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How to Finance an Engagement Ring

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How to Finance an Engagement Ring

Along-standing “rule” has been that an engagement ring should cost someone three months’ salary. But, the truth is there is no one-size-fits-all rule to choosing how much money to spend on a ring—or how to spend it. It all depends on a person or couple’s individual situation.

How to Finance an Engagement Ring

With a reasonable budget and pay-off plan, though, financing an engagement ring can be a great option for those who don’t have the full cost of an engagement ring upfront, or don’t want to make a large one-time payment. And to learn about engagement ring financing, we consulted financial therapist Amanda Clayman, Valerie Madison store manager Liz Ferris, and diamond expert Dan Moran.

Here’s what you need to know about paying your ring off over time and how to budget for the splurge.

What to Know Before Financing an Engagement Ring
“If [you are] purchasing a ring and have no idea how [you are] going to pay for it, it’s unaffordable,” says Clayman. “If making payments is going to cut into other things that are really important, [it’s unaffordable] … This could be the straw that breaks the camel’s back.”

She continues, “There’s so much social meaning attached to [engagement rings]. We feel like we can communicate our net worth with them.” But, it’s important to remember that an engagement ring symbolizes the intent to enter a marriage, and in a marriage financial transparency and responsible joint decision-making matter. So, spending all your savings on a ring may seem romantic, but you can risk setting yourself and your fiancé up for a tough financial start. It might be more of a gesture to buy a ring you can really afford so that the two of you can plan for future purchases. “Balance romance with practicality and think about having a convo about affordability.”

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On that note, Ferris recommends taking your life stage into account before purchasing a more expensive ring. “Finishing grad school or closing on a house may mean there’s a smaller budget for a ring right now but that doesn’t mean you can’t choose something meaningful and plan to upgrade it in the future,” she says.

Engagement Ring Financing Options

There are a number of ways to finance a purchase like an engagement ring. The most common one is to put it on a personal credit card. Retailers may also offer in-house financing options or through third-party sites like Klarna. Valerie Madison, for example, partners with Affirm to offer financing for online purchases.

“Customers also have the option to use Shop Pay at checkout to break their purchase into four installments. Financing is a great option for couples who have a lot of expenses around a wedding or those with a limited budget. The flexibility of owning a piece now and paying for it over small installments—i.e. the ‘buy now, pay later’ mentality—is becoming more and more accepted and useful,” Ferris says.

Pros and Cons of Financing an Engagement Ring

100+ Wedding Ring Pictures | Download Free Images on Unsplash

The biggest reason Clayman sees for financing is when you need or want something now and don’t want to wait until you have the money saved up. Typically, though not always, with financing, comes interest. Clayman says to look at financing tools as just that—a tool to help you pay rather than a solution to not having enough money. “You’re paying a price for being able to adjust the time to one of your convenience,” she says about the tradeoff between paying interest and being able to purchase a ring right away.

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She also explains that it’s human nature to be more motivated to pay off debt than it is to save up money ahead of time. It’s an “external push to pay rather than internal push,” she describes.

Another incentive a lot of people have for financing on a credit card is the points. Moran says most customers who are not paying upfront choose to use a credit card so they can take advantage of the points and benefits. However, that can be a double-edged sword, says Clayman. She calls them a “mental shortcut” and says they “obscure our ability to see the cost … we think spending is OK because we focus on benefit rather than cost, which would be interest.” But, if you’re responsible about paying your credit card bill each month, you should be good.

On the flip side, paying in full has its benefits too. Moran says his store as well as other engagement ring vendors offer discounts for customers who pay via bank wire, Zelle, or check. “My advice would be to see which payment method benefits you the most—a discount or the incentives offered by your credit card,” he offers.

Budgeting Advice

So, how much should you spend on an engagement ring—whether financing or not? According to a survey conducted by Brides and Investopedia, the median budget for wedding rings/jewelry among Americans was $3,000 in 2021. And, Moran says that’s actually where the price range typically starts for customers who choose to finance. Those who spend between $3,000 and $10,000 at his store, he says, tend to opt for financing options, while those with a budget over $10,000 tend to be people who have a lot of disposable income and can pay cash. But, statistics aside, experts all agree that a budget is something only you can land on.

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Moran does offer a trick of the trade, though: “Picture an amount to spend on an engagement ring that you think is uncomfortable for you—an amount that would be too much,” he advises. “Now take off 10 percent. Still too much? Take off another 10 percent. Keep doing that until you get to a number that you feel is reasonable. Remember, an engagement ring should cost enough to make you think twice about the commitment you’re about to make, but it shouldn’t cause you financial duress. That can cause resentment in the relationship and that’s a terrible way to start a marriage!”

Source: www.GhanaCNN.com

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Man Caught Eating Forbidden Fruit Of Married Woman In An Uncompleted Building -WATCH

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Man Caught Eating Forbidden Fruit Of Married Woman In An Uncompleted Building -WATCH

According to reports, a man was seriously humiliated after he was caught having s.x with a married woman in an uncompleted building.

 

The man who was caught unclad with his married lover, was forced out of the uncompleted building without his clothes on – in a bid to shame him alongside his partner.

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Facebook user Emmanuel who shared the report didn’t give the exact state in Nigeria where the incident occurred.

Meanwhile, Nigerians have reacted to the trending pictures of the couple after their s.xcapade was exposed. see below.

