Sold wedding rings! Will make $3,000! Bought new ones for $40!

[NoWorries]

We have been Mustachians for years without having that name. My husband and I are just frugal. When we were getting married, we purchased a simple platinum band for hubby and a platinum band with setting for me. The setting was to hold a diamond that mother in law gave to me that was from her first marriage that lasted a month. I never really wanted a diamond setting, as they stick up too much and catch on things, but I got one to hold the free diamond and it was lovely.

Fast forward to today. Hubby's job is up in the air and we have 2 kids. Priorities are different. We have enough money saved for 3 years with no income, and ample savings for far future retirement. However, I suggested selling the rings and hubby agreed. I sold the platinum rings to a refinery and got $435, and the diamond was appraised at $5,100, so we should get between $2,500 to $3,000 for it.

Hubby and I got new rings at Walmart for $40 for both! His was on sale from $38 to $15 and is a strong tungsten band that he really likes. My white gold band was originally $125 but I got it on clearance for $25!

It's very freeing to not have to worry about having valuable rings, and to have that money in the bank in case we need it. If we are ever robbed, we could care less about what happens to these rings. We are so happy about our decision! Our regular friends might not understand, but I thought that you Mustachians would appreciate the story.

[onecoolcat]

I think its time we make a Mustachian Wall of Shame and Comedy board.

[NoWorries]

I think its time we make a Mustachian Wall of Shame and Comedy board.

I don't understand what you mean.

[BooksAreNerdy]

Good for you! I am admittedly sentimental about my ring, but props to you guys for finding extra cash! Especially when your husbands job isn't super secure! A secure family is the most valuable part of your marriage, not a diamond. :)

And I don't get the other comment either???

[NoWorries]

Good for you! I am admittedly sentimental about my ring, but props to you guys for finding extra cash! Especially when your husbands job isn't super secure! A secure family is the most valuable part of your marriage, not a diamond. :)

And I don't get the other comment either???

Thank you. The rings weren't at all sentimental. And a secure family is what is of utmost importance to me. The stress of hubby and I worrying about his job, and therefore about money, isn't worth a piece of metal that we switched for other pieces of metal that cost a lot less.

I was showing my kids their baby books yesterday and the whole family enjoyed remembering. We remembered my daughter having a nickname for her brother, when she now just calls him by his name, family trips, and how small the kids were. I treasure those baby books far more than the rings. Funny how the things that are truly the most important are usually things that others wouldn't care much about.

[Cassie]

To me family pics are the most valuable things I own. It is fun to look at the albums of when the kids were small ( all adults now).  I am with you-baby books way better then rings & you have more a financial hedge if things don't go well for awhile. 

[clarkfan1979]

Good point about stressing about losing expensive jewelry. This is something that is not brought up often enough.

[minority_finance_mo]

Good for you for avoiding the consumer mindset - way to go!

[JoJoJo]

My husband spent $1k on a platinum one, lost it, spent $100 on a titanium one, lost it, and is now happily wearing a $7 one made of who knows what!

[sleepyguy]

Why?  It's not like this was passed down generation to generation... did you skip reading this area?

"The setting was to hold a diamond that mother in law gave to me that was from her first marriage that lasted a month."

Good for you... I personally thing jelwelry is absurd (mark up and zero utility) and I'm glad I have a girl who thinks the same.

I think its time we make a Mustachian Wall of Shame and Comedy board.

[queenie]

We also bought cheap wedding bands and e-ring, and I couldn't be more pleased about that.  DH already lost his wedding ring anyway.  I really, really never got the appeal of diamonds.

Yay for money in the bank!

[Exflyboy]

I won't wear a ring because I am always picking up a welding torch, work on machine tools or electrical equipment.

i know one day I'd forget to remove it. then have it remove my finger!

[Ditchmonkey]

Good for you. Another victory for common sense over societal norms that have no intrinsic value.

[dunhamjr]

just another one of those purchases that i wish i have found MMM sooner to prevent. :(

we COULD have spent much more, but we could also have spent much much less.
all in, all the rings... her set and mine... about $8500.  and even at that we were bucking the whole... "2 months salary" thing.

:eek:

good thing the wedding only cost about $3000 including hotel/plane tickets to Vegas and more tickets to MN for a wife side family reception.

[Dr. Pepper]

We spent approx 500$ for our rings combined. Also had a very cheap wedding, approx 200$. Probably one of the best financial decisions we made starting out, although my wife wants to do a semi-elaborate renewal of vows when we have the money to afford it, which im ok with.

[BCBiker]

If I were to be inducted on the "Mustachian Wall of Shame and Comedy" it would be from all things wedding related. 

