Wishful Finance Thinking for 2011

January 3, 2011 by  
Filed under Money and Behavior

I’ve been thinking about some random events/occurrences in the world of money that, if they transpired in 2011, would be quite pleasing to Mr. ToughMoneyLove. For your consideration and comment:

1. Extreme downsizing of the wedding industry. Fantasizing, crazy brides (and their equally insane mothers) spend an average of $20k-$25k on weddings in the U.S. ¬†Estimates are that the wedding industry in total represents ¬†$50 -$100 billion in annual expenditures. (Sources) I don’t how much of that is debt-financed, but I’m guessing at least half of it. Most of the spending makes no sense. The young couple should use their money to build a solid financial foundation for the future. Their parents need the money for retirement. Weddings are supposed to be a sacramental celebration of love, not an over-the-top blow-out party. The wedding industry has pushed the boundaries way beyond that. Brides and mommas have not pushed back. It’s time they did. (Now you know why I hate the movie “Father of the Bride.” Steve Martin should have kicked Diane Keaton’s ass early and often in that story, then shot the swans, cooked them on the grill, and served them for dinner at the reception).

2. Elimination of for-profit colleges. First, we don’t need them. There are too many folks going to college and taking on ridiculous debt in the process. (Read this to understand the problem.) Those folks that actually need a college degree can get one at much lower cost from a public university. Second, for-profit colleges thrive on tuition funded by student borrowing. The default rate on student loans at for-profit colleges is three times higher than at traditional colleges. (Source) Who needs that?

3. Reading a negative review of a credit card on a personal finance blog. These may be over-generalizations, but I submit this to you: (1) Many PF bloggers make a lot of money pushing credit cards on their readers; (2) They push credit cards by “reviewing” them; and (3) They haven’t met a credit card they didn’t like. I would love to see a full-blown review of a credit card on a PF blog that ended with “This card sucks – don’t get one.” ¬†(Can anyone send me a link?)

Those are three of my fantasy events for 2011. How about you?


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6 Responses to “Wishful Finance Thinking for 2011”
  1. Evan says:

    Since none of your fantasy events will happen I’ll post mine that won’t either:

    – Everyone stops blamming Bush. We get it, he wasn’t fantastic…but someone else has been office for the past 2 years.

  2. MasterPo says:

    I disagree with your #2.

    “There are too many folks going to college and taking on ridiculous debt in the process.”

    To the former, what can you possibly mean ‘too many folks going to college’??

    The latter I get. But no one held a gun to their heads to sign up for 4 years at a school that costs $50,000 per year. They chose it. Just like the $9/hr Wendy’s employee who first got it into their heads to buy a $300,000 home.

  3. Maria says:

    Agree with you on all counts.

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