Income to diamond ratio?

[Amethyste]

I understand the "wants" to get a nice set to enjoy for the rest of your life. I am a little different from the norm here.
I make $42,000 a year - I am still renting ( no debts though ) and I just bought myself ( not even my husband ) a 5CT yellow pear diamond, without borrowing money nor charging it, debt free. It all depends what you want and what you are able to pay for. It's all about balance. If I had tons of debt and had problems making ends meet, this ring wouldnt be here on my finger for me to enjoy.

Ultimately, it is your decision and your only to decide if a $20,000 is do-able on your budget. If it is without running yourself to the grounds, then more power to you!

 

[*Danielle*]

The ring is important to me, but not in the same sense. I don''t want a diamond (shocker I know!) I want a solitaire colored stone and am willing to use "alternatives" not allowed here. This means my dream ring (and yes, my dream ring is simple) will also be very cheap. Under $300 if I shop around

Our income would allow for more but we have more important things to focus on, such as saving for a home and paying off our small amount of debt and our vehicles.

Our combined income is under 100K at the moment, but SO is graduating in four months and we are planning a move to Arizona, to a more affordable housing market, so it will be changing soon, and hopefully for the better.

Sorry for the rambling...

 

[charbie]

Date: 7/19/2009 7:35:27 PM
Author: Amethyste
I understand the ''wants'' to get a nice set to enjoy for the rest of your life. I am a little different from the norm here.
I make $42,000 a year - I am still renting ( no debts though ) and I just bought myself ( not even my husband ) a 5CT yellow pear diamond, without borrowing money nor charging it, debt free. It all depends what you want and what you are able to pay for. It''s all about balance. If I had tons of debt and had problems making ends meet, this ring wouldnt be here on my finger for me to enjoy.

Ultimately, it is your decision and your only to decide if a $20,000 is do-able on your budget. If it is without running yourself to the grounds, then more power to you!

And let''s be honest, Amethyste- that 5ct is a BEAUTY! I LOVE yellow diamonds- and yours makes me droooooooooooool. There are things I want, so I save for them- my next "save for" item after the wedding will hopefully be some yellow diamond studs. YUMMY!

 

[DaCounselor]

"If you don''t want to wait 4 years, get a nice CZ in the mean time for like $500 so you feel like you have a big diamond! Unless you have a friend that is a PSer, no one will know the difference "
_____________________________

Sacrilige.

 

[ursulawrite]

My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

 

[joelly]

Date: 7/20/2009 7:14:49 PM
Author: ursulawrite
My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

Wow! Based on your diamond income ratio, my FI spend too much.

 

[ursulawrite]

Date: 7/20/2009 7:34:29 PM
Author: joelly

Date: 7/20/2009 7:14:49 PM
Author: ursulawrite
My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

Wow! Based on your diamond income ratio, my FI spend too much.

I don''t think there is a too little or too much. At the time, some of his friends insinuated that my now husband was cheap; it was all quite upsetting, and I too got swept up in the "Does he really love me?" "Should he have spent more?" line of thinking, but I was only 24 and valued things differently. His salary was good, but we were also saving for a Manhattan apartment (not to mention paying down his law school debts).

 

[joelly]

Date: 7/20/2009 7:42:35 PM
Author: ursulawrite

Date: 7/20/2009 7:34:29 PM
Author: joelly

Date: 7/20/2009 7:14:49 PM
Author: ursulawrite
My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

Wow! Based on your diamond income ratio, my FI spend too much.

I don''t think there is a too little or too much. At the time, some of his friends insinuated that my now husband was cheap; it was all quite upsetting, and I too got swept up in the ''Does he really love me?'' ''Should he have spent more?'' line of thinking, but I was only 24 and valued things differently. His salary was good, but we were also saving for a Manhattan apartment (not to mention paying down his law school debts).

I was just being jovial. But I agree with you. I''d rather have a house/apt than a bigger ring. When your goals achieved, perhaps then you might splurge as a celebration for both you and him. It will be more tasty this way, IMHO. Either way, you''re one lucky girl with an uptown apt.