Our rings were about 5 times the highest value posted on this thread so far!  DW loves her rings and I think they are beautiful and great but it was certainly a missed opportunity considering we could have instead bought some amazingly cheap real estate at that time (2010) instead and could have purchased the rings now off of cash flow.

At least we still have the rings though.  The biggest waste of all time was the wedding reception. $140 per person and no one got along.  My family members were complete asses to my bride and whenever the reception gets brought up to DW, it makes her cringe. I cringe because of the cost.  Live and learn I guess...  Don't get me wrong, my marriage is amazing but the process of getting married was financially very very very stupid.

Congrats to OP on an awesome decision.

[lifejoy]

Way to go, OP, that is very impressive!

[OddOne]

Good for you No Worries! Much better to have the cash than rings you don't have an attachment to.

Good luck with your husband's job situation. You are doing a great job of preparation.

[lifejoy]

OP, you've inspired me to sell some of my jewellery! Thanks for the idea :)

[busymom]

Love this! Where did you sell them? I am wondering how to go about doing this myself.

[Bob W]

Invest the 3k at 10% for 60 years and you'll have 3 million.  That will make your grandkids very happy.

[Gone Fishing]

Nice,  did you get the diamond sold?

[rockstache]

Love this! Where did you sell them? I am wondering how to go about doing this myself.

+1 I have an old ring I really want to sell too, but don't have the paperwork on it anymore.

[rocketman48097]

Congrats, I dream about doing this, but don't wish to upset my wife.  Her diamond is worth over 10k and it's insured.  She is so attached to it, how do I make her see things my way?  I have an 18k ring, and would like to sell that too. 

[lifejoy]

I've sold stuff on Craigslist and kijiji in the past.

[NoWorries]

Love this! Where did you sell them? I am wondering how to go about doing this myself.

+1 I have an old ring I really want to sell too, but don't have the paperwork on it anymore.

I sold the platinum at http://www.midwestrefineries.com/. They are a refinery and give really good prices for precious metals. I sent them a ring of my FIL's once, and I made a note that we didn't know what metal it was made out of because it wasn't marked. They mailed me back a FAT check and I called back and asked what it was and they said that it was gold filled. They could have said that it was worthless and I wouldn't have known, so I was impressed by their honesty.

I have the diamond listed at www.idonowidont.com. It's for people who want to sell either diamond jewelry or loose diamonds. I got a full appraisal of the diamond at a local jeweler (cost $50) so that I knew details to list it on the site and the retail value. I could get an immediate offer of $2,000, 38% of the retail price listed on the appraisal, but am holding out for more as there really is no hurry for us to get the money.

I am so glad that we decided to sell our rings and get less expensive ones. It fits better with our current values and takes SUCH a weight off our minds about having funds available in case hubby's job doesn't work out. Great decision!

[EllieStan]

Congrats ! My ring was under $200 and my fiancé, under $80. I can't stop laughing whenever I hear about the ''rule'' where a man is supposed to buy an engagement ring that costs up to 5 months worth of his income.

[NoWorries]

Congrats ! My ring was under $200 and my fiancé, under $80. I can't stop laughing whenever I hear about the ''rule'' where a man is supposed to buy an engagement ring that costs up to 5 months worth of his income.

Thanks! It's a "rule" that was obviously made up by the diamond companies. Some rules are best broken.

[LackOfSense]

Recently had to replace my wedding band. Since I'm military, I went with tungsten in case it ever got caught on something I could quickly smash it and save my finger. However, it went flying off my finger the other day at home, struck the tile and shattered. I liked the ring but tungsten is heavy and I wanted something lighter and cheaper, found "Qalo" rings which are made out of silicone rubber and bought one for $20 (even found a $3 off coupon, haha). Being an outdoors person and into weightlifting it is perfect for me (comfort, safety and price), and I never have to worry about it getting scratched up. Wish I would have found this the first time...

The wife won't replace her diamonds but I can't blame her.

[marketnonsenses]

You are selling a gift? That is a weird area for me. If someone gave me a $5000 item and I didnt want it anymore I would give it back not sell it.

Did you tell her you are selling it?

[Scandium]

Good for you for avoiding the consumer mindset - way to go!

Meh. I don't think my $800 wedding ring, my only jewelry, that'll (hopefully) own till I die count as "consuming", but whatever. As an annualized cost it's pretty far down the list of things to cut (IMO). Since it's a tangible good with stable value maybe I should count it as a commodity investment..

[NoWorries]

You are selling a gift? That is a weird area for me. If someone gave me a $5000 item and I didnt want it anymore I would give it back not sell it.

