The One Ring
by Dave Ramsey
Dear Dave,
My wife and I have about $20,000 in credit card bills. We’re very serious about getting out of debt, and we’ve been thinking about selling her wedding ring we bought back in our big spending days. It’s not the original ring, but it’s made up of diamonds from the original. We’ve been told its worth is about $30,000. Should we sell the ring to pay off our debt?
Everett
Dear Everett,
You need to hang on to that ring. I understand how badly you guys want to get out of debt, but a wedding ring is more than just a piece of jewelry – even if it’s not the exact original.
A wedding ring – whether it cost $30 or $30,000 – is a symbol of love and commitment, hopes and dreams, and the promises you made to each other and God on your wedding day.
You can pay off your debt by delivering pizzas part-time for a year and a half. It’ll be tough, but remember it’s only temporary.
Take any extra, honest work you can find. But don’t ask your wife to give up her wedding ring! She may say okay now, but you’ll both regret it later.
– Dave
* For more great financial advice from Dave, please visit www.davesays.org.
Posted by Choon
from North Shore, Hawaii
I beg to differ from Dave.
$20K is a huge credit debt.
If that ring can realistically be sold for $30K at today's market, I would say SELL IT.
Why hang on to things?
A marriage is not about a ring.
It's about happy relationships, peaceful family life and raising a righteous posterity.
Not having to worry about big debts adds to good living.
It's also not as simple as delivering pizza. More time and energy would be taken out of your life when you take on a second job. Would it affect the children? Is it worth the stress? Does it complicate or simplify your life?
The ring versus a big debt?
I say clear the debt and put the rest in a savings account or long-term investment, if you can.
Aloha,
Choon James
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Posted by Zan
from Kerrville, Tx
Look at it this way, the special wedding ring between the two of you will go to get you out of debt and what a blessing that will be!!! It is only a small thing but it can help you both now while you need it. Good Luck.
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Posted by Thomas
from Houston, Texas
While 99% of the time I agree with Dave Ramsey, I emphatically disagree with his comment about the ring and here's why:
1) While a wedding ring is special, it is a representational "thing" of your love, not directly your love, what if you had lost your $30k ring? Would you love also be lost,of course not.
2) The stress of debt over your relationship is exponentially greater than the the value of a "thing". Can wedding rings be replaced? Yes they can, in the same way a $30 ring is just a "representational" as a $30k ring and have the improved relationship of no debt/stress....
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Posted by Jackie
from Gig Harbor, WA
Aside from the potent emotional content of selling a wedding ring, a "for sale by owner" transaction probably won't bring in enough cash to be worth it. The ring may be "worth" $30,000 but you probably won't even realize half that (more like a quarter) in a private sale, and probably even less if you sell to a dealer. When you stack that up against the emotional attachment that only your wife can measure, there's no way selling is the right choice.
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Posted by annie
from australia
All these comments are great. All valid in some way. Sadly, you probably wouldn't get the $30,000, but if you get $15,000 that is still a long way to go towards your debt. Sell the ring if you feel it is the best thing to do. You have already thought about it, so maybe the Spirit is prompting you. Good luck making your decision.
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Posted by Sophia
from St. George, UT
If you really can get $30,000 for that ring and get out of debt, then sell it! Your wife can get a REALLY NICE ring for $5000 and you can donate the other $5000 to charity!
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Posted by Nancy
from Kaysville, Utah
I agree with Dave and the others. My daughter got engaged last year. The young man wanted to get her a BIG stone. I got a chance to talk with him alone and I advised that he get her the ring size he and she wanted only between him and me....it is a CZ not a real 2 carat stone. She loves it, he loves her and they both love that the ring is paid off and no one knows the difference. Sell the diamonds replace the with CZs and be happy out of debt.
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Posted by Mary
from Mt. Pleasant Utah
I have to agree with Dave. The ring has significant value to it. It has memories to it that can not be replaced. And you thought much of the other one to put it into this one. Some things can never be replaced in life. Bills can be paid off sooner or later.
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Posted by Ashley
from Oklahoma
I agree with Dave…Keep the Ring and get another J.O.B.
The ring can be passed down in the family, diamonds go up in value and They got themselves in to this mess with credit cards they can get themselves out with some hard work. Someone said think of the affect it would have on the children, well I think it would be a great lesson to teach your children, “Mommy and Daddy spent money they didn’t have so now Daddy has to work more to pay for the things we have and after that we wont ever buy anything unless we already earned the money.” But I do have to say that if was between getting a heart transplant (or like unto it) and keeping the ring I’d sell the ring in a heart beat!
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Posted by Piret
from Australia
I agree with all the comments. Sell the ring only if it clears at least half your debt. Don't sell if it doesn't. And it's not the original ring, so what's the big deal? I notice that plenty of LDS married women here in Australia no longer wear their wedding rings -so no big attachment ehre (of course, most of them aren't covered in diamonds!)
Piret
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