How much should I spend on an Engagement Ring? | Engagement Ring Shopping!

Link to join StockHub free investing discord server: –~–

Good day subscribers thank you so much for joining me today i am jeremy and this is the financial education channel and today we’re talking about engagement rings we’re talking about that happy time in life when you are thinking about getting married to your loved one your future spouse and i’m going to go into detail today about diamonds a bit solid people know

About diamonds and it’s very important that you know something about diamonds before you ever go into a jewelry store i’m going to talk to you about how to negotiate the jewelry store i’m going to talk about some of the tricks they’ll try to play on you i’ll talk about some of the sales pitches they’re going to try to throw at you some of the different moves they

May try to make and today i’m going to talk in general terms of what my experiences have been a jewelry stores as well as what i’ve seen friends and family and others deal with that jewelry stores so i’m speaking strictly about my experiences at different places so you know take it for what it is first things first diamonds four things you need to know about a

Diamond it’s called the four c’s when i went to get my wife an engagement ring i had no clue about the four c’s it’s very important you at least know about these so that when they’re speaking to you it’s not just a bunch of jargon coming at you there’s carat how many karats is something there’s color which is the color of the diamond there’s many different colors

There’s the cut what type of cut is the diamond there’s many different cuts and then last is clarity how clear is that diamond the two most important in my opinion is how many carats is it and how clear is it um color and cut or secondary in my opinion but for every person is different some people might like a specific cut of a diamond some people would rather have

It be super clear than have a ton of diamonds so there’s different grade scales of diamonds and those sorts of things so that you need to understand and also there’s different colors of diamonds now you need to understand before you ever walk in a jewelry store and think about getting an engagement ring so at least when they’re talking to you it’s not a bunch of

Mumbo-jumbo that you’re like what the heck are they talking about and no clue what does it cut mean was a clarity color all those kinds of things if you want to know more into detail you’re more than welcome to look that up i don’t think you need to really know much more than what basically those things mean you don’t need to be a diamond expert but knowing those

Four things will help you understand whether you’re getting a good deal or bad deal and knowing what you want before you ever go into that jewelry store so dealing with a jewelry store first thing you need to understand is most jewelry stores most the people there are paid on commission so they are going to try to sell you as expensive thing as possible and it’s

See also  Stock Market Tanks 600 pts in 10 Mins! Why & What is Next for Stocks?

That way they can make the commission on it let’s be honest they’re not stupid and i can’t blame them if i was in a job i would do the same thing i’m trying to sell his expensive thing as possible and they’re not bad people for doing it that’s just the facts so understand that so i recommend when you go into a jewelry store don’t go in your nicest clothes go in some

Average joe schmo clothes don’t go in there looking rich if you’ve got a nice car if you got a brand-new mustang or escalate or whatever don’t park that in the front so they can see it don’t go in there look in like a pile of money because if you go in there looking like a pile of money they’re going to see a power money they’re going to try to sell you the most

Expensive ring possible and we can’t blame them for that that’s their job and they’re paid on commissions you know most of them they want to make that money so understand that don’t go in there trying to flaunt you know because that’s the last place you want to hook them font let’s talk about how much to spend on engagement ring every person is different you know

Some going to want to spend a lot some are going to spend a little my opinion is however much you make for one to two months however much you can actually save so if you say $2,000 a month then you should spend in between two and four thousand dollars on a ring if you’re making bank and you’re making 100k month and you put 50k towards savings per month and you can

Get your you know future wife of $50,000 $100,000 ring something ridiculous is you can afford it but for most people i say one to two months of whatever you can save and then whatever that number is then you can afford that ring and then don’t ever ever get a ring on a loan in my opinion that is the silliest thing you can do a ring it’s a ring it’s not a freaking car

It’s not a house you shouldn’t be getting a loan on a ring absolutely not i completely disregard against at paying interest on a ring are you kidding me that produces nothing it’s just a ring it’s just a mana it’s just a monetary thing that’s on your finger it doesn’t help you make money it doesn’t help you get to this place or get this place or do experiences i’ve

Heard a lot of people say six months salary is what you spend on a ring i’m like that’s insane you know many vacations you go on in experiences and things you could actually experience and have memories of that you could do with that rather than spending it all in a ring that’s just astronomical if you in my opinion but i’m not going to hate if somebody wants to

Go and spend six months salary on a ring then do it you know nothing wrong with that that’s just my opinion so one to two months of whatever you can save now going into a jewelry store talked a little bit about them trying to upsell you also don’t get emotional about the decision a lot of sales people they’re gonna try to play emotions on you oh this is the woman