Did you tell her you are selling it?

It's a gift. Do you regularly follow up on gifts after you give them to make sure that the person owns it?

[jba302]

My husband spent $1k on a platinum one, lost it, spent $100 on a titanium one, lost it, and is now happily wearing a $7 one made of who knows what!

Glad I'm not the only one. First ring cost me $400, lost it in 4 months. Second one was $70, has been going strong for 3 2 (?) years. Next one will probably be a piece of string.

[marketnonsenses]

You are selling a gift? That is a weird area for me. If someone gave me a $5000 item and I didnt want it anymore I would give it back not sell it.

Did you tell her you are selling it?

It's a gift. Do you regularly follow up on gifts after you give them to make sure that the person owns it?

Follow up or talk to people I care about and their lives. She is going to see your hand and see that you have a new ring without a diamond in it and probably ask why. If anything out of curiosity. If I gave someone a diamond and they sold it for some extra cash I would be upset. $2500 isnt enough money to ruin a relationship to me. Unless she really didnt want that diamond and really doesnt care what happens to it. But I am guessing she only gave it to you to save you money.
 

[NoWorries]

You are selling a gift? That is a weird area for me. If someone gave me a $5000 item and I didnt want it anymore I would give it back not sell it.

Did you tell her you are selling it?

It's a gift. Do you regularly follow up on gifts after you give them to make sure that the person owns it?

Follow up or talk to people I care about and their lives. She is going to see your hand and see that you have a new ring without a diamond in it and probably ask why. If anything out of curiosity. If I gave someone a diamond and they sold it for some extra cash I would be upset. $2500 isnt enough money to ruin a relationship to me. Unless she really didnt want that diamond and really doesnt care what happens to it. But I am guessing she only gave it to you to save you money.

Did you read the opening post? "The setting was to hold a diamond that mother in law gave to me that was from her first marriage that lasted a month. I never really wanted a diamond setting, as they stick up too much and catch on things, but I got one to hold the free diamond and it was lovely." Her giving me the diamond saved me absolutely no money, as I didn't intend to buy one myself.

Would you think that it's more important to keep a piece of carbon or to have money in the bank for your son, his wife, and your grandkids in case he loses his job? We didn't sell this to go on a vacation. We sold it because my husband's job is unstable.

If I gave someone something valuable, and it brought them more comfort and joy to sell it and have the money rather than keep it, then I would be happy with whatever they wanted to do. I give people gifts to bring them happiness. However, I admit that a non-materialistic view is rare and so some people might not be able to comprehend that. It's pretty sad that if you gave someone something, and they sold it, that it would "ruin a relationship".

[marketnonsenses]

You are selling a gift? That is a weird area for me. If someone gave me a $5000 item and I didnt want it anymore I would give it back not sell it.

Did you tell her you are selling it?

It's a gift. Do you regularly follow up on gifts after you give them to make sure that the person owns it?

Follow up or talk to people I care about and their lives. She is going to see your hand and see that you have a new ring without a diamond in it and probably ask why. If anything out of curiosity. If I gave someone a diamond and they sold it for some extra cash I would be upset. $2500 isnt enough money to ruin a relationship to me. Unless she really didnt want that diamond and really doesnt care what happens to it. But I am guessing she only gave it to you to save you money.

Did you read the opening post? "The setting was to hold a diamond that mother in law gave to me that was from her first marriage that lasted a month. I never really wanted a diamond setting, as they stick up too much and catch on things, but I got one to hold the free diamond and it was lovely." Her giving me the diamond saved me absolutely no money, as I didn't intend to buy one myself.

Would you think that it's more important to keep a piece of carbon or to have money in the bank for your son, his wife, and your grandkids in case he loses his job? We didn't sell this to go on a vacation. We sold it because my husband's job is unstable.

If I gave someone something valuable, and it brought them more comfort and joy to sell it and have the money rather than keep it, then I would be happy with whatever they wanted to do. I give people gifts to bring them happiness. However, I admit that a non-materialistic view is rare and so some people might not be able to comprehend that. It's pretty sad that if you gave someone something, and they sold it, that it would "ruin a relationship".

But you have 3 years of savings and your husband still has his job. T I would almost keep it as an alternative investment or for prepping reasons.

It is your life I was just trying to give a different perspective. If you never wanted the diamond to wear I dont know why you took it. She could have given it to someone who wanted it.

[anastrophe]

Good job. What's right for you is right for you, nevermind anyone else.

(We bought ours on Etsy for something like $60 total so were able to skip the whole ordeal;)