 

[Black Jade]

Date: 7/20/2009 7:42:35 PM
Author: ursulawrite

Date: 7/20/2009 7:34:29 PM
Author: joelly

Date: 7/20/2009 7:14:49 PM
Author: ursulawrite
My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

Wow! Based on your diamond income ratio, my FI spend too much.

I don''t think there is a too little or too much. At the time, some of his friends insinuated that my now husband was cheap; it was all quite upsetting, and I too got swept up in the ''Does he really love me?'' ''Should he have spent more?'' line of thinking, but I was only 24 and valued things differently. His salary was good, but we were also saving for a Manhattan apartment (not to mention paying down his law school debts).

I read ursulawrite''s original posts about this awhile ago. I''m glad she''s happy now and that it all worked out. You do think differently when younger.
I''m sure the manhattan apartment is beautiful--there are times when I wish I had one.

 

[ursulawrite]

Date: 7/20/2009 7:52:32 PM
Author: joelly

Date: 7/20/2009 7:42:35 PM
Author: ursulawrite

Date: 7/20/2009 7:34:29 PM
Author: joelly

Date: 7/20/2009 7:14:49 PM
Author: ursulawrite
My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

Wow! Based on your diamond income ratio, my FI spend too much.

I don''t think there is a too little or too much. At the time, some of his friends insinuated that my now husband was cheap; it was all quite upsetting, and I too got swept up in the ''Does he really love me?'' ''Should he have spent more?'' line of thinking, but I was only 24 and valued things differently. His salary was good, but we were also saving for a Manhattan apartment (not to mention paying down his law school debts).

I was just being jovial. But I agree with you. I''d rather have a house/apt than a bigger ring. When your goals achieved, perhaps then you might splurge as a celebration for both you and him. It will be more tasty this way, IMHO. Either way, you''re one lucky girl with an uptown apt.

Well, we are about to splurge but in a different way (a weekend home in Connecticut, to be exact

).

Having previously owned zero jewels prior to my engagement, I went with the obvious choice (round brilliant solitaire) but my aesthetic tastes are more inclinced toward the modern. I think a tension setting might be in order for our tenth wedding anniversary.

 

[joelly]

Date: 7/21/2009 2:31:38 PM
Author: ursulawrite

Date: 7/20/2009 7:52:32 PM
Author: joelly

Date: 7/20/2009 7:42:35 PM
Author: ursulawrite

Date: 7/20/2009 7:34:29 PM
Author: joelly

Date: 7/20/2009 7:14:49 PM
Author: ursulawrite
My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

Wow! Based on your diamond income ratio, my FI spend too much.

I don''t think there is a too little or too much. At the time, some of his friends insinuated that my now husband was cheap; it was all quite upsetting, and I too got swept up in the ''Does he really love me?'' ''Should he have spent more?'' line of thinking, but I was only 24 and valued things differently. His salary was good, but we were also saving for a Manhattan apartment (not to mention paying down his law school debts).

I was just being jovial. But I agree with you. I''d rather have a house/apt than a bigger ring. When your goals achieved, perhaps then you might splurge as a celebration for both you and him. It will be more tasty this way, IMHO. Either way, you''re one lucky girl with an uptown apt.

Well, we are about to splurge but in a different way (a weekend home in Connecticut, to be exact

).

Having previously owned zero jewels prior to my engagement, I went with the obvious choice (round brilliant solitaire) but my aesthetic tastes are more inclinced toward the modern. I think a tension setting might be in order for our tenth wedding anniversary.

Now thats what I call a splurge.

 

[Dreamer1116]

My soon to be fiance'' spent approximately 25% of his yearly income on my engagement ring. However, he paid for it all with cash, so there is absolutely no debt. We have been ring shopping for about 16 months now, so he has had some time to save.

 

[FireMonkey]

Date: 7/20/2009 7:42:35 PM
Author: ursulawrite

Date: 7/20/2009 7:34:29 PM

Author: joelly

Date: 7/20/2009 7:14:49 PM

Author: ursulawrite

My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

Wow! Based on your diamond income ratio, my FI spend too much.

I don''t think there is a too little or too much. At the time, some of his friends insinuated that my now husband was cheap; it was all quite upsetting, and I too got swept up in the ''Does he really love me?'' ''Should he have spent more?'' line of thinking, but I was only 24 and valued things differently. His salary was good, but we were also saving for a Manhattan apartment (not to mention paying down his law school debts).

