A Fool and His Money

A little different today. Are diamonds worth purchasing for personal use?

We all know that good quality diamond engagement rings can cost up to and beyond £100,000.

My advice? Don’t buy a diamond ring if you can afford it. Why? It will put you into long term difficulties and stress.

The reason for this is that, as you may have read in the media, people go to great lengths for some occasions where they try an imitate celebrities. The best example: Weddings.

In this day and age, people go beyond their limit and take out massive loans for weddings which at the time seems needed however once the wedding is over – a couple of months down the line – people start to realise what they have done but then? It’s too late!

I’m not saying don’t spend on weddings and special events but be reasonable. Instead of looking at diamond engagement rings for £30,000 plus, which is beyond your limit, buy one for cheaper. This will not only give you less problems in the future but will make you relationship stronger.

And a final note: Try to save early and don’t take a loan out. You will realise the immense benefit of this once you start reading stories about people who have been through such a time.

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Tags: General Advice, Investment, finance // Add Comment »