What’s more important to you: a cool party or dipping into a hot housing market?
That’s the question Netflix’s recent show, Marriage or Mortgage, poses to a select few residents of Nashville, Tennessee.
In every episode, a couple has to choose: Put big money toward a wedding or a down payment?
But does framing this major decision as a choice between the practical and the romantic overlook other important financial considerations?
We asked some financial advisers how they’d guide you to choose between buying a home, throwing a wedding and everything else in between.
Here’s what they said.
How to make a responsible choice
Deciding how to spend your savings, however much you have, can be an overwhelming process.
What Brent Weiss, the co-founder and chief evangelist at Facet Wealth, advises his clients when they’re facing a big decision is to step back and reframe the choice with three themes in mind:
What are your values? How does this decision fit into them?
What’s the bigger picture? Are there other goals you have that you’ve lost sight of?
Ignore the noise and get back to your values. Log off social media, forget the FOMO (fear of missing out) and get back to your values.
“One of the first assignments I give new clients is between meeting number one and meeting number two, I ask them to come back and define what success looks like to them if we’re sitting here three or five years from today.”
Usually, that uncovers a number of other priorities couples have overlooked when considering emotionally charged decisions, like buying a home or throwing a wedding.
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