Expensive Dave,
I’m 24, and I want 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 obtained about $40,000 in a high-yield account, plus $10,000 in a 401(okay).
Hayden
Expensive Hayden,
That’s superior! You’ve obtained an amazing begin in life too based mostly 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 let you know three months’ earnings. Don’t take heed to them. One month’s earnings is loads. There’s nothing improper with a cheaper ring if you two are simply beginning out. And extra importantly, there’s no correlation between the scale of the ring and the likelihood of the wedding being a hit. Excessive-quality marriages aren’t based mostly on the scale and value 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 significantly better form financially. Now she’s obtained a headlight she will be able to put on on her finger. That’s what you get if you’re keen to place up with me for 43 years.
Last item, ensure you store round before you purchase. Be taught a little bit bit about diamonds first. And don’t fall for the previous 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 infrequently lose vital worth as quickly as you purchase them. Now, really uncommon, high-quality, and pure fancy-colored diamonds can respect over time as a consequence of 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 will have lengthy, joyful 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 individuals 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 Bizarre Folks Constructed Extraordinary Wealth–and How You Can Too.