For many, their wedding day is the day they’ve dreamt of since childhood. What people haven’t dreamt of is the cost of making that dream a reality, let alone how to pay for it. In this episode, SoFi’s Head of Investment Strategy and Host of The Important Part Liz Thomas talks with Tim Chi, CEO of The Knot Worldwide. Tim shares insights about financial planning for weddings from his extensive background in the industry, how the pandemic changed wedding planning, and balancing financial and emotional considerations in the process. The two also discuss Liz’s recent personal experience in planning her own wedding, how to prioritize expenses with professional vendors, and how social media and AI have shaped modern wedding planning.

For more, read Liz’s column every Thursday at On The Money by SoFi, sign up for the SoFi Daily Newsletter, and follow Liz on Twitter @LizThomasStrat.

Notable mentions in the episode:

(00:00 ) Introduction to The Important Part

(02:25 ) Tim Chi’s background in the wedding industry

(04:12 ) How the wedding planning industry has changed 

(05:32 ) 2022 as the “Super Bowl” of wedding years

(07:49 ) “Revenge” wedding spending

(10:01 ) The ROI of your wedding

(12:50 ) How wedding traditions and priorities have changed

(15:57 ) The impact of inflation on weddings

(19:21 ) Social media’s impact on wedding planning

(22:10 ) Has AI influenced the wedding industry?

(25:18 ) How much planning for a wedding should you DIY?

(30:24 ) Tim’s favorite tools to offer couples

(31:10 ) One word to sum up the cost of wedding planning

(31:35 ) Combining The Knot and WeddingWire

(32:49 ) Tim’s investing mantra

(35:12 ) Key takeaways and conclusion

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  Wealth Investing Guide: Information you need to know to make your money work harder for you.

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