Thursday, November 03, 2011

$10 Million Gone Wrong

The Kim Kardashian wedding is an example of how one can waste money. It is estimated that her wedding cost $10 million. This is an example of $10 million gone wrong! It is reported that Kim Kardashian and her husband Kris Humphries received wedding gifts and some products and services free of charge. Other vendors provided discounted products and services.

It is reported that Kim Kardashian and her hubby earned over $18 million for their wedding: $100,000 from vacation photos in Mexico, $15 from E! for the wedding special, $2.5 million for wedding photos according to In Touch Weekly senior editor Dorothy Cascerceri. Kim Kardashian was also paid $1.5 million dollar deal for exclusive rights to wedding photos $50,000 for her bachelorette party at Club Tao in Las Vegas.

Kim Kardashian and Kim Humphries spent: $2 million for her engagement ring, $750,000 for snacks, $150,000 for hair and makeup, $200,000 for her wedding band and $2 million for flower arrangements.

Kim Kardashian borrowed jewelry worth $10 million – earrings valued at $5 million and a headpiece valued at $2.5 million. Kim received 3 free Vera Wang gowns valued at $60,000, Lehr and Black wedding invitations for free valued at $10,000 and a cake from Hansen’s Cake for free valued at $6,000.

Many believe the wedding was a publicity stunt. Time will only tell the real story. This wedding has caused several different reactions and anger among some due to the price tag.

If the companies that worked on Kim Kardashians wedding hired unemployed workers for at least 50% of the staff, what a difference it could have made in hundreds of lives. The average cost of a wedding $27,900. The average cost of three months of marriage counseling is $1,200. Had they gone to marriage counseling, they could have saved $10 million.

Events like this are a disappointment to the 14 million people unemployed, 8.8 million part-time employees; 3.5 million homeless Americans, 35.9 million Americans living in poverty and over 45 million Americans do not have health insurance.

This wedding is a good example of how not to spend money even if you can afford it. No matter what type of event you have you should always find a cheaper price. The truly wealthy spend money that they won’t miss. The rich spend money but have to continue to work to earn more money. Since most Americans are neither, it is best to spend less than you earn, comparison shop to find the cheapest price to stretch your money and only buy things that will have a lasting value instead of things that depreciate quickly and have no value like expensive weddings.

Here are 9 ways to save money on a wedding:
1. Date. Schedule the wedding during off-peak times such as October, November or January through March. Choose a weekend such as Friday or Sunday night. Saturdays are the most expensive.
2. Venue. Choose a non-traditional venue such as an outdoor garden, restaurant, home, or event hall.
3. Dress. Purchase the dress during sales, at consignment shops, designer or sample sales, eBay, or a consider a used gown.
4. Reception. Consider having a reception during the day. Brunch or lunch is cheaper than dinner. Select inexpensive options such as chicken or pasta. Don’t provide more than 2 options for guests to help keep costs low.
5. Drinks. Offer a cash bar or limited bar to keep costs low.
6. Cake. Choose a smaller cake just enough for invited guests; keep the design simple to save money.
7. Flowers. Spend money on your bouquet but choose seasonal or local flowers and keep arrangements simple.
8. Photographer. Get referrals from friends or family or look for inexpensive packages. Spend money on the most important pictures and consider hiring an intern and student for additional pictures.
9. Invitations. You can create your own invitations and get them printed at FedEx Kinkos or hire someone with calligraphy skills or an art or graphic design student.

You can have a nice wedding for less than $20,000. If you are in debt, have bad credit or the balance in your savings account is less than the cost of your wedding, consider changing your spending habits and your values regarding money. You don’t won’t to end up like Kim Kardashian spending lots of money with nothing to show for it.

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