See also  Power ahead: Scotland's pioneering renewables role

You love or the man you love you know you’ve got to get them the best ring and they’re gonna try to play emotions on you and get to feel you feel in some kind of way like oh and then you make an emotional decision and when dealing with money you don’t want to make emotional emotional decision ever so before you go in that jewelry store have a cap on the most money

You’re gonna spend on a ring don’t tell them that cap but have a cap you know if it’s $4,000 i’m going to spend maximum $4,000 on this ring if it’s $2,000 if it’s $1,000 if it’s $10,000 whatever know that in your head but don’t tell them that because then they’re going to try to sell you whatever is rate at that price point and you want to go based upon ring jewelry

Shops you need to go many different jewelry shops in my opinion and see what everybody’s got um because some jewelry shops are going to give you tons of service but for that service you sure is pay up for the ring i went to a jewelry shop when my wife and i were getting engaged and their ring vera sell me was less than i want got at this other shop in the other

Shop it was half the price but the other shop it was all customized and i had two three people helping me two or three women talking to me helping me obviously you’re gonna pay up when you get that kind of service with the other shop it was like you go up there and it’s just like one person helping you and you have to wait a few minutes till they even can come over

To you those kinds of things but i got a heck of a lot better ring for like half the price is that original ring was going to be that was customized trying not to ever sign something unless you want to actually get that ring and you’re going to get it a lot of these jewelry shops they’re going to fool you then i say hey no you just sign here so you could reserve

Your ring that’s what i was told that’s what i was told the first time i’ve seen other people fall for this track next thing you know it’s not just that you reserved it you go home and read the fine print you’re actually not just reserving it but you’re committing that you’re going to buy that ring on a certain date but they tell you is just reserving it and then

When you go back and say hey you know what i don’t want this they’re going to tell you oh so you’re returning the ring yeah i never wanted in the first place you guys told me it was just to reserve it in case i wanted to get it so don’t be fooled by that they’re going to try to get you to sign this document don’t sign it unless you’re getting that ring read the

Fine print i highly recommend that a lot of people have been screwed over that way and it’s so sad so sad especially if you’re a young person and you really don’t know you probably don’t even know that much about diamonds and then you get thrown in this place and does this person help you in this person and they say well what’s your sign right here so that way

See also  Income Computation & Disclosure Standards | Vishal Thakkar

You can reserve in case you want and the next thing you know it’s actually a commitment to buy it that’s really dirty in my opinion and so many of those jewelry stores out there doing and it’s such a dirty thing so be prepared for that don’t sign any document unless you are actually getting it don’t take out a loan be prepared that they’re going to try to sell you

The most expensive ring possible because that’s their job most of them are paid in commissions don’t show up fancy don’t show up in a nice suit don’t park your nice car if you have one in the front don’t tell them the cap the maximum amount you’re going to spend on the ring because then they’re going to try to sell you something right at it don’t get too emotional

About this decision make the best decision for you and your future wife or husband and whatever that decision is it’s your decision no regrets but don’t get taken advantage of because many of them will try to take advantage of you out there guys anyways thank you so much for watching today guys this explained a little bit about engagement rings about the four c’s

Color cut clarity and carat and then this also explained about you know dealing with jewelry stores at one point i just remembered if it’s a mom-and-pop jewelry store a lot of those ones will negotiate with you on price i’m glad i’ve remembered to mention this because a lot of you guys are going to go to mom-and-pop jewelry stores you can negotiate with them they’re

Gonna try to work a deal you know if that ring says five thousand dollars you might be able to get it down to four thousand dollars jewelry stores usually have some of the highest margins out there you know they usually mark those diamonds up because they don’t sell a lot of them so they mark them up way up so try to work out a deal with them you know now some of

The bigger places it’s going to be harder to work out a deal they might not even have a policy that you can work out a deal but if you really like a ring try to negotiate and then if you know the negotiation is not working out and they’re not willing to bid then you don’t have to get that ring is 10,000 other jewelry shops you can go out there anyways thank you so

Much for watching guys you may want to subscribe if you haven’t touched on about personal finance talk about investments stocks talk about entrepreneurship on a young entrepreneur i like to do videos about that every once in a while is business tips you know what guys have a great day you

Transcribed from video
How much should I spend on an Engagement Ring? | Engagement Ring Shopping! By Financial Education

Scroll to top