Expensive Dave,
I’m 24, and I wish to purchase an engagement ring. I plan on asking my girlfriend to marry me inside a month, and I used to be questioning how a lot I ought to spend on the ring. I make $85,000 a 12 months, and I’ve no debt. By way of financial savings and retirement, I’ve received about $40,000 in a high-yield account, plus $10,000 in a 401(okay).
Hayden
Expensive Hayden,
That’s superior! You’ve received an incredible begin in life too primarily based on the figures you gave me. Congratulations on all of your success.
Now, let’s get right down to the enterprise of shopping for a hoop. How a lot do you have to spend? People within the jewellery shops will inform you three months’ revenue. Don’t take heed to them. One month’s revenue is lots. There’s nothing fallacious with a inexpensive ring whenever you two are simply beginning out. And extra importantly, there’s no correlation between the scale of the ring and the chance of the wedding being successful. Excessive-quality marriages aren’t primarily based on the scale and worth of the engagement ring.
The day I requested my spouse to marry me, the diamond I placed on her finger was only a speck. You virtually needed to squint to see it. We’ve upgraded that one considerably since, however we’re in a lot better form financially. Now she’s received a headlight she will put on on her finger. That’s what you get whenever you’re keen to place up with me for 43 years.
Last item, be sure you store round before you purchase. Be taught somewhat bit about diamonds first. And don’t fall for the outdated line about diamonds being an “funding.” They’re not. Most diamonds, particularly normal mined diamonds purchased at retail, don’t go up in worth and sometimes lose vital worth as quickly as you purchase them. Now, actually uncommon, high-quality, and pure fancy-colored diamonds can admire over time resulting from their excessive demand and restricted provide. However that’s a special story.
Better of luck, Hayden. I hope the younger woman in your life says sure, and I hope you’ve lengthy, pleased lives collectively!
— Dave
Dave Ramsey is an eight-time nationwide bestselling writer, private finance skilled, and host of “The Ramsey Present.” He has appeared on “Good Morning America,” “CBS This Morning,” “As we speak,” Fox Information, CNN, Fox Enterprise, and plenty of extra. Since 1992, Dave has helped folks regain management of their cash, construct wealth, and improve their lives. He additionally serves as CEO of Ramsey Options and is the writer of quite a few books together with Child Steps Millionaires: How Abnormal Individuals Constructed Extraordinary Wealth–and How You Can Too.
