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 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 awesome begin in life too based mostly 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 inform you three months’ earnings. Don’t hearken to them. One month’s earnings is a lot. 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 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 received a headlight she will be able to put on on her finger. That’s what you get whenever you’re keen to place up with me for 43 years.
Very last thing, be sure to 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 And don’t fall for the outdated line about diamonds being an “funding.”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 commonplace mined diamonds purchased at retail, don’t go up in worth and sometimes lose important worth as quickly as you purchase them. Now, really uncommon, high-quality, and pure fancy-colored diamonds can respect over time attributable to 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 have got lengthy, blissful lives collectively!
— Dave
Dave Ramsey is an eight-time nationwide bestselling creator, private finance professional, 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 lots 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 creator of quite a few books together with Child Steps Millionaires: How Atypical Folks Constructed Extraordinary Wealth–and How You Can Too.
