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Do not spend $30k. Seriously
He is dead set on spending. It is his money. Let him.
Ok so you must adore her/him bc it sounds like you don’t just have $30k laying around. You are considering financing and selling off stock. I guarantee your person will cherish the ring you get as long as you’ve discussed what they like!
Thank you! I recently got engaged and asked my partner not to spend over a certain amount, I am in love with mine! So it sounds like this is something you’ve thought long and hard on. I hope you show us the ring when you get it! 😍
My wife wears a 50k ring and I paid cash. As we’ve made more she wants an upgrade. So consider buying lab if that’s the case to not lose on resell. In hindsight she said a lab would be okay but at the time she said only a normal ring was okay…
My general rule is to never spend more than 10% of my liquid cash on stuff like this so if you don’t have 300k+ in cash I’d consider deferring personally. If you have the money, enjoy but don’t screw your long term finances on stuff you can’t afford (if you can’t). 8% return with rule of 72 that 30k doubled every 9 years.
A few notes from a woman who both wears designer jewelry and custom:
1. Many places offer zero percent financing for 1 year like tiffany with limited money down downing on income/debt… if you qualify you should definitely take this option because why not… just make sure to pay it off by the year mark to accrue interest.
2. Also remember you will want to insure your ring especially given the price point you’re looking at, so factor that in. You’ll need an official appraisal to submit to your insurance to gain coverage.
3. Designer rings do hold value so that’s a prob with that way, additionally many offer an trade in upgrade for the originally value of your ring. For example, if your purchase a Tiffany ring originally at 20k and 5 years later want to upgrade, you will receive the 20k trade in value to your next purchase, finally in the event of damage or complete loss, you can almost always get a guarantee match from a luxury good jeweler versus custom (unless is LTO)…
Why would you finance a depreciating asset ? If you want to buy it (and can afford it), buy cash. If you can't afford it, I would seriously doubt your judgement. Make sure to put in prenup that the ring will come back to you in case of unfortunate circumstances.
May the force be with you. Best of luck!!
borrow for needs and cash for everything else. you get rich by living below your means. the data is in, most people who are considered wealthy don’t take on debt. best of luck on your decision and congrats.
Yeah, she’s never going to want to wear it. I bought my wife a $15k ring and she still prefers the $100 one she got on Etsy because it makes her less of a target when out and about.
The engagement ring is just for special occasions where we get a car service anymore.
Honestly, I would look into spending far less. These days, with crime the way it is, why would you ever want to put a $30k target on your future wife’s back?
COMPLETELY agree. I don’t wear an engagement ring yet (@ my boyfriend press F for respect) but when I get mine bare minimum I will be wearing it Diamond turned in for this reason. I broke some weight bearing bones and have been in a cast for some time now — I refuse to take the subway & so have been WFH. It’s obviously not a Diamond ring but why broadcast to the nearest subway robber I’m in my business casual on my way to midtown and can’t run away from you as you rob me? 2019 New York wouldn’t have thought twice. Now every time I’m in the subway everyone is standing huddled around the stairs with their backs to the walls just afraid someone will come up behind them. Spend what you want to spend on your family heirloom but just be very careful with it — whatever you have in life someone has not.
Doesn't this completely depend on the terms and interest rate? Like there would be nothing wrong with a 0% interest offer for 5 years, especially with 0 down. I don't see how anyone can answer this without knowing where you're buying from and what financing options they provide.
All that said, ayo what 😳
Not as much as your ring, but spent about $15k on my wife’s ring. I had to put 1/3 down, and did 0% interest for 2 years.
$30k ring is not unreasonable. Finance it please because you never know when you need the liquid cash!
No apologies needed, my friend.
English is also my 2nd language. I received the tip about avoiding double negatives when I had to design questionnaires for work.
I got a lab made diamond and custom setting abroad. We were able to get top specs + a much bigger carat for significantly less than a natural lab diamond - its chemical composition is identical anyway.
For ref: 3.02 carat F colour VS1 excellent cut polish & symmetry, with a platinum band for under 15k USD.
If you’re not opposed to lab diamonds, it’s a great option that’s likely much cheaper !
James Allen Lab Diamonds ✌🏼
Just…why?
I guarantee I could save you 30k over a three year period by cutting purchases of yours that I think are dumb. It’s all a matter of preference
If it was a car, I’d pay in cash. So I’d do that for the ring as well. But, I also think 30k for a ring is insane.
What if you could get a 0% loan?
Mine is 30k and my husband paid cash. Well, at the time credit for the points but paid off the balance immediately. Ended up with a nice honeymoon from the points from that and other large purchases.
Agree - technically paid on the credit card then paid off end of month. Can’t miss out on the 2% cash back credit card rewards :)
This was close to my budget for the ring I bought. Recommend paying all in cash
Absolutely, that is my intention. I think it’s weird when people don’t involve their partner in the choice of which ring (to each their own I suppose just my perspective). Thanks VP1!
Some interesting perspectives here - this is really not a big diamond and certainly won’t make you a ‘target.’ Visible size / opulence starts at like 75k
I just think a lot of people saying that have sub one carat rings and don’t realize that price by carat does not increase linearly
With a ring in that range, be careful. She could easily be a target sporting a rock like that. Ppl get become victims for much less ostentatious items. You will be attracting attention even in nice areas with something like that (assuming not Tiffany). May also want a “going out ring” FWIW. For paying though, put down half and finance half
Appreciate the financial advice
2.5-3 carat should be well under 30k if you go lab grown. I also don’t understand the opposition to lab grown. It’s like saying a baby born from IVF isn’t a “legit” baby
https://www.rarecarat.com/diamond/106965637/32ct-f-vvs1-rare-carat-ideal-cut-round-lab-grown-diamond?ref=back&ts=Search&cp=1&ndp=9562.12&cs=1
Diamonds are already valued for being sparkly glass, why not arbitrarily decide that the only "real" ones are the ones from the cartel mines? If your empire is built on having children dig out rocks that you sell for $30k to gullible fools the of course you want to convince people that those other identical, decorative rocks are worth less than yours.
I bought Tiffany’s 30k. Finances maybe 15-20k of it interest free for 12 months to spread the payments. 2 years later I don’t regret it at all, and I’m fairly confident I never will.
“I know you all think this is a waste of money; should I make matters worse by adding in an onerous financing scheme?”
Yes it is. Only large purchase that makes sense not to is a house because who has 500k+ in cash especially for a first time home buyer
If the ring needs to be made (ie, if you choose the diamond(s) separately and do not buy a pre-made ring), you might need to put down a big deposit first, so likely no financing of that deposit.
Pay cash and enjoy
Just make sure you insure it 🫣
OF COURSE