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How does one go about figuring how much they need ...
# general
c
How does one go about figuring how much they need to save up for a wimcha that is 10-25 years in the future?
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m
Monte Carlo 🙂
c
Sorry, I think I wasn't clear. I meant how do you know what the end amount should be?
m
current prices adjusted for inflation (which this calculator above does)
c
Is there a general rule of thumb numbers that people use for bar mitzvahs and wedding? (ie i never made a bar mitzvah or wedding so I dont know the current prices)
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m
i can tell you what frum finance has for averages if the helps?
c
It would definitely help 🙂
m
so baltimore: ~5-7k bar mitzvah yeshiva/seminary 25k per year wedding are a bit of a range, but roughly 20k-40k depending on the family. when you move over to NJ and NY weddings jump to closer to the 100k mark averages, with still some 30ks.
weddings are very dependent on families, this is just some averages
a
Are these actual numbers, or projections?
b
The NY NJ 100K wedding is split 50K per family I'm assuming
m
Just like the 30k Baltimore weddings are split 15k each yes.
These are actual numbers people are using as their targets.
a
2 pairs of tefilin for a Lubavitch bar mitzvah bochur is around 4-5k these days…
m
@acceptable-angle-23240 I'm going to take the info and redo some people's portfolios 😂
This is why it's important. I ask all my clients if they are or are not Chabad. It's financial. I'm not just curious
It changes the numbers !
Okay so 10k bar mitzvah makes more sense.
I'll send that out to everyone who is lubavitch who has the bar mitzvah number lower than that as a suggestion
b
Also very important which affiliation with regard to parental support for the new couple. Chabad probably gives the least overall if any
m
@boundless-area-4436 that would be a very interesting study to conduct to confirm that assumption
In that you would need to separate out ffb and bt
b
In Boro park and Williamsburg I believe it's very standard to provide plenty of brand new high end furniture
And among the Kollel crowd there's a big emphasis on support during Kollel years
m
Yeah this is the bulk of the time I spend with families. Figuring out all of this to put into the simulation
It doesn't guarantee but it helps a lot with planning. To know that you put x away every month and you are at least attempting to plan in a responsible manner to cover all known expenses
This is why the slack is great also because we can collaborate on what these values should be and it feeds back into helping everyone else
e
Gulp
m
Oh boy. @eager-smartphone-39564. What are we doing wrong? 😂
e
Nothing. Just saw some of those numbers and gulped.
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