Money Minute: Cost of Getting Hitched Hits High; Stocks Etch Dull Quarter


In sickness and in health. You might also want to add this to marriage vows: in wealth or in poverty. The average wedding last year cost a record $30,000, and that doesn't include the honeymoon.

According to, the biggest expenses are for catering, the wedding venue, the engagement ring, flowers and wedding photos. And get this, in Manhattan the average cost totaled nearly $87,000.

A new book by the well-known author Michael Lewis claims the stock market is rigged against the average investor. He told "60 Minutes" Sunday night that algorithm-based high speed traders have an edge that allows them to front-run the buy and sell orders the rest of us place, which ends up making our trades more expensive.
The trades are legal, but cost investors tens of billions of dollars a year. Lewis is the author of the best-selling books, "Moneyball" and "The Big Short." His new book, "Flash Boys: A Wall Street Revolt," hits store shelves Monday.

It's been a fairly volatile year for stocks so far, with the Dow Jones industrial average (^DJI) swinging up or down by 100 points or more 22 different times. But all of those big moves have virtually canceled each other out. Heading into the final day of trading in the first quarter, the Dow is down just 1.5 percent from the record high at which it began the year. The Standard & Poor's 500 index (^GPSC) and the Nasdaq composite (^IXIC) are virtually flat for the year to date.

Last week, the Dow edged slightly higher, but the S&P 500 lost 0.5 percent and the tech-heavy Nasdaq slid nearly 3 percent. That's the Nasdaq's worst weekly performance in 17 months.

Finally, MF Global, the defunct and disgraced investment firm formerly run by Jon Corzine, is suing PricewaterhouseCoopers for at least $1 billion. MF claims "erroneous" accounting advice from PwC contributed to the company's collapse in 2011.

-Produced by Drew Trachtenberg.

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Or, better yet, just don't get married.

March 31 2014 at 3:29 PM Report abuse rate up rate down Reply

Ornate weddings are a colossal waste. The money is better spent making a down payment on a house or investing in a retirement account.

If you have it to burn, then spend away. Otherwise just forego it, have your close friends and family over, get someone to cater, get dressed up and have a nice informal wedding. They're loads more fun and far less stressful.

March 31 2014 at 11:37 AM Report abuse +3 rate up rate down Reply

I should hope the marriages last at least as long as it takes to pay off the weddings.

March 31 2014 at 10:44 AM Report abuse +2 rate up rate down Reply