During
periods of strong market performance, like the one we’ve experienced since the end
of last year, it’s important to remember that markets ebb and flow over time.
Since December 31, 2012, the Dow Jones Industrial Index has gained 9.9 percent
and the Standard & Poor’s 500 added 8.8 percent. Last week, the Dow reached
highs last seen during 2007, and the S&P 500 ended the week less than one
percent from its record high, which was also realized during 2007.
While
the strong performance of U.S. stock markets has given investors reason to
smile, significant economic challenges remain. The effect of sequester spending
cuts on the American public and economic growth remains relatively unknown.
Also, U.S. earnings growth appears to be slowing and that could affect stock
prices. (Earnings are a measure of a company’s profitability and influence its
share price.)
Global
markets were largely up last week, too, as investors seemed to celebrate
stronger U.S. and Chinese economic data, as well as the fact that Central banks
in Europe, the United Kingdom, Australia, Japan, and Canada met and left their
monetary policies unchanged.
In the
Eurozone, economic growth remained relatively weak and inconsistent. While the
European Central Bank has stepped up to help countries affected by poor demand
for bonds, insufficient bank-to-business lending has negatively affected
economic growth, especially in southern Europe, leaving some countries mired in
recession.
In
the United States, yields on 10-year Treasuries rose higher last week despite
Federal Reserve assurances that it will continue to pursue its current monetary
policy for some time.
Is a wedding
in your future? If so, prepare yourself. Between the planner, venue, food, flowers, cake, dress, drinks,
photographer, videographer, invitations, programs, and all the rest, you’re likely
to be hearing a lot of this: Ka-ching! Ka-ching!
More than $50
billion is spent on weddings in the United States each year. According to the
2012 Wedding Report, the average wedding has about 133 to 143 guests and costs
more than $25,000, not including the honeymoon. The good news is the average
cost of a wedding in 2011 was less than the average cost in 2007. The bad news
is that, according to CostofWedding.com,
the cost of any wedding could increase by 50 to 100 percent if the planners
choose designer labels, popular event locations, custom products and services,
or if they invite significantly more guests.
Here are a few tips
that may help ensure wedding costs don’t spiral out of control:
·
Establish a
budget.
Set a budget for the wedding, but make sure you build in a cushion of 10 to 15
percent for cost overruns, just as you would if you were putting an addition on
your house or remodeling.
·
Understand venue
and reception costs.
When negotiating the cost of your reception, it’s important to ask for the per
person cost, all-inclusive. If you’re given an all-inclusive price and you find
the words ‘additional costs may be incurred’ or ‘plus the cost of setup and
delivery’ in your final contract, ask what those costs are, specifically, and
be prepared to negotiate.
·
Make smart liquor
choices.
The drinks served at the reception often are a significant expense. Many venues
charge for every bottle opened. To save on the cost, you could opt to serve
beer, wine, and champagne for toasts. Alternatively, you could offer signature
cocktails that require a single type of liquor, which can help limit the number
of bottles opened.
After evaluating
costs, you may decide that the best option is for the happy couple to elope,
marry in an exotic locale, and celebrate with a big party when they return. If
that’s not an option, make sure to take advantage of the plentiful online
resources available.
Weekly Focus – Think
About It
“The
greatest happiness of life is the conviction that we are loved; loved for
ourselves, or rather, loved in spite of ourselves.”
--Victor Hugo, French poet and novelist
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