Price of Ring Based on Income... and Age?

Like many of the other undergraduate students who lurk around Wall Street Oasis, I don't plan to get married any time soon. There's just too much to do in life, and too little time to have any real fun, for us to be thinking about settling down. Sure, I have a few friends that are starting to propose and whatnot; however, it's usually because of religious or cultural reasons and is certainly not the norm.

With that said, I do plan on getting married at some point. It'll definitely be towards the end of my career, preferably after I hit a million dollars in income. I plan to be an old graybeard by then, ready to spend my golden years with a blonde bombshell. As a result, the ring that I buy her will be righteously luxurious, but it definitely won't be even 10% of my income-- unless she's just that young?

According to this article, there are two factors that go into how much a man spends on his engagement ring. The first, as one would predict, is income. The second is age:

Lee Cronk and Bria Dunham investigated the amount that men spend on engagement rings as well as factors that might affect the amount spent. The average yearly income of the surveyed men was $41,858.20, with the amount spent on engagement rings $3,531.72. In other words, men spent 8.44 percent of their annual incomes on the rings, which is a far cry from the 25 percent norm. The total spent on rings was positively correlated to the annual incomes of both men and women but negatively correlated to women's ages.

There's numerous gems in there, with the one standing out most to me being that people still assume 25% of a man's income should be spent on a ring. In this economy? Additionally, we all know that younger women are stereotyped to be harder to please-- but I didn't expect an outright negative correlation between the price of the ring and age. Of course, I'd love to hear your thoughts on this study, and what you guys you'll be spending on your wedding ring.

 

the older a woman gets the less she cares about conspicuous consumption / showing off, generally

I could see the 23-27 y/o bride caring about the ring a lot more so she can show off to her friends, post it on facebook, and eat up the attention that follows... versus the older bride to be who generally would be concerned/aware of what that $ could/should actually be spent on that is more important in real world terms... downpayment on a house for example

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Actually I think the price of the ring correlates with the income of women much more. If a lady makes $40K/year, a $10K would wow her, whether you make $100K or $200K. If the lady makes $200K, you would think that she wants something close to her status, maybe a $30K ring, whether you make $75K or $250K

The value of the ring is in the eyes of the beholder (or the woman). Since younger women will make less than older women, I understand the correlation

 

I'm definitely going to buy a lab diamond since they are 30% cheaper, stronger, and more perfect than earth diamonds. Not to mention the fact that children don't have to die for mining shiny rocks. If you make enough money, nobody will ever question the ring.

 
BTbanker:
I'm definitely going to buy a lab diamond since they are 30% cheaper, stronger, and more perfect than earth diamonds. Not to mention the fact that children don't have to die for mining shiny rocks. If you make enough money, nobody will ever question the ring.

Till she take the ring in for a valuation estimate.

 
monkeyDD:
BTbanker:
I'm definitely going to buy a lab diamond since they are 30% cheaper, stronger, and more perfect than earth diamonds. Not to mention the fact that children don't have to die for mining shiny rocks. If you make enough money, nobody will ever question the ring.

Till she take the ring in for a valuation estimate.

Jewelers can't tell the difference under a microscope. Only expensive lab equipment.
 
BTbanker:
I'm definitely going to buy a lab diamond since they are 30% cheaper, stronger, and more perfect than earth diamonds. Not to mention the fact that children don't have to die for mining shiny rocks. If you make enough money, nobody will ever question the ring.

I thought the number of Africans who died to get you that diamond was a show of how much you really love her? My parents taught me all wrong.

I hate victims who respect their executioners
 
BlackHat:
BTbanker:
I'm definitely going to buy a lab diamond since they are 30% cheaper, stronger, and more perfect than earth diamonds. Not to mention the fact that children don't have to die for mining shiny rocks. If you make enough money, nobody will ever question the ring.

I thought the number of Africans who died to get you that diamond was a show of how much you really love her? My parents taught me all wrong.

If she really loves you, she'd be fine with a Cracker Jack ring.
 

No offense but if you wait until you're a gray bearded man to begin dating blonde bombshells, you'll likely end up picking up very few. By the sounds of it, you'll end up becoming one of those sugar daddies who date gold digging women. Granted, there are many women who see wealth as a characteristic which is sought after. I highly suggest you take advantage of your prime years to date and try to find a mate. The advantage to casual dating is that it is casual. Date two or three women at a time, going out to dinner, bars, watching movies. If one is busy one night, call another. Casual dating is pretty normal when you're in a demanding profession and dating someone who is also in a similar boat.

Don't wait. Start now.

As far as a ring, spend whatever you like. When you begin to exceed the 10k mark, rings don't look all that different, except for the center diamond. You can usually find a thinner diamond which has a larger surface area and it'll look like a 200k ring instead of 20k.

It is not about the title that you have, it is about how much money that you have.
 

Look for something that you think she will love; if you can afford it, get it. If not get a cheaper ring.

