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Weddings Are Expensive. Here's How One Financial Advisor Talks To Clients About Budgeting

JovanaT/Getty Images When wedding planning, experts recommend making a budget early to help stay on track when the expenses add up later.A wedding is meant to be a special, joyous occasion. However, the financial planning required for such a momentous day can feel a little less magical. According to a wedding study by The Knot, the national average cost of a wedding in 2025 is $33,000.Daunting as it may seem, thoughtful budgeting and planning can ease the financial stress of wedding planning.Key Takeaways The average cost of a wedding in 2025 is $33,000Set a total budget early and work backward to guide every spending decision.Look for major savings opportunities like off-season dates or free venues from family or friends.Prioritize what matters most to you—like food or photography—and allocate extra funds there.It’s common knowledge that weddings have become expensive galas. The fact that the average age of first marriages continues to climb might have something to do with that financial investment. While the expectation of a lavish event is hard to escape, there are still ways to host a successful wedding without breaking the bank.NoteThe average age for a woman to get married has increased from about age 24 to age 28 from 1990 to 2024.What I'm Telling My ClientsJust like with buying a house, a savings plan should be in place before anyone starts planning a wedding. Even with cutting corners and reducing costs, spending upwards of $10,000 is not hard.In most cases, it’s good to begin with a total budget and work backward. For those who work with a wedding planner, presenting a spending cap will give that person a blueprint for piecing together your ceremony or reception. If the total is $20,000 and the dream venue costs $15,000, you know that everything else needs to be found via bargain shopping or the venue has to be reconsidered.Finding ways to save is often the secret to a successful wedding. I encourage my clients to consider the following:Search for an affordable venue owned by a family or a friend.Set aside extra money for the most important things to you, such as catering, wedding attire, or photography.Check venue prices during the off-season and try to negotiate the cost if you’re looking at a date that’s atypical for weddings. Cheaper months tend to be December and January.Tip According to The Knot Real Weddings Study, only 2% of weddings last year took place in January.The Bottom LineIf you want a semi-traditional wedding, you have to plan on spending a little money. As long as you save and track down every available bargain, you can set a sensible budget and stick to it. The average cost of a wedding might be high, but you can find ways to manage it financially and still have the day you always dreamed of.
How the Ultra-Rich Use Municipal Bonds in Retirement

Fact checked by Suzanne KvilhaugYaroslav Astakhov / Getty ImagesFor the ultra-wealthy, municipal bonds aren't just about earning interest. They're a way to lock in tax-free income, cover essential expenses, and free up the rest of their portfolio for higher-growth investments.But even though muni bonds may offer stable income, they aren't a perfect fit for every retiree, and they come with risks that are easy to overlook.Key TakeawaysMunicipal bonds offer steady, often tax-free income, but can come with hidden risks like liquidity issues and sometimes even unexpected taxes.Wealthy investors often use muni bonds to cover basic living expenses while investing aggressively elsewhere to build more wealth.Municipal bonds are best seen as one tool among many—not a complete retirement plan on their own.Why the Wealthy Turn to Municipal BondsOne major reason municipal bonds are popular with wealthy retirees? Taxes. "Municipal bonds can provide stable, high-quality, tax-free income," says Noah Damsky, founder of California-based Marina Wealth Advisors, noting that they're federally tax-free, but only occasionally state tax-free.For example, munis may be exempt from state and local taxes if you live in the state where the bond is issued.Reducing taxable income can make a huge difference for those in higher brackets, making munis a smart way to protect wealth without giving more away to taxes.Plus, the relatively stable nature of many muni bonds—especially general obligation bonds backed by a government taxing authority (instead of revenue from a given project)—makes them an attractive way to fund day-to-day living expenses in retirement.Risks and Common Pitfalls to AvoidDespite their reputation for safety, municipal bonds aren’t foolproof. "While they're often high quality, they're not without risk," Damsky cautions. "They can carry a substantial amount of interest rate risk and some credit risk."Liquidity is another concern many investors miss. "They can be hard to sell at a good price in big blocks, especially if the market is stressed," Damsky says.What's more, buying the wrong type of muni can even trigger an unexpected tax bill—a surprise many retirees aren't prepared for.For example, if you buy a private activity bond, and your income is high enough, the interest might be subject to the alternative minimum tax (AMT).If you’re looking for additional safe options for cash management, you also might want to explore high-yield savings accounts for flexible, FDIC-insured savings.Before buying municipal bonds, find out if they are subject to the alternative minimum tax (AMT).Why Home-State Bonds Aren’t Always BestMany high-net-worth investors buy municipal bonds issued only in their home state to avoid paying state income taxes on interest earned, noted Damsky.But concentrating too heavily can backfire. "While these bonds can be high quality, concentration in one particular state is not optimal," he said.Economic or political problems in one state could hit your portfolio harder than you expect. Diversification still matters—even for bonds that seem safe.How the Ultra-Wealthy Structure Their PortfoliosFor the ultra-rich, muni bonds aren’t the whole game plan. They're often part of a bigger strategy to create a growth and income portfolio that relies on assets like alternatives too."I find that the ultra-wealthy like to barbell their portfolios," Damsky explains. "They want to have their safe money in high-quality fixed income, and have their assets beyond living expenses in high-growth investments such as private equity, private infrastructure, and venture capital."Once they feel confident that they have secured their lifestyle with conservative investments, they turn to high-growth investments to continue to build generational wealth, he adds.This approach effectively gives them a stable income while they pursue long-term growth.When Munis Might Not Make SenseIf you’re trying to build wealth aggressively in retirement—not just to preserve it—relying heavily on munis might not be the best move."Municipal bonds can be great for sustaining existing wealth, but they are unlikely to compound wealth over the long term," Damsky says.That's because, as fixed-income securities, they offer income, not capital appreciation.Munis can be a powerful investment tool—but like any tool, they’re only right when they fit the job you’re trying to accomplish.The Bottom LineThe ultra-wealthy use municipal bonds to create a reliable foundation of generally tax-free income, covering their essential needs while investing boldly elsewhere.But muni bonds aren’t risk-free, and they’re not a one-size-fits-all investing solution. Understanding how they work and when they don’t can help you build a retirement plan that fits your goals.
When Experts Say 'The Stock Market Is Not the Economy,' What Do They Mean?

