairs attract interest. Consider remodeling kitchens and bathrooms. Add a skylight or repaint. Look for clues that systems are showing signs of trouble. For instance, an HVAC could be noisy or fail to maintain a consistent temperature. Such problems could be due to the motor experiencing excessive stress or a lack of coolant. Looking for heating and cooling companies near you before further usage triggers additional damage is then a must.
Saving for Emergencies
Building a financial reserve to handle unforeseen troubles is always a smart move. Emergency funds deliver fiscal relief when vehicles break down, one faces a sudden and unexpected loss of income, or someone falls ill. Prepare for the worst.
Traveling Together
Figuring out financial concerns puts stress on relationships. Vacations are a great way of healing fractures that have developed. Begin saving for a blowout voyage to a faraway land. Save more than you anticipate needing to account for the cost of extras and the inevitable shopping spree.
While the honeymoon phase of marriage remains exciting, it’s never too soon to start building bridges for what comes next. Communicate with one another concerning wise fiscal decisions.
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This article was written by Gloria Martinez.
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About Naif Productions:
Naif Productions is a strategic event planning, design and production firm specializing in corporate, live coaching sales events, social, non-profit, and weddings. Based in New York City, we produce events worldwide from Fortune 500 clients and coaches to families and charities. Naif Productions specializes in helping clients attain their goals, realize return on investment, and achieve the most unique, creative experiences.
About Annette Naif:
Since 1986 Annette Naif has been designing and producing custom events, helping clients create their unique style that translates into a memorable and profitable experience. Annette spent 17 years producing events in the motion picture industry where she helped coordinate numerous productions for film and episodic television programs. Since then Annette’s been running her own event production company, coaching other event planners, teaching an event operations and production course at NYU, and now is the CEO & Creative Director of Naif Productions.