Savings, Thrift & Investment | |
Savings, Thrift & Investment | |
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Friday, December 27, 2019 / 06:00PM /
Proshare Business / Header Image Credit: EcoGraphics
Executive Summary
Over the years, marriage
(at least in a conventional sense) has always been considered the union of a
man and a woman desirous of living together for love, procreation and social
acceptance. In Nigeria today, weddings (as distinct from marriages) have become
glorious festivals, with people going the extra mile to ensure that their "big
day" is glamorous and fun-filled. They plan for fanfare and elegance,
regardless of financial resources. But what is a wedding or a marriage?
A Wedding
A wedding is an event
along a journey of marriage, which represents the formalization of a unique
friendship between a man and a woman (or any other more recent combinations) as
life-long partners with the intent of living together and creating a nuclear
family. According to the online Merriam Webster dictionary, a wedding is, "a
marriage ceremony usually with its accompanying festivities." The dictionary
goes further to define a wedding as "an act, process, or instance of joining in
close association." In other words, the wedding event is not a
marriage but a ceremony to usher couples into the institution of marriage, the
distinction, though subtle, is important.
A Marriage
A marriage is more than a
wedding. While a wedding is a desirable event, marriage is bumpy, but a
hopefully pleasurable journey. The online Merriam Webster dictionary defines
marriage as, "the state of being united as spouses in a consensual and
contractual relationship recognized by law," the dictionary says that marriage
is, "the mutual relation
of married persons," meaning that the central consideration for marriage is
consent and the legality of the process rather than the pomp of the ceremony.
Newly-weds need to
understand that as much as the wedding ceremony is a lovely start to a mutually
consented partnership, the event is of less importance than the realities of
the marriage journey. The wedding provides icing, but the planning of the
marriage life cycle shapes the size and quality of the cake. The concept of the
marriage life cycle introduces the S-curve analysis into the planning of the
marriage as distinct from the celebration of the wedding. The S-curve tool for
successful marriage planning is in part 1 of this report.
In virtually all regions
of Nigeria, three main types of marriages are considered important, the
Customary Marriage, which some also refer to as the Traditional Marriage, the
Christian Marriage/Muslim Nikkai, and the Court Marriage.
With all the glamour and
resources put into making weddings memorable, the economics of weddings and its
contribution to the nation's gross domestic product (GDP) is significant. It
adds meaningfully to a large socio-economic value chain.
This report seeks to peep
behind the veil of the Nigerian Wedding Industry and answer questions about the
social, economic and financial underpinnings of weddings in Nigeria. Specifically,
Part 1 of
this report reviews the wedding industry as a whole and explains how you can
make the wedding event work for you in a way that does not compromise the
success of your marriage (the journey)
Part 2
of the report deals with the seven shades of a wedding starting from the
meeting of the couple with parents and the ending of the event with a candlelit
honeymoon or perhaps moonlight kissing under a gorgeous African moon
Part 3
takes a look at how to fund a wedding without breaking the bank and the
different funding options open to a couple tying the knot
Part 4 concludes
the report, with recommendations for couples that want to achieve balance in
their quest to have a memorable wedding while also establishing the legal
status of the various shades of the Nigerian wedding event.
We hope you find this
report useful.
Read and Share Lessons
Learnt using the Hashtag #WedinReport and follow @personalfinng.
The first 30 followers who share lessons learnt from the report will stand a
chance to get a copy of one of the personal finance books below.
Previous Personal Finance Series
1.
#PFSeries2 - Raising a Baby: The Pleasures, Pressures and
Financing
2.
#PFSeries3 - Investing in
Peace of Mind: Focus on Insurance
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