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anderst2
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Engagement  Reply with quote  

Hello all,

I am planning on proposing to my girlfriend of four years sometime this spring. I am a recent graduate and have secured a decent paying job; however, I do not currently have enough money saved to purchase an engagement ring. I have done a lot of research on how to get a good deal for a good ring. I am not willing to get a lesser quality ring to speed up the engagement.

My financial query concerns the best avenue to get approximately a 10K loan, whether it is through a bank or opening up a low APR credit card. I will be able to completely pay off the ring within the next 1-1.5 years. Essentially, I want to get engaged sooner than later and not sacrifice the stability of my financial foundation.

Thank you for your help!
Post Fri Feb 03, 2012 10:46 pm
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oldguy
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Congratulations. Tell us a little more, we may have some ideas if we know more.
How old? What is your degree? Is the new job at a good salary? Do you have an student loans? Car loans? A place to live?

How about her? Student loans? Job? Car? Remember, after the wedding the "mine" "yours" goes away and everything becomes 'OURS". So the $10,000 loan will become hers.

Seems hard to base your marriage on $10,000 - and it seems bad to start a marraige with a big consumer debt. OTOH, most of us did exactly what you're doing - in my case it was 43 years ago, lol.

If all else fails, the jewelry store will give you a loan, it's common practice for them. But th erate may be a bit high - altho that's not so important for only one year. Eg, a 5% loan costs $250, a 10% loan cost $500 - the difference isn't a lot, compared to loans that last 5 or 10 years.
Post Fri Feb 03, 2012 11:47 pm
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2StepsFwd1StepBack
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Congratulations! Cool

If you really think you will pay it off in 1 year, then consider borrowing against your 401k, if that option exists. I was always told that was the best option for a loan because you're paying yourself back on the interest.

Okay, not to put a damper on your decision, but I have to mention this, because I had wished someone had told me when I was shopping for a ring. Should...and I stress...should...you and your future wife decide to divorce later on, the ring cannot be considered among the items you will split.

2SF1SB
Post Fri Feb 03, 2012 11:55 pm
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oldguy
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quote:
you and your future wife decide to divorce later on, the ring cannot be considered among the items you will split.


LOL - that was filed under "it will never happen to us" before you even hit 'send'. Very Happy
Post Sat Feb 04, 2012 12:15 am
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2StepsFwd1StepBack
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quote:
Originally posted by oldguy
LOL - that was filed under "it will never happen to us" before you even hit 'send'. Very Happy


To know then what I know now! Wink

I don't think my decision to buy an $8k ring would have been different had I know that, but I think it helps to know that going into the marriage rather than discover it coming out! Embarassed
Post Sat Feb 04, 2012 12:59 am
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anderst2
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Thanks for the suggestions. To fill you in a little more... I'm 23 and a critical care nurse with a $52K salary. I have about $8K left in student loans and currently no car payments. I live alone and pay $600/mth for rent plus utilities. Besides what I've mentioned, I do not have a whole lot of expenses/debt.
She is a physical therapist making around $64K. She has most of her school debt/car paid off already. She is stilling living at home for free, so she is pretty well off financially.
Post Sat Feb 04, 2012 8:09 am
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oldguy
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You guys are probably financially better that 90% of newlyweds. A $116,000 family income, two almost paid-for cars, minimal student loans (you'd be surprised how many have 6-figure loans). And most important - two solid degrees, that means exceptional family earning potential. The US average household income (all ages) is <$60,000 - you guys are already twice that at the starting gate.

My wife (RN) and I were waiting in an airport in Alaska - a doc sitting next to us tried to hire her on the spot - ie, you can work anywhere, anytime, with your degrees.

Either the jewelry store or the hospital credit union shoiuld be eagar to lend you the money, you are a solid risk, a good place for them to invest their loans.

Best wishes.
Post Sat Feb 04, 2012 1:39 pm
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2StepsFwd1StepBack
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quote:
Originally posted by oldguy
You guys are probably financially better that 90% of newlyweds. A $116,000 family income, two almost paid-for cars, minimal student loans (you'd be surprised how many have 6-figure loans). And most important - two solid degrees, that means exceptional family earning potential. The US average household income (all ages) is <$60,000 - you guys are already twice that at the starting gate.

My wife (RN) and I were waiting in an airport in Alaska - a doc sitting next to us tried to hire her on the spot - ie, you can work anywhere, anytime, with your degrees.

Either the jewelry store or the hospital credit union shoiuld be eagar to lend you the money, you are a solid risk, a good place for them to invest their loans.

Best wishes.


Don't disagree.
Post Sat Feb 04, 2012 2:24 pm
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oldguy
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You guys are probably financially better that 90% of newlyweds. A $116,000 family income, two almost paid-for cars, minimal student loans (you'd be surprised how many have 6-figure loans). And most important - two solid degrees, that means exceptional family earning potential. The US average household income (all ages) is <$60,000 - you guys are already twice that at the starting gate.

My wife (RN) and I were waiting in an airport in Alaska - a doc sitting next to us tried to hire her on the spot - ie, you can work anywhere, anytime, with your degrees.

Either the jewelry store or the hospital credit union shoiuld be eagar to lend you the money, you are a solid risk, a good place for them to invest their loans.

Best wishes.
Post Sat Feb 04, 2012 4:06 pm
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randykk3
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Really too informative and too awesome sharing it is. I love this great and marvelous stuff. What an awesome and amazing amazing work done that i ever found here
i love it
Post Mon Feb 20, 2012 6:41 pm
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littleroc02us
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I was married 5 years ago and in my experience 1 month's salary is all you need to spend these day's unless your significant other is princess material. LOL If you know of someone who has experience in distinguishing grades of diamonds, see if you can take them along to go to a diamond warehouse or a pawn shop and get really awesome quality for a good price. Retail stores have enormous mark ups and are rip offs.

Ronald Reagan once noted the basic difference between Democrats and Republicans. “Republicans believe every day is the Fourth of July,” he said. “Democrats believe every day is April 15th.”
Post Mon Feb 20, 2012 8:47 pm
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oldguy
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quote:
1 month's salary is all you need to spend these day's unless your significant other is princess material. LOL


C'mon - at age 23 every guy's 'intended' is a princess.
Post Tue Feb 21, 2012 12:00 am
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littleroc02us
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LOL

Ronald Reagan once noted the basic difference between Democrats and Republicans. “Republicans believe every day is the Fourth of July,” he said. “Democrats believe every day is April 15th.”
Post Tue Feb 21, 2012 2:40 pm
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cashdoctors
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$10k on a ring? So unnecessary! Get something you can afford now and use the money you save on an extra special honeymoon. If she has her heart set on a ring you can't afford, then there's going to be issues...
Post Mon Jun 18, 2012 5:09 am
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JerryMartin5
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Re: Hi Everyone,  Reply with quote  

How do engagement, weddings, and marriage work?
Post Fri Jun 22, 2012 10:49 am
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