"Dont compromise yourself; you're all you've got" - Janis Joplin
 

3 months income is the tradition (you can choose if that's pre or post tax).

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
design:
Oreos:
3 months income is the tradition (you can choose if that's pre or post tax).
Well, yeah, that's why in the OP he mentioned 25% of your annual income as the norm.
Ya got me. I didn't read the OP. Well done, A+
"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
design:
Oreos:
3 months income is the tradition (you can choose if that's pre or post tax).
Well, yeah, that's why in the OP he mentioned 25% of your annual income as the norm.
Ya got me. I didn't read the OP. Well done, A+
"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
monty09:
If the ring makes or break your relationship, I would run.

My wife got a ring that was in line with our finances not some set %

This is spot on. If you marry the wrong girl, the ring is the least of your concerns.

I did extend myself a little (at the time) for the ring I got my wife, but I honestly believe that she would have been extremely happy if I spend 1/2 of what I did.

twitter: @CorpFin_Guy
 

I actually get mad when I see men go to the brink to buy their girl a ring they can not afford.

There's this guy I know... he and his wife combined income can not be more than $70K per year... they spent $35K on the wedding, $15K on the rings and $7K on the honeymoon... absolutely insane.

Get it!
 

just sift through pawn shops... there's always some desperate broad who pawned her expensive ring for... i don't know. something.

Remember, once you're inside you're on your own. Oh, you mean I can't count on you? No. Good!
 

Just buy the ring you want to buy. If she balks you know she isn't the one you want. And income shouldn't mean anything. Rings look gaudy past a certain point. If a girl is petite and classy you should be fine with a 1-2 ct. ring.

Honestly, diamonds are worthless and don't let anyone tell you otherwise. I'll never understand a guy getting to whipped into spending all this money for something that has no market, has no resale value and is nothing more than bragging rights for other women.

Men, get a sack, please. This nuclear arms race with rings is silly. The juice ain't worth the squeeze.

 
<span class=keyword_link><a href=/company/trilantic-north-america>TNA</a></span>:
Just buy the ring you want to buy. If she balks you know she isn't the one you want. And income shouldn't mean anything. Rings look gaudy past a certain point. If a girl is petite and classy you should be fine with a 1-2 ct. ring.

Honestly, diamonds are worthless and don't let anyone tell you otherwise. I'll never understand a guy getting to whipped into spending all this money for something that has no market, has no resale value and is nothing more than bragging rights for other women.

Men, get a sack, please. This nuclear arms race with rings is silly. The juice ain't worth the squeeze.

^nailed it.

Also, maybe my current and previous girlfriends had less discerning taste, but I'm not under the impression most women know how much most rings cost. Buy her something nice that fits her body type / personality / tastes and you'll be fine.

Or just hope that her mom is holding onto her grandma's ring or something for her baby girl. Free ring + sentimental value = jackpot

Remember, once you're inside you're on your own. Oh, you mean I can't count on you? No. Good!
 

Gonna play devil's advocate: if you can't/won't save a nice chunk of change to give your fiance the ring she really, really wants, you probably shouldn't be getting married. She's wearing this thing for the rest of her life, and a small ring says "My husband is poor/cheap/both." Food for thought.

Honestly, though, if you've been dating long enough, you should have a good idea of her expectations.

 
triplectz:
Gonna play devil's advocate: if you can't/won't save a nice chunk of change to give your fiance the ring she really, really wants, you probably shouldn't be getting married. She's wearing this thing for the rest of her life, and a small ring says "My husband is poor/cheap/both." Food for thought.

Honestly, though, if you've been dating long enough, you should have a good idea of her expectations.

Fuck that, I'd rather spend that money on a larger down payment for a house. No mortgage payments > an extra 1kt of carbon

 
Best Response
bearing:
triplectz:
Gonna play devil's advocate: if you can't/won't save a nice chunk of change to give your fiance the ring she really, really wants, you probably shouldn't be getting married. She's wearing this thing for the rest of her life, and a small ring says "My husband is poor/cheap/both." Food for thought.

Honestly, though, if you've been dating long enough, you should have a good idea of her expectations.

Fuck that, I'd rather spend that money on a larger down payment for a house. No mortgage payments > an extra 1kt of carbon

Ideally you are dating a girl who might even be on board with that. 20k invested at 8% for 22 years...that is over half Jr.'s college fund. I mean who cares if the ring is a fake diamond of some variety. She can tell her friends that it's real. (That is what women care about, right? It's a status thing?)

Then again, last night's Shark Tank had a woman trying to start a wedding dress rental business. One quote from the judges stuck with me: "A woman's wedding is the one time she will act completely and utterly irrationally. So I'm out." The whole wedding industry does not make much sense to me, even as a guy who wants to eventually get married. It never pays off, and the stress involved is invariably greater than any enjoyment derived.

 

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