Pricey 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. When it comes to financial savings and retirement, I’ve acquired about $40,000 in a high-yield account, plus $10,000 in a 401(ok).
Hayden
Pricey Hayden,
That’s superior! You’ve acquired a fantastic begin in life too primarily based on the figures you gave me. Congratulations on all of your success.
Now, let’s get all the way down to the enterprise of shopping for a hoop. How a lot do you have to spend? Of us within the jewellery shops will let you know three months’ earnings. Don’t hearken to them. One month’s earnings is loads. There’s nothing incorrect with a inexpensive ring whenever you two are simply beginning out. And extra importantly, there’s no correlation between the dimensions of the ring and the chance of the wedding being successful. Excessive-quality marriages aren’t primarily based on the dimensions 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 acquired a headlight she will be able to put on on her finger. That’s what you get whenever you’re prepared to place up with me for 43 years.
Final thing, be sure you store round before you purchase. Study just a little bit about diamonds first. And don’t fall for the previous line about diamonds being an “funding.” They’re not. Most diamonds, particularly customary mined diamonds purchased at retail, don’t go up in worth and infrequently lose vital worth as quickly as you purchase them. Now, actually uncommon, high-quality, and pure fancy-colored diamonds can recognize over time attributable to their excessive demand and restricted provide. However that’s a special story.
Better of luck, Hayden. I hope the younger girl in your life says sure, and I hope you might have lengthy, comfortable 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,” “In the present day,” Fox Information, CNN, Fox Enterprise, and lots 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 Extraordinary Folks Constructed Extraordinary Wealth–and How You Can Too.
