Scaled Down Wedding?

Nancy has no debt. Her fiancé has $160,000 in debt but has $100,000 in savings. She'd like to have a $10,000 wedding but wonders if a $50 courthouse wedding would be a better idea.

QUESTION: Nancy in Huntsville makes $54,000 and has no debt. Her fiancé has $160,000 in debt and makes $75,000 a year, but he has $100,000 in savings. He has a car loan, credit card debt and even a $55,000 airplane loan. She’d like to have a $10,000 wedding but wonders if a $50 courthouse wedding would be a better idea.

ANSWER: When you are broke, you don’t get to own an airplane. That’s known as a luxury. He has $160,000 in debt but he has $100,000 in savings that he should liquidate and pay against it, which means he should sell the airplane and pay off all his debts. He’s probably not going to and you probably won’t ask him to, based on this conversation. I’m not sure I can really help you.

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