Another perfect example of how everyone''s ideal income/diamond ratio will (and should!) differ. For example: I know a couple that would consider a diamond purchase over $2-3K to be a ridiculous extravagance, yet they drop probably $45K on a huge family vacay each year. Maybe some of us would take a less expensive trip and be a bit more spendy on the bling. Who knows? My ''musts'' in life (those platforms and lattes add up!) might mortify my neighbors, and vice versa. That''s what keeps it interesting.

 

[boredstiff]

B>Author:[/b] ursulawrite

My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

[/quote]

I''m a guy and also a lawyer at a big firm -- make a little less than what your husband made. I personally love diamonds -- think they are beautiful and have gotten my girlfriend H&A earrings and a heart necklace for the past two christmases. But I am also very careful about spending money, especially in this economy and also b/c I want to leave my job to start a new business.

I''ve earmarked around 8K total for the ring and I think with the right trade-offs, she will love it. Hope to get a ~1.5 carat GOG signature cushion. Also, her friends probably won''t have anything as big so there won''t be a social stigma attached, which by the way is the same type of attitude that fueled this recession in the first place!

 

[ursulawrite]

Date: 7/22/2009 12:00:44 AM
Author: boredstiff

Author: ursulawrite

My husband was a fifth-year law associate when we got engaged in 2002, so his salary was roughly $250k. He spent $6k on the ring, though it was through a jeweller friend and was probably worth double that amount.

I''m a guy and also a lawyer at a big firm -- make a little less than what your husband made. I personally love diamonds -- think they are beautiful and have gotten my girlfriend H&A earrings and a heart necklace for the past two christmases. But I am also very careful about spending money, especially in this economy and also b/c I want to leave my job to start a new business.

I''ve earmarked around 8K total for the ring and I think with the right trade-offs, she will love it. Hope to get a ~1.5 carat GOG signature cushion. Also, her friends probably won''t have anything as big so there won''t be a social stigma attached, which by the way is the same type of attitude that fueled this recession in the first place!




I think you lawyerly types tend to be quite prudent, which is what I love about my husband

And I agree--you''d have to be feeling extra flush in this economy to drop $20k plus on a ring.

 

[bowral1]

It might be a little to late to post this response but hey maybe you will get something from this DreamofDiamonds.

My boyfriend is a financial advisor he will make probably about 100,000 this year. I make a little over 70,000. With both of our incomes increasing over the years. He has potential to make upwards of 200,000 to 300,000 in the next year or so (depending on the market). He had a month where he made about 20-25K. He paid for my ring with cash. He gave me a limit of around 8,000 although originally he was thinking more like 4-5K. I found a ring for $6,500.

What really made me realize that I don’t need a big ring/diamond etc (although I was never even considering the 3 carat range) . . . was when I rented a book from the library about how to get the most when buying a diamond. (I am a bit of a researcher) The first chapter in the book stated you don’t need a diamond. It is a luxury, not a necessity. Which is true . . . . but to have a diamond loving . . . book writing author spell it out for me made me realize just how right he was. Plus once you do the research on diamonds you will realize what your 20K will buy you and it might not seem worth it.

In addition DreamofDiamonds I might be opening up a can of worms here but here it goes (I apologize if this was already said). . . . . . . the economy tanked for a bunch of reasons (not going into politics) one of the reasons is PEOPLE LIVING BEYOUND THEIR MEANS. If you make 40k a year you should not be buying a 300k house, driving a new car, etc. I think many people have harsh reactions to your question because it does seem a little much for 20K ring when you SO only makes 50K even with you helping out with the purchase . . . .

Plus its hard to really get the meaning of what people are trying to say over posts. I once had someone slam me on PS when I was trying to pay them a compliment so I can imagine how you feel. My mother once told me “if you don’t have anything nice to say keep your mouth shut!” That philosophy isn’t always the case here but hey that is why a lot of people read. Ha ha . . . . . This is way more interesting than my mortgage blogs . . .

Just my 2 cents not trying to offensive just trying to be helpful.

 

[bowral1]

Dreamofdiamonds if you need help choosing a diamond please feel free to ask questions here. There are fare more people here who want to help then are hostile.

Melissa