In today’s world, weddings are becoming increasingly extravagant, with costs skyrocketing. “Shark Tank” investor Kevin O’Leary warns couples against overspending on their big day, emphasizing the importance of making wise financial choices that will benefit their future.
In a recent Instagram post, O’Leary highlighted a significant financial pitfall many couples fall into prior to marriage. He states unequivocally, “The number one mistake people make before they get married? Blowing a fortune on a huge wedding.” Such expenditures can lead couples to start their married life in a precarious financial situation.
O’Leary advocates for a more pragmatic approach: “Choose a civil ceremony and host a small gathering. Save the rest to invest in your future, such as a home deposit.” His advice seeks to guide couples towards a financially sound start to their marriage, avoiding the pitfalls of lavish spending.
Understanding Modern Wedding Costs
The average wedding in the United States now costs approximately $34,200, as reported in The Knot’s 2026 Real Weddings Study. This figure has remained consistent, with an average of $33,000 in 2024. Venue, catering, and other expenses contribute heavily to this cost, especially given the average guest list of around 117 people, leading to roughly $292 spent per guest.
Prioritizing Meaningful Celebrations
During a video accompanying his post, O’Leary elaborates on the necessity of a more intimate celebration. He champions small gatherings with close friends and family, encouraging couples to limit their guest lists to those who are truly important to them. Even a simple celebration can become costly as the number of attendees increases, so selective invitations are vital.
Investing for the Future
O’Leary’s primary message is concerning the potential misuse of funds typically allocated for a lavish wedding. He insists that instead of spending excessively for one day, couples should consider investing that money towards long-term financial goals, like saving for a house or retirement. Platforms like Money Pickle offer valuable resources, connecting couples with fiduciary financial advisors to strategize future spending and investments.
Enjoying Experiences Beyond the Wedding
Furthermore, O’Leary challenges the notion that couples need to immediately indulge in expensive experiences following their wedding. He suggests postponing extravagant vacations in favor of simpler weekend getaways, allowing couples time to focus on stabilizing their finances before embarking on larger adventures.
The core of O’Leary’s advice is simple yet impactful: begin married life with a solid financial foundation. A civil ceremony combined with a modest celebration, alongside smart investing, may lack the glamour of a big wedding, but it positions couples much better for years of prosperity ahead.
