June is a month when people love to say ‘I do,’ so it is as good a time as any to have a conversation that is long overdue. Black men all over the country are going into debt buying engagement rings. Time to tell the truth and shame the devil. Spending anywhere near three months’ salary on an engagement ring is not just unwise. It is stupid.
This “tradition” is not some ancient custom passed down through generations. It’s marketing.
In the 1930s, The De Beers diamond company launched an advertising campaign that convinced women that the size of a diamond reflected the size of a man’s love. By the 1980s, the company doubled down by recommending that a man spend two months’ salary. That then became three months, and people accepted it as if it were the gospel.Three months’ salary? Think about what that means.
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A man making $30,000 a year is supposed to spend $7,500 on a ring. If he earns $60,000, the price jumps to $15,000. That is enough money to put a down payment on a home. Instead, it goes toward a piece of jewelry that depreciates the minute you put that ring on her finger.
And let’s say you don’t spend that much. You do what you think is the smart thing and spend a modest $5,000, the average cost of an engagement ring. That’s still too damn much.
The median Black household brings in about $54,000 a year. Meanwhile, the median Black household with student loan debt owes about $26,000, and that’s before we even get to credit cards, car notes, or rent.
Dropping 5 racks on a ring is not romantic. It is financially reckless. And it may lead to the end of your marriage before you even jump the broom.
Wanna know one of the things people argue about more than anything else in a relationship? Money. Financial problems are a leading cause of divorce nationwide. But especially for Black couples.
So, what sense does it make to start a marriage by throwing away money or taking on thousands of dollars in unnecessary debt? You could put that towards buying furniture without financing it or investing that bread so the money would grow. Neither of those things will sparkle in the sun, but both has the potential to make your marriage stronger.
Source: Professor: Save Your Coins, Bro: It’s Time to Stop Going Broke for a Wedding Ring
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