Fact checked by Stella OsobaXavier Lorenzo / Getty ImagesThe market turmoil caused by President Trump's 2025 tariff announcements has experts reassessing a longstanding maxim: "The stock market is not the economy."Brenton Harrison, a certified financial planner, founder of New Money New Problems, and a member of Investopedia's Advisor Council, pointed to reasons to rethink the dictum. Many investors now trade for themselves via apps like Robinhood Markets Inc. (HOOD) and other platforms, which has "increased Main Street’s interest in Wall Street," he said. "By having skin in the game, Main Street investors are more attuned to activities on Wall Street that impact their daily lives and portfolios."So, is this part of a narrowing of the supposed gap between Wall Street and Main Street? We suggest possible answers below.Key TakeawaysThe point of noting that "the stock market is not the economy" is to stress that high stock prices don't necessarily mean the economy is strong, nor does market turmoil mean it is weak.The stock market reflects expectations of future profitability of publicly traded companies, which is only loosely connected to how the average person experiences the economy, usually through prices, the availability of jobs, and wages.Still, events of the mid-2020s have led some to suggest that the phrase is perhaps less true than before, especially in crisis times.Market Signals and Economic RealityThe notion that the stock market isn't the economy is decades old. Kai Ryssdal of "Marketplace" popularized the phrase just before the 2008 Financial Crisis, emphasizing that one shouldn't confuse what's happening in one with the other. The stock market tracks the value and expected future earnings of publicly traded companies, while the economy comprises all U.S. production, consumption, employment, and commerce.Ryssdal still stresses the point, though in a manner that's somehow both blunter and more nuanced. For example, in March 2025, he seconded a Bluesky post by noted economist Paul Krugman, who repeated the phrase three times, then wrote, "Nonetheless, holy sh*t," citing market fears about Trump administration tariffs.What the Phrase MeansAs Krugman put it a few years ago, "The relationship between stock performance—largely driven by the oscillation between greed and fear—and real economic growth has always been somewhere between loose and nonexistent." This means, as a March 2025 Economic Policy Institute report put it, "More often what is happening to stock prices gives us no insight into the wider economy."The market is also not very representative of the U.S. economy:The main index, the S&P 500, has just 500 companies out of America's 33 million businesses.Data noting that over 60% of Americans own stock can be misleading, since those in the top 10% by wealth own 87.2% of equities and mutual fund shares.S&P 500 companies earn almost a third of their revenue overseas.ImportantMore American families than ever own stocks—more than 60% own stocks either directly or indirectly through their retirement plans, but only about a fifth own stocks directly. Meanwhile, the richest 10% of American families own nearly 90% of all stocks.Still, some argue for using the market's ups and downs as an economic barometer. For example, during his first administration, President Donald Trump invoked a rising stock market as evidence of his economic stewardship, suggesting policies doing the opposite should be abandoned.That would mean a “stock market veto," largely by the wealthiest Americans (and not a few foreigners). Policy shifts from the New Deal to the Affordable Care Act (ACA) in 2010 and beyond have caused market drops. Yet, regarding the ACA, the market reaction wasn't even a good barometer of how healthcare stocks would fare. For example, we calculate that despite an initial price drop, the Health Care SPDR ETF (XLV) rose about 387% between the ACA's passage and April 2025—higher than the S&P 500 index's impressive 354%.Updating the Relationship StatusThere's a saying among investors and analysts that in a crisis, everything is correlated, which means that everyone is selling everything. In this context, perhaps it's helpful to add that, while in ordinary times the stock market does not reflect the economy, in times of crisis both are greatly affected.For example, Wolfers said there's good reason to take heed of the market's reaction to Trump's tariffs. The turmoil in equities and bonds is evidence that Wall Street isn't buying Trump's argument that his tariffs, which would fundamentally restructure global trade, will lead to greater profitability and a more robust American economy, he says."Ordinarily, I have a lot of sympathy for the statement that the stock market is not the economy," Wolfers said. "But I think this time it's more central to understanding what's going on in the economy."Crucially, plunging markets can hit the economy by damaging consumer sentiment. Even though most stocks are held by wealthier families, when markets and the value of 401(k)s are falling, this dominates news broadcasts, Main Street takes notice, with people often quickly cutting their spending, which in turn slows economic growth."This month’s market activity shows that companies and governments recognize how fast consumer sentiment can change an economy," Harrison said. "In past times of turbulence—the Great Recession, the early 2000s tech bubble—some of the market forces that led to a crash were in motion for years before Main Street was aware of them. ...Recent market events have shown that the time between a Wall Street activity and Main Street’s reaction to it has whittled down to days." The Bottom Line"The stock market is not the economy" is a reminder that stock market troubles don't necessarily lead to slowing economic growth—hence economist Paul Samuelson's joke in 1966 that "Wall Street indexes [have] predicted nine out of the last five recessions."That said, markets can influence the economy. They help businesses fund growth, offer investments for millions of Americans, and perhaps, as Wolfers suggests, provide important insights about certain policies. The relationship is thus more nuanced than screaming headlines about stock market crashes might lead one to believe.