Source: www.GhanaCNN.com

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5 Best Destinations to Honeymoon in October

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5 Best Destinations to Honeymoon in October

If you’re in search of the perfect destination for your October honeymoon, you’re in luck! There are tons of quality options to choose from during this autumn month, whether you want to relax on the beach, immerse yourself in wildlife, or explore a romantic city.

For October destination ideas and travel tips, we turned to travel expert John Spence and his team of destination specialists at Scott Dunn USA. His first piece of advice: don’t wait until the last minute to book your fall honeymoon. “I would start planning as soon as possible,” Spence advises. “It costs the same whether you plan now or later, but by planning now you’ll get your first choice of accommodations, whereas you’ll likely have far fewer options later as places fill up.”

Maldives

Anantara Kihavah resort in Maldives

If the Maldives isn’t on the top of your honeymoon wish list, it’s about to be. October is a great time to see whale sharks and manta rays, which makes for a fun excursion. Couples should stay at Anantara Kihavah Maldives for a once-in-a-lifetime honeymoon experience. The resort offers a special honeymoon package that includes daily breakfast and dinner, champagne, unique dining experiences, and a romantic “Slumber Guru Ritual.”

Tanzania and Kenya

elephants in Kenya

PHOTO BY HEATHER WARAKSA

One of the most sought-after African honeymoon combinations is Tanzania and Kenya, and there’s no better time to visit and view wildlife than in the dry season. “I would recommend Tanzania and Kenya for a classic big game honeymoon safari,” says Spence. “The Great Migration is still taking place in East Africa in October, so it’s a great time for viewing, and the lodges there are some of the most romantic.”

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South Africa

An Aerial view of Cape Town, South Africa

“South Africa is our number one destination for honeymooners this year, and for good reason,” shares Andres Arrigara, Africa travel specialist at Scott Dunn. “In October the temperatures are mild and rainfall is low, but really, it’s hard to beat some time in Cape Town and the Winelands any time of year.”

For a honeymoon with an ideal mixture of adventure and luxury, start at Table Mountain to take in the panoramic views of the Western Cape, then head down to the waterfront to treat yourselves to artisan crafts and clothing made by South African creatives. To top off the trip, couples can drive to the Winelands or go explore a multitude of national parks and wildlife preserves, where the odds of seeing all of the Big Five (lions, leopards, rhinos, elephants, and African buffalo) are very high.

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swimming pools and ocean at Ritz Carlton St. Thomas

COURTESY OF RITZ CARLTON ST. THOMAS

A perfect destination for couples who want a Caribbean experience without actually leaving the country is St. Thomas. Since it’s part of the U.S. Virgin Islands, no passport is required! Stay at the luxury Ritz Carlton St. Thomas, which recently went under a $100 million renovation. Couples can book a sunset sail on the resort’s very own catamaran, the Lady Lindsey. Pro tip: Make sure to book a Club Level room for exclusive access to a private beach area and the Club Lounge with unlimited meals, snacks, and beverages throughout the day.

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Morocco

“Morocco is wonderful in autumn and such a romantic destination,” says Rachael Mendizabal, Europe travel specialist at Scott Dunn. Rooftop dinners surrounded by candles, couples massages in marble-clad spas, and nights in a glamping tent under starry skies make for the most picturesque honeymoon memories. Be sure to book Morocco well in advance, as the best rooms and riads sell out. For a luxury stay, consider a riad at Royal Mansour in Marrakech.

Source: www.GhanaCNN.com

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Aliko Dangote Reemerges As World’s 74th Richest Billionaire

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Aliko Dangote Reemerges As World’s 74th Richest Billionaire

As the world’s richest billionaires’ ranking continues to shift, with the most recent offset being the emergence of Indian billionaire Gautam Adani as the world’s second-richest man ahead of Amazon Founder Jeff Bezos, some billionaires like Aliko Dangote have seen their wealth ranking improve in recent weeks after losing out several weeks ago.

Dangote, whose net worth has declined by $275 million since the start of the year, dropped out of the top 80 richest billionaires list more than a week ago, as his wealth fell below the $19-billion mark for the first time since Sept. 29, 2021.

After falling out about a week ago, the billionaire, who derives the majority of his fortune from his 86-percent stake in Dangote Cement Plc, Africa’s largest cement maker, is now ranked 74th on the Bloomberg Billionaires Index, a list that tracks the fortunes of the world’s 500 richest people.

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Dangote is now not only the richest man in Africa, but also the richest Black man in the world.

His re-entry into the top 80 billionaires list was aided by the decline in the net worth of Indonesian billionaire Michael Hartono, Russian billionaire Alisher Usmanov, and Thomas Frist, a U.S. physician and businessman who is the wealthiest person in Tennessee, a landlocked state in the southeastern United States.

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Dangote’s net worth has fallen from $19.1 billion at the beginning of the year to $18.8 billion at the time of writing this report. This equates to a $257-million loss in wealth for the billionaire businessman since the year began.

The drop in his net worth, which began on May 13 when he became the world’s 61st richest man after his net worth surpassed $21 billion for the first time since 2014, can be attributed to a drop in the shares of his publicly traded cement company, Dangote Cement.

Since May 13, shares in the leading cement maker have dropped 18.3 percent, from an all-time high of N300 ($0.697) to N245 ($0.5694) at the time of writing.

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The drop in the company’s stock can be attributed to investors’ reaction to its half-year earnings figures, which revealed a double-digit drop in profit in the first half of 2022 due to higher energy costs and unrealized foreign exchange losses.

Source: www.GhanaCNN.com

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