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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 $30k laying around. You are considering financing and selling off stock. I guarantee your person will cherish the ring you get as long as you’ve discussed what they like!
Thank you! I recently got engaged and asked my partner not to spend over a certain amount, I am in love with mine! So it sounds like this is something you’ve thought long and hard on. I hope you show us the ring when you get it! 😍
I bought a 22k ring a few years ago, I can say that my wife’s ring starts up great conversations with people who notice that kind of thing. Has led to some very interesting networking opportunities for me.
I have it insured for 15$ a month, she knows that if she is targeted to just give up the ring.
20-30 is really the range I’m looking in, appreciate this take
Bought a $15k ring for my fiancé, paid half when they were making it and half when I picked it up. If I got 0% interest money I would’ve financed
Moissonite and Maldives
Not my thing. You do you. I laugh at people with expensive rings or jewelry. Would you love her less or she love you less if it was smaller? On a serious not, I think it is just a target for being attacked and robbed. But that is me and I am not all knowing. You be you.
Thanks for your take here roche 1. The size of the ring does not correspond to the amount of love, it corresponds to her and my taste. As mentioned to other folks here we all have different preferences
Cash if you got it, why go into debt for a ring.
A 0% debt trap. Lol. Love it.
This one will hunt you in a few years, even if you are still wealthy, which one can presume you might be. Don't underestimate the power of your emotions at the current moment, they are silently and brutally softly making you purchase the ring. The only benefit one could have in the future is, as a store of value and a highly likely bargaining chip as time passes. Buying your way into the happy wife nonsense will bite you until you become unrecognizable and so you bank accounts. It also sets a precedence for the expectancy that you will have to live up to, otherwise hypergamy will do it's things, it's female nature.
TIME. Hans Zimmer https://youtu.be/va1oiojnGrA
I’m curious about the specs of this ring! How many carats?
Thinking 2.5-3. Other than that tbd
Bowl Leader
Once you decide on a ring figure out the cash price and the financed price. Sometimes 0% comes with the financing costs buried in the purchase price.
Great great tip. Thanks SM1! Never knew that
Rising Star
I’m going to assume you have the cash on hand from your post and absolutely wouldn’t finance a ring you couldn’t pay cash for.
If you get loan terms with a low rate or 0% financing from a jeweler, no harm in that I guess but I’d be surprised if the terms were over a long enough time to matter much. If you want points/miles there is nothing wrong with using a credit card assuming you pay it off in full and don’t take interest charges.
Good luck!
Thanks!
Community Builder
Yikes. Good luck.
Thanks Facebook !
Depends how much cash you’d have after buying the ring. My only suggestion would be to find a diamond broker in your area versus going to a brick and mortar jewelry store. You’ll get a much better deal on the diamond this way and can than buy the setting wherever. I wouldn’t want another random monthly payment hanging out there but that’s personal preference. Congrats!
Just be aware that not all jewelers accept diamonds from other places.
Dam. All I can say is baller. My ring was $10K and it was a lot. You should put a lot of money down until you have 1-2% interest
It’s really not that baller I swear lmao only spending like 2-3 times more than what you spent
1. Financing with current rates is a bad decision. If you dont have a choice act immediately. 100 bps increase expected by year end
2. Source the diamond from Turkey, Argentina etc. you may get the same quality, better price with USD strength
3. Get ring insured. Check terms of insurance carefully
I have no interest, you need startup capital for anything. My nw is negative and my face doesn’t belong to profile types that get seed capital.
The only thing that happens is exploitation.
Wow 30k on something that devaluates de moment you leave the shop (kinda like a car). If you have the money just buy it. No point of paying interest on it. Don’t get me wrong I gave one to my wife but only spent 6K and bought her a Rolex which maintains its value. Below an interesting vid. End of the day no judgment.
https://youtu.be/1YZG5zujr8Q
Do you want our opinion on whether you should spend this much? Kidding. Adjusted for inflation, mine was at least as much. It is important for some people (my wife, moreso than me). I didn't consider financing it, but assume that depends on rates. What I would suggest: 1. More important than rate is where you buy it. A lot of places, including most retail places charge huge amounts. Need to find someone you can trust or really shop around with non-retail places and you will save a ton for the same ring. 2. Agree on letting her pick it. Big purchase and it should be set to her particulars. I proposed using a small, inexpensive ring to preserve surprise, then we picked the real ring.
I bought an expensive ring for my (now) wife and don’t regret it at all. That said, I bought the biggest rock I could afford by paying cash. If you have to finance it, do as little as possible. A 10k ring is beautiful. A 20k ring is still going to be amazing. 30k is likely to be a bit obnoxious imo. Make sure you are doing it for the right reasons too. My wife wanted a nice ring, but would have been happy with something half as big too. Don’t do it to impress or send a message. Also, buy what you can afford. That money could be used for a honeymoon, or a down payment a home, or student loans. Be smart about it. And buy from a diamond dealer, not a jewelry store. Get it appraised and insured as well.
Well said
Financing this ESPECIALLY with how interest rates are right now is dumb. You’ll be losing $30k plus 6-10% annually.
Incorrect. You can get 0% for 12 month financing from Tiffany and other retailers.
Thankfully my wife would have pre-emptively divorced me if she knew I spent 30K on an engagement ring?
??
Would you share what your income is?
Around 100k.
The question that I ask is what ever the price of the diamond was if you get divorced do you want the diamond ring back?
Nope, but a good question in general. Not really related to the purchase financing
sold condo and been renting for 2 years. I have 600k on the sidelines from proceeds of sale waiting to buy whenever things cool slightly. It’s sitting on a savings account, need to keep it liquid so I can strike quickly. Any ideas where I can put it with some interest? And get a quick exit if needed
3 month CDs are